Document:

Exhibit 10.1

 

FOURTH AMENDMENT
TO LOAN AND SECURITY AGREEMENT

 

THIS FOURTH AMENDMENT
TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of August 29, 2018 (the “Amendment
Effective Date”), is entered into by and among FuelCell Energy, Inc., a Delaware corporation (“Parent”),
Versa Power Systems, Inc., a Delaware corporation (“Versa Delaware”), Versa Power Systems Ltd. a corporation
organized under the laws of Alberta, Canada (“Versa Canada”), and each of Parent’s Subsidiaries that delivers
a Joinder Agreement pursuant to Section 7.13 of the Loan and Security Agreement (hereinafter collectively referred to as the “Borrowers”
and each, a “Borrower”), the several banks and other financial institutions or entities from time to time parties
thereto as Lender, constituting the Required Lenders, and HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative
agent and collateral agent for itself and the Lender (in such capacity, together with its successors and assigns in such capacity,
 “Agent”).

 

Borrower, the Lender
and Agent are parties to a Loan and Security Agreement dated as of April 14, 2016 (as amended as of September 5, 2017, October
27, 2017 and March 28, 2018, and as may be further amended, restated or modified from time to time, the “Loan and Security
Agreement”). The Borrowers have requested that Agent and Lender agree to certain amendments to the Loan and Security
Agreement. Agent and Lender have agreed to such request, subject to the terms and conditions hereof.

 

Accordingly, the parties
hereto agree as follows:

 

SECTION 1         Definitions;
Interpretation.

 

(a)           Terms Defined in Loan and Security Agreement. All capitalized terms used in this Amendment (including in the recitals
hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan and Security Agreement.

 

(b)           Interpretation. The rules of interpretation set forth in Section 1.1 of the Loan and Security Agreement shall
be applicable to this Amendment and are incorporated herein by this reference.

 

SECTION 2         Amendments to the Loan and Security Agreement.

 

(a)          The Loan and Security Agreement shall be amended as follows effective as of the Amendment Effective Date:

 

(i)            New Definitions. The following definitions are added to Section 1.1 in their proper alphabetical order:

 

“Fourth
Amendment” means that certain Fourth Amendment to Loan and Security Agreement dated as of August 29, 2018, among Borrowers,
Lender and Agent.

 

“Fourth
Amendment Effective Date” means August 29, 2018.

 

“Series
D Convertible Preferred Certificate” means that certain Certificate of Designations, Preferences and Rights of the Series
D Convertible Preferred Stock of FuelCell Energy, Inc., in the form attached as Exhibit B to the Fourth Amendment, in each case
as in effect on the Fourth Amendment Effective Date.

 

“Series
D Convertible Preferred Documents” means (a) that certain Underwriting Agreement between Parent and Oppenheimer & Co.
Inc. dated as of August 27, 2018 in the form attached as Exhibit A to the Fourth Amendment and (b) the Series D Convertible Preferred
Certificate.

 

“Series
D Convertible Preferred Stock” means the Series D Convertible Preferred Stock issued by the Borrower pursuant to the Series
D Convertible Preferred Certificate.

 

     

     

    

 

(ii)           Amended Definitions. The definition of “Permitted Indebtedness” is amended by removing the word “and”
at the end of clause (xiii), inserting the word “and” at the end of clause (xii) and adding a new clause (xiv) as follows:
 “(xiv) subject to Section 7.7, redemption and/or conversion rights as set forth in the Series C Convertible Preferred Documents
and/or the Series D Convertible Preferred Documents”.

 

(iii)          Section 7.7. Section 7.7 is hereby amended and restated in its entirety as follows:

 

7.7   Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock or other
equity interest in cash other than (i) pursuant to employee, director or consultant repurchase plans or other similar agreements,
provided, however, in each case the repurchase or redemption price does not exceed the original consideration paid for such stock
or equity interest and (ii) so long as no Event of Default has occurred and is continuing, pursuant to the redemption and/or conversion
rights set forth in the Series C Convertible Preferred Documents and/or the Series D Convertible Preferred Documents; provided
that, Borrower shall make any such repurchase, redemption or payment in the form of its common stock and not in cash or other consideration
unless prohibited pursuant to the terms of the Series C Convertible Preferred Certificate or the Series D Convertible Preferred
Certificate (as applicable) or otherwise prohibited by applicable law or (b) declare or pay any cash dividend or make a cash distribution
on any class of stock or other equity interest, except that (i) a Subsidiary may pay dividends or make distributions to Borrower
and (ii) so long as no Event of Default has occurred and is continuing, Borrower may pay cash dividends under Borrower’s
(A) Series 1 Preferred Shares in an amount not to exceed Canadian $1,250,000 per year, (B) Series B Preferred Shares in an amount
not to exceed U.S. $3,300,000 per year, (C) Series C Convertible Preferred Shares as required in the Series C Convertible Preferred
Documents provided that, Borrower shall pay such dividend or distribution in the form of common stock and not in cash or other
consideration unless prohibited pursuant to the terms of the Series C Convertible Preferred Certificate or otherwise prohibited
by applicable law, and (D) Series D Convertible Preferred Shares as required in the Series D Convertible Preferred Documents provided
that, Borrower shall pay such dividend or distribution in the form of common stock and not in cash or other consideration unless
prohibited pursuant to the terms of the Series D Convertible Preferred Certificate or otherwise prohibited by applicable law, or
(c) lend money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess
of $100,000 in the aggregate or (d) waive, release or forgive any Indebtedness owed by any employees, officers or directors in
excess of $100,000 in the aggregate. For the avoidance of doubt, Borrower shall not use cash to retire, redeem or make principal
payments other than those referenced in (ii) above on its Convertible Perpetual Preferred Stock (which, for the avoidance of doubt,
does not include the Series C Convertible Preferred Stock or the Series D Convertible Preferred Stock) without the consent of Agent.

 

(iv)          Section 9.9. A new Section 9.9 is hereby added as follows:

 

9.9   Series
D Convertible Preferred Stock. The delivery of any Triggering Event Redemption Notice (as defined under the Series D Convertible
Preferred Certificate) under the Series D Convertible Preferred Certificate, both as in effect on the Fourth Amendment Effective
Date and as may be amended.

 

(v)           In no event shall any provision of the Loan Documents or otherwise limit any rights of the Agent and Lenders to be paid
prior to the holders of the Series D securities upon any exercise of remedies by Agent or the Lenders (whether such exercise is
automatic or upon the direction of any parties), in any action either before or after the consummation of any Insolvency Proceeding.

 

(b)           References within Loan and Security Agreement. Each reference in the Loan and Security Agreement to “this Agreement”
and the words “hereof,” “herein,” “hereunder,” or words of like import, shall mean and be a
reference to the Loan and Security Agreement as amended by this Amendment.

 

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SECTION 3         Conditions
of Effectiveness. The effectiveness of Section 2 of this Amendment shall be subject to the satisfaction of each of
the following conditions precedent:

 

(a)           Fees and Expenses. The Parent shall have paid all attorney fees and other costs and expenses then due in accordance
with Section 5(e), and (ii) all other fees, costs and expenses, if any, due and payable as of the Amendment Effective Date
under the Loan and Security Agreement.

 

(b)           This Amendment. Agent shall have received this Amendment, executed by Agent, the Lender and the Borrowers.

 

(c)           Series D Convertible Preferred Documents. Agent shall have received executed copies of each Series D Convertible
Preferred Document, in form and substance satisfactory to Agent.

 

(d)           Representations and Warranties; No Default. On the Amendment Effective Date, after giving effect to the amendment
of the Loan and Security Agreement contemplated hereby:

 

(i)            The representations and warranties contained in Section 4 shall be true and correct on and as of the Amendment Effective
Date as though made on and as of such date; and

 

(ii)           There exist no Events of Default or events that with the passage of time would result in an Event of Default.

 

SECTION 4         Representations
and Warranties. To induce Agent and Lender to enter into this Amendment, each Borrower hereby confirms, as of the date hereof,
(a) that the representations and warranties made by it in Section 5 of the Loan and Security Agreement and in the other Loan Documents
are true and correct in all material respects; provided, however, that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof; (b) that there
has not been and there does not exist a Material Adverse Effect; and (c) that the information included in the Perfection Certificate
delivered to Agent on the Effective Date remains true and correct. For the purposes of this Section 4, (i) each reference
in Section 5 of the Loan and Security Agreement to “this Agreement,” and the words “hereof,” “herein,”
 “hereunder,” or words of like import in such Section, shall mean and be a reference to the Loan and Security Agreement
as amended by this Amendment, and (ii) any representations and warranties which relate solely to an earlier date shall not
be deemed confirmed and restated as of the date hereof (provided that such representations and warranties shall be true, correct
and complete as of such earlier date).

 

SECTION 5         Miscellaneous.

 

(a)           Loan Documents Otherwise Not Affected; Reaffirmation. Except as expressly amended pursuant hereto or referenced herein,
the Loan and Security Agreement and the other Loan Documents shall remain unchanged and in full force and effect and are hereby
ratified and confirmed in all respects. The Lender’s and Agent’s execution and delivery of, or acceptance of, this
Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty by any of them to provide
any other or further amendments, consents or waivers in the future. Each Borrower hereby reaffirms the grant of security under
Section 3.1 of the Loan and Security Agreement and hereby reaffirms that such grant of security in the Collateral secures all Secured
Obligations under the Loan and Security Agreement and the other Loan Documents.

 

(b)           Conditions. For purposes of determining compliance with the conditions specified in Section 3, each Lender
that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Agent shall
have received notice from such Lender prior to the Amendment Effective Date specifying its objection thereto.

 

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(c)           Release. In consideration of the agreements of Agent and each Lender contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each Borrower, on behalf of itself and its successors,
assigns, and other legal representatives, hereby fully, absolutely, unconditionally and irrevocably releases, remises and forever
discharges Agent and each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries,
divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, Lenders and all such
other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”),
of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money,
accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities
whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any Borrower,
or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against
the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any
time on or prior to the day and date of this Amendment, including, without limitation, for or on account of, or in relation to,
or in any way in connection with the Loan Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.
Each Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense
and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or
attempted in breach of the provisions of such release. Each Borrower agrees that no fact, event, circumstance, evidence or transaction
which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional
nature of the release set forth above. Borrower waives the provisions of California Civil Code section 1542, which states:

 

A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

(d)           No Reliance. Each Borrower hereby acknowledges and confirms to Agent and the Lender that such Borrower is executing
this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation,
understanding or communication by or on behalf of any other Person.

 

(e)           Costs
and Expenses. Each Borrower agrees to pay to Agent on the Amendment Effective Date the out-of-pocket costs and expenses of
Agent and the Lenders party hereto, and the fees and disbursements of counsel to Agent and the Lenders party hereto (including
allocated costs of internal counsel), in connection with the negotiation, preparation, execution and delivery of this Amendment
and any other documents to be delivered in connection herewith on the Amendment Effective Date or after such date.

 

(f)            Binding Effect. This Amendment binds and is for the benefit of the successors and permitted assigns of each party.

 

(g)           Governing Law. This Agreement and the other Loan Documents shall be governed by, and construed and enforced in accordance
with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any
other jurisdiction.

 

(h)           Complete Agreement; Amendments. This Amendment and the Loan Documents represent the entire agreement about this subject
matter and supersede prior negotiations or agreements with respect to such subject matter. All prior agreements, understandings,
representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents
merge into this Amendment and the Loan Documents.

 

(i)            Severability
of Provisions. Each provision of this Amendment is severable from every other provision in determining the enforceability
of any provision.

 

(j)            Counterparts.
This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, is an original, and all taken together, constitute one Amendment. Delivery of an executed counterpart
of a signature page of this Amendment by facsimile, portable document format (.pdf) or other electronic transmission will be as
effective as delivery of a manually executed counterpart hereof.

 

(k)           Loan Documents. This Amendment shall constitute a Loan Document.

 

[Balance of Page Intentionally
Left Blank; Signature Pages Follow]

 

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

 

	 	BORROWERS:
	 	 
	 	FuelCell Energy, Inc.
	 	 
	 	Signature:	/s/ Michael S. Bishop
	 	 	 
	 	Print Name:  	 Michael S. Bishop
	 	 	 
	 	Title:	Senior Vice President & Chief Financial Officer
	 	 	 
	 	 	 
	 	Versa Power
Systems, Inc.
	 	 
	 	Signature:	/s/  Michael S. Bishop
	 	 	 
	 	Print Name:	 Michael S. Bishop
	 	 	 
	 	Title:	Senior Vice President & Chief Financial Officer
	 	 	 
	 	 	 
	 	Versa Power
Systems Ltd.
	 	 
	 	Signature:	/s/  Michael S. Bishop
	 	 	 
	 	Print Name:	 Michael S. Bishop
	 	 	 
	 	Title:	Senior Vice President & Chief Financial Officer

 

 

[Signature Page to Fourth Amendment to
Loan and Security Agreement]

     

     

    

 

	 	AGENT:
	 	 
	 	HERCULES CAPITAL, INC.
	 	 
	 	Signature:	/s/ Jennifer Choe
	 	 	 
	 	Print Name:  	Jennifer Choe
	 	 	 
	 	Title:	Assistant General Counsel
	 	 	 
	 	 	 
	 	LENDER:
	 	 
	 	HERCULES FUNDING II, LLC
	 	 
	 	Signature:	/s/ Jennifer Choe
	 	 	 
	 	Print Name:	Jennifer Choe
	 	 	 
	 	Title:	Assistant General Counsel

 

 

[Signature Page to Fourth Amendment to
Loan and Security Agreement]

     

     

    

 

Exhibit A

 

Underwriting Agreement

 

30,680 Shares of Series D Convertible
Preferred Stock

 

par value $0.01

 

FUELCELL ENERGY, INC.

UNDERWRITING AGREEMENT

 

August 27, 2018

 

Oppenheimer & Co. Inc.

85 Broad Street

New York, NY 10004

 

Dear Sirs:

 

1.       Introduction.
FuelCell Energy, Inc., a Delaware corporation (the “Company”), proposes
to issue and sell to the Underwriter (defined below), pursuant to the terms and conditions of this Underwriting Agreement (this
 “Agreement”), an aggregate of 30,680 shares of its Series D Convertible Preferred Stock, $0.01 par value per
share (the “Securities”). The shares of the common stock (the “Common Stock”) underlying
the Securities are hereinafter referred to as the “Conversion Securities.” The Company hereby confirms that
Oppenheimer & Co. Inc. (“OpCo” or the “Underwriter”) acted as the sole Underwriter in
accordance with the terms and conditions hereof. The offering and sale of the Securities is hereinafter referred to as the “Offering.”

 

2.       Delivery
and Payment. On the basis of the representations, warranties and agreements
of the Company herein contained, and subject to the terms and conditions set forth in this Agreement:

 

2.1       The
Company agrees to issue and sell and the Underwriter agrees to purchase from the Company an aggregate of 30,680 shares of Series
D Convertible Preferred Stock at a purchase price of $838.2497 per share (the “Purchase Price”), which represents
an underwriting discount of 4.75 percent to the Public Offering Price (defined below). The Company has been advised by you that
you propose to make a public offering of the Securities as soon after this Agreement has become effective as in your judgment is
advisable. The Company is further advised by you that the Securities are to be offered to the public initially at $880.0522 per
share of Series D Convertible Preferred Stock (“Public Offering Price”).

 

2.2       Payment
of the Purchase Price for, and delivery of, the Securities shall be made at the time and date of closing and delivery of the documents
required to be delivered to the Underwriter pursuant to Sections 4 and 6 hereof and shall be at 10:00 A.M., New York
time, on August 29, 2018 (the “Closing Date”) at the office of Foley & Lardner LLP, 111 Huntington Avenue,
Suite 2500, Boston MA 02199 or at such other time and date as the Underwriter and the Company determine pursuant to Rule 15c6-1(a)
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company
shall deliver the Securities, which shall be registered in the name or names and shall be in such denominations as the Underwriter
may request at least one (1) business day before the Closing Date, to the Underwriter. The Company shall make certificates, if
any,for the Securities available to the Underwriter for examination in New York, New York at least one (1) full business day prior
to the Closing Date. The Securities shall be delivered on the Closing Date for the account of the Underwriter, with any transfer
taxes payable in connection with the transfer of the Securities to the Underwriter duly paid, against payment of the Purchase Price
therefor.

 

    	 

    	

    

 

2.3       Prior
to the Closing Date, the Company shall not, without the prior written consent of the Underwriter, solicit or accept offers to purchase
shares of the Series D Convertible Preferred Stock, the Common Stock or securities convertible into, exchangeable or exercisable
for, shares of the Series D Convertible Preferred Stock or Common Stock (other than pursuant to the exercise of options or warrants
to purchase shares of Common Stock that are outstanding as of the date hereof) other than through the Underwriter in accordance
herewith.

 

2.4       No
Securities which the Company has agreed to sell pursuant to this Agreement shall be deemed to have been purchased and paid for,
or sold by the Company, until such Securities shall have been delivered to the Underwriter thereof against payment by the Underwriter.
If the Company shall default in its obligations to deliver any Securities to the Underwriter, the Company shall indemnify and hold
the Underwriter harmless against any loss, claim, damage or expense arising from or as a result of such default by the Company
in accordance with the procedures set forth in Section 7(c) herein.

 

3.       Representations
and Warranties of the Company. The Company represents and warrants to the
Underwriter, as of the date hereof and as of the Closing Date, and agrees with the Underwriter that:

 

(a)       The
Company has prepared and filed in conformity with the requirements of the Securities Act of 1933, as amended (the “Securities
Act”), and published rules and regulations thereunder (the “Rules and Regulations”) adopted by the
Securities and Exchange Commission (the “Commission”) a “shelf” Registration Statement (as hereinafter
defined) on Form S-3 (File No. 333-226792), which became effective as of August 21, 2018 (the “Effective Date”),
including a base prospectus relating to the Securities (the “Base Prospectus”), and such amendments and supplements
thereto as may have been required up to the date of this Agreement. The term “Registration Statement” as used
in this Agreement means the registration statement (including all exhibits, financial schedules and all documents and information
deemed to be a part of the Registration Statement pursuant to Rule 430B of the Rules and Regulations), as amended and/or supplemented
to the date of this Agreement, including the Base Prospectus. The Registration Statement is effective under the Securities Act
and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use
of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the Company’s
knowledge, are threatened by the Commission. The Company, if required by the Rules and Regulations of the Commission, will file
the Prospectus (as defined below), with the Commission pursuant to Rule 424(b) of the Rules and Regulations. The term “Prospectus”
as used in this Agreement means the Prospectus, in the form filed with the Commission pursuant to Rule 424(b) of the Rules and
Regulations as of August 27, 2018, except that if any revised prospectus or prospectus supplement shall be provided to the Underwriter
by the Company for use in connection with the Offering which differs from the Prospectus (whether or not such revised prospectus
or prospectus supplement is required to be filed by the Company pursuant to Rule 424(b) of the Rules and Regulations), the term
 “Prospectus” shall refer to such revised prospectus or prospectus supplement, as the case may be, from and after
the time it is first provided to the Underwriter for such use (or in the form first made available to the Underwriter by the Company
to meet requests of prospective purchasers pursuant to Rule 173 under the Securities Act). Any reference herein to the Registration
Statement or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to
Item 12 of Form S-3 which were filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
on or before the last to occur of the Effective Date or the date of the Prospectus, and any reference herein to the terms “amend,”
 “amendment,” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed
to refer to and include (i) the filing of any document under the Exchange Act after the Effective Date or the date of the Prospectus,
as the case may be, which is incorporated by reference and (ii) any such document so filed. If the Company has filed an abbreviated
registration statement to register additional securities pursuant to Rule 462(b) under the Rules and Regulations (the “462(b)
Registration Statement”), then any reference herein to the Registration Statement shall also be deemed to include such
462(b) Registration Statement.

 

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(b)       As
of the Applicable Time (as defined below) and as of the Closing Date, neither (i) any General Use Free Writing Prospectus (as defined
below) issued at or prior to the Applicable Time, and the Prospectus, all considered together (collectively, the “General
Disclosure Package”), (ii) any individual Limited Use Free Writing Prospectus (as defined below), nor (iii) the bona
fide electronic road show (as defined in Rule 433(h)(5) of the Rules and Regulations), if any, that has been made available without
restriction to any person, when considered together with the General Disclosure Package, included or will include, any untrue statement
of a material fact or omitted or as of the Closing Date will omit, to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company
makes no representations or warranties as to information contained in or omitted from any Issuer Free Writing Prospectus, in reliance
upon, and in conformity with, written information furnished to the Company by the Underwriter specifically for inclusion therein,
which information the parties hereto agree is limited to the Underwriter’s Information (as defined in Section 16).
As used in this paragraph (b) and elsewhere in this Agreement:

 

“Applicable Time”
means 8:30 A.M., New York time, on the date of this Agreement.

 

“General Use Free
Writing Prospectus” means any Issuer Free Writing Prospectus that is identified on Schedule A
to this Agreement.

 

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“Issuer Free Writing
Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 of the Rules and
Regulations relating to the Securities in the form filed or required to be filed with the Commission or, if not required to be
filed, in the form retained in the Company’s records pursuant to Rule 433(g) of the Rules and Regulations.

 

“Limited Use Free
Writing Prospectuses” means any Issuer Free Writing Prospectus that is not a General Use Free Writing Prospectus.

 

(c)       No
order preventing or suspending the use of any Issuer Free Writing Prospectus or the Prospectus relating to the Offering has been
issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act has been instituted
or threatened by the Commission, and the Prospectus, at the time of filing thereof, conformed in all material respects to the requirements
of the Securities Act and the Rules and Regulations, and did not contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to information
contained in or omitted from the Prospectus, in reliance upon, and in conformity with, written information furnished to the Company
by the Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriter’s
Information (as defined in Section 16).

 

(d)       At
the time the Registration Statement became effective, at the date of this Agreement and at the Closing Date, the Registration Statement
conformed and will conform in all material respects to the requirements of the Securities Act and the Rules and Regulations and
did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading; the Prospectus, at the time the Prospectus was issued and at the Closing
Date, conformed and will conform in all material respects to the requirements of the Securities Act and the Rules and Regulations
and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however,
that the foregoing representations and warranties in this paragraph (d) shall not apply to information contained in or omitted
from the Registration Statement or the Prospectus in reliance upon, and in conformity with, written information furnished to the
Company by the Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriter’s
Information (as defined in Section 16).

 

(e)       Each
Issuer Free Writing Prospectus, if any, as of its issue date and at all subsequent times through the completion of the public offer
and sale of the Securities or until any earlier date that the Company notified or notifies the Underwriter as described in Section
4(e), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information
contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein and any prospectus
supplement deemed to be a part thereof that has not been superseded or modified, or include an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading. The foregoing sentence does not apply to statements in or omissions
from any Issuer Free Writing Prospectus in reliance upon, and in conformity with, written information furnished to the Company
by the Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriter’s
Information (as defined in Section 16).

 

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(f)       The
documents incorporated by reference in the Prospectus, when they became effective or were filed with the Commission, as the case
may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the
rules and regulations of the Commission thereunder and none of such documents contained any untrue statement of a material fact
or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; and any further documents so filed and incorporated by reference in the
Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material
respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission
thereunder and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(g)       (i)
At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a bona
fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities and (ii) at the date hereof, the Company
was not and is not an “ineligible issuer,” as defined in Rule 405 under the Securities Act. The Company has not, directly
or indirectly, distributed and will not distribute any offering material in connection with the Offering other than the Prospectus
and other materials, if any, permitted under the Securities Act and consistent with Section 4(b) below. The Company will
file with the Commission all Issuer Free Writing Prospectuses (other than a “road show,” as described in Rule 433(d)(8)
of the Rules and Regulations), if any, in the time and manner required under Rules 163(b)(2) and 433(d) of the Rules and Regulations.

 

(h)       The
Company and each of its subsidiaries (as defined in Section 14) have been duly organized and are validly existing as
corporations or other legal entities in good standing (or the foreign equivalent thereof) under the laws of their respective
jurisdictions of organization. The Company and each of its subsidiaries are duly qualified to do business and are in good
standing as foreign corporations or other legal entities in each jurisdiction in which their respective ownership or lease of
property or the conduct of their respective businesses requires such qualification and have all power and authority
(corporate or other) necessary to own or hold their respective properties and to conduct the businesses in which they are
engaged, except where the failure to so qualify or have such power or authority would not (i) have, singly or in the
aggregate, a material adverse effect on the condition (financial or otherwise), results of operations, assets, properties,
business or prospects of the Company and its subsidiaries taken as a whole, or (ii) impair in any material respect the
ability of the Company to perform its obligations under this Agreement or to consummate any transactions contemplated by this
Agreement, the General Disclosure Package or the Prospectus (any such effect as described in clauses (i) or (ii), a
 “Material Adverse Effect”). The Company owns or controls, directly or indirectly, only the corporations,
partnerships, limited liability partnerships, limited liability companies, associations or other entities included on Annex
A hereto.

 

    	5

    	

    

 

(i)       The
Company has the full right, power and authority to enter into this Agreement, and to perform and to discharge its obligations hereunder;
and this Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except as rights to indemnify hereunder may be limited
by federal or state securities laws and except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization
or similar laws affecting the rights of creditors generally and subject to general principles of equity.

 

(j)       The
Securities have been duly authorized and, upon the filing of the Certificate of Designation (as defined below) with the Secretary
of State of Delaware and when issued and delivered in accordance with the terms of this Agreement, will be validly issued, fully
paid and non-assessable, and the issuance of such Securities will not be subject to any preemptive or similar rights, except such
rights as have been waived or satisfied and subject to the conditions described in the last sentence of this paragraph (j). All
necessary corporate action has been duly and validly taken by the Company to authorize the issuance and delivery of the Conversion
Securities by the Company, other than the approval of the Company’s stockholders to issue a number of Conversion Securities
in excess of 19.9% of the number of shares of Common Stock outstanding as of the issuance of the Securities. The Conversion Securities,
when issued, paid for and delivered as provided for in the Certificate of Designation will be duly authorized and validly issued,
fully paid and nonassessable, will be issued in compliance with all applicable securities laws, and will be free of preemptive,
registration or similar rights. The Conversion Securities have been reserved for issuance. The Securities and Conversion Securities,
when issued, will conform in all material respects to the descriptions thereof set forth in the Prospectus or the General Disclosure
Package. The Company has received a written waiver from POSCO Energy Co., Ltd. (“POSCO”)
of its participation rights under that certain Securities Purchase Agreement, dated as of June 9, 2009, by and between the Company
and POSCO (formerly known as POSCO Power), and that certain Securities Purchase Agreement, dated as of April 30, 2012, between
the Company and POSCO (“POSCO Securities Purchase Agreements”), with such waiver being subject to the removal
of the restrictive legend from POSCO’s shares of the Company’s common stock and the transfer of such shares to a brokerage
account designated by POSCO, and, in connection with this Offering, the Company and Hercules Capital, Inc. (“Hercules”)
have agreed to amend certain terms of that certain Loan and Security Agreement between Hercules and the Company, dated April 14,
2016 and previously amended as of September 5, 2017, October 27, 2017 and March 28, 2018 (“Hercules Loan and Security
Agreement”), with such amendment to be effective upon the delivery by the Company to Hercules of a final, executed copy
of this Agreement and the Certificate of Designation (as defined below).

 

    	6

    	

    

 

(k)       The
Company has an authorized capitalization as set forth in the Prospectus, and all of the issued shares of the Company have been
duly and validly authorized and issued, are fully paid and nonassessable, have been issued in compliance with federal and state
securities laws, and conform to the description thereof contained in the General Disclosure Package and the Prospectus.  As
of July 31, 2018, there were (i) 92,280,169 shares of Common Stock, par value $0.0001, issued and outstanding, (ii) 64,020 shares
of Series B Cumulative Convertible Perpetual Preferred Stock issued and outstanding, convertible into 454,043 shares of Common
Stock, (iii) 11,681 shares of the Series C Convertible Preferred Stock issued and outstanding, convertible into 6,348,401 shares
of Common Stock, (iv) 1,000,000 shares of the Company’s subsidiary, FuelCell Energy, Ltd.’s, Class A Cumulative Redeemable
Exchangeable Preferred Shares (also referred to as Series 1 preferred shares), issued and outstanding, which would require 15,168
shares of the Company’s Common Stock to settle the outstanding principal and accrued and unpaid dividends, and (v)  22,854,641
shares of Common Stock issuable upon the exercise of all other options, warrants and convertible securities outstanding as of such
date, excluding any shares that could be used to satisfy interest amounts due on convertible securities if not paid in cash. Since
such date, the Company has not issued any securities, other than (i) Common Stock of the Company issued pursuant to the exercise
of stock options outstanding under the Company’s stock plans, (ii) the issuance of options, restricted Common Stock or other
equity awards under the Company’s stock plans, (iii) Common Stock of the Company issued upon vesting of restricted stock
units outstanding under the Company’s stock plans, (iv) Common Stock issued pursuant to the Sales Agreement, dated June 13,
2018, among the Company, B. Riley FBR, Inc. and OpCo, and/or (v) Common Stock issued upon conversion or redemption of the Series
C Convertible Preferred Stock of the Company.  All of the stock options, warrants and other rights to purchase or exchange
any securities for shares of the Company’s capital stock have been duly authorized and validly issued, and were issued in
compliance with U.S. federal and state securities laws, except as set forth in the “Description of Capital Stock” section
in the Prospectus.  None of the outstanding shares of Common Stock was issued in violation of any preemptive rights, rights
of first refusal or other similar rights to subscribe for or purchase securities of the Company.  There are no authorized
or outstanding shares of capital stock, options, warrants, preemptive rights, rights of first refusal or other rights to purchase,
or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company or any of its
subsidiaries other than those described above or accurately described in the General Disclosure Package.  The description
of the Company’s stock option, stock bonus and other stock plans or arrangements, and the stock options or other rights granted
thereunder, as described in the General Disclosure Package and the Prospectus, accurately and fairly present the information required
to be shown with respect to such plans, arrangements, stock options and rights.

 

    	7

    	

    

 

(l)       All
the outstanding shares of capital stock or other equity interests of each subsidiary of the Company have been duly authorized and
validly issued, are fully paid and nonassessable and, except to the extent set forth in the General Disclosure Package or the Prospectus,
are owned by the Company directly or indirectly through one or more wholly-owned subsidiaries, free and clear of any claim, lien,
encumbrance, security interest, restriction upon voting or transfer or any other claim of any third party.

 

(m)       The
execution, delivery and performance of this Agreement by the Company, the issuance and sale of the Securities and Conversion Securities
by the Company and the consummation of the transactions contemplated hereby and thereby will not (with or without notice or lapse
of time or both) (i) conflict with or result in a breach or violation of any of the terms or provisions of, constitute a default
or Debt Repayment Triggering Event (as defined below) under, give rise to any right of termination or other right or the cancellation
or acceleration of any right or obligation or loss of a benefit under, or give rise to the creation or imposition of any lien,
encumbrance, security interest, claim or charge upon any property or assets of the Company or any subsidiary pursuant to, any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party
or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of
its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws (or analogous governing instruments,
as applicable) of the Company or any of its subsidiaries or (iii) result in any violation of any law, statute, rule, regulation,
judgment, order or decree of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company
or any of its subsidiaries or any of their properties or assets, except with respect to clauses (i) and (iii) above, to the extent
any such conflict, breach or violation has been waived (or, in the case of the Hercules Loan and Security Agreement, will be addressed
in an amendment thereto, with such amendment to be effective upon the delivery by the Company to Hercules of a final, executed
copy of this Agreement and the Certificate of Designation (as defined below)) or would not result in a Material Adverse Effect
and except, in each case (other than with respect to the Hercules Loan and Security Agreement and the amendment thereto), as set
forth in the Prospectus. A “Debt Repayment Triggering Event” means any event or condition that gives, or with
the giving of notice or lapse of time would give the holder of any note, debenture or other evidence of indebtedness (or any person
acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such
indebtedness by the Company or any of its subsidiaries.

 

(n)       No
consent, approval, authorization or order of, or filing, qualification or registration with, any court or governmental agency or
body, foreign or domestic, which has not been made, obtained or taken and is not in full force and effect, is required for the
execution, delivery and performance of this Agreement by the Company, the offer or sale of the Securities or the consummation of
the transactions contemplated hereby or thereby, except for the registration of the Common Stock under the Securities Act and such
consents, approvals, authorizations, registrations or qualifications as may be required under the Exchange Act and applicable state
securities laws, the Financial Industry Regulatory Authority (“FINRA”) and the NASDAQ Global Market (the “NASDAQ
GM”) in connection with the Offering by the Company, and the listing of the Conversion Securities on the NASDAQ GM.

 

    	8

    	

    

 

(o)       KPMG
LLP, who has certified certain financial statements and related schedules included or incorporated by reference in the Registration
Statement, the General Disclosure Package and the Prospectus, and have audited the Company’s internal control over financial
reporting and management’s assessment thereof, is an independent registered public accounting firm as required by the Securities
Act and the Rules and Regulations and the Public Company Accounting Oversight Board (United States) (the “PCAOB”).
Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, KPMG LLP has not been
engaged by the Company to perform any “prohibited activities” (as defined in Section 10A of the Exchange Act).

 

(p)       The
financial statements, together with the related notes and schedules, included or incorporated by reference in the General Disclosure
Package, the Prospectus and in the Registration Statement fairly present the financial position and the results of operations and
changes in stockholders’ equity and cash flows of the Company and its consolidated subsidiaries and other consolidated entities
at the respective dates or for the respective periods therein specified. Such statements and related notes and schedules have been
prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applied on
a consistent basis throughout the periods involved except as may be set forth in the related notes included or incorporated by
reference in the General Disclosure Package. The financial statements, together with the related notes and schedules, included
or incorporated by reference in the General Disclosure Package and the Prospectus comply in all material respects with the Securities
Act, the Exchange Act, and the Rules and Regulations and the rules and regulations under the Exchange Act. No other financial statements
or supporting schedules or exhibits are required by the Securities Act or the Rules and Regulations to be described, or included
or incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus. There is no pro forma
or as adjusted financial information which is required to be included in the Registration Statement, the General Disclosure Package,
or the Prospectus or a document incorporated by reference therein in accordance with the Securities Act and the Rules and Regulations
which has not been included or incorporated as so required.

 

(q)       Neither
the Company nor any of its subsidiaries has sustained, since the date of the latest audited financial statements included or incorporated
by reference in the General Disclosure Package, any material loss or interference with its business from fire, explosion, flood
or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth or contemplated in the General Disclosure Package; and, since such date, there has not been any change
in the capital stock or long-term debt of the Company or any of its subsidiaries or any material adverse changes, or any development
involving a prospective material adverse change, in or affecting the business, assets, general affairs, management, financial position,
prospects, stockholders’ equity or results of operations of the Company and its subsidiaries taken as a whole, otherwise
than as set forth or contemplated in the General Disclosure Package.

 

    	9

    	

    

 

(r)       There
are no legal or governmental actions, suits, claims or proceedings pending or, to the Company’s knowledge, threatened or
contemplated to which the Company or any of its subsidiaries is or would be a party or of which any of their respective properties
is or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, or before or by any self-regulatory organization or other non-governmental regulatory authority
which are required to be described in the Registration Statement, the General Disclosure Package or the Prospectus or a document
incorporated by reference therein and are not so described therein, or which, singly or in the aggregate, if resolved adversely
to the Company or such subsidiary, would reasonably be likely to result in a Material Adverse Effect or prevent or materially and
adversely affect the ability of the Company to consummate the transactions contemplated hereby. To the Company’s knowledge,
no such proceedings are threatened or contemplated by governmental authorities or threatened by other third parties except as set
forth in the Registration Statement or the Prospectus.

 

(s)       Neither
the Company nor any of its subsidiaries is in (i) violation of its charter or by-laws (or analogous governing instrument, as applicable),
(ii) default in any respect, and no event has occurred which, with notice or lapse of time or both, would constitute such a default,
in the due performance or observance of any term, covenant, obligation, agreement or condition contained in any indenture, mortgage,
deed of trust, bank loan or credit agreement, other evidence of indebtedness, or any license, lease, contract or other agreement
or instrument to which it is a party or by which the Company or its subsidiaries are bound or to which any of its property or assets
is subject or (iii) violation in any respect of any statute, law, ordinance, governmental rule, regulation, ordinance, or court
order, decree or judgment to which it or its property or assets may be subject except, in the case of clauses (ii) and (iii) of
this paragraph (s), for any violations or defaults which would not, singly or in the aggregate, have a Material Adverse Effect
or which are described in the Registration Statement or the Prospectus.

 

(t)       The
Company and each of its subsidiaries have made all material filings, applications and submissions required by, and own or possess
all material approvals, licenses, certificates, certifications, clearances, consents, exemptions, marks, notifications, orders,
authorizations and permits issued by, and have made all material declarations and filings with, the appropriate local, state, federal
or foreign regulatory agencies or bodies that are necessary or desirable for the ownership of
their respective properties or the conduct of their respective businesses as described in the General Disclosure Package and the
Prospectus (collectively, the “Governmental Permits”) and is in compliance in all material respects with the
terms and conditions of all such Governmental Permits, except where any failures to possess or make the same would not, singly
or in the aggregate, have a Material Adverse Effect. All such Governmental Permits are valid and in full force and effect. All
such Governmental Permits are free and clear of any restriction or condition that are in addition to, or materially different from
those normally applicable to similar licenses, certificates, authorizations and permits. Neither the Company nor any of its subsidiaries
has received any notice of any proceedings relating to revocation or modification of, any such Governmental Permit, which, individually
or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect. Except
as may be required under the Securities Act and state and foreign Blue Sky laws and the rules and regulations of FINRA, no other
Governmental Permits are required for the Company or any of its subsidiaries to enter into, deliver and perform this Agreement
and to issue and sell the Securities to be issued and sold by the Company hereunder.

 

    	10

    	

    

 

(u)       Neither
the Company nor any of its subsidiaries is or, after giving effect to the Offering and the application of the proceeds thereof
as described in the General Disclosure Package and the Prospectus, will be (i) required to register as an “investment company”
as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the
rules and regulations of the Commission thereunder or (ii) a “business development company” (as defined in Section 2(a)(48)
of the Investment Company Act).

 

(v)       Neither
the Company, its subsidiaries nor, to the Company’s knowledge, any of the Company’s or its subsidiaries’ officers,
directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate
the price of any security of the Company, or which caused or resulted in, or which could in the future reasonably be expected to
cause or result in, stabilization or manipulation of the price of any security of the Company.

 

(w)       The
Company and each of its subsidiaries owns or possesses the right to use all patents, trademarks, trademark registrations, service
marks, service mark registrations, trade names, copyrights, licenses, inventions, software, databases, know-how, Internet domain
names, trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures, and
other intellectual property (collectively, “Intellectual Property”) necessary to carry on their respective businesses
as currently conducted, and as proposed to be conducted and described in the General Disclosure Package and the Prospectus, and
the Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company and its
subsidiaries with respect to the foregoing except for those that would not reasonably be expected to have a Material Adverse Effect.
The Company and each of its subsidiaries has complied in all material respects with, and is not in breach nor has received any
asserted or threatened claim of breach of, any Intellectual Property license, and the Company has no knowledge of any breach or
anticipated breach by any other person to any Intellectual Property license. To the Company’s knowledge, the Company’s
and each of its subsidiaries’ businesses as now conducted and as proposed to be conducted do not and will not infringe or
conflict with any valid and enforceable patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses or
other Intellectual Property or franchise right of any person. Neither the Company nor any of its subsidiaries has received notice
of any claim against the Company or any of its subsidiaries alleging the infringement by the Company or any of its subsidiaries
of any patent, trademark, service mark, trade name, copyright, trade secret, license in or other intellectual property right or
franchise right of any person. The Company and each of its subsidiaries has taken all reasonable steps to protect, maintain and
safeguard its rights in all Intellectual Property, including the execution of appropriate nondisclosure and confidentiality agreements.
The consummation of the transactions contemplated by this Agreement will not result in the loss or impairment of or payment of
any additional amounts with respect to, nor require the consent of any other person in respect of, the Company’s or any of
its subsidiaries’ right to own, use, or hold for use any of the Intellectual Property as owned, used or held for use in the
conduct of the businesses as currently conducted. The Company and each of its subsidiaries has at all times complied in all material
respects with all applicable laws relating to privacy, data protection, and the collection and use of personal information collected,
used, or held for use by the Company and any of its subsidiaries in the conduct of the Company’s and its subsidiaries businesses.
No claims have been asserted or threatened against the Company or any of its subsidiaries alleging a violation of any person’s
privacy or personal information or data rights and, to the knowledge of the Company, the consummation of the transactions contemplated
hereby will not breach or otherwise cause any violation of any law related to privacy, data protection, or the collection and use
of personal information collected, used, or held for use by the Company or any of its subsidiaries in the conduct of the Company’s
or any of its subsidiaries’ businesses. The Company and each of its subsidiaries takes reasonable measures to ensure that
such information is protected against unauthorized access, use, modification, or other misuse.

 

    	11

    	

    

 

(x)       The
Company and each of its subsidiaries have good, valid and marketable title in fee simple to, or have valid rights to lease or otherwise
use, all items of real or personal property which are material to the business of the Company and its subsidiaries taken as a whole,
in each case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate,
materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by
the Company or any of its subsidiaries; and all of the leases and subleases material to the business of the Company and its subsidiaries,
considered as one enterprise, and under which the Company or any of its subsidiaries holds properties described in the General
Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any subsidiary has received any
notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any subsidiary
under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such subsidiary
to the continued possession of the leased or subleased premises under any such lease or sublease.

 

(y)       No
labor disturbance or dispute with the employees of the Company or any of the Company’s subsidiaries exists, or, to the Company’s
knowledge, is threatened or imminent, which would reasonably be expected to result in a Material Adverse Effect. The Company is
not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries’ principal suppliers,
manufacturers, customers or contractors, that singly or in the aggregate, might be expected to have a Material Adverse Effect.
The Company is not aware that any key employee or significant group of employees of the Company or any of the Company’s subsidiaries
plans to terminate employment with the Company or any of the Company’s subsidiaries. Neither the Company nor any of its subsidiaries
has engaged in any unfair labor practice; except for matters which would not, singly or in the aggregate, result in a Material
Adverse Effect, (i) there is (A) no unfair labor practice complaint pending or, to the Company’s knowledge, threatened against
the Company or any of its subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising
out of or under collective bargaining agreements is pending or to the Company’s knowledge, threatened, (B) no strike, labor
dispute, slowdown or stoppage pending or, to the Company’s knowledge, threatened against the Company or any of its subsidiaries
and (C) no union representation dispute currently existing concerning the employees of the Company or any of its subsidiaries and
(ii) to the Company’s knowledge, no union organizing activities are currently taking place concerning the employees of the
Company or any of its subsidiaries.

 

    	12

    	

    

 

(z)       No
 “prohibited transaction” (as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as amended,
including the regulations and published interpretations thereunder (“ERISA”), or Section 4975 of the Internal
Revenue Code of 1986, as amended from time to time (the “Code”)) has occurred or could reasonably be expected
to occur with respect to any employee benefit plan of the Company or any of its subsidiaries which could, singly or in the aggregate,
have a Material Adverse Effect. Each employee benefit plan of the Company or any of its subsidiaries is in compliance in all material
respects with applicable law, including ERISA and the Code. For purposes of this section, an “employee benefit plan”
and an “employee pension benefit plan” are as defined in ERISA section 3(2), and an employee welfare benefit plan as
defined in ERISA section 3(1). The Company and its subsidiaries have not incurred and could not reasonably be expected to incur
liability under Title IV of ERISA with respect to the termination of, or withdrawal from, any pension plan (as defined in ERISA).
Each pension plan for which the Company or any of its subsidiaries would have any liability that is intended to be qualified under
Section 401(a) of the Code is so qualified, and, to the knowledge of the Company, nothing has occurred, whether by action or by
failure to act, which could, singly or in the aggregate, cause the loss of such qualification.

 

(aa)The
Company and its subsidiaries are and have been in compliance with all foreign, federal, state and local statutes, laws (including
the common law), ordinances, rules, regulations, orders, judgments, decrees or Governmental Permits, relating to the use, treatment,
storage and disposal of hazardous or toxic substances, materials or wastes or the protection of health and safety or the environment
which are applicable to their businesses (“Environmental Laws”), except where the failure to comply would not,
singly or in the aggregate, have a Material Adverse Effect. There has been no storage, generation, transportation, handling, treatment,
disposal, discharge, emission, or other release of any kind of hazardous or toxic substances, materials or wastes by, due to, or
caused by the Company or any of its subsidiaries (or, to the Company’s knowledge, any other entity for whose acts or omissions
the Company or any of its subsidiaries is or may otherwise be liable) upon any of the property now or previously owned, leased
or operated by the Company or any of its subsidiaries, or upon any other property, in violation of, or which would give rise to
any liability under, any Environmental Law, except for any violation or liability which would not have, singly or in the aggregate
with all such violations and liabilities, a Material Adverse Effect; and there has been no disposal, discharge, emission or other
release of any kind onto such property or into the environment surrounding such property of any hazardous or toxic substances,
materials or wastes with respect to which the Company has knowledge, except for any such disposal, discharge, emission, or other
release of any kind which would not have, singly or in the aggregate with all such discharges and other releases, a Material Adverse
Effect. In the ordinary course of business, the Company and its subsidiaries conduct reviews of the effect of Environmental Laws
on their businesses and assets, as part of which they identify and evaluate associated costs and liabilities (including, without
limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental
Laws and Governmental Permits issued thereunder, any related constraints on operating activities and any potential liabilities
to third parties). On the basis of such reviews, the Company and its subsidiaries have reasonably concluded that such associated
costs and liabilities would not have, singly or in the aggregate, a Material Adverse Effect.

 

    	13

    	

    

 

(bb)The
Company and its subsidiaries are in compliance in all respects with all applicable provisions of the Occupational Safety and Health
Act of 1970, as amended, including all applicable regulations thereunder, except for such noncompliance as would not, singly or
in the aggregate, have a Material Adverse Effect.

 

(cc)The
Company and each of its subsidiaries (i) has timely filed all necessary federal, state, local and foreign tax returns (or timely
filed applicable extensions therefor) that have been required to be filed, and all such returns were true, complete and correct,
(ii) has paid all federal, state, local and foreign taxes, assessments, governmental or other charges that are due and payable
for which it is liable, including, without limitation, all sales and use taxes and all taxes which the Company or any of its subsidiaries
is obligated to withhold from amounts owing to employees, creditors and third parties, except for any such taxes, assessments,
governmental or other charges that are being contested in good faith and by appropriate procedures, and (iii) does not have any
tax deficiency or claims outstanding or assessed or, to the Company’s knowledge, proposed against it, except those, in each
of the cases described in clauses (i), (ii) and (iii) of this paragraph (cc), that would not, singly or in the aggregate,
have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has engaged in any transaction which is a corporate
tax shelter or which could be characterized as such by the Internal Revenue Service or any other taxing authority. The accruals
and reserves on the books and records of the Company and its subsidiaries in respect of tax liabilities for any taxable period
not yet finally determined are adequate to meet any assessments and related liabilities for any such period, and in the last three
years, neither the Company nor any of its subsidiaries has incurred any liability for taxes other than in the ordinary course.

 

(dd)The
Company and each of its subsidiaries maintains or is covered by insurance provided by recognized, financially sound and reputable
institutions with insurance policies in such amounts and covering such risks as is adequate for the conduct of its business and
the value of its properties and as is customary for companies engaged in similar businesses in similar industries. All such insurance
is fully in force on the date hereof and will be fully in force as of the Closing Date. The Company has no reason to believe that
it and its subsidiaries will not be able to renew their existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse
Effect. Neither the Company nor any of its subsidiaries has been denied any material insurance policy or coverage for which it
has applied. Neither the Company nor any of its subsidiaries insures risk of loss through any captive insurance, risk retention
group, reciprocal group or by means of any fund or pool of assets specifically set aside for contingent liabilities other than
as described in the General Disclosure Package.

 

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(ee)The
Company and each of its subsidiaries maintains a system of internal accounting and other controls sufficient to provide reasonable
assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii)
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and
(iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is
taken with respect to any differences. Except as described in the General Disclosure Package, since the end of the Company’s
most recent audited fiscal year, there has been (A) no material weakness in the Company’s internal control over financial
reporting (whether or not remediated) and (B) no change in the Company’s internal control over financial reporting that
has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

(ff)The
Company has established, maintains and evaluates “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e)
and 15d-15(e) under the Exchange Act), which (i) are designed to ensure that material information relating to the Company
and its subsidiaries is made known to the Company’s principal executive officer and its principal financial officer by others
within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being
prepared, (ii) have been evaluated for effectiveness as of the end of the last fiscal period covered by the Registration Statement,
and (iii) such disclosure controls and procedures are effective to perform the functions for which they were established. There
are no significant deficiencies or material weaknesses in the design or operation of internal controls which could adversely affect
the Company’s ability to record, process, summarize, or report financial data to management and the Board of Directors of
the Company. The Company is not aware of any fraud, whether or not material, that involves management or other employees who have
a role in the Company’s internal controls; and since the date of the most recent evaluation of such disclosure controls and
procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal
controls, including any corrective actions with regard to significant deficiencies and material weaknesses. Except as set forth
in the General Disclosure Package, the Audit Committee of the Board of Directors of the Company (the “Audit Committee”)
is not reviewing or investigating, and neither the Company’s independent auditors nor its internal auditors have recommended
that the Audit Committee review or investigate, (i) adding to, deleting, changing the application of or changing the Company’s
disclosure with respect to, any of the Company’s material accounting policies, (ii) any manner which could result in a restatement
of the Company’s financial statements for any annual or interim period during the current or prior three fiscal years, or
(iii) a significant deficiency, material weakness, change in internal control over financial reporting or fraud involving management
or other employees who have a significant role in the internal control over financial reporting.

 

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(gg)Except
as described in the General Disclosure Package and the Prospectus, there are no material off-balance sheet transactions (including,
without limitation, transactions related to, and the existence of, “variable interest entities” within the meaning
of Financial Accounting Standards Board Interpretation No. 46), arrangements, obligations (including contingent obligations), or
any other relationships with unconsolidated entities or other persons, that may have a material current or future effect on the
Company’s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital
resources, or significant components of revenues or expenses.

 

(hh)The
Company’s Board of Directors has validly appointed an Audit Committee whose composition satisfies the requirements of Rule
5605(c)(2) of the NASDAQ Marketplace Rules and Section 10A-3 of the Exchange Act, and the Board of Directors and/or the Audit Committee
has adopted a charter that satisfies the requirements of Rule 5605(c)(1) of the NASDAQ Marketplace Rules and Section 10A-3 of the
Exchange Act. The Audit Committee has reviewed the adequacy of its charter within the past twelve months. Neither the Board of
Directors nor the Audit Committee has been informed, nor is any director of the Company aware, of (i) any significant deficiencies
in the design or operation of the Company’s internal controls that could adversely affect the Company’s ability to
record, process, summarize and report financial data or any material weakness in the Company’s internal controls; or (ii)
any fraud, whether or not material, that involves management or other employees of the Company who have a significant role in the
Company’s internal controls.

 

(ii)       The
minute books of the Company and each of its subsidiaries that would be a “significant subsidiary” within the meaning
of Rule 1-02(w) of Regulation S-X under the Exchange Act (such a significant subsidiary of the Company, a “Significant
Subsidiary”) have been made available to the Underwriter and counsel for the Underwriter, and such books (i) contain
a complete summary of all meetings and actions of the board of directors (including each board committee) and stockholders of the
Company (or analogous governing bodies and interest holders, as applicable), and each of its Significant Subsidiaries since the
time of its respective incorporation or organization through the date of the latest meeting and action, and (ii) accurately in
all material respects reflect all transactions referred to in such minutes.

 

(jj)There
is no franchise, lease, contract, agreement or document required by the Securities Act or by the Rules and Regulations to be described
in the General Disclosure Package and in the Prospectus or a document incorporated by reference therein or to be filed as an exhibit
to the Registration Statement or a document incorporated by reference therein which is not described or filed therein as required;
and all descriptions of any such franchises, leases, contracts, agreements or documents contained in the Registration Statement
or in a document incorporated by reference therein are accurate and complete descriptions of such documents in all material respects.
Other than as described in the General Disclosure Package, no such franchise, lease, contract or agreement has been suspended or
terminated for convenience or default by the Company or any of its subsidiaries or any of the other parties thereto, and neither
the Company nor any of its subsidiaries has received notice nor does the Company have any other knowledge of any such pending or
threatened suspension or termination, except for such pending or threatened suspensions or terminations that would not, singly
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(kk)No
relationship, direct or indirect, exists between or among the Company and any of its subsidiaries on the one hand, and the directors,
officers, stockholders (or analogous interest holders), customers or suppliers of the Company or any of its subsidiaries or any
of their affiliates on the other hand, which is required to be described in the General Disclosure Package and the Prospectus or
a document incorporated by reference therein and which is not so described.

 

(ll)No
person or entity has the right to require registration of shares of Common Stock or other securities of the Company or any of its
subsidiaries because of the filing or effectiveness of the Registration Statement or otherwise, except for persons and entities
who have expressly waived such right in writing or who have been given timely and proper written notice and have failed to exercise
such right within the time or times required under the terms and conditions of such right. There are no contracts, agreements or
understandings between the Company or any of its subsidiaries and any person granting such person the right (other than (i) registration
rights granted to POSCO under the POSCO Securities Purchase Agreements, which have been satisfied to date and (ii) rights which
have been waived in writing in connection with the transactions contemplated by this Agreement or otherwise satisfied) to require
the Company or any of its subsidiaries to register any securities with the Commission.

 

(mm)Neither
the Company nor any of its subsidiaries owns any “margin securities” as that term is defined in Regulation U of the
Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of
the sale of any of the Securities will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security,
for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security
or for any other purpose which might cause any of the Securities to be considered a “purpose credit” within the meanings
of Regulation T, U or X of the Federal Reserve Board.

 

(nn)At
the Applicable Time there were, and as of the Closing Date there will be, no securities of or guaranteed by the Company that are
rated by a “nationally recognized statistical rating organization,” as that term is defined in Rule 436(g)(2) promulgated
under the Act.

 

(oo)       Neither
the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this
Agreement) that would give rise to a valid claim against the Company or the Underwriter for a brokerage commission, finder’s
fee or like payment in connection with the offering and sale of any of the Securities or any transaction contemplated by this Agreement,
the Registration Statement, the General Disclosure Package or the Prospectus.

 

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(pp)No
forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained
in either the General Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed
other than in good faith.

 

(qq)The
Company is subject to and in compliance in all material respects with the reporting requirements of Section 13 or Section 15(d)
of the Exchange Act. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act and is listed on the
NASDAQ GM, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act or delisting the Common Stock from the NASDAQ GM, nor has the Company received any notification
that the Commission, FINRA or the NASDAQ Stock Market LLC is currently contemplating terminating such registration or listing.
The Company has complied in all material respects with the applicable requirements of the NASDAQ GM for maintenance of inclusion
of the Common Stock thereon. No consent, approval, authorization or order of, or filing, notification or registration with, the
NASDAQ GM is required for the listing and trading of the shares of Common Stock on the NASDAQ GM, except for (i) a Notification
Form: Listing of Additional Shares; and (ii) a Notification Form: Change in the Number of Shares Outstanding.

 

(rr)The
Company has filed in a timely manner all reports required to be filed pursuant to Sections 13(a), 13(e), 14 and 15(d) of the Exchange
Act during the preceding 12 months (except to the extent that Section 15(d) requires reports to be filed pursuant to Sections 13(d)
and 13(g) of the Exchange Act, which shall be governed by the next clause of this sentence); and the Company has filed in a timely
manner all reports required to be filed pursuant to Sections 13(d) and 13(g) of the Exchange Act since January 1, 2004, except
where the failure to timely file would not reasonably be expected singly or in the aggregate to have a Material Adverse Effect.

 

(ss)The
Company, and to its knowledge, each of the Company’s directors or officers, in their capacities as such, is, and after giving
effect to the Offering will be, in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley
Act of 2002 and any related rules and regulations promulgated by the Commission thereunder (the “Sarbanes-Oxley Act”).
Each of the principal executive officer and the principal financial officer of the Company (and each former principal executive
officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required
by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents
required to be filed by him or her with the Commission. For purposes of the preceding sentence, “principal executive officer”
and “principal financial officer” shall have the meanings given to such terms in the Sarbanes-Oxley Act.

 

(tt)The
Company is, and after giving effect to the Offering will be, in compliance with all applicable corporate governance requirements
set forth in the NASDAQ Marketplace Rules.

 

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(uu)Neither
the Company nor any of its subsidiaries nor, to the Company’s knowledge, any other person associated with or acting on behalf
of the Company, including without limitation any director, officer, agent or employee of the Company or any of its subsidiaries
has, directly or indirectly, while acting on behalf of the Company or any of its subsidiaries (i) used any corporate funds for
unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity or failed to disclose fully
any contribution in violation of law, (ii) made any payment to any federal or state governmental officer or official, or other
person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United
States or any jurisdiction thereof, (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act
of 1977, as amended or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.

 

(vv)Any
statistical, industry-related or market-related data included or incorporated by reference in the Registration Statement, the Prospectus
or the General Disclosure Package, are based on or derived from sources that the Company reasonably and in good faith believes
to be reliable and accurate, and such data agree with the sources from which they are derived.

 

(ww)Neither
the Company nor any subsidiary nor any of their affiliates (within the meaning of FINRA’s NASD Conduct Rule 2720(f)(1)) directly
or indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of Article
I, Section 1(ee) of the By-laws of FINRA) of, any member firm of FINRA.

 

(xx)       The
operations of the Company and its subsidiaries are and have been conducted at all times in compliance in all material respects
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, the USA PATRIOT Act, applicable money laundering statutes of all jurisdictions and the applicable rules, related rules
and regulations thereunder (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by
or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries
with respect to the Money Laundering Laws is pending, or to the knowledge of the Company, threatened against the Company or any
of its subsidiaries.

 

(yy)Neither
the Company nor any of its subsidiaries nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate
of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds
of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
person or entity, which, to the Company’s knowledge, will use such proceeds for the purpose of financing the activities of
any person currently subject to any U.S. sanctions administered by OFAC.

 

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(zz)No
approval of the stockholders of the Company under the rules and regulations of The NASDAQ Stock Market (including Rule 5635 of
the NASDAQ Marketplace Rules) is required for the Company to issue and deliver to the Underwriter the Securities.

 

(aaa)Neither
the Company nor its subsidiaries are subject to regulation as a “public utility”, “public service company”,
 “holding company” or similar designation by any governmental or regulatory authority, including under the Federal Power
Act, as amended or any applicable state utility laws; and the Company and its subsidiaries are not required to file with any applicable
state or local commissions, governmental authorities or regulatory bodies that regulate utilities any forms, statements, reports,
registrations or documents under such applicable state or local laws to which the Company or its subsidiaries are subject.

 

Any certificate
signed by or on behalf of the Company and delivered to the Underwriter or to counsel for the Underwriter shall be deemed to be
a representation and warranty by the Company to the Underwriter as to the matters covered thereby.

 

4.       Further
Agreements of the Company. The Company agrees with the Underwriter:

 

(a)       Subject
to the Rules and Regulations, to prepare the Rule 462(b) Registration Statement, if necessary, in a form approved by the Underwriter
and file such Rule 462(b) Registration Statement with the Commission on the date hereof; to prepare the Prospectus in a form approved
by the Underwriter containing information previously omitted at the time of effectiveness of the Registration Statement in reliance
on Rules 430A, 430B and 430C of the Rules and Regulations and to file such Prospectus pursuant to Rule 424(b) of the Rules and
Regulations not later than the second (2nd) business day following the execution and delivery of this Agreement or,
if applicable, such earlier time as may be required by Rule 430A of the Rules and Regulations; to notify the Underwriter immediately
of the Company’s intention to file or prepare any supplement or amendment to the Registration Statement or to the Prospectus
in connection with this Offering and to make no amendment or supplement to the Registration Statement, the General Disclosure Package
or to the Prospectus to which the Underwriter shall reasonably object by notice to the Company after a reasonable period to review;
to advise the Underwriter, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement
has been filed or becomes effective or any supplement to the General Disclosure Package or the Prospectus or any amended Prospectus
has been filed and to furnish the Underwriter copies thereof; to file promptly all material required to be filed by the Company
with the Commission pursuant to Rule 433(d) or 163(b)(2), as the case may be, of the Rules and Regulations; to file promptly all
reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as the delivery
of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) of the Rules and Regulations) is required for sale of
the Securities; to advise the Underwriter, promptly after it receives notice thereof, of the issuance by the Commission of any
stop order or of any order preventing or suspending the use of any Issuer Free Writing Prospectus or the Prospectus, of the suspension
of the qualification of the Securities for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding
for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement, the
General Disclosure Package or the Prospectus or for additional information; and, in the event of the issuance of any stop order
or of any order preventing or suspending the use of any Issuer Free Writing Prospectus or the Prospectus or suspending any such
qualification, and promptly to use its best efforts to obtain the withdrawal of such order.

    	20

    	

    

 

(b)       The
Company represents and agrees that it has not made, and unless it obtains the prior consent of the Underwriter, it will not make,
any offer relating to the Securities that would constitute a “free writing prospectus” as defined in Rule 405 of the
Rules and Regulations (each, a “Permitted Free Writing Prospectus”); provided that the prior written
consent of the Underwriter hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectus(es) included
in Schedule A hereto. The Company represents that it has treated and agrees
that it will treat each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, comply with the requirements of
Rules 164 and 433 of the Rules and Regulations applicable to any Issuer Free Writing Prospectus, including the requirements relating
to timely filing with the Commission, legending and record keeping and will not take any action that would result in the Underwriter
or the Company being required to file with the Commission pursuant to Rule 433(d) of the Rules and Regulations a free writing prospectus
prepared by or on behalf of such Underwriter that such Underwriter otherwise would not have been required to file thereunder.

 

(c)       If
at any time when a Prospectus relating to the Securities is required to be delivered under the Securities Act, any event occurs
or condition exists as a result of which the Prospectus, as then amended or supplemented, would include any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading, or the Registration Statement, as then amended or supplemented, would include any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading, or if for
any other reason it is necessary at any time to amend or supplement any Registration Statement or the Prospectus to comply with
the Securities Act or the Exchange Act, the Company will promptly notify the Underwriter, and upon the Underwriter’s request,
the Company will promptly prepare and file with the Commission, at the Company’s expense, an amendment to the Registration
Statement or an amendment or supplement to the Prospectus that corrects such statement or omission or effects such compliance and
will deliver to the Underwriter, without charge, such number of copies thereof as the Underwriter may reasonably request. The Company
consents to the use of the Prospectus or any amendment or supplement thereto by the Underwriter.

 

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(d)       If
the General Disclosure Package is being used to solicit offers to buy the Securities at a time when the Prospectus is not yet available
to prospective purchasers and any event shall occur as a result of which, in the judgment of the Company or in the reasonable opinion
of the Underwriter, it becomes necessary to amend or supplement the General Disclosure Package in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, or to make the statements therein not conflict
with the information contained or incorporated by reference in the Registration Statement then on file and not superseded or modified,
or if it is necessary at any time to amend or supplement the General Disclosure Package to comply with any law, the Company promptly
will either (i) prepare, file with the Commission (if required) and furnish to the Underwriter and any dealers an appropriate amendment
or supplement to the General Disclosure Package or (ii) prepare and file with the Commission an appropriate filing under the Exchange
Act which shall be incorporated by reference in the General Disclosure Package so that the General Disclosure Package as so amended
or supplemented will not, in the light of the circumstances under which they were made, be misleading or conflict with the Registration
Statement then on file, or so that the General Disclosure Package will comply with law.

 

(e)       If
at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result
of which such Issuer Free Writing Prospectus conflicted or will conflict with the information contained in the Registration Statement
or Prospectus, including any document incorporated by reference therein and any prospectus supplement deemed to be a part thereof
and not superseded or modified or included or would include an untrue statement of a material fact or omitted or would omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, the Company has promptly notified or will promptly notify the Underwriter so that any
use of the Issuer Free Writing Prospectus may cease until it is amended or supplemented and has promptly amended or will promptly
amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement
or omission. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance
upon, and in conformity with, written information furnished to the Company by the Underwriter specifically for inclusion therein,
which information the parties hereto agree is limited to the Underwriter’s Information (as defined in Section 16).

 

(f)       To
the extent not available on the Commission’s EDGAR system or any successor system, to furnish promptly to the Underwriter
and to counsel for the Underwriter a signed copy of the Registration Statement as originally filed with the Commission, and of
each amendment thereto filed with the Commission, including all consents and exhibits filed therewith.

 

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(g)       To
the extent not available on the Commission’s EDGAR system or any successor system, to deliver promptly to the Underwriter
in New York City such number of the following documents as the Underwriter shall reasonably request: (i) conformed copies
of the Registration Statement as originally filed with the Commission (in each case excluding exhibits), (ii) any Issuer Free Writing
Prospectus, (iii) the Prospectus (the delivery of the documents referred to in clauses (i), (ii) and (iii) of this paragraph
(g) to be made not later than 10:00 A.M., New York time, on the business day following the execution and delivery of this Agreement),
(iv) conformed copies of any amendment to the Registration Statement (excluding exhibits), (v) any amendment or supplement to the
General Disclosure Package or the Prospectus (the delivery of the documents referred to in clauses (iv) and (v) of this paragraph
(g) to be made not later than 10:00 A.M., New York City time, on the business day following the date of such amendment or supplement)
and (vi) any document incorporated by reference in the General Disclosure Package or the Prospectus (excluding exhibits thereto)
(the delivery of the documents referred to in clause (vi) of this paragraph (g) to be made not later than 10:00 A.M., New
York City time, on the business day following the date of such document).

 

(h)       To
the extent required, to make generally available to its stockholders as soon as practicable, but in any event not later than eighteen
(18) months after the effective date of each Registration Statement (as defined in Rule 158(c) of the Rules and Regulations), an
earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) of the Securities
Act and the Rules and Regulations (including, at the option of the Company, Rule 158); and, if not available on the Commission’s
EDGAR System or any successor system, to furnish to its stockholders after the end of each fiscal year an annual report (including
a balance sheet and statements of income, stockholders’ equity and cash flows of the Company and its consolidated subsidiaries
certified by independent public accountants) and after each of the first three fiscal quarters of each fiscal year (beginning with
the first fiscal quarter after the effective date of such Registration Statement), consolidated summary financial information of
the Company and its subsidiaries for such quarter in reasonable detail.

 

(i)       To
take promptly from time to time such actions as the Underwriter may reasonably request to qualify the Securities for offering and
sale under the securities or blue sky laws of such jurisdictions (domestic or foreign) as the Underwriter may designate and to
continue such qualifications in effect, and to comply with such laws, for so long as required to permit the offer and sale of Securities
in such jurisdictions; provided that the Company and its subsidiaries shall not be obligated to qualify as foreign corporations
in any jurisdiction in which they are not so qualified or to file a general consent to service of process in any jurisdiction.

 

(j)       During
the period of five (5) years from the date hereof, to the extent not available on the Commission’s EDGAR system or any successor
system, to deliver to the Underwriter, (i) upon request, copies of all reports or other communications furnished generally to stockholders,
and (ii) upon request, copies of any reports and financial statements furnished or filed with the Commission or any national securities
exchange or automatic quotation system on which the Common Stock is listed or quoted.

 

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(k)       That
the Company will not, for a period of 60 days from the date of the Prospectus, (the “Lock-Up Period”) without
the prior written consent of OpCo, directly or indirectly offer, sell, assign, transfer, pledge, contract to sell, or otherwise
dispose of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, other
than (i) the Company’s sale of the Securities hereunder, including the issuance of the Conversion Securities (including for
this purpose any shares of Common Stock issued or issuable with respect to the Securities under the terms of the Certificate of
Designation with respect thereto, whether upon conversion, upon redemption, or otherwise), (ii) the issuance of restricted Common
Stock, options to acquire Common Stock, or other equity awards pursuant to the Company’s employee benefit plans, qualified
stock option plans or other employee compensation plans as such plans are in existence on the date hereof and described in the
Prospectus, the issuance of Common Stock upon vesting of restricted stock units outstanding on the date hereof, and the issuance
of Common Stock pursuant to the valid exercises of options, warrants or rights outstanding on the date hereof, (iii) pursuant to
warrants or options to purchase common stock that are outstanding on the date hereof and which have been publicly disclosed, (iv)
pursuant to the Company’s employee stock purchase place as currently in effect, and (v) the issuance of Common Stock pursuant
to the Certificate of Designations, Preferences and Rights of the Series C Convertible Preferred Stock or under the terms of any
other series of preferred stock described in the Registration Statement or Prospectus. The Company will cause each executive officer
and director listed in Schedule B to furnish to the Underwriter, prior to
the Closing Date, a letter, substantially in the form of Exhibit A hereto. The Company also agrees that during such period
(other than for the sale of the Securities hereunder), the Company will not file any registration statement, preliminary prospectus
or prospectus, or any amendment or supplement thereto, under the Securities Act for any such transaction or which registers, or
offers for sale, Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, except for a
registration statement on Form S-8 relating to employee benefit plans.

 

(l)       To
supply the Underwriter with copies of all correspondence to and from, and all documents issued to and by, the Commission in connection
with the registration of the Securities under the Securities Act or the Registration Statement or the Prospectus, or any amendment
or supplement thereto or document incorporated by reference therein.

 

(m)       Prior
to the Closing Date to furnish to the Underwriter, as soon as they have been prepared, copies of any unaudited interim consolidated
financial statements of the Company for any periods subsequent to the periods covered by the financial statements appearing in
the Registration Statement and the Prospectus.

 

(n)       Prior
to the Closing Date not to issue any press release or other communication directly or indirectly or hold any press conference with
respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for
routine oral marketing communications in the ordinary course of business and consistent with the past practices of the Company
and of which the Underwriter is notified), without the prior written consent of the Underwriter, unless in the judgment of the
Company and its counsel, and after notification to the Underwriter, such press release or communication is required by law or applicable
stock exchange rules.

 

(o)       Until
the Underwriter shall have notified the Company of the completion of the offering of the Securities, that the Company will not,
and will cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or
more other persons, bid for or purchase, for any account in which it or any of its affiliated purchasers has a beneficial interest,
any Securities, or attempt to induce any person to purchase any Securities; and not to, and to cause its affiliated purchasers
not to, make bids or purchases for the purpose of creating actual, or apparent, active trading in or of raising the price of the
Securities.

 

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(p)       To
maintain, at its expense, a registrar and transfer agent for the Common Stock.

 

(q)       Not
to take any action prior to the Closing Date, which would require the Prospectus to be amended or supplemented pursuant to Section
4.

 

(r)       To
at all times comply with all applicable provisions of the Sarbanes-Oxley Act in effect from time to time.

 

(s)       To
reserve and keep available for the exercise of the Securities such number of authorized but unissued shares of Common Stock as
are sufficient to permit the exercise in full of the Securities for the Conversion Securities.

 

(t)       To
apply the net proceeds from the sale of the Securities as set forth in the Registration Statement, the General Disclosure Package
and the Prospectus under the heading “Use of Proceeds.”

 

(u)       To
use its commercially reasonable best efforts to list, subject to notice of issuance, effect and maintain the quotation and listing
of the Common Stock (including the Conversion Securities, if and when issued) on the NASDAQ GM.

 

(v)       To
use its commercially reasonable best efforts to assist the Underwriter with any filings with FINRA and obtaining clearance from
FINRA as to the amount of compensation allowable or payable to the Underwriter.

 

(w)       So
long as the Securities are outstanding, to comply with the Certificate of Designation.

 

(x)       To
use its commercially reasonable best efforts to do and perform all things required to be done or performed under this Agreement
by the Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

 

    	25

    	

    

 

5.       Payment
of Expenses. The Company agrees to pay, or reimburse if paid by the Underwriter,
upon consummation of the transactions contemplated hereby: (a) the costs incident to the authorization, issuance, sale, preparation
and delivery of the Securities to the Underwriter and any taxes payable in that connection; (b) the costs incident to the registration
of the Securities under the Securities Act; (c) the costs incident to the preparation, printing and distribution of the Registration
Statement, the Base Prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package, the Prospectus, any amendments,
supplements and exhibits thereto or any document incorporated by reference therein and the costs of printing, reproducing and
distributing any transaction document by mail or other means of communications; (d) the reasonable fees and expenses (including
related fees and expenses of counsel for the Underwriter) incurred in connection with securing any required review by FINRA of
the terms of the sale of the Securities and any filings made with FINRA; (e) any applicable listing, quotation or other fees;
(f) the reasonable fees and expenses (including related fees and expenses of counsel to the Underwriter) of qualifying the Securities
under the securities laws of the several jurisdictions as provided in Section 4(i) and of preparing, printing and distributing
wrappers, “Blue Sky Memoranda” and “Legal Investment Surveys”; (g) the cost of preparing and printing
stock certificates; (h) all fees and expenses of the registrar and transfer agent of the Common Stock; and (i) all other reasonable
costs and expenses incident to the offering of the Securities or the performance of the obligations of the Company under this
Agreement (including, without limitation, the fees and expenses of the Company’s counsel and the Company’s independent
accountants and the travel and other expenses incurred by Company’s and Underwriter’s personnel in connection with
any “road show” including, without limitation, any expenses advanced by the Underwriter on the Company’s behalf
(which will be promptly reimbursed)); provided, however, that the Company shall have no obligation to reimburse the fees and expenses
of counsel for the Underwriters pursuant to clauses (d) and (f) of this Section 5 in excess of $20,000 in the aggregate.

 

6.       Conditions
to the Obligations of the Underwriter, and the Sale of the Securities. The
respective obligations of the Underwriter hereunder, and the closing of the sale of the Securities, are subject to the accuracy,
when made and as of the Applicable Time and on the Closing Date, of the representations and warranties of the Company contained
herein, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance
by the Company of its obligations hereunder, and to each of the following additional terms and conditions:

 

(a)       No
stop order suspending the effectiveness of the Registration Statement or any part thereof, preventing or suspending the use of
any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus or any part thereof shall have been issued and no
proceedings for that purpose or pursuant to Section 8A under the Securities Act shall have been initiated or threatened by the
Commission, and all requests for additional information on the part of the Commission (to be included or incorporated by reference
in the Registration Statement or the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the
Underwriter; the Rule 462(b) Registration Statement, if any, each Issuer Free Writing Prospectus, if any, and the Prospectus shall
have been filed with the Commission within the applicable time period prescribed for such filing by, and in compliance with, the
Rules and Regulations and in accordance with Section 4(a), and the Rule 462(b) Registration Statement, if any, shall have
become effective immediately upon its filing with the Commission; and FINRA shall have raised no objection to the fairness and
reasonableness of the terms of this Agreement or the transactions contemplated hereby.

 

(b)       The
Underwriter shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement
or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of counsel for the Underwriter,
is material or omits to state any fact which, in the opinion of such counsel, is material and is required to be stated therein
or is necessary to make the statements therein not misleading, or that the General Disclosure Package, any Issuer Free Writing
Prospectus or the Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the opinion
of such counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is necessary in
order to make the statements, in the light of the circumstances in which they were made, not misleading.

 

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(c)       All
corporate proceedings and other legal matters incident to the authorization, form and validity of each of this Agreement, the Securities,
the Conversion Securities, the Registration Statement, the General Disclosure Package, each Issuer Free Writing Prospectus, if
any, and the Prospectus and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be
reasonably satisfactory in all material respects to counsel for the Underwriter, and the Company shall have furnished to such counsel
all documents and information that they may reasonably request to enable them to pass upon such matters.

 

(d)       Foley
 & Lardner LLP shall have furnished to the Underwriter such counsel’s written opinion and negative assurances statement,
as counsel to the Company, addressed to the Underwriter and dated the Closing Date, in form and substance reasonably satisfactory
to the Underwriter.

 

(e)       The
Underwriter shall have received from Proskauer Rose LLP, counsel for the Underwriter, such opinion or opinions and negative assurances
statement, dated the Closing Date, with respect to such matters as the Underwriter may reasonably require, and the Company shall
have furnished to such counsel such documents as they request for enabling them to pass upon such matters.

 

(f)       At
the time of the execution of this Agreement, the Underwriter shall have received from KPMG LLP a letter, addressed to the Underwriter,
executed and dated such date, in form and substance satisfactory to the Underwriter (i) confirming that they are an independent
registered accounting firm with respect to the Company and its subsidiaries within the meaning of the Securities Act and the Rules
and Regulations and PCAOB and (ii) stating the conclusions and findings of such firm, of the type ordinarily included in accountants’
 “comfort letters” to underwriters, with respect to the financial statements and certain financial information contained
or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus.

 

(g)       On
the effective date of any post-effective amendment to any Registration Statement and on the Closing Date, the Underwriter shall
have received a letter (the “Bring-Down Letter”) from KPMG LLP addressed to the Underwriter and dated the Closing
Date confirming, as of the date of the Bring-Down Letter (or, with respect to matters involving changes or developments since the
respective dates as of which specified financial information is given in the General Disclosure Package and the Prospectus, as
the case may be, as of a date not more than three (3) business days prior to the date of the Bring-Down Letter), the conclusions
and findings of such firm, of the type ordinarily included in accountants’ “comfort letters” to underwriters,
with respect to the financial information and other matters covered by its letter delivered to the Underwriter concurrently with
the execution of this Agreement pursuant to paragraph (f) of this Section 6.

 

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(h)       The
Company shall have furnished to the Underwriter a certificate, dated the Closing Date, of its Chairman of the Board, Chief Executive
Officer or President and its Chief Financial Officer or a Vice President of Finance, each in his capacity as an officer of the
Company, stating that (i) such officers have carefully examined the Registration Statement, the General Disclosure Package, any
Permitted Free Writing Prospectus and the Prospectus and, in their opinion, the Registration Statement and each amendment thereto,
at the Applicable Time and as of the date of this Agreement and as of the Closing Date did not include any untrue statement of
a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, and the General Disclosure Package, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing
Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective
date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading,
(ii) since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement
or amendment to the Registration Statement, the General Disclosure Package or the Prospectus that has not been so set forth therein,
(iii) to the best of their knowledge after reasonable investigation, as of the Closing Date, the representations and warranties
of the Company in this Agreement are true and correct, and the Company has complied with all agreements and satisfied all conditions
on its part to be performed or satisfied hereunder at or prior to the Closing Date, and (iv) there has not been, subsequent to
the date of the most recent audited financial statements included or incorporated by reference in the General Disclosure Package,
any material adverse change in the financial position or results of operations of the Company and its subsidiaries or any change
or development that, singly or in the aggregate, would involve a material adverse change or a prospective material adverse change,
in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of the Company and
its subsidiaries taken as a whole, except as set forth in the Prospectus.

 

(i)       Since
the date of the latest audited financial statements included in the General Disclosure Package or incorporated by reference in
the General Disclosure Package as of the date hereof, (i) neither the Company nor any of its subsidiaries shall have sustained
any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance,
or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the General Disclosure
Package, and (ii) there shall not have been any change in the capital stock (other than a change in the number of outstanding shares
of Common Stock due to the issuance of shares upon the exercise of outstanding options or warrants or the conversion of convertible
indebtedness) or short-term or long-term debt of the Company or any of its subsidiaries, or any change, or any development involving
a prospective change, in or affecting the business, general affairs, management, financial position, stockholders’ equity
or results of operations of the Company and its subsidiaries otherwise than as set forth in the General Disclosure Package, the
effect of which, in any such case described in clause (i) or (ii) of this paragraph (i), is, in the judgment of the Underwriter,
so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Securities on the
terms and in the manner contemplated in the General Disclosure Package.

 

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(j)       No
action shall have been taken and no law, statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially
and adversely affect the business or operations of the Company or its subsidiaries and no injunction, restraining order or order
of any other nature by any federal or state court of competent jurisdiction shall have been issued which would prevent the issuance
or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations
of the Company or its subsidiaries.

 

(k)       Subsequent
to the execution and delivery of this Agreement there shall not have occurred any of the following: (i) trading in securities generally
on the New York Stock Exchange, the NASDAQ GM or the NYSE American or in the over-the-counter market, or trading in any securities
of the Company on any exchange or in the over-the-counter market, shall have been suspended or materially limited, or minimum or
maximum prices or maximum range for prices shall have been established on any such exchange or such market by the Commission, by
such exchange or market or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking moratorium
shall have been declared by Federal or state authorities or a material disruption has occurred in commercial banking or securities
settlement or clearance services in the United States, (iii) the United States shall have become engaged in hostilities, or the
subject of an act of terrorism, or there shall have been an outbreak of or escalation in hostilities involving the United States,
or there shall have been a declaration of a national emergency or war by the United States, or (iv) there shall have occurred such
a material adverse change in general economic, political or financial conditions (or the effect of international conditions on
the financial markets in the United States shall be such) as to make it, in the judgment of the Underwriter, impracticable or inadvisable
to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated in the General Disclosure Package
and the Prospectus.

 

(l)       The
Company shall have filed a Notification: Listing of Additional Shares with the NASDAQ GM covering the Conversion Securities and
shall have received no objection thereto from the NASDAQ GM.

 

(m)       The
Underwriter shall have not have received any unresolved objection from the FINRA as to the fairness and reasonableness of the amount
of compensation allowable or payable to the Underwriter in connection with the issuance and sale of the Securities.

 

(n)       The
Underwriter shall have received the written agreements, substantially in the form of Exhibit A hereto, of the executive
officers and directors of the Company listed in Schedule B to this Agreement.

 

    	29

    	

    

 

(o)       The
Underwriter shall have received (i) the written waiver from POSCO relating to its participation rights arising under and pursuant
to the terms of the POSCO Securities Purchase Agreements and (ii) the amendment to the Hercules Loan and Security Agreement.

 

(p)       The
Certificate of Designation, Preferences and Rights for the Securities, substantially in the form of Exhibit B hereto (the
 “Certificate of Designation”), shall have been filed with, and accepted by, the Secretary of State of the State
of Delaware.

 

(q)       Prior
to the Closing Date, the Company shall have furnished to the Underwriter such further information, opinions, certificates (including
a Secretary’s Certificate), letters or such other documents as the Underwriter shall have reasonably requested.

 

(r)       The
Company shall have furnished to the Underwriter a certificate, dated as of the date of this Agreement and as of the Closing Date,
of its Chief Financial Officer, in form and substance reasonably satisfactory to counsel for the Underwriter and customary for
the type of offering contemplated by this Agreement.

 

(s)       At
or prior to the execution of this Agreement, the Company’s Board of Directors shall have approved the reduction to the conversion
price of the Series C Convertible Preferred Stock pursuant to Section 8(d) of the Certificate of Designation, Preferences and Rights
of the Series C Convertible Preferred Stock to $1.50 (the “Series C Conversion Price Change”) and such Series
C Conversion Price Change shall be effective on or prior to the Closing.

 

All opinions, letters,
evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriter.

 

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7.       Indemnification
and Contribution.

 

(a)       The
Company shall indemnify and hold harmless the Underwriter, each of its affiliates and each of its and their respective directors,
officers, members, employees, representatives and agents, and each person, if any, who controls such Underwriter within the meaning
of Section 15 of the Securities Act of or Section 20 of the Exchange Act (collectively, the “Underwriter Indemnified Parties,”
and each an “Underwriter Indemnified Party”) against any loss, claim, damage, expense or liability whatsoever
(or any action, investigation or proceeding in respect thereof), joint or several, to which such Underwriter Indemnified Party
may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation
or proceeding arises out of or is based upon (A) any untrue statement or alleged untrue statement of a material fact contained
in any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d)
of the Rules and Regulations, the Registration Statement or the Prospectus, or in any amendment or supplement thereto or document
incorporated by reference therein, (B) the omission or alleged omission to state in any Issuer Free Writing Prospectus, any “issuer
information” filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, the Registration Statement
or the Prospectus, or in any amendment or supplement thereto or document incorporated by reference therein, a material fact required
to be stated therein or necessary to make the statements therein not misleading or (C) any breach of the representations and warranties
of the Company contained herein, or the failure of the Company to perform its obligations hereunder or pursuant to any law, and
which is included as part of or referred to in any loss, claim, damage, expense, liability, action, investigation or proceeding
arising out of or based upon matters covered by subclause (A), (B) or (C) above of this Section 7(a), and shall reimburse the Underwriter
Indemnified Party for any legal fees or other expenses reasonably incurred by that Underwriter Indemnified Party in connection
with investigating, or preparing to defend, or defending against, settling, compromising, or appearing as a third party witness
in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation
or proceeding, as such fees and expenses are incurred; provided, however, that the Company shall not be liable in any such
case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement or
alleged untrue statement in, or omission or alleged omission from the Registration Statement or the Prospectus, or any such amendment
or supplement thereto, or any Issuer Free Writing Prospectus made in reliance upon and in conformity with written information furnished
to the Company by the Underwriter specifically for use therein, which information the parties hereto agree is limited to the Underwriter’s
Information (as defined in Section 16). This indemnity agreement is not exclusive and will be in addition to any liability
which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in
equity to each Underwriter Indemnified Party.

 

(b)       The
Underwriter shall indemnify and hold harmless the Company and its directors, its officers who signed the Registration Statement
and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act (collectively, the “Company Indemnified Parties,” and each a “Company Indemnified Party”)
against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof),
joint or several, to which such Company Indemnified Party may become subject, under the Securities Act or otherwise, insofar as
such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (i) any untrue
statement or alleged untrue statement of a material fact contained in any Issuer Free Writing Prospectus, any “issuer information”
filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, the Registration Statement or the Prospectus,
or in any amendment or supplement thereto, or (ii) the omission or alleged omission to state in any Issuer Free Writing Prospectus,
any “issuer information” filed or required to be filed pursuant to Rule 433(d) of the Rules and Regulations, the Registration
Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary
to make the statements therein not misleading, but in each case only to the extent that the untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the
Company by the Underwriter specifically for use therein, which information the parties hereto agree is limited to the Underwriter’s
Information as defined in Section 16, and shall reimburse the Company Indemnified Party for any legal or other expenses
reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as
third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees
and expenses are incurred. Notwithstanding the provisions of this Section 7(b), in no event shall any indemnity by the Underwriter
under this Section 7(b) exceed the total discount and commission received by such Underwriter in connection with the Offering.

 

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(c)       Promptly
after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, the indemnified
party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 7, notify such
indemnifying party in writing of the commencement of that action; provided, however, that the failure to notify the indemnifying
party shall not relieve it from any liability which it may have under this Section 7 except to the extent it has been materially
prejudiced by such failure; and, provided, further, that the failure to notify an indemnifying party shall not relieve it
from any liability which it may have to an indemnified party otherwise than under this Section 7. If any such action shall
be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled
to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume
the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with
the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to
the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall
not be liable to the indemnified party under Section 7 for any legal or other expenses subsequently incurred by the indemnified
party in connection with the defense of such action other than reasonable costs of investigation; provided, however, that
any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such
action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at the expense of such
indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a
claim for indemnification under Section 7(a) or Section 2.4 or OpCo in the case of a claim for indemnification under
Section 7(b), (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses
available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying
party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within
a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend
the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing
that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right
to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue
to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for legal or other expenses
subsequently incurred by such indemnified party in connection with the defense of such action; provided, however, that the
indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in
the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses
of more than one separate firm of attorneys at any time for all such indemnified parties (in addition to any local counsel), which
firm shall be designated in writing by OpCo if the indemnified parties under this Section 7 consist of any Underwriter Indemnified
Party or by the Company if the indemnified parties under this Section 7 consist of any Company Indemnified Parties. Subject
to this Section 7(c), the amount payable by an indemnifying party under Section 7 shall include, but not be
limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating,
or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection
with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying
party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment
with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could
be sought under this Section 7 (whether or not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably
satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement
as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions
of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim
whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled
with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff
in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss
or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that
an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it
shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement
is entered into more than forty-five (45) days after receipt by such indemnifying party of the request for reimbursement, (ii)
such indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days prior to such settlement
being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request
prior to the date of such settlement.

 

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(d)       If
the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party
under Section 7(a) or Section 7(b), then each indemnifying party shall, in lieu of indemnifying such indemnified
party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim,
damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion
as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriter on the other
hand from the Offering of the Securities, or (ii) if the allocation provided by clause (i) of this Section 7(d) is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of
this Section 7(d) but also the relative fault of the Company on the one hand and the Underwriter on the other with respect
to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any
action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Underwriter on the other with respect to such Offering shall be deemed to be in
the same proportion as the total net proceeds from the Offering of the Securities purchased under this Agreement (before deducting
expenses) received by the Company bear to the total underwriting discount and commission received by the Underwriter in connection
with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company
on the one hand and the Underwriter on the other shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company on the one hand or the Underwriter on the other, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided
that the parties hereto agree that the written information furnished to the Company by the Underwriter for use in any Registration
Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriter’s Information
as defined in Section 16. The Company and the Underwriter agree that it would not be just and equitable if contributions
pursuant to this Section 7(d) were to be determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a
result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this Section
7(d) shall be deemed to include, for purposes of this Section 7(d), any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party
witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation
or proceeding. Notwithstanding the provisions of this Section 7(d), no Underwriter shall be required to contribute any amount
in excess of the total discount and commission received by such Underwriter in connection with the Offering, less the amount of
any damages which such Underwriter has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement,
omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.

 

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8.       Termination.
The obligations of the Underwriter hereunder may be terminated by the Underwriter,
in its absolute discretion by notice given to the Company prior to delivery of and payment for the Securities if, prior to that
time, any of the events described in Sections 6(i), 6(j), or 6(k) have occurred or if the Underwriter shall
decline to purchase the Securities for any reason permitted under this Agreement.

 

9.       Reimbursement
of Underwriter’s Expenses. Notwithstanding anything to the contrary
in this Agreement, if (a) this Agreement shall have been terminated pursuant to Section 8, (b) the Company shall fail to
tender the Securities for delivery to the Underwriter for any reason not permitted under this Agreement, (c) the Underwriter shall
decline to purchase the Securities for any reason permitted under this Agreement or (d) the sale of the Securities is not consummated
because any condition to the obligations of the Underwriter set forth herein is not satisfied or because of the refusal, inability
or failure on the part of the Company to perform any agreement herein or to satisfy any condition or to comply with the provisions
hereof, then, in addition to the payment of out-of-pocket expenses in accordance with Section 5, the Company shall reimburse
the Underwriter for the fees and expenses of the Underwriter’s counsel and for such other accountable out-of-pocket expenses
as shall have been reasonably incurred by them in connection with this Agreement and the proposed purchase of the Securities,
and upon demand the Company shall pay the full amount thereof to the Underwriter.

 

10.       Absence
of Fiduciary Relationship. The Company acknowledges and agrees that:

 

(a)       the
Underwriter’s responsibility to the Company is solely contractual in nature, the Underwriter has been retained solely to
act as an underwriter in connection with the Offering and no fiduciary, advisory or agency relationship between the Company and
such Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether
any underwriter or any of its affiliates has advised or is advising the Company on other matters;

 

(b)       the
price of the Securities set forth in this Agreement was established by the Company following discussions and arms-length negotiations
with the Underwriter, and the Company is capable of evaluating and understanding, and understands and accepts, the terms, risks
and conditions of the transactions contemplated by this Agreement;

 

(c)       it
has been advised that the Underwriter and its respective affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and that the Underwriter has no obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship; and

 

(d)       it
waives, to the fullest extent permitted by law, any claims it may have against the Underwriter for breach of fiduciary duty or
alleged breach of fiduciary duty and agrees that the Underwriter shall have no liability (whether direct or indirect) to the Company
in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company,
including stockholders, employees or creditors of the Company.

 

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11.       Successors;
Persons Entitled to Benefit of Agreement. This Agreement shall inure to
the benefit of and be binding upon the Underwriter, the Company, and their respective successors and assigns. Notwithstanding
the foregoing, the determination as to whether any condition in Section 6 hereof shall have been satisfied, and the waiver
of any condition in Section 6 hereof, may be made by the Underwriter in its sole discretion. Nothing expressed or mentioned
in this Agreement is intended or shall be construed to give any person, other than the persons mentioned in the preceding sentences,
any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained, this
Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons
and for the benefit of no other person; except that the representations, warranties, covenants, agreements and indemnities of
the Company contained in this Agreement shall also be for the benefit of the Underwriter Indemnified Parties and the several indemnities
of the Underwriter shall be for the benefit of the Company Indemnified Parties. It is understood that the Underwriter’s
responsibility to the Company is solely contractual in nature and the Underwriter does not owe the Company, or any other party,
any fiduciary duty as a result of this Agreement.

 

12.       Survival
of Indemnities, Representations, Warranties, etc. The respective indemnities,
covenants, agreements, representations, warranties and other statements of the Company and the Underwriter, as set forth in this
Agreement or made by them respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation
made by or on behalf of the Underwriter, the Company or any person controlling any of them and shall survive delivery of and payment
for the Securities. Notwithstanding any termination of this Agreement, including without limitation any termination pursuant to
Section 8, the indemnity and contribution and reimbursement agreements contained in Sections 7 and 9 and
the representations and warranties set forth in this Agreement shall not terminate and shall remain in full force and effect at
all times.

 

13.       Notices.
All statements, requests,
notices and agreements hereunder shall be in writing, and:

 

(a)       if
to the Underwriter, shall be delivered or sent by mail, facsimile transmission or email to c/o Oppenheimer & Co. Inc., 85 Broad
Street, New York, NY 10004 Attention: Equity Capital Markets, with a copy to 85 Broad Street, New York, NY 10004 Attention: General
Counsel; and

 

(b)       if
to the Company, shall be delivered or sent by mail, facsimile transmission or email to: FuelCell Energy, Inc., 3 Great Pasture
Road, Danbury, CT 06813, Attention: Jennifer Arasimowicz, Esq., General Counsel, Fax: (203) 825-6069; with copies to Foley
 & Lardner LLP, 111 Huntington Avenue, Suite 2500, Boston, MA 02199, Attention: Paul D. Broude;

 

provided, however, that any notice
to the Underwriter pursuant to Section 7 shall be delivered or sent by mail or facsimile transmission to the Underwriter
at its address set forth in its acceptance communication to the Underwriter, which address will be supplied to any other party
hereto by the Underwriter upon request. Any such statements, requests, notices or agreements shall take effect at the time of receipt
thereof, except that any such statement, request, notice or agreement delivered or sent by email shall take effect at the time
of confirmation of receipt thereof by the recipient thereof.

 

    	35

    	

    

 

14.       Definition
of Certain Terms. For purposes of this Agreement, (a) “business
day” means any day on which the New York Stock Exchange, Inc. is open for trading, (b) “knowledge”
means the knowledge of the directors and officers of the Company after reasonable inquiry and (c) “subsidiary”
has the meaning set forth in Rule 405 of the Rules and Regulations.

 

15.       Governing
Law, Agent for Service and Jurisdiction. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York, including without limitation Section 5-1401 of the New York
General Obligations Law. No legal proceeding may be commenced, prosecuted or continued in any court other than the courts of
the State of New York located in the City and County of New York or in the United States District Court for the Southern District
of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company and the Underwriter each
hereby consent to the jurisdiction of such courts and personal service with respect thereto. The Company and the Underwriter each
hereby waive all right to trial by jury in any legal proceeding (whether based upon contract, tort or otherwise) in any way arising
out of or relating to this Agreement. The Company agrees that a final judgment in any such legal proceeding brought in any such
court shall be conclusive and binding upon the Company and the Underwriter and may be enforced in any other courts in the jurisdiction
of which the Company is or may be subject, by suit upon such judgment.

 

16.       Underwriter’s
information. The parties hereto acknowledge and agree that, for all purposes
of this Agreement, the “Underwriter’s Information” consists solely of the following information in the Prospectus:
(i) the last paragraph on the front cover page concerning the terms of the offering; and (ii) the statements concerning the Underwriter
contained in the fourth and ninth paragraphs, in each case under the heading “Underwriting.”

 

17.       Partial
Unenforceability. The invalidity or unenforceability of any section, paragraph,
clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or
provision hereof. If any section, paragraph, clause or provision of this Agreement is for any reason determined to be invalid or
unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid
and enforceable.

 

18.       General.
This Agreement constitutes the entire agreement of the parties to this Agreement
and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect
to the subject matter hereof. In this Agreement, the masculine, feminine and neuter genders and the singular and the plural include
one another. The section headings in this Agreement are for the convenience of the parties only and will not affect the construction
or interpretation of this Agreement. This Agreement may be amended or modified, and the observance of any term of this Agreement
may be waived, only by a writing signed by the Company and the Underwriter.

 

    	36

    	

    

 

19.       
Research Analyst Independence. The Company acknowledges that the
Underwriter’s research analysts and research departments are required to be independent from its investment banking division
and are subject to certain regulations and internal policies, and that such Underwriter’s research analysts may hold views
and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the Offering
that differ from the views of their investment banking division. The Company hereby waives and releases, to the fullest extent
permitted by law, any claims that the Company may have against the Underwriter with respect to any conflict of interest that may
arise from the fact that the views expressed by its independent research analysts and research departments may be different from
or inconsistent with the views or advice communicated to the Company by such Underwriter’s investment banking division. The
Company acknowledges that the Underwriter is a full service securities firm and as such from time to time, subject to applicable
securities laws, rules and regulations, may effect transactions for its own account or the account of its customers and hold long
or short positions in debt or equity securities of the Company; provided, however, that nothing in this Section 19 shall
relieve the Underwriter of any responsibility or liability it may otherwise bear in connection with activities in violation of
applicable securities laws, rules or regulations. 

 

20.       Counterparts.
This Agreement may be signed in any number of counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument and such signatures
may be delivered by facsimile or by electronic mail attaching a portable document file (.pdf).

 

[Signature
Page Follows]

 

    	37

    	

    

 

If the foregoing is
in accordance with your understanding of the agreement between the Company and the Underwriter, kindly indicate your acceptance
in the space provided for that purpose below.

 

	 	Very truly yours,
	 	 
	 	FUELCELL ENERGY, INC.
	 	 	 
	 	By:	/s/ Michael S. Bishop
	 	 	Name: Michael S. Bishop
	 	 	Title:  Sr. Vice President, Chief Financial Officer

 

	Confirmed as of the date
	first above written, on
	behalf of itself:
	 
	OPPENHEIMER & CO. INC.

 

	By:	/s/ Eric Helenek	 
	 	Name:  Eric Helenek	 
	 	Title:  Managing Director	 

 

[Signature Page to FuelCell Energy Underwriting
Agreement]

 

    	38

    	

    

 

Schedule
A

 

General Use Free Writing Prospectuses

 

None.

 

    	 

    	

    

 

Schedule
B

 

List of officers and directors subject
to Section 4

 

 

Board of Directors 

 

Arthur A. Bottone

James H. England

Matthew F. Hilzinger

John A. Rolls

Natica von Althann

Christopher S. Sotos

 

Non-Director Executives

 

Michael S. Bishop

Anthony F. Rauseo

Jennifer D. Arasimowicz

 

    	 

    	

    

 

Exhibit
A

 

Form of Lock Up Agreement

 

August __, 2018

 

Oppenheimer & Co. Inc.

85 Broad Street

New York, NY 10004

 

Re:     FuelCell Energy,
Inc. Offering of Series D Preferred Stock

 

Dear Sirs:

 

In order to induce
Oppenheimer & Co. Inc. (“OpCo”) to enter into a certain underwriting agreement with FuelCell Energy, Inc.,
a Delaware corporation (the “Company”), with respect to the public offering (the “Offering”)
of shares of the Company’s Series D Convertible Preferred Stock, par value $0.01 per share (the “Securities”),
the undersigned hereby agrees that for a period of 60 days following the date of this Agreement (the “lock-up period”),
the undersigned will not, without the prior written consent of OpCo, directly or indirectly, (i) offer, sell, assign, transfer,
pledge, contract to sell, or otherwise dispose of, or announce the intention to otherwise dispose of, any shares of common stock
of the Company (the “Common Stock”) or any securities convertible into or exercisable or exchangeable for Common
Stock (including, without limitation, shares of Common Stock or any such securities which may be deemed to be beneficially owned
by the undersigned in accordance with the rules and regulations promulgated under the Securities Act of 1933, as the same may be
amended or supplemented from time to time (such shares or securities, the “Beneficially Owned Shares”)), (ii)
enter into any swap, hedge or other agreement or arrangement that transfers in whole or in part, the economic risk of ownership
of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock,
or (iii) engage in any short selling of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable
or exchangeable for Common Stock.

 

Notwithstanding the
foregoing, the undersigned may sell or otherwise transfer shares of Common Stock or Beneficially Owned Shares (i) as a bona
fide gift or gifts or pledge, provided that the undersigned provides prior written notice of such gift or gifts or pledge to
OpCo and the donee or donees or pledgee or pledgees (as the case may be) thereof agree to be bound by the restrictions set forth
herein, (ii) either during the undersigned’s lifetime or on death by will or intestacy to the undersigned’s immediate
family or to a trust, the beneficiaries of which are exclusively the undersigned and a member or members of the undersigned’s
immediate family, provided that the transferee thereof agrees to be bound by the restrictions set forth herein, or (iii) to pay
for the tax liability arising from the vesting of restricted stock by netting a portion of such restricted stock in accordance
with the existing practices of the Company, (iv) pursuant to any 10b5-1 trading plans in effect as of the date of the Offering
or (v) with the prior written consent of OpCo in its sole discretion. In addition, if the undersigned is a partnership, limited
liability company, trust, corporation or similar entity, it may distribute the Common Stock or Beneficially Owned Shares to its
partners, members or stockholders; provided, however, that in each such case, prior to any such transfer, each transferee shall
execute a duplicate form of this letter agreement or execute an agreement, reasonably satisfactory to OpCo, pursuant to which each
transferee shall agree to receive and hold such Common Stock or Beneficially Owned Shares subject to the provisions hereof, and
there shall be no further transfer except in accordance with the provisions hereof. For the purposes of this paragraph, “immediate
family” shall mean spouse, domestic partner, lineal descendant (including adopted children), father, mother, brother
or sister of the transferor.

 

In addition, the undersigned
hereby waives, from the date hereof until the expiration of the lock-up period, any and all rights, if any, to request or demand
registration pursuant to the Securities Act of 1933, as amended, of any shares of Common Stock or securities convertible into or
exercisable or exchangeable for Common Stock that are registered in the name of the undersigned or that are Beneficially Owned
Shares. In order to enable the aforesaid covenants to be enforced, the undersigned hereby consents to the placing of legends and/or
stop-transfer orders with the transfer agent of the Common Stock with respect to any shares of Common Stock, securities convertible
into or exercisable or exchangeable for Common Stock or Beneficially Owned Shares owned by the undersigned.

 

	 	[Signatory]	
	 	By:	
	 	Name:	
	 	Title:	Director/ Officer
	 	 	FuelCell Energy, Inc.

 

    	 

    	

    

 

Exhibit B

 

Form of Certificate of Designation

 

     

     

    

 

Annex A

 

List of Subsidiaries

 

     

     

    

 

Exhibit
B

 

Certificate of
Designation

 

CERTIFICATE OF DESIGNATIONS, PREFERENCES
AND RIGHTS OF THE SERIES D CONVERTIBLE PREFERRED STOCK OF FUELCELL ENERGY, INC.

 

FuelCell Energy, Inc. (the “Company”), a
corporation incorporated and existing under the General Corporation Law of the State of Delaware (the “DGCL”)
does hereby certify:

 

That pursuant to the authority expressly conferred upon the
Board of Directors of the Company (the “Board”) by the Company’s Certificate of Incorporation, as amended
(the “Certificate of Incorporation”), and Section 151(g) of the DGCL, the Board on August 26, 2018
adopted the following resolution determining it desirable and in the best interests of the Company and its stockholders for the
Company to create a series of thirty thousand six hundred eighty (30,680) shares of preferred stock designated as “Series D
Convertible Preferred Stock”, none of which shares have been issued:

 

RESOLVED, that pursuant to the authority vested in the Board,
in accordance with the provisions of the Certificate of Incorporation, a series of preferred stock, par value $0.01 per share,
of the Company be and hereby is created, and that the designation and number of shares thereof and the voting and other powers,
preferences and relative, participating, optional or other rights of the shares of such series and the qualifications, limitations
and restrictions thereof are as follows:

 

SERIES D CONVERTIBLE PREFERRED STOCK 

 

1. Designation and Number of Shares.   There
shall hereby be created and established a series of preferred stock of the Company designated as “Series D Convertible
Preferred Stock” (the “Preferred Shares”). The authorized number of Preferred Shares shall be thirty thousand
six hundred eighty (30,680) shares. Each Preferred Share shall have a par value of  $0.01. Capitalized terms not defined
herein shall have the meaning as set forth in Section 34 below.

 

2. Ranking.   Except
(i) for the Company’s 5% Series B Cumulative Convertible Perpetual Preferred Stock (the “Series B
Preferred Stock”), which shall be Senior Preferred Stock (as defined below) for all purposes hereunder, and shall rank
senior to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation,
dissolution and winding up of the Company, (ii) for the Company’s Series C Convertible Preferred Stock (“Series C
Preferred Stock”), which shall be Parity Stock (as defined below) for all purposes hereunder, and shall rank pari passu
to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution
and winding up of the Company, and (iii) to the extent that the holders of at least a majority of the outstanding Preferred Shares
(the “Required Holders”) expressly consent to the creation of Parity Stock (as defined below) or Senior Preferred
Stock (as defined below) in accordance with Section 19, all other shares of capital stock of the Company shall be junior
in rank to all Preferred Shares with respect to the preferences as to dividends, distributions and payments upon the liquidation,
dissolution and winding up of the Company (such junior stock is referred to herein collectively as “Junior Stock”)
and the rights of all such shares of Junior Stock shall be subject to the rights, powers, preferences and privileges of the Preferred
Shares. Without limiting any other provision of this Certificate of Designations, without the prior express consent of the Required
Holders, voting separately as a single class, the Company shall not hereafter authorize or issue any additional or other shares
of capital stock that is (i) of senior rank to the Preferred Shares in respect of the preferences as to dividends, distributions
and payments upon the liquidation, dissolution and winding up of the Company (collectively, the “Senior Preferred Stock”),
(ii) of pari passu rank to the Preferred Shares in respect of the preferences as to dividends, distributions and payments
upon the liquidation, dissolution and winding up of the Company (collectively, the “Parity Stock”) or (iii)
any Junior Stock having a maturity or other date requiring redemption or repayment of such shares of Junior Stock that is prior
to the Maturity Date. In the event of the merger or consolidation of the Company with or into another corporation, the Preferred
Shares shall maintain their relative rights, powers, designations, privileges and preferences provided for herein and no such merger
or consolidation shall result inconsistent therewith.

 

3. Dividends.   In
addition to Section 18 below, from and after the first date of issuance of any Preferred Shares (the “Initial
Issuance Date”), each holder of a Preferred Share (each, a “Holder” and

 

    	 	1	 

     

    

 

collectively, the “Holders”) shall be entitled
to receive dividends (“Dividends”) (i) if no Triggering Event (as defined below) has occurred and is continuing,
when and as declared by the Board, from time to time, in its sole and absolute discretion, which Dividends, if any, shall be paid
by the Company out of funds legally available therefor, payable, subject to the conditions and other terms hereof, in cash on the
Stated Value of such Preferred Share, or (ii) if a Triggering Event has occurred and until such Triggering Event has been cured,
a Dividend of 15% per annum based on the Holder’s outstanding number of Preferred Shares multiplied by the Stated Value (the
 “Default Dividend Rate”). Such Dividends, if any, that accrue shall be paid on each Installment Date (as defined
below) occurring after the accrual of such Dividends, or such earlier time as the Board may in its sole discretion determine.

 

4. Conversion.   Subject
to the provisions of Section 4(d), each Preferred Share shall be convertible into validly issued, fully paid and non-assessable
shares of Common Stock (as defined below), on the terms and conditions set forth in this Section 4.

 

(a) Holder’s
Conversion Right.   Subject to the provisions of Section 4(d), each Holder shall be entitled to
convert any portion of the outstanding Preferred Shares held by such Holder into validly issued, fully paid and non-assessable
shares of Common Stock in accordance with Section 4(c) at the Conversion Rate (as defined below). The Company shall
not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a fraction
of a share of Common Stock, the Company shall round such fraction of a share of Common Stock to the nearest whole share. The Company
shall pay any and all actual transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees
and expenses of the Transfer Agent (as defined below)) that may be payable with respect to the issuance and delivery of Common
Stock upon conversion of any Preferred Shares; provided, however, that if any such tax, cost or expense is due solely
because the Holder requested such shares to be issued in a name other than the Holder’s name, then the Holder will pay such
tax, cost or expense.

 

(b) Conversion Rate.   The
number of shares of Common Stock issuable upon conversion of any Preferred Share pursuant to Section 4(a) shall be
determined by dividing (x) the Conversion Amount of such Preferred Share by (y) the Conversion Price (the “Conversion
Rate”):

 

(i) “Conversion Amount”
means, with respect to each Preferred Share, as of the applicable date of determination, the sum of  (1) the Stated
Value thereof plus (2) the Additional Amount thereon and any accrued and unpaid Late Charges (as defined below in Section 27(c))
with respect to such Stated Value and Additional Amount as of such date of determination.

 

(ii) “Conversion Price”
means, with respect to each Preferred Share, as of any Conversion Date or other date of determination, $1.38, subject to adjustment
as provided herein.

 

(c) Mechanics of Conversion.   The
conversion of each Preferred Share shall be conducted in the following manner or in such other manner as agreed to by the Company
and the Required Holders in writing:

 

(i) Optional Conversion.   To
convert a Preferred Share into shares of Common Stock on any date (a “Conversion Date”), a Holder shall deliver
(via electronic mail), for receipt on or prior to 4:59 p.m., New York time, on such date, a copy of an executed notice of
conversion of the share(s) of Preferred Shares subject to such conversion in the form attached hereto as Exhibit I
(the “Conversion Notice”) to the Company. If required by Section 4(c)(iii), within two (2) Trading
Days following a conversion of any such Preferred Shares as aforesaid, such Holder shall surrender to a nationally recognized overnight
delivery service for delivery to the Company the original certificates, if any, representing the Preferred Shares (the “Preferred
Share Certificates”) so converted as aforesaid (or an indemnification undertaking with respect to the Preferred Shares
in the case of its loss, theft or destruction as contemplated by Section 21(b)). On or before the first (1st) Trading
Day following the date of receipt of a Conversion Notice, the Company shall transmit by electronic mail an acknowledgment of confirmation,
in the form attached hereto as Exhibit II, of receipt of such Conversion Notice to such Holder and the Company’s
transfer agent (the “Transfer Agent”), which confirmation shall constitute an instruction to the Transfer Agent
to process such Conversion Notice in accordance with the terms herein. On or before the second (2nd) Trading Day following the
date of receipt of a Conversion Notice

 

    	 	2	 

     

    

 

(or such earlier date as required pursuant to the 1934 Act or
other applicable law, rule or regulation for the settlement of a trade on the Principal Market initiated on the applicable Conversion
Date of such shares of Common Stock issuable pursuant to such Conversion Notice) (the “Share Delivery Deadline”),
the Company shall (1) provided that the Transfer Agent is participating in The Depository Trust Company’s (“DTC”)
Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which such Holder shall be
entitled to such Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system,
or (2) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver
(via reputable overnight courier) to the address as specified in such Conversion Notice, a certificate, registered in the name
of such Holder or its designee, for the number of shares of Common Stock to which such Holder shall be entitled. If the number
of Preferred Shares represented by the Preferred Share Certificate(s) submitted for conversion pursuant to Section 4(c)(iii)
is greater than the number of Preferred Shares being converted, then the Company shall, as soon as practicable and in no event
later than five (5) Trading Days after receipt of the Preferred Share Certificate(s) and at its own expense, issue and deliver
to such Holder (or its designee) a new Preferred Share Certificate (in accordance with Section 21(d)) representing
the number of Preferred Shares not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon
a conversion of Preferred Shares shall be treated for all purposes as the record holder or holders of such shares of Common Stock
on the Conversion Date. In connection with any conversion of Preferred Shares by a Holder, the number of Preferred Shares converted
by such Holder shall be deducted from the Installment Amount(s) of such Holder relating to the Installment Date(s) as set forth
in the applicable Conversion Notice.

 

(ii) Company’s Failure to Timely
Convert.   If the Company shall fail, for any reason or for no reason, on or prior to the applicable Share Delivery
Deadline, to issue to such Holder a certificate for the number of shares of Common Stock to which such Holder is entitled and register
such shares of Common Stock on the Company’s share register or to credit such Holder’s or its designee’s balance
account with DTC for such number of shares of Common Stock to which such Holder is entitled upon such Holder’s conversion
of any Conversion Amount (as the case may be) (a “Conversion Failure”), and if on or after such Share Delivery
Deadline (provided that such Holder places an order to purchase such shares before the time the Company remedies such failure)
such Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale
by such Holder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal
to all or any portion of the number of shares of Common Stock, issuable upon such conversion that such Holder so anticipated receiving
from the Company, then, in addition to all other remedies available to such Holder, the Company shall, within two (2) Business
Days after receipt of such Holder’s request and in such Holder’s discretion, either: (I) pay cash to such Holder in
an amount equal to such Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses,
if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf,
of such Holder) (the “Buy-In Price”), at which point the Company’s obligation to so issue and deliver
such certificate or credit such Holder’s balance account with DTC for the number of shares of Common Stock to which such
Holder is entitled upon such Holder’s conversion hereunder (as the case may be) (and to issue such shares of Common Stock)
shall terminate, or (II) promptly honor its obligation to so issue and deliver to such Holder a certificate or certificates representing
such shares of Common Stock or credit such Holder’s balance account with DTC for the number of shares of Common Stock to
which such Holder is entitled upon such Holder’s conversion hereunder (as the case may be) and pay cash to such Holder in
an amount equal to the excess (if any) of the Buy-In Price over the product of  (x) such number of shares of Common
Stock multiplied by (y) the VWAP of the Common Stock on the attempted Conversion Date. For the avoidance of doubt, to the
extent that the Company makes a payment contemplated by the foregoing sentence, the applicable portion of the Preferred Shares
to which the Conversion Failure applied shall no longer be outstanding.

 

(iii) Registration; Book-Entry.   At
the time of issuance of any Preferred Shares hereunder, the applicable Holder may, by written request (including by electronic-mail)
to the Company, elect to receive such Preferred Shares in the form of one or more Preferred Share Certificates or in Book-Entry
form. The Company (or the Transfer Agent, as custodian for the Preferred Shares) shall maintain a

 

    	 	3	 

     

    

 

register (the “Register”) for the recordation
of the names and addresses of the Holders of each Preferred Share and the Stated Value of the Preferred Shares and whether the
Preferred Shares are held by such Holder in Preferred Share Certificates or in Book-Entry form (the “Registered Preferred
Shares”). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company
and each Holder of the Preferred Shares shall treat each Person whose name is recorded in the Register as the owner of a Preferred
Share for all purposes (including, without limitation, the right to receive payments and Dividends hereunder) notwithstanding notice
to the contrary. A Registered Preferred Share may be assigned, transferred or sold only by registration of such assignment or sale
on the Register. Upon its receipt of a written request to assign, transfer or sell one or more Registered Preferred Shares by such
Holder thereof, the Company shall record the information contained therein in the Register and issue one or more new Registered
Preferred Shares in the same aggregate Stated Value as the Stated Value of the surrendered Registered Preferred Shares to the designated
assignee or transferee pursuant to Section 21, provided that if the Company does not so record an assignment, transfer
or sale (as the case may be) of such Registered Preferred Shares within two (2) Business Days of such a request, then the
Register shall be automatically deemed updated to reflect such assignment, transfer or sale (as the case may be). Notwithstanding
anything to the contrary set forth in this Section 4, following conversion of any Preferred Shares in accordance with
the terms hereof, the applicable Holder shall not be required to physically surrender such Preferred Shares held in the form of
a Preferred Share Certificate to the Company unless (A) the full or remaining number of Preferred Shares represented by the applicable
Preferred Share Certificate are being converted (in which event such certificate(s) shall be delivered to the Company as contemplated
by this Section 4(c)(iii)) or (B) such Holder has provided the Company with prior written notice (which notice may
be included in a Conversion Notice) requesting reissuance of Preferred Shares upon physical surrender of the applicable Preferred
Share Certificate. Each Holder and the Company shall maintain records showing the Stated Value, Dividends and Late Charges converted
and/or paid (as the case may be) and the dates of such conversions and/or payments (as the case may be) or shall use such other
method, reasonably satisfactory to such Holder and the Company, so as not to require physical surrender of a Preferred Share Certificate
upon conversion. If the Company does not update the Register to record such Stated Value, Dividends and Late Charges converted
and/or paid (as the case may be) and the dates of such conversions and/or payments (as the case may be) within two (2) Business
Days of such occurrence, then the Register shall be automatically deemed updated to reflect such occurrence. In the event of any
dispute or discrepancy as to the number of Preferred Shares to which the record holder is entitled such dispute shall be resolved
in accordance with Section 27. Notwithstanding the foregoing, if the number of Preferred Shares set forth on the face of a
Preferred Share Certificate is greater than the number of Preferred Shares then outstanding under such Preferred Share Certificate,
the applicable Holder may not transfer such Preferred Share Certificate into the name of any other Person (other than an Affiliate
of such Holder) unless such Holder first physically surrenders such Preferred Share Certificate to the Company pursuant to Section 21
below (or delivers a lost certificate affidavit to the Company, if applicable, pursuant to Section 21(b) below), whereupon
the Company will forthwith issue and deliver to such Holder (or to such other Person as designated by such Holder to the Company
in writing) a new Preferred Share Certificate of like tenor, representing, in the aggregate, the remaining number of Preferred
Shares outstanding under such Preferred Share Certificate. A Holder and any transferee or assignee, by acceptance of a certificate,
acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of any Preferred Shares, the number
of Preferred Shares represented by such certificate may be less than the number of Preferred Shares stated on the face thereof.
Each Preferred Share Certificate shall bear the following legend:

 

ANY TRANSFEREE OR ASSIGNEE OF THIS CERTIFICATE SHOULD CAREFULLY
REVIEW THE TERMS OF THE CORPORATION’S CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES D PREFERRED STOCK REPRESENTED
BY THIS CERTIFICATE, INCLUDING SECTION 4(c)(iii) THEREOF. THE NUMBER OF SHARES OF SERIES D PREFERRED STOCK REPRESENTED BY
THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF SHARES OF SERIES D PREFERRED STOCK

 

    	 	4	 

     

    

 

STATED ON THE FACE HEREOF PURSUANT TO SECTION 4(c)(iii)
OF THE CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES D PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE.

 

(iv) Pro Rata Conversion; Disputes.   In
the event that the Company receives a Conversion Notice from more than one Holder for the same Conversion Date and the Company
can convert some, but not all, of such Preferred Shares submitted for conversion, the Company shall convert from each Holder electing
to have Preferred Shares converted on such date a pro rata amount of such Holder’s Preferred Shares submitted for conversion
on such date based on the number of Preferred Shares submitted for conversion on such date by such Holder relative to the aggregate
number of Preferred Shares submitted for conversion on such date. In the event of a dispute as to the number of shares of Common
Stock issuable to a Holder in connection with a conversion of Preferred Shares, the Company shall issue to such Holder the number
of shares of Common Stock not in dispute and resolve such dispute in accordance with Section 26.

 

(d) Limitation on Beneficial Ownership.

 

(i) The Company shall not effect the conversion
of any of the Preferred Shares held by a Holder, and such Holder shall not have the right to convert any of the Preferred Shares
held by such Holder pursuant to the terms and conditions of this Certificate of Designations and any such conversion shall be null
and void and treated as if never made, to the extent that after giving effect to such conversion, such Holder together with the
other Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such conversion. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by such Holder and the other Attribution Parties shall include
the number of shares of Common Stock held by such Holder and all other Attribution Parties plus the number of shares of Common
Stock issuable upon conversion of the Preferred Shares with respect to which the determination of such sentence is being made,
but shall exclude shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted Preferred Shares
beneficially owned by such Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised
or nonconverted portion of any other securities of the Company (including, without limitation, any convertible notes, convertible
preferred stock or warrants) beneficially owned by such Holder or any other Attribution Party subject to a limitation on conversion
or exercise analogous to the limitation contained in this Section 4(d)(i). For purposes of this Section 4(d)(i),
beneficial ownership shall be calculated in accordance with Section 13(d) of the 1934 Act. For purposes of determining the
number of outstanding shares of Common Stock a Holder may acquire upon the conversion of such Preferred Shares without exceeding
the Maximum Percentage, such Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s
most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the
SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the
Company or the Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding
Share Number”). If the Company receives a Conversion Notice from a Holder at a time when the actual number of outstanding
shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall notify such Holder in writing of the
number of shares of Common Stock then outstanding and, to the extent that such Conversion Notice would otherwise cause such Holder’s
beneficial ownership, as determined pursuant to this Section 4(d)(i), to exceed the Maximum Percentage, such Holder
must notify the Company of a reduced number of shares of Common Stock to be purchased pursuant to such Conversion Notice. For any
reason at any time, upon the written or oral request of any Holder, the Company shall within two (2) Business Days confirm
orally and in writing or by electronic mail to such Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including such Preferred Shares by such Holder and any other Attribution Party, since the date as of which the
Reported Outstanding Share Number was reported. In the event that the issuance of shares of Common Stock to a Holder upon conversion
of such Preferred Shares results in such Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate,
more than the Maximum

 

    	 	5	 

     

    

 

Percentage of the number of outstanding shares of Common Stock
(as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which such Holder’s and the other
Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”)
shall be deemed null and void and shall be cancelled ab initio, and such Holder shall not have the power to vote or to transfer
the Excess Shares. For the avoidance of doubt, the determination of whether an issuance would result in the creation of Excess
Shares shall be based upon the determination made by the Holder of its and its Attribution Parties’ beneficial ownership
based on the Reported Outstanding Share Number provided by the Company. Upon delivery of a written notice to the Company, any Holder
may from time to time increase (with such increase not effective until the sixty-first (61st) day after delivery of such notice)
or decrease the Maximum Percentage of such Holder to any other percentage not in excess of 9.99% as specified in such notice;
provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after
such notice is delivered to the Company and (ii) any such increase or decrease will apply only to such Holder and the other Attribution
Parties and not to any other Holder. For purposes of clarity, the shares of Common Stock issuable to a Holder pursuant to the terms
of this Certificate of Designations in excess of the Maximum Percentage shall not be deemed to be beneficially owned by such Holder
for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to convert
such Preferred Shares pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph
with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 4(d)(i) to the extent necessary to correct
this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the intended beneficial ownership
limitation contained in this Section 4(d)(i) or to make changes or supplements necessary or desirable to properly give
effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of
such Preferred Shares.

 

(ii) Principal Market Regulation.   The
Company shall not issue any shares of Common Stock upon conversion of any Preferred Shares or otherwise pursuant to the terms of
this Certificate of Designations if the issuance of such shares of Common Stock would exceed 18,531,213 shares of Common Stock
(as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction occurring after the
Subscription Date) (the number of shares which may be issued without violating such rules and regulations, the “Exchange
Cap”), except that such limitation shall not apply in the event that the Company obtains the approval of its stockholders
as required by the applicable rules of the Principal Market for issuances of shares of Common Stock in excess of such amount. Until
such approval is obtained, no Holder shall be issued in the aggregate, upon conversion or exercise (as the case may be) of any
Preferred Shares, shares of Common Stock in an amount greater than the product of  (i) the Exchange Cap as of the Initial
Issuance Date multiplied by (ii) the quotient of  (1) the aggregate number of Preferred Shares issued to such Holder
on the Initial Issuance Date divided by (2) the aggregate number of Preferred Shares issued to all Holders on the Initial
Issuance Date (with respect to each Holder, the “Exchange Cap Allocation”). In the event that any Holder shall
sell or otherwise transfer any of such Holder’s Preferred Shares, the transferee shall be allocated a pro rata portion
of such Holder’s Exchange Cap Allocation with respect to such portion of such Preferred Shares so transferred, and the restrictions
of the prior sentence shall apply to such transferee with respect to the portion of the Exchange Cap Allocation so allocated to
such transferee. Upon conversion in full of a holder’s Preferred Shares, the difference (if any) between such holder’s
Exchange Cap Allocation and the number of shares of Common Stock actually issued to such holder upon such holder’s conversion
in full of such Preferred Shares shall be allocated, to the respective Exchange Cap Allocations of the remaining Holders on a pro rata
basis in proportion to the shares of Common Stock underlying the Preferred Shares then held by each such holder of Preferred Shares.
In the event that the Company is prohibited from issuing any shares of Common Stock pursuant to this Section 4(d)(ii)
(the “Exchange Cap Shares”) to a Holder at any time after the Stockholder Meeting Outside Date, the Company
shall pay cash to such Holder in exchange for the redemption of such number of Preferred Shares held by the Holder that are not
convertible into such Exchange Cap Shares at a price equal to the product of  (x) such number of Exchange Cap Shares
and (y) the Closing Sale Price on the Trading Day immediately preceding the date such Holder delivers the applicable Conversion
Notice with respect to such Exchange Cap Shares to the Company.

 

    	 	6	 

     

    

 

(e) Triggering Event Conversion.

 

(i) General.   Subject
to Section 4(d), at any time during the period commencing on the date of the occurrence of a Triggering Event (as defined
in Section 5(a)) and ending on the later to occur of  (x) the date of the cure of such Triggering Event
and (y) ten (10) Trading Days after the date the Company delivers written notice to such Holder of such Triggering Event,
a Holder may, at such Holder’s option, by delivery of a Conversion Notice to the Company (the date of any such Conversion
Notice, each an “Triggering Event Conversion Date”), convert all, or any number of Preferred Shares (such Conversion
Amount of the Preferred Shares to be converted pursuant to this Section 4(e), the “Triggering Event Conversion
Amount”) into shares of Common Stock at the Triggering Event Conversion Price (each, a “Triggering Event Conversion”).

 

(ii) Mechanics of Triggering Event Conversion.   On
any Triggering Event Conversion Date, a Holder may voluntarily convert any Triggering Event Conversion Amount pursuant to Section 4(c)
(with “Triggering Event Conversion Price” replacing “Conversion Price” for all purposes hereunder with
respect to such Triggering Event Conversion and “Triggering Event Conversion Amount” replacing “Conversion Amount”
in clause (x) of the definition of Conversion Rate above with respect to such Triggering Event Conversion) by designating
in the Conversion Notice delivered pursuant to this Section 4(e) of this Certificate of Designations that such Holder
is electing to use the Triggering Event Conversion Price for such conversion. Notwithstanding anything to the contrary in this
Section 4(e), but subject to Section 4(d), until the Company delivers shares of Common Stock representing
the applicable Triggering Event Conversion Amount to such Holder, such Triggering Event Conversion Amount may be converted by such
Holder into shares of Common Stock pursuant to Section 4(c) without regard to this Section 4(e).

 

5. Triggering Event Redemptions.

 

(a) Triggering Event.   Each
of the following events shall constitute a “Triggering Event” and each of the events in clauses (vii), (viii)
and (ix) shall constitute a “Bankruptcy Triggering Event”:

 

(i) any of the Preferred Shares or shares
of Common Stock issuable upon conversion of the Preferred Shares are not freely tradable without restriction by any of the Holders
(subject to any restrictions imposed on any Holder due to such Holder’s Affiliate status with respect to the Company);

 

(ii) the suspension from trading or failure
of the Common Stock to be trading or listed (as applicable) on an Eligible Market for a period of five (5) consecutive Trading
Days;

 

(iii) other than with respect to any Authorized
Share Failure (as defined in Section 11(b)), the Company’s notice, written or oral, to any Holder, including, without
limitation, by way of public announcement or through any of its agents, at any time, of its intention not to comply, as required,
with a request for conversion of any Preferred Shares into shares of Common Stock that is requested in accordance with the provisions
of this Certificate of Designations, other than pursuant to Section 4(d) hereof;

 

(iv) following the tenth (10th) consecutive
day that a Holder’s Authorized Share Allocation (as defined in Section 11(a) below) is less than 150% of the
number of shares of Common Stock that such Holder would be entitled to receive upon a conversion, in full, of all of the Preferred
Shares then held by such Holder (without regard to any limitations on conversion set forth in this Certificate of Designations),
except, solely with respect to the first occurrence of an Authorized Share Failure hereunder, to the extent the Company is complying
with the terms set forth in Section 11(b) below;

 

(v) the Company’s failure to pay to
any Holder any amount when and as due under this Certificate of Designations (including, without limitation, the Company’s
failure to pay any redemption payments or amounts hereunder), (whether or not permitted pursuant to the DGCL), except, in each
such case only if such failure remains uncured for a period of at least five (5) Trading Days;

 

(vi) the Company, on two or more occasions,
either (A) fails to cure a Conversion Failure by delivery of the required number of shares of Common Stock within five (5) Trading
Days after the applicable Conversion Date or (B) fails to remove any restrictive legend on any certificate at a time when such
restrictive legend is no longer required under applicable federal or state securities laws, and such failure remains uncured for
at least five (5) Trading Days;

 

    	 	7	 

     

    

 

(vii) bankruptcy, insolvency, reorganization
or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or against the Company or any
Significant Subsidiary and, if instituted against the Company or any Significant Subsidiary by a third party, shall not be dismissed
within sixty (60) days of their initiation;

 

(viii) the commencement by the Company or
any Significant Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent
by it to the entry of a decree, order, judgment or other similar document in respect of the Company or any Significant Subsidiary
in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it
to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or any Significant Subsidiary or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence
of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts
generally as they become due, the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any
such action or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar
action under federal, state or foreign law with respect to a material portion of the Company’s or any Significant Subsidiary’s
assets;

 

(ix) the entry by a court of  (i) a
decree, order, judgment or other similar document in respect of the Company or any Significant Subsidiary of a voluntary or involuntary
case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or
(ii) a decree, order, judgment or other similar document adjudging the Company or any Significant Subsidiary as bankrupt or insolvent,
or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in
respect of the Company or any Significant Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order,
judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any Significant Subsidiary or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other
decree, order, judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

 

(x) a final judgment or judgments for the
payment of money aggregating in excess of  $750,000 are rendered against the Company and/or any of its Subsidiaries and
which judgments are not, within sixty (60) days after the entry thereof, bonded, discharged, settled or stayed pending appeal,
or are not discharged within sixty (60) days after the expiration of such stay; provided, however, any judgment which is covered
by insurance or an indemnity from a credit worthy party shall not be included in calculating the $750,000 amount set forth
above so long as the Company provides each Holder a written statement from such insurer or indemnity provider (which written statement
shall be reasonably satisfactory to the Required Holders) to the effect that such judgment is covered by insurance or an indemnity
and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity within thirty
(30) days of the issuance of such judgment;

 

(xi) the Company and/or any Subsidiary, individually
or in the aggregate, either (i) fails to pay, when due, or within any applicable grace period, any payment with respect to
any Indebtedness in excess of $750,000 due to any third party (other than, with respect to unsecured Indebtedness only, payments
contested by the Company and/or such Subsidiary (as the case may be) in good faith by proper proceedings and with respect to which
adequate reserves have been set aside for the payment thereof in accordance with GAAP) or is otherwise in default, breach or violation
of any agreement for monies owed or owing in an amount in excess of  $750,000, which breach or violation permits the other
party thereto to declare a default or otherwise redeem or accelerate amounts due thereunder, or (ii) suffer to

 

    	 	8	 

     

    

 

exist any other circumstance or event that would, with or without
the passage of time or the giving of notice, result in a default or event of default under any agreement binding the Company or
any Subsidiary, which default or event of default would or is reasonably expected to have a Material Adverse Effect;

 

(xii) other than as specifically set forth
in another clause of this Section 5(a), the Company or any Subsidiary breaches any covenant or other term of this Certificate
of Designations in any material respect (other than covenants subject to material adverse effect or materiality, which may not
be breached in any respect), except, in the case of a breach of a covenant or other term that is curable, only if such breach remains
uncured for a period of five (5) consecutive Trading Days;

 

(xiii) a false or inaccurate certification
(including a false or inaccurate deemed certification) by the Company that either (A) the Equity Conditions are satisfied, (B)
there has been no Equity Conditions Failure, or (C) as to whether any Triggering Event has occurred;

 

(xiv) any breach or failure in any respect
by the Company to comply with any provision of Section 15 of this Certificate of Designations, except, in the case
of a breach of a covenant or other term or condition that is curable, only if such breach remains uncured for a period of five
(5) consecutive Trading Days; and

 

(xv) any provision of this Certificate of
Designations shall at any time for any reason (other than pursuant to the express terms hereof) cease to be valid and binding on
or enforceable against the parties thereto, or the validity or enforceability thereof shall be contested, directly or indirectly,
by the Company or any Subsidiary, or a proceeding shall be commenced by the Company or any Subsidiary seeking to establish the
invalidity or unenforceability thereof.

 

(b) Notice of a Triggering Event; Redemption
Right.   Upon the occurrence of a Triggering Event with respect to the Preferred Shares, the Company shall within
two (2) Business Days deliver written notice thereof via electronic mail and overnight courier (with next day delivery specified)
(an “Triggering Event Notice”) to each Holder. At any time after the earlier of a Holder’s receipt of
a Triggering Event Notice and such Holder becoming aware of a Triggering Event (such earlier date, the “Triggering Event
Right Commencement Date”) and ending (such ending date, the “Triggering Event Right Expiration Date”,
and each such period, an “Triggering Event Redemption Right Period”) on the twentieth (20th) Trading Day
after the later of  (x) the date such Triggering Event is cured and (y) such Holder’s receipt of a Triggering
Event Notice that includes (I) a reasonable description of the applicable Triggering Event, (II) a certification as to whether,
in the opinion of the Company, such Triggering Event is capable of being cured and, if applicable, a reasonable description of
any existing plans of the Company to cure such Triggering Event and (III) a certification as to the date the Triggering Event occurred
and, if cured on or prior to the date of such Triggering Event Notice, the applicable Triggering Event Right Expiration Date, such
Holder may require the Company to redeem (regardless of whether such Triggering Event has been cured on or prior to the Triggering
Event Right Expiration Date), subject to Section 5(c), all or any of the Preferred Shares by delivering written notice
thereof  (the “Triggering Event Redemption Notice”) to the Company, which Triggering Event Redemption
Notice shall indicate the number of the Preferred Shares such Holder is electing to redeem. Each of the Preferred Shares subject
to redemption by the Company pursuant to this Section 5(b) shall be redeemed by the Company at a price equal to the
greater of  (i) the product of  (A) the Conversion Amount to be redeemed multiplied by (B) the Redemption Premium
and (ii) the product of  (X) the Conversion Rate with respect to the Conversion Amount in effect at such time as such Holder
delivers a Triggering Event Redemption Notice multiplied by (Y) the greatest Closing Sale Price of the Common Stock on any Trading
Day during the period commencing on the date immediately preceding such Triggering Event and ending on the date the Company makes
the entire payment required to be made under this Section 5(b) (the “Triggering Event Redemption Price”).
Redemptions required by this Section 5(b) shall be made in accordance with the provisions of Section 12.
To the extent redemptions required by this Section 5(b) are deemed or determined by a court of competent jurisdiction
to be prepayments of the Preferred Shares by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding
anything to the contrary in this Section 5(b), but subject to Section 4(d), until the Triggering Event
Redemption Price (together with any Late Charges thereon) is paid in full, the Conversion Amount submitted for

 

    	 	9	 

     

    

 

redemption under this Section 5(b) (together with
any Late Charges thereon) may be converted, in whole or in part, by such Holder into Common Stock pursuant to the terms of this
Certificate of Designations. In the event of a partial redemption of the Preferred Shares held by a Holder pursuant hereto, the
number of Preferred Shares of such Holder redeemed shall be deducted from the Installment Amount(s) of such Holder relating to
the applicable Installment Date(s) as set forth in the Triggering Event Redemption Notice. In the event of the Company’s
redemption of any of the Preferred Shares under this Section 5(b), a Holder’s damages would be uncertain and
difficult to estimate because of the parties’ inability to predict future interest rates and the uncertainty of the availability
of a suitable substitute investment opportunity for such Holder. Accordingly, any redemption premium due under this Section 5(b)
is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder’s actual loss of its investment
opportunity and not as a penalty.

 

(c) Mandatory Redemption upon Bankruptcy
Triggering Event.   Notwithstanding anything to the contrary herein, and notwithstanding any conversion that
is then required or in process, upon any Bankruptcy Triggering Event occurring prior to or following the Maturity Date, the Company
shall immediately redeem, in cash, each of the Preferred Shares then outstanding at a redemption price equal to the applicable
Triggering Event Redemption Price (calculated as if such Holder shall have delivered the Triggering Event Redemption Notice immediately
prior to the occurrence of such Bankruptcy Triggering Event), without the requirement for any notice or demand or other action
by any Holder or any other Person, provided that a Holder may, in its sole discretion, waive such right to receive payment upon
a Bankruptcy Triggering Event, in whole or in part, and any such waiver shall not affect any other rights of such Holder or any
other Holder hereunder, including any other rights in respect of such Bankruptcy Triggering Event, any right to conversion, and
any right to payment of such Triggering Event Redemption Price to another Holder or any other Redemption Price, as applicable.

 

6. Rights Upon Fundamental Transactions.

 

(a) Assumption.   The
Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes in writing all of the
obligations of the Company under this Certificate of Designations in accordance with the provisions of this Section 6(a)
pursuant to written agreements in form and substance reasonably satisfactory to the Required Holders, including agreements to deliver
to each Holder in exchange for such Preferred Shares a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Certificate of Designations, including, without limitation, having a stated value and dividend
rate equal to the Stated Value and Default Dividend Rate and having similar ranking to the Preferred Shares, and reasonably satisfactory
to the Required Holders. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designations referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Certificate of Designations with the same effect as if such Successor
Entity had been named as the Company herein and therein. In addition to the foregoing, upon consummation of a Fundamental Transaction,
the Successor Entity shall deliver to each Holder confirmation that there shall be issued upon conversion or redemption of the
Preferred Shares at any time after the consummation of such Fundamental Transaction, in lieu of the shares of Common Stock (or
other securities, cash, assets or other property (except such items still issuable under Sections 7(b) and 18,
which shall continue to be receivable thereafter)) issuable upon the conversion or redemption of the Preferred Shares prior to
such Fundamental Transaction, such shares of common stock (or their equivalent) of the Successor Entity (including its Parent Entity)
which each Holder would have been entitled to receive upon the happening of such Fundamental Transaction had all the Preferred
Shares held by each Holder been converted immediately prior to such Fundamental Transaction (without regard to any limitations
on the conversion of the Preferred Shares contained in this Certificate of Designations), as adjusted in accordance with the provisions
of this Certificate of Designations. Notwithstanding the foregoing, any Holder may elect, at its sole option, by delivery of written
notice to the Company to waive this Section 6(a) to permit the Fundamental Transaction without the assumption of the
Preferred Shares. The provisions of this Section 6 shall apply similarly and equally to successive Fundamental Transactions
and shall be applied without regard to any limitations on the conversion or redemption of the Preferred Shares.

 

    	 	10	 

     

    

 

(b) Change of Control Redemption Right.   No
sooner than twenty (20) Trading Days nor later than ten (10) Trading Days prior to the consummation of a Change of Control (the
 “Change of Control Date”), but not prior to the public announcement of such Change of Control, the Company shall
deliver written notice thereof via electronic mail and overnight courier (next day delivery selected) to each Holder (a “Change
of Control Notice”). At any time during the period beginning after a Holder’s receipt of a Change of Control Notice
or such Holder becoming aware of a Change of Control if a Change of Control Notice is not delivered to such Holder in accordance
with the immediately preceding sentence (as applicable) and ending on the later of twenty (20) Trading Days after (A) consummation
of such Change of Control or (B) the date of receipt of such Change of Control Notice, such Holder may require the Company to redeem
all or any portion of such Holder’s Preferred Shares by delivering written notice thereof  (“Change of Control
Redemption Notice”) to the Company, which Change of Control Redemption Notice shall indicate the number of Preferred
Shares such Holder is electing to have the Company redeem. Each Preferred Share subject to redemption pursuant to this Section 6(b)
shall be redeemed by the Company in cash at a price equal to the greatest of  (i) the product of  (x) the
Redemption Premium multiplied by (y) the Conversion Amount being redeemed, (ii) the product of (x) the Conversion Amount
being redeemed multiplied by (y) the quotient determined by dividing (I) the greatest Closing Sale Price of the shares of
Common Stock during the period beginning on the date immediately preceding the earlier to occur of  (1) the consummation
of the applicable Change of Control and (2) the public announcement of such Change of Control and ending on the date such
Holder delivers the Change of Control Redemption Notice by (II) the Conversion Price then in effect and (iii) the product of 
(x) the Conversion Amount being redeemed multiplied by (y) the quotient of  (A) the aggregate cash consideration
and the aggregate cash value of any non-cash consideration per share of Common Stock to be paid to such holders of the shares of
Common Stock upon consummation of such Change of Control (any such non-cash consideration constituting publicly-traded securities
shall be valued at the highest of the Closing Sale Price of such securities as of the Trading Day immediately prior to the consummation
of such Change of Control, the Closing Sale Price of such securities on the Trading Day immediately following the public announcement
of such proposed Change of Control and the Closing Sale Price of such securities on the Trading Day immediately prior to the public
announcement of such proposed Change of Control) divided by (B) the Conversion Price then in effect (the “Change of Control
Redemption Price”). Redemptions required by this Section 6(b) shall have priority to payments to all other
stockholders of the Company in connection with such Change of Control. To the extent redemptions required by this Section 6(b)
are deemed or determined by a court of competent jurisdiction to be prepayments of the Preferred Shares by the Company, such redemptions
shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section 6(b), but subject
to Section 4(d), until the applicable Change of Control Redemption Price (together with any Late Charges thereon) is
paid in full to the applicable Holder, the Preferred Shares submitted by such Holder for redemption under this Section 6(b)
may be converted, in whole or in part, by such Holder into Common Stock pursuant to Section 4 or in the event the Conversion
Date is after the consummation of such Change of Control, stock or equity interests of the Successor Entity substantially equivalent
to the Company’s shares of Common Stock pursuant to Section 4. In the event of a partial redemption of the Preferred
Shares held by a Holder pursuant hereto, the number of Preferred Shares of such Holder redeemed shall be deducted from the Installment
Amount(s) of such Holder relating to the applicable Installment Date(s) as set forth in the Change of Control Redemption Notice.
In the event of the Company’s redemption of any of the Preferred Shares under this Section 6(b), such Holder’s
damages would be uncertain and difficult to estimate because of the parties’ inability to predict future interest rates and
the uncertainty of the availability of a suitable substitute investment opportunity for a Holder. Accordingly, any redemption premium
due under this Section 6(b) is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder’s
actual loss of its investment opportunity and not as a penalty. The Company shall make payment of the applicable Change of Control
Redemption Price concurrently with the consummation of such Change of Control if a Change of Control Redemption Notice is received
prior to the consummation of such Change of Control and within two (2) Trading Days after the Company’s receipt of such
notice otherwise (the “Change of Control Redemption Date”). Redemptions required by this Section 6
shall be made in accordance with the provisions of Section 12.

 

    	 	11	 

     

    

 

7. Right of Participation; Rights Upon
Issuance of Purchase Rights and Other Corporate Events.

 

(a) Right of Participation.

 

(i) From the date hereof until first (1st)
anniversary of the Initial Issuance Date, the Company will not (A) directly or indirectly, file any registration statement with
the SEC with respect to any Subsequent Placement (as defined below) and shall not file any prospectus supplement with respect to
any Subsequent Placement or (B) directly or indirectly, offer, sell, grant any option to purchase, or otherwise dispose of 
(or announce any offer, sale, grant or any option to purchase or other disposition of) any of its or its Subsidiaries’ equity
or equity equivalent securities, including without limitation any debt, preferred stock or other instrument or security that is,
at any time during its life and under any circumstances, convertible into or exchangeable or exercisable for shares of Common Stock
or Common Stock Equivalents (any such offer, sale, grant, disposition or announcement being referred to as a “Subsequent
Placement”) unless the Company shall have first complied with this Section 7(a).

 

(ii) The Company shall deliver to each Holder
an irrevocable written notice (the “Offer Notice”) of any proposed or intended issuance or sale (the “Offer”)
of the securities being offered (the “Offered Securities”) in a Subsequent Placement, which Offer Notice shall
(A) identify and describe the Offered Securities, (B) describe the anticipated price and other material terms upon which they are
to be issued or sold, and the number or amount of the Offered Securities to be issued or sold, (C) identify the Persons (if known)
to which or with which the Offered Securities are to be offered, issued or sold and (D) offer to issue and sell to such Holders
at least thirty-five percent (35%) of the Offered Securities, allocated among such Holders (a) based on such Holder’s
pro rata ownership of the total number of Preferred Shares outstanding on the Subscription Date (the “Basic Amount”)
and (b) with respect to each Holder that elects to purchase its Basic Amount, any additional portion of the Offered Securities
attributable to the Basic Amounts of other Holders as such Holder shall indicate it will purchase or acquire should the other Holders
subscribe for less than their Basic Amounts (the “Undersubscription Amount”), which process shall be repeated
until the Holders shall have an opportunity to subscribe for any remaining Undersubscription Amount; provided that (i) the
Company shall promptly notify each Holder of any changes to the anticipated price and other material terms of the Offered Securities
after the Offer Notice is sent and (ii) the Company shall provide each Holder reasonable notice (which shall not be less than four
(4) hours) of the final price (or formula therefor) of the Offered Securities before the Holders are required to provide the
Company any notice of their election to accept such Offer pursuant to Section 7(a)(iii) below.

 

(iii) To accept an Offer, in whole or in
part, such Holder must deliver a written notice to the Company prior to the end of the tenth (10th) Business Day after such Holder’s
receipt of the Offer Notice (the “Offer Period”), setting forth the portion of such Holder’s Basic Amount
that such Holder elects to purchase and, if such Holder shall elect to purchase all of its Basic Amount, the Undersubscription
Amount, if any, that such Holder elects to purchase (in either case, the “Notice of Acceptance”). For the avoidance
of doubt, in the event a Holder fails to timely deliver a Notice of Acceptance, such Holder shall be deemed to have declined to
participate in such Subsequent Placement. If the Basic Amounts elected to be subscribed for by all Holders are less than the total
of all of the Basic Amounts, then each Holder who has set forth an Undersubscription Amount in its Notice of Acceptance shall be
entitled to purchase, in addition to the Basic Amounts subscribed for, the Undersubscription Amount it has elected to be subscribed
for; provided, however, that if the Undersubscription Amounts elected to be subscribed for exceed the difference between the total
of all the Basic Amounts and the Basic Amounts subscribed for (the “Available Undersubscription Amount”), each
Holder who has elected to be subscribed for any Undersubscription Amount shall be entitled to purchase only that portion of the
Available Undersubscription Amount as the Basic Amount of such Holder bears to the total Basic Amounts of all Holder that have
elected to be subscribed for Undersubscription Amounts, subject to rounding by the Company to the extent its deems reasonably necessary.
Notwithstanding anything to the contrary contained herein, if the Company desires to modify or amend the terms and conditions of
the Offer in any material respect, prior to the expiration of the Offer Period, the Company may deliver to the Holders a new Offer
Notice and the Offer Period shall expire on the second (2nd) Business Day after such Holder’s receipt of such new Offer Notice.

 

    	 	12	 

     

    

 

(iv) The Company shall have five (5) Business
Days from the expiration of the Offer Period above (i) to offer, issue or sell all or any part of such Offered Securities
as to which a Notice of Acceptance has not been given by the Holders (the “Refused Securities”) pursuant to
a definitive agreement (the “Subsequent Placement Agreement”), but only upon terms and conditions (including,
without limitation, unit prices and interest rates) that are not more favorable to the acquiring Person or Persons or less favorable
to the Company than those set forth in the Offer Notice and (ii) to publicly announce (a) the execution of such Subsequent
Placement Agreement, if any and (b) either (x) the consummation, or the expected consummation, of the transactions contemplated
by such Subsequent Placement Agreement or (y) if a Subsequent Placement Agreement is executed, the termination of such Subsequent
Placement Agreement, which shall be filed with the SEC on a Current Report on Form 8-K with such Subsequent Placement Agreement
and any material documents contemplated therein filed as exhibits thereto.

 

(v) In the event the Company shall propose
to sell less than all the Refused Securities (any such sale to be in the manner and on the terms specified in Section 7(a)(iv)
above), then each Holder may, at its sole option and in its sole discretion, reduce the number or amount of the Offered Securities
specified in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered Securities that
such Holder elected to purchase pursuant to Section 7(a)(iii) above multiplied by a fraction, (i) the numerator
of which shall be the number or amount of Offered Securities the Company actually proposes to issue or sell (including Offered
Securities to be issued or sold to Holders pursuant to Section 7(a)(iv) above prior to such reduction) and (ii) the
denominator of which shall be the original amount of the Offered Securities. In the event that any Holder so elects to reduce the
number or amount of Offered Securities specified in its Notice of Acceptance, the Company may not issue or sell more than the reduced
number or amount of the Offered Securities unless and until such securities have again been offered to the Holders in accordance
with Section 7(a)(ii) above.

 

(vi) Upon the closing of the issuance or
sale of all or less than all of the Refused Securities, the Holders shall acquire from the Company, and the Company shall issue
to the Holders, the number or amount of Offered Securities specified in the Notices of Acceptance, as reduced pursuant to Section 7(a)(iv)
above if the Holders have so elected, upon the terms and conditions specified in the Offer. The purchase by the Holders of any
Offered Securities is subject in all cases to the preparation, execution and delivery by the Company and the Holders of a purchase
agreement relating to such Offered Securities reasonably satisfactory in form and substance to the Holders and their respective
counsel; provided that, for the avoidance of doubt, this paragraph shall not create any obligation on the Company to amend
or modify, or seek to amend or modify, any of the terms or provisions of the Subsequent Placement Agreement, or otherwise prohibit
the Company from consummating the respective Subsequent Placement of Refused Securities in accordance with the applicable Subsequent
Placement Agreement.

 

(vii) Any Offered Securities not acquired
by the Holders or other Persons in accordance with Section 7(a)(iv) above may not be issued or sold until they are
again offered to the Holders under the procedures specified in this Section 7(a).

 

(viii) The Company and the Holders agree
that if any Holder elects to participate in the Offer, (x) neither the Subsequent Placement Agreement with respect to such
Offer nor any other transaction documents related thereto (collectively, the “Subsequent Placement Documents”) shall
include any term or provisions whereby any Holder shall be required to agree to any restrictions in trading as to any securities
of the Company owned by such Holder prior to such Subsequent Placement and (y) the Holders shall be entitled to the same registration
rights provided to other investors in the Subsequent Placement.

 

(ix) Notwithstanding anything to the contrary
in this Section 7(a) and unless otherwise agreed to by the Holders, the Company shall either confirm in writing to
the Holders that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly disclose its intention
to issue the Offered Securities, in either case in such a manner such that the Holders will not be in possession of material non-public
information, by the fifteenth (15th) Business Day following delivery of the Offer Notice. If by the fifteenth (15th) Business Day
following delivery of the Offer Notice no

 

    	 	13	 

     

    

 

public disclosure regarding a transaction with respect to the
Offered Securities has been made, and no notice regarding the abandonment of such transaction has been received by the Holders,
such transaction shall be deemed to have been abandoned and the Holders shall not be deemed to be in possession of any material,
non-public information with respect to the Company. Should the Company decide to pursue such transaction with respect to the Offered
Securities, the Company shall provide each Holder with another Offer Notice and each Holder will again have the right of participation
set forth in this Section 7(a). The Company shall not be permitted to deliver more than one such Offer Notice to the
Holders in any 60 day period (other than the Offer Notices contemplated by the last sentence of Section 7(a)(iii) of
this Certificate of Designations). Notwithstanding anything to the contrary herein, in no event shall delivery of any notice in
accordance with the requirements of this Section 7(a) constitute or be deemed to constitute a breach of the Company’s
obligation not to provide material non-public information regarding the Company to any Holder or any other Person; provided
the Company then complies with the applicable requirement to publicly disclose such material, nonpublic information pursuant to
this Section 7(a)(ix).

 

(x) This Section 7(a) shall not apply
in connection with the issuance or deemed issuance of any Common Stock by the Company: (A) under any employee benefit plan which
has been approved by the Board, pursuant to which the Company’s securities may be issued to any employee, officer or, director
or consultant for services provided to the Company; (B) with respect to the Preferred Shares pursuant to the terms of this Certificate
of Designations; (C) upon conversion, exercise or exchange of any Options or Convertible Securities which are outstanding on the
day immediately preceding the Subscription Date, provided that such issuance of Common Stock upon exercise of such Options or Convertible
Securities is made pursuant to the terms of such Options or Convertible Securities in effect on the date immediately preceding
the Subscription Date and such Options or Convertible Securities are not amended, modified or changed on or after the Subscription
Date to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities
(other than in connection with stock splits or combinations) or to extend the term of such securities; or (D) securities issued
pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided
that any such issuance shall only be to a Person which is, itself or through its subsidiaries, an operating company or an owner
of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in
addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities for the purpose
of raising capital or to an entity whose primary business is investing in securities.

 

(b) Purchase Rights.   In
addition to any adjustments pursuant to Section 8 below, if at any time the Company grants, issues or sells any Options,
Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all of the record holders
of any class of Common Stock (the “Purchase Rights”), then each Holder will be entitled to acquire, upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had
held the number of shares of Common Stock acquirable upon complete conversion of all the Preferred Shares (without taking into
account any limitations or restrictions on the convertibility of the Preferred Shares) held by such Holder immediately prior to
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that such Holder’s right to participate in any such Purchase Right would result
in such Holder and the other Attribution Parties exceeding the Maximum Percentage, then such Holder shall not be entitled to participate
in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result
of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance
for such Holder until the earlier of  (i) such time or times, if ever, as its right thereto would not result in such
Holder and the other Attribution Parties exceeding the Maximum Percentage) and (ii) the expiration date, the termination date,
the maturity date or other similar provision of such Purchase Rights, at which time or times such Holder shall be granted such
right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be
held similarly in abeyance) to the same extent as if there had been no such limitation.

 

    	 	14	 

     

    

 

(c) Other Corporate Events.   In
addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant
to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for
shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to ensure that each
Holder will thereafter have the right to receive upon a conversion of all the Preferred Shares held by such Holder (i) in
addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which such Holder would
have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by such Holder upon the
consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of the
Preferred Shares contained in this Certificate of Designations) or (ii) in lieu of the shares of Common Stock otherwise receivable
upon such conversion, such securities or other assets received by the holders of shares of Common Stock in connection with the
consummation of such Corporate Event in such amounts as such Holder would have been entitled to receive had the Preferred Shares
held by such Holder initially been issued with conversion rights for the form of such consideration (as opposed to shares of Common
Stock) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant the proceeding
sentence shall be in a form and substance satisfactory to the Holder. The provisions of this Section 7 shall apply
similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or
redemption of the Preferred Shares contained in this Certificate of Designations.

 

8. Rights Upon Issuance of Other Securities.

 

(a) Adjustment of Conversion Price
upon Subdivision or Combination of Common Stock. Without limiting any provision of Section 7 or Section 18, if the Company
at any time on or after the Subscription Date subdivides (by any stock split, stock dividend, stock combination, recapitalization
or other similar transaction) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the
Conversion Price in effect immediately prior to such subdivision will be proportionately reduced. Without limiting any provision
of Section 7 or Section 18, if the Company at any time on or after the Subscription Date combines (by any stock split,
stock dividend, stock combination, recapitalization or other similar transaction) one or more classes of its outstanding shares
of Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately
increased. Any adjustment pursuant to this Section 8(a) shall become effective immediately after the effective date of such
subdivision or combination. If any event requiring an adjustment under this Section 8(a) occurs during the period that a Conversion
Price is calculated hereunder, then the calculation of such Conversion Price shall be adjusted appropriately to reflect such event.

 

(b) Holder’s Right of Adjusted Conversion
Price.   In addition to and not in limitation of the other provisions of this Section 8(b), at any time
any Preferred Shares remain outstanding, if the Company in any manner issues or sells or enters into any agreement to issue or
sell, any Common Stock, Options or Convertible Securities (any such securities, “Variable Price Securities”)
after the Subscription Date that are issuable pursuant to such agreement or convertible into or exchangeable or exercisable for
shares of Common Stock pursuant to such Options or Convertible Securities, as applicable, at a price which varies or may vary with
the market price of the shares of Common Stock, including by way of one or more reset(s) to a fixed price, but exclusive of such
formulations reflecting customary anti-dilution provisions (such as share splits, share combinations, share dividends and similar
transactions) (each of the formulations for such variable price being herein referred to as, the “Variable Price”),
the Company shall provide written notice thereof via electronic mail and overnight courier (next day delivery selected) to each
Holder on the date of such agreement and/or the issuance of such shares of Common Stock, Convertible Securities or Options, as
applicable; provided, however, that if the applicable Variable Price Securities are shares of Common Stock sold pursuant
to the ATM Agreement (as defined below), and (i) if the difference between the Variable Price of such shares of Common Stock
sold pursuant to the ATM Agreement (the “ATM Shares”) and the lower of  (A) last Variable Price communicated
to the Holders or (B) the Conversion Price (such lower price, the “Lowest Known Price”) is less than 8%, then
the Company shall provide written notice to each Holder on the last Business Day of each month in which such ATM Shares are sold,
and (ii) if the difference between the Variable Price of such ATM Shares and the Lowest Known Price is equal to or greater than
8%, then the Company shall provide

 

    	 	15	 

     

    

 

written notice to each Holder on the date of sale of such ATM
Shares. From and after the date the Company enters into such agreement or issues any such Variable Price Securities, each Holder
shall have the right, but not the obligation, in its sole discretion to substitute the Variable Price for the Conversion Price
upon conversion of the Preferred Shares by designating in the Conversion Notice delivered upon any conversion of Preferred Shares
that solely for purposes of such conversion such Holder is relying on the Variable Price rather than the Conversion Price then
in effect; provided, however, that if the Conversion Notice does not reference a Variable Price and the lowest Variable Price is
less than the Conversion Price, then such lowest Variable Price shall be automatically substituted for the Conversion Price. A
Holder’s election to rely on a Variable Price for a particular conversion of Preferred Shares shall not obligate such Holder
to rely on a Variable Price for any future conversions of Preferred Shares. For clarity, any shares of Common Stock sold following
the Subscription Date pursuant to the Company’s existing At Market Issuance Sales Agreement (the “ATM Agreement”),
dated June 13, 2018, by and between the Company and B. Riley FBR, Inc. and Oppenheimer & Co. Inc., or any similar or replacement
agreement, shall constitute Variable Price Securities with a Variable Price equal to the lowest price per share at which a share
of Common Stock is sold pursuant to the ATM Agreement. For clarity, if the Company in any manner issues or sells or enters into
any agreement to issue or sell, any Common Stock, Options or Convertible Securities at a fixed price (and in the case of Options
or Convertible Securities, the exercise price or conversion price is also set at a fixed price), which may include customary adjustments
for share splits, share combinations, share dividends and similar transactions, any such securities shall not be deemed Variable
Price Securities for any purpose hereunder.

 

(c) Calculations.   All
calculations under this Section 8 shall be made by rounding to the nearest cent or the nearest 1/100th of a share, as applicable.
The sales price of any Variable Price Security (including, for clarity, shares of Common Stock sold pursuant to the ATM Agreement)
shall be equal to the gross sales price before deducting any sales commissions or broker fees. The number of shares of Common Stock
outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition
of any such shares shall be considered an issue or sale of Common Stock.

 

(d) Voluntary Adjustment by Company.   The
Company may at any time any Preferred Shares remain outstanding reduce the then current Conversion Price to any amount and for
any period of time deemed appropriate by the Board.

 

9. Installment Conversion or Installment Redemption.

 

(a) General.   On each
applicable Installment Date, provided there has been no Equity Conditions Failure, the Company shall pay to each Holder the applicable
Installment Amount due on such date by converting such Installment Amount in accordance with this Section 9 (an “Installment
Conversion”); provided, however, that the Company may, at its option following notice to each Holder as set forth below,
pay the Installment Amount by redeeming such Installment Amount in cash (an “Installment Redemption”) or by
any combination of an Installment Conversion and an Installment Redemption so long as all of the outstanding applicable Installment
Amount due on any Installment Date shall be converted and/or redeemed by the Company on the applicable Installment Date, subject
to the provisions of this Section 9. On or prior to the date which is the eleventh (11th) Trading Day prior to each Installment
Date, but not earlier than the fifteenth (15th) Trading Day prior to the applicable Installment Date (each, an “Installment
Notice Due Date”), the Company shall deliver written notice (each, an “Installment Notice” and the
date all Holders receive such notice is referred to as to the “Installment Notice Date”), to each Holder and
such Installment Notice shall (i) either (A) confirm that the applicable Installment Amount of such Holder shall be converted
in whole pursuant to an Installment Conversion or (B) (1) state that the Company elects to redeem for cash, or is required
to redeem for cash in accordance with the provisions of this Certificate of Designations, in whole or in part, the applicable Installment
Amount pursuant to an Installment Redemption and (2) specify the portion of such Installment Amount which the Company elects
or is required to redeem pursuant to an Installment Redemption (such amount to be redeemed in cash, the “Installment Redemption
Amount”) and the portion of the applicable Installment Amount, if any, with respect to which the Company will, and is
permitted to, effect an Installment Conversion (such amount of the applicable Installment Amount so specified to be so converted
pursuant to this Section 9 is referred to herein as the “Installment Conversion Amount”), which amounts
when added together, must equal the entire applicable Installment Amount

 

    	 	16	 

     

    

 

and (ii) if the applicable Installment Amount is to be paid,
in whole or in part, pursuant to an Installment Conversion, certify that there is not then an Equity Conditions Failure as of the
applicable Installment Notice Date. Each Installment Notice shall be irrevocable. If the Company does not timely deliver an Installment
Notice in accordance with this Section 9 with respect to a particular Installment Date, then the Company shall be deemed to
have delivered an irrevocable Installment Notice confirming an Installment Conversion of the entire Installment Amount payable
on such Installment Date and shall be deemed to have certified that there is not then an Equity Conditions Failure in connection
with such Installment Conversion. The applicable Installment Conversion Amount (whether set forth in the applicable Installment
Notice or by operation of this Section 9) shall be converted in accordance with Section 9(b) and the applicable Installment
Redemption Amount shall be redeemed in accordance with Section 9(c).

 

(b) Mechanics of Installment Conversion.   Subject
to Section 4(d), if the Company delivers an Installment Notice or is deemed to have delivered an Installment Notice certifying
that such Installment Amount is being paid, in whole or in part, in an Installment Conversion in accordance with Section 9(a),
then the remainder of this Section 9(b) shall apply. The applicable Installment Conversion Amount, if any, shall be converted
on the applicable Installment Date at the applicable Installment Conversion Price and the Company shall, on such Installment Date,
deliver to each Holder’s account with DTC such shares of Common Stock issued upon such conversion (subject to the reduction
contemplated by the immediately following sentence and, if applicable, the penultimate sentence of this Section 9(b)), provided
that the Equity Conditions are then satisfied (or waived in writing by such Holder) on such Installment Date and an Installment
Conversion is not otherwise prohibited under any other provision of the Certificate of Designations. If the Company confirmed (or
is deemed to have confirmed by operation of Section 9(a)) the conversion of the applicable Installment Conversion Amount,
in whole or in part, and there was no Equity Conditions Failure as of the applicable Installment Notice Date (or is deemed to have
certified that the Equity Conditions in connection with any such conversion have been satisfied by operation of Section 9(a))
but an Equity Conditions Failure occurred between the applicable Installment Notice Date and any time through the applicable Installment
Date (the “Interim Installment Period”), the Company shall provide each Holder a subsequent notice to that effect.
If there is an Equity Conditions Failure (which is not waived in writing by such Holder) during such Interim Installment Period,
then, at the option of such Holder designated in writing to the Company, such Holder may require the Company to do any one or more
of the following (but without duplication): (i) the Company shall redeem all or any part designated by such Holder of the
unconverted Installment Conversion Amount (such designated amount is referred to as the “Designated Redemption Amount”)
and the Company shall pay to such Holder within three (3) days of such Installment Date, by wire transfer of immediately available
funds, an amount in cash equal to 108% of such Designated Redemption Amount, and/or (ii) the Installment Conversion shall be null
and void with respect to all or any part designated by such Holder of the unconverted Installment Conversion Amount and such Holder
shall be entitled to all the rights of a holder of the Preferred Shares with respect to such designated part of the Installment
Conversion Amount; provided, however, the Conversion Price for such Designated Redemption Amount shall thereafter be adjusted to
equal the Installment Conversion Price (determined as if the date of such designation were an Installment Date) and conversions
required by this Section 9(b) shall be made in accordance with the provisions of Section 4(c). In the event that the
sole cause of an Equity Conditions Failure during the applicable Equity Conditions Measuring Period was due to the Company’s
inability to deliver to such Holder Common Stock due to Section 4(d)(i), which constitutes an Equity Conditions Failure pursuant
to clause (iii) of the definition of  “Equity Conditions”, then, the Company may, at its option, elect to either
(x) pay (i) in cash the portion of the Installment Amount the payment of which would otherwise result in an Equity Conditions
Failure due to the Company’s inability to deliver to such Holder shares of Common Stock due to Section 4(d)(i) (irrespective
of any prior election or notice to pay such amount by converting all or some of the applicable Installment Amount into Common Stock)
pursuant to an Installment Redemption as if it had elected in the applicable Installment Notice to pay the applicable Installment
Amount pursuant to an Installment Redemption and (ii) the remainder of such Installment Amount in an Installment Conversion in
accordance with this Section 9(b) or (y) by (i) deferring the portion of such Installment Payment the payment of
which would otherwise result in an Equity Conditions Failure due to the Company’s inability to deliver to such Holder shares
of Common Stock due to Section 4(d)(i) to the immediately subsequent Installment, if any, and (ii) paying the

 

    	 	17	 

     

    

 

remainder of such Installment Amount in an Installment Conversion
in accordance with this Section 9(b) and the Company shall deliver a written notice to the Holders setting forth its election
pursuant to this proviso at least one (1) Trading Day prior to the applicable Installment Date. For the avoidance of doubt,
subject to Section 9(f), the Holder may waive the Equity Conditions Failure and receive the Installment Conversion Amount
through the conversion of the Installment Amount in an Installment Conversion. If the Company fails to redeem any Designated Redemption
Amount by the third (3rd) day following the applicable Installment Date by payment of such amount by such date for any reason (including,
without limitation, to the extent such payment is prohibited pursuant to the DGCL), then such Holder shall have the rights set
forth in Section 12(a) as if the Company failed to pay the applicable Installment Redemption Price (as defined below) and
all other rights under this Certificate of Designations (including, without limitation, such failure constituting a Triggering
Event described in Section 5(a)(v)). Notwithstanding anything to the contrary in this Section 9(b), but subject to Section 4(d),
until the Company delivers Common Stock representing the Installment Conversion Amount to such Holder, the Installment Conversion
Amount may be converted by such Holder into Common Stock pursuant to Section 4. In the event that a Holder elects to convert
the Installment Conversion Amount prior to the applicable Installment Date as set forth in the immediately preceding sentence,
the Installment Conversion Amount so converted shall be deducted from the Installment Amount(s) of such Holder relating to the
applicable Installment Date(s) as set forth in the applicable Conversion Notice. The Company shall pay any and all actual transfer,
stamp, issuance and similar taxes that may be payable with respect to the issuance and delivery of any shares of Common Stock in
any Installment Conversion hereunder; provided, however, that if any such tax is due solely because the Holder requested such shares
to be issued in a name other than the Holder’s name, then the Holder will pay such tax.

 

(c) Mechanics of Installment Redemption.   If
the Company elects or is required to effect an Installment Redemption, in whole or in part, in accordance with Section 9(a),
then the Installment Redemption Amount, if any, shall be redeemed by the Company in cash on the applicable Installment Date by
wire transfer to each Holder of immediately available funds in an amount equal to 108% of the applicable Installment Redemption
Amount (the “Installment Redemption Price”). If the Company fails to redeem such Installment Redemption Amount
on such Installment Date by payment of the Installment Redemption Price for any reason (including, without limitation, to the extent
such payment is prohibited pursuant to the DGCL), then, at the option of such Holder designated in writing to the Company (any
such designation shall be a “Conversion Notice” for purposes of this Certificate of Designations), such Holder may
require the Company to convert all or any part of the Installment Redemption Amount at the Installment Conversion Price (determined
as if the date of such designation were an Installment Date). Notwithstanding anything to the contrary in this Section 9(c),
but subject to Section 4(d), until the Installment Redemption Price (together with any Late Charges thereon) is paid in full,
the Installment Redemption Amount (together with any Late Charges thereon) may be converted, in whole or in part, by a Holder into
Common Stock pursuant to Section 4. In the event a Holder elects to convert all or any portion of the Installment Redemption
Amount prior to the applicable Installment Date as set forth in the immediately preceding sentence, the Installment Redemption
Amount so converted shall be deducted from the Installment Amounts relating to the applicable Installment Date(s) as set forth
in the applicable Conversion Notice. Redemptions required by this Section 9(c) shall be made in accordance with the provisions
of Section 12.

 

(d) Deferred Installment Amount.   Notwithstanding
any provision of this Section 9(d) to the contrary, each Holder may, at its option and in its sole discretion, deliver a written
notice to the Company no later than the second (2nd) Trading Day immediately prior to the applicable Installment Date electing
to have the payment of all or any portion of an Installment Amount of such Holder payable on such Installment Date deferred (such
amount deferred, the “Deferral Amount”, and such deferral, each a “Deferral”) until any subsequent
Installment Date selected by such Holder, in its sole discretion, in which case, the Deferral Amount shall be added to, and become
part of, such subsequent Installment Amount. Any notice delivered by such Holder pursuant to this Section 9(d) shall set forth
(i) the Deferral Amount requested by such Holder and (ii) the date on which such Holder requests that such Deferral Amount
shall now be payable. Notwithstanding anything herein to the contrary, in no event shall a Holder be entitled to elect deferral
pursuant to this Section 9(d) if such deferral would defer an Installment Amount beyond the Maturity Date.

 

    	 	18	 

     

    

 

(e) Acceleration of Installment Amounts.   Notwithstanding
any provision of this Section 9 to the contrary, but subject to Section 4(d), with respect to any given Installment Date
(the “Current Installment Date”), during the period commencing on the Installment Notice Due Date immediately
prior to such Current Installment Date and ending on the Trading Day immediately prior to the next Installment Date (each, an “Installment
Period”), each Holder may elect, at its option and in its sole discretion, at one or more times in such Installment Period,
to convert other Preferred Shares (each, an “Acceleration”, and such aggregate number of Preferred Shares in
an Acceleration, each, an “Acceleration Amount”), in whole or in part, at the Installment Conversion Price of
such Current Installment Date in accordance with the conversion procedures set forth in Section 4 hereunder, mutatis mutandis.
Notwithstanding the foregoing, with respect to any given Installment Period, the Holder may not elect to effect any Acceleration
during such Installment Period if  (i) the Conversion Amount of the aggregate number of Preferred Shares subject to
Acceleration in such Installment Period exceeds in the aggregate 300% of the Installment Amount (not including any Deferral Amounts
or Acceleration Amounts) for such Current Installment Date (which, for the avoidance of doubt, assuming the Company elects an Installment
Conversion for the full Installment Amount, could result in an Installment Conversion and Accelerations that, collectively, represent
400% of the Installment Amount (not including any Deferral Amounts or Acceleration Amounts)), or (ii) the Conversion Amount of
the aggregate number of Preferred Shares subject to prior Accelerations exceeds in the aggregate twelve (12) times the Installment
Amount (not including any Deferral Amounts or Acceleration Amounts) for such Current Installment Date.

 

(f) Waiver of Equity Conditions Failure.   Notwithstanding
anything herein to the contrary, in no event shall a Holder be entitled to waive an Equity Conditions Failure due to the failure
of the Equity Conditions set forth in clauses (iii), (iv) and/or (ix)(C) of such definition.

 

10. Noncircumvention.   The
Company hereby covenants and agrees that the Company will not, by amendment of its certificate of incorporation, bylaws or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Certificate of
Designations, and will at all times in good faith carry out all the provisions of this Certificate of Designations and take all
action as may be required to protect the rights of the Holders hereunder. Without limiting the generality of the foregoing or any
other provision of this Certificate of Designations, the Company (a) shall not increase the par value of any shares of Common
Stock receivable upon the conversion of any Preferred Shares above the Conversion Price then in effect, (b) shall take all
such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable
shares of Common Stock upon the conversion of Preferred Shares and (c) shall, so long as any Preferred Shares are outstanding,
take all action reasonably necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely
for the purpose of effecting the conversion of the Preferred Shares at the Conversion Price then in effect, the Required Reserve
Amount (as defined in Section 11(a)). Notwithstanding anything herein to the contrary, if after the date that is one
hundred twenty (120) calendar days after the Initial Issuance Date, each Holder is not permitted to convert such Holder’s
Preferred Shares in full for any reason (other than pursuant to restrictions set forth in Section 4(d)(i) hereof),
the Company shall use its reasonable best efforts to promptly remedy such failure, including, without limitation, seeking to obtain
such consents or approvals as necessary to effect such conversion into shares of Common Stock.

 

11. Authorized Shares.

 

(a) Reservation.   So
long as any Preferred Shares remain outstanding, the Company shall at all times reserve at least 150% of the number of shares of
Common Stock as shall from time to time be necessary to effect the conversion of the Preferred Shares that then remain outstanding
(without regard to any limitations on conversions), including without limitation, pursuant to Installment Conversions, Triggering
Event Conversion, if any, and Accelerations (the “Required Reserve Amount”). The Required Reserve Amount (including,
without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the Holders based
on the number of the Preferred Shares held by each Holder on the Initial Issuance Date or increase in the number of reserved shares,
as the case may be (the “Authorized Share Allocation”). In the event that a Holder shall sell or otherwise transfer
any of such Holder’s Preferred Shares, each transferee shall be allocated a pro rata portion of such Holder’s

 

    	 	19	 

     

    

 

Authorized Share Allocation. Any shares of Common Stock reserved
and allocated to any Person which ceases to hold any Preferred Shares shall be allocated to the remaining Holders, pro rata
based on the number of the Preferred Shares then held by the Holders.

 

(b) Insufficient Authorized Shares.   If,
notwithstanding Section 11(a) and not in limitation thereof, while any of the Preferred Shares remain outstanding the
Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve
for issuance upon conversion of the Preferred Shares at least a number of shares of Common Stock equal to the Required Reserve
Amount (an “Authorized Share Failure”), then the Company shall immediately take all action necessary to increase
the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve
Amount for the Preferred Shares then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable
after the date of the occurrence of an Authorized Share Failure, but in no event later than seventy-five (75) days after the occurrence
of such Authorized Share Failure, the Company shall either (x) obtain the written consent of its stockholders for the approval
of an increase in the number of authorized shares of Common Stock and provide each stockholder with an information statement with
respect thereto or (y) seek to obtain stockholder approval at a meeting of its stockholders for an increase in the number
of authorized shares of Common Stock and, in each case, file an amendment to the Company’s Certificate of Incorporation making
effective the necessary increase in the number of authorized shares of Common Stock within such seventy-five (75) day period. In
connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts
to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors
to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if during any such time of an
Authorized Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding
Common Stock to approve the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation
by obtaining such consent, submitting for filing with the SEC an Information Statement on Schedule 14C and filing an amendment
to the Company’s Certificate of Incorporation making effective the necessary increase in the number of authorized shares
of Common Stock. In the event that the Company is prohibited from issuing shares of Common Stock to a Holder upon any conversion
due to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares
of Common Stock (such unavailable number of shares of Common Stock, the “Authorized Failure Shares”), in lieu
of delivering such Authorized Failure Shares to such Holder, the Company shall pay cash within five (5) Trading Days in exchange
for the redemption of such portion of the Conversion Amount convertible into such Authorized Failure Shares at a price equal to
the sum of  (i) the product of  (x) such number of Authorized Failure Shares and (y) the highest sale
price of the Common Stock on the attempted Conversion Date; and (ii) to the extent such Holder purchases (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of Authorized Failure Shares, any reasonable
and documented brokerage commissions and other out-of-pocket expenses, if any, of such Holder incurred in connection therewith.
For the avoidance of doubt, to the extent that the Company makes a payment contemplated by the foregoing sentence, the applicable
portion of the Preferred Shares to which the Authorized Failure Shares applied shall no longer be outstanding.

 

12. Redemptions.

 

(a) General.   If a
Holder has submitted a Triggering Event Redemption Notice in accordance with Section 5(b), the Company shall deliver the applicable
Triggering Event Redemption Price to such Holder in cash within two (2) Business Days after the Company’s receipt of
such Holder’s Triggering Event Redemption Notice. If a Holder has submitted a Change of Control Redemption Notice in accordance
with Section 6(b), the Company shall deliver the applicable Change of Control Redemption Price to such Holder in cash concurrently
with the consummation of such Change of Control if such notice is received prior to the consummation of such Change of Control
and within five (5) Business Days after the Company’s receipt of such notice otherwise. The Company shall deliver the
applicable Installment Redemption Price to each Holder in cash on the applicable Installment Date. If a Holder has submitted a
Maturity Redemption Notice in accordance with Section 13 below, the Company shall deliver the applicable Maturity Redemption
Price to such Holder on the applicable Maturity Redemption Date.

 

    	 	20	 

     

    

 

Notwithstanding anything herein to the contrary, in connection
with any redemption hereunder at a time a Holder is entitled to receive a cash payment under any other provision of this Certificate
of Designations, at the option of such Holder delivered in writing to the Company, the applicable Redemption Price hereunder shall
be increased by the amount of such cash payment owed to such Holder under such other provision of this Certificate of Designations
and, upon payment in full or conversion in accordance herewith, shall satisfy the Company’s payment obligation under such
other provision of this Certificate of Designations. In the event of a redemption of less than all of the Preferred Shares, the
Company shall promptly cause to be issued and delivered to such Holder a new Preferred Share Certificate (in accordance with Section 21)
(or evidence of the creation of a new Book-Entry) representing the number of Preferred Shares which have not been redeemed. In
the event that the Company does not pay the applicable Redemption Price to a Holder within the time period required for any reason
(including, without limitation, to the extent such payment is prohibited pursuant to the DGCL), at any time thereafter and until
the Company pays such unpaid Redemption Price in full, such Holder shall have the option, in lieu of redemption, to require the
Company to promptly return to such Holder all or any of the Preferred Shares that were submitted for redemption and for which the
applicable Redemption Price (together with any Late Charges thereon) has not been paid. Upon the Company’s receipt of such
notice, (x) the applicable Redemption Notice shall be null and void with respect to such Preferred Shares, (y) the Company
shall promptly and in any event within five (5) Trading Days return the applicable Preferred Share Certificate, or issue a
new Preferred Share Certificate (in accordance with Section 21(d)), to such Holder, (unless the Preferred Shares are held
in Book-Entry form, in which case the Company shall deliver evidence to such Holder that a Book-Entry for such Preferred Shares
then exists) and in each case the Additional Amount of such Preferred Shares shall be increased by an amount equal to the difference
between (1) the applicable Redemption Price (as the case may be, and as adjusted pursuant to this Section 12, if applicable)
minus (2) the Stated Value portion of the Conversion Amount submitted for redemption and (z) the Conversion Price of
such Preferred Shares shall be automatically adjusted with respect to each conversion effected thereafter by such Holder to the
lowest of  (A) the Conversion Price as in effect on the date on which the applicable Redemption Notice is voided, (B) 85%
of the lowest Closing Bid Price of the Common Stock during the period beginning on and including the date on which the applicable
Redemption Notice is delivered to the Company and ending on and including the date on which the applicable Redemption Notice is
voided, and (C) 85% of the quotient of  (I) the sum of the five (5) lowest VWAPs of the Common Stock during the twenty
(20) consecutive Trading Day period ending and including the Trading Day immediately preceding the applicable Conversion Date
divided by (II) five (5) (it being understood and agreed that all such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during such period). For the avoidance of doubt, if the Conversion
Price is subject to adjustment pursuant to the immediately preceding clause (z), the Conversion Price shall not also be subject
to adjustment pursuant to Section 4(e). A Holder’s delivery of a notice voiding a Redemption Notice and exercise of
its rights following such notice shall not affect the Company’s obligations to make any payments of Late Charges which have
accrued prior to the date of such notice with respect to the Preferred Shares subject to such notice.

 

(b) Redemption by Multiple Holders.   Upon
the Company’s receipt of a Redemption Notice from any Holder for redemption or repayment as a result of an event or occurrence
substantially similar to the events or occurrences described in Section 5(b) or Section 6(b), the Company shall promptly,
but no later than one (1) Business Day of its receipt thereof, forward to each other Holder by electronic mail a copy of such
notice. If the Company receives one or more Redemption Notices, during the seven (7) Business Day period beginning on and
including the date which is three (3) Business Days prior to the Company’s receipt of the initial Redemption Notice
and ending on and including the date which is three (3) Business Days after the Company’s receipt of the initial Redemption
Notice and the Company is unable to redeem all amounts designated in such initial Redemption Notice and such other Redemption Notices
received during such seven (7) Business Day period, then the Company shall redeem a pro rata amount from each Holder
based on the Stated Value of the Preferred Shares submitted for redemption pursuant to such Redemption Notices received by the
Company during such seven (7) Business Day period.

 

    	 	21	 

     

    

 

13. Holder Optional Redemption after Maturity
Date.   At any time from and after the tenth (10th) Business Day prior to the Maturity Date, any Holder
may by delivery of written notice thereof to the Company require the Company to redeem (a “Maturity Redemption”)
all or any number of Preferred Shares then held by such Holder. The Company shall then deliver a written notice (the “Maturity
Redemption Notice”) to such Holder within two (2) Trading Days of receipt thereof  (the date the Company
delivers such notice, a “Maturity Redemption Notice Date”) electing to redeem such remaining Preferred Shares
either (i) by paying cash at a purchase price equal to 108% of the Conversion Amount of such Preferred Shares or (ii) provided
that no Equity Conditions Failure occurs from the Maturity Redemption Notice Date through the Maturity Redemption Date (as defined
below), by paying a number of Common Stock calculated by dividing the Conversion Amount of such remaining Preferred Shares by the
Installment Conversion Price determined as if the Maturity Redemption Date was an Installment Date (the “Maturity Redemption
Price”). If the Company elects to redeem such remaining Preferred Shares in cash, such cash shall be paid on the same
day as the delivery of the Maturity Redemption Notice (such date, in such event, being the “Maturity Redemption Date”).
If the Company elects instead to redeem such remaining Preferred Shares in shares of Common Stock in accordance with clause (ii)
of the second sentence of this Section 13, the Maturity Redemption Notice shall state the date the Company is required
to pay to such Holder such Maturity Redemption Price (such date, in such case, being the Maturity Redemption Date), which date
shall be on the twelfth (12th) Trading Day following the Maturity Redemption Notice Date. Redemptions required by this Section 13
shall be made in accordance with the provisions of Section 12.

 

14. Voting Rights.   Holders
shall have no voting rights, except on matters required by law (including without limitation, the DGCL) or by this Certificate
of Designations to be submitted to a class vote of the holders of the Preferred Shares. To the extent that under the DGCL the vote
of the holders of the Preferred Shares, voting separately as a class or series, as applicable, is required to authorize a given
action of the Company, the affirmative vote or consent of the Required Holders of the shares of the Preferred Shares, voting together
in the aggregate and not in separate series unless required under the DGCL, represented at a duly held meeting at which a quorum
is presented or by written consent of the Required Holders (except as otherwise may be required under the DGCL), voting together
in the aggregate and not in separate series unless required under the DGCL, shall constitute the approval of such action by both
the class or the series, as applicable. Subject to Section 4(d), to the extent that under the DGCL holders of the Preferred
Shares are entitled to vote on a matter with holders of shares of Common Stock, voting together as one class, each Preferred Share
shall entitle the holder thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into
which it is then convertible (subject to the ownership limitations specified in Section 4(d) hereof) on the record
date for determining the stockholders of the Company eligible to vote on such matters as the date as of which the Conversion Price
is calculated. Holders of the Preferred Shares shall be entitled to written notice of all stockholder meetings or written consents
(and copies of proxy materials and other information sent to stockholders) with respect to which they would be entitled to vote,
which notice would be provided pursuant to the Company’s bylaws and the DGCL.

 

15. Covenants.

 

(a) Restriction on Transfer of Assets.   The
Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, sell, lease, license, assign,
transfer, spin-off, split-off, close, convey or otherwise dispose of any assets or rights of the Company or any Subsidiary owned
or hereafter acquired whether in a single transaction or a series of related transactions, other than (i) sales, leases, licenses,
assignments, transfers, conveyances and other dispositions of such assets or rights by the Company and its Subsidiaries in the
ordinary course of business consistent with its past practice, (ii) sales of inventory and product in the ordinary course of business
or (iii) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by the Company
and/or its wholly-owned Subsidiaries to the Company and/or any of its wholly-owned Subsidiaries.

 

(b) Change in Nature of Business.   The
Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, engage in any material
line of business substantially different from those lines of business conducted by or publicly contemplated to be conducted by
the Company and each of its Subsidiaries on the Subscription Date or any business substantially related or incidental thereto.
The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, modify its or their
corporate structure or purpose.

 

    	 	22	 

     

    

 

(c) Preservation of Existence, Etc.   The
Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges,
and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing in each jurisdiction
in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification
necessary, except as could not reasonably be expected to result in a Material Adverse Effect.

 

(d) Maintenance of Properties, Etc.   The
Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties which are
necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear and tear excepted,
and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases to which it is a party
as lessee or under which it occupies property, except as could not reasonably be expected to result in a Material Adverse Effect.

 

(e) Maintenance of Intellectual Property.   The
Company will, and will cause each of its Subsidiaries to, take all action reasonably necessary or advisable to maintain all of
the Intellectual Property Rights of the Company and/or any of its Subsidiaries that are necessary or material to the conduct of
its business in full force and effect, except as could not reasonably be expected to result in a Material Adverse Effect.

 

(f) Maintenance of Insurance.   The
Company shall maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies
or associations (including, without limitation, comprehensive general liability, hazard, rent and business interruption insurance)
with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering
such risks as is required by any governmental authority having jurisdiction with respect thereto or as is carried generally in
accordance with sound business practice by companies in similar businesses similarly situated, except as could not reasonably be
expected to result in a Material Adverse Effect.

 

(g) Transactions with Affiliates.   The
Company shall not, nor shall it permit any of its Subsidiaries to, enter into, renew, extend or be a party to, any transaction
or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange of property or
assets of any kind or the rendering of services of any kind) with any Affiliate, except in the ordinary course of business in a
manner and to an extent consistent with past practice or otherwise necessary or desirable for the prudent operation of its business,
in each case, for fair consideration and on terms no less favorable to it or its Subsidiaries than would be obtainable in a comparable
arm’s length transaction with a Person that is not an Affiliate thereof.

 

(h) Restricted Issuances.

 

(i) The Company shall not, directly or indirectly,
without the prior written consent of the Required Holders of the Preferred Shares then outstanding, (A) issue any Preferred Shares
(other than as contemplated by this Certificate of Designations) or (B) issue any other securities that would cause a breach or
default under this Certificate of Designations.

 

(ii) For so long as any Preferred Shares
are outstanding, except with the prior approval of the Required Holders (whether at a duly called meeting or by written consent),
the Company shall not, and shall not permit or suffer its Subsidiaries to, incur Indebtedness or enter into any other agreement,
contract or understanding, if such Indebtedness, agreement, contract or understanding prohibits the Company from making any cash
redemptions of the Preferred Shares or cash payments on or in respect of the Preferred Shares; provided that no such approval shall
be required for incurring (a) trade payables in the ordinary course of business consistent with past practice, or (b) Indebtedness
incurred by special purpose Subsidiaries created by the Company for the purpose of financing individual projects undertaken by
the Company for the direct benefit of specific customers of the Company, including without limitation FuelCell Energy Finance,
LLC and any subsidiaries thereof; provided the Company provides three (3) Business Days’ notice to the Holders prior
to incurring such Indebtedness (such Indebtedness described in this proviso, “Permitted Indebtedness”). Notwithstanding
anything in this Certificate of Designations to the contrary, the Company and its Subsidiaries shall be permitted to incur Permitted
Indebtedness.

 

    	 	23	 

     

    

 

16. Stockholder Approval.

 

(a) The Company shall provide to each stockholder
entitled to vote at a special meeting or the next annual meeting of stockholders of the Company (as applicable, the “Stockholder
Meeting”), which shall be held as soon as reasonably possible following the mailing of the proxy statement to the stockholders
of the Company in respect thereof  (the “Approval Proxy Statement”), a copy of the Approval Proxy Statement,
at the expense of the Company, soliciting each such stockholder’s affirmative vote at the Stockholder Meeting for approval
of a proposal providing for issuance of the maximum number of shares of Common Stock issuable upon conversion of the Preferred
Shares, in each case in compliance with the rules and regulations of the Principal Market, the Certificate of Incorporation of
the Company, the Bylaws of the Company and applicable law (collectively, the “Stockholder Approval”). In connection
with the Stockholder Meeting, and in no event later than February 15, 2019, the Company shall, in consultation with the Holders,
prepare and file with the SEC, the preliminary Approval Proxy Statement and related proxy materials in compliance with Section 14
of the 1934 Act. As reasonably promptly as practicable after comments, if any, are received from the SEC thereon and after the
furnishing by the Company and the Holders of all information required to be contained therein, the Company shall, in consultation
with the Holders, prepare and the Company shall file any required amendments to the Approval Proxy Statement with the SEC. The
Company shall notify the Holders reasonably promptly of the receipt of any comments from the SEC or its staff and of any request
by the SEC or its staff for amendments or supplements to the Approval Proxy Statement or for additional information and shall consult
with the Holders regarding, and supply the Holders with copies of, all correspondence between the Company or any of its representatives,
on the one hand, and the SEC or its staff, on the other hand, with respect to the Approval Proxy Statement. Prior to filing or
mailing the initial Approval Proxy Statement or any proposed amendment of or supplement to the Approval Proxy Statement, the Company
shall provide the Holders a reasonable opportunity to review and comment on such document and shall incorporate therein any reasonable
comments of the Holders thereto. The Company shall use its best efforts to have the Approval Proxy Statement cleared by the SEC
and shall thereafter mail to the stockholders of the Company as reasonably promptly as possible the Approval Proxy Statement and
all other proxy materials for the Stockholder Meeting.

 

(b) The Company hereby covenants and agrees
that (a) the Approval Proxy Statement will, when filed, comply as to form in all material respects with the applicable requirements
of the 1934 Act and (b) none of the information included or incorporated by reference in the Approval Proxy Statement will,
at the date it is first mailed to the stockholders of the Company or at the time of the Stockholder Meeting or at the time of any
amendment or supplement thereof, contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made,
not misleading.

 

(c) The Company shall take, in accordance
with applicable law and its Certificate of Incorporation and Bylaws, all action reasonably necessary to convene the Stockholder
Meeting no later than April 30, 2019 and to submit at the Stockholder Meeting for approval by the requisite vote of the stockholders
of the Company the matters subject to Stockholder Approval. In connection with the Stockholder Meeting and any adjournment or postponement
thereof, (i) the Board shall recommend that its stockholders vote in favor of all matters submitted thereto at such meeting
and (ii) neither the Board nor any committee thereof shall withdraw or modify, or propose or resolve to withdraw or modify in a
manner adverse to the Holders, such recommendation. The Company shall take all lawful action to solicit from the stockholders of
the Company proxies in favor of the Stockholder Approval and take all other action reasonably necessary or advisable to secure
the vote or consent of the stockholders that are required by the rules of Principal Market and applicable law, including, if necessary
or appropriate or if requested by the Holders, adjourning the Stockholder Meeting to solicit additional proxies. The Company will
enforce any and all voting agreements in respect of the matters subject to the Stockholder Meeting.

 

(d) In the event the Company fails to receive
the Stockholder Approval at the time such proposal is considered by the Company’s stockholders, the Company shall use its
reasonable best efforts to seek such Stockholder Approval at a subsequent meeting of the Company’s stockholders as soon as
reasonably practicable, but no later than 90 days following the meeting at which the Company’s stockholders failed to
provide the Stockholder Approval. The Company shall continue to seek Stockholder Approval at

 

    	 	24	 

     

    

 

meetings of the Company’s stockholders until such Stockholder
Approval is obtained with each new meeting to be held as soon as reasonably practicable but no later than 90 days following
the date of the prior meeting at which such proposal was considered by the Company’s stockholders.

 

(e) Notwithstanding Section 33 to the
contrary, in no event shall the Company be required to publicly disclose any material, nonpublic information provided to the Holders
pursuant to this Section 16 prior to such time, if ever, it is required to do so under applicable securities laws; provided,
however, that the Company’s rights under this Section 16(e) shall not serve to cure any facts or circumstances that
would otherwise result in an Equity Conditions Failure.

 

17. Liquidation, Dissolution, Winding-Up.   In
the event of a Liquidation Event, the Holders shall be entitled to receive in cash out of the assets of the Company, whether from
capital or from earnings available for distribution to its stockholders (the “Liquidation Funds”), after any
amount that is required to be paid to Senior Preferred Stock, if any, and before any amount shall be paid to the holders of any
of shares of Junior Stock, but pari passu with any Parity Stock then outstanding, an amount per Preferred Share equal
to the greater of  (i) the Conversion Amount thereof on the date of such payment and (ii) the amount per share such
Holder would receive if such Holder converted such Preferred Shares into Common Stock immediately prior to the date of such payment,
provided that if the Liquidation Funds are insufficient to pay the full amount due to the Holders and holders of shares of Parity
Stock, then each Holder and each holder of Parity Stock shall receive a percentage of the Liquidation Funds equal to the full
amount of Liquidation Funds payable to such Holder and such holder of Parity Stock as a liquidation preference, in accordance with
their respective certificate of designations (or equivalent), as a percentage of the full amount of Liquidation Funds payable
to all Holders and all holders of shares of Parity Stock. To the extent necessary, the Company shall cause such actions to be taken
by each of its Subsidiaries so as to enable, to the maximum extent permitted by law, the proceeds of a Liquidation Event to be
distributed to the Holders in accordance with this Section 17. All the preferential amounts to be paid to the Holders
under this Section 17 shall be paid or set apart for payment before the payment or setting apart for payment of any
amount for, or the distribution of any Liquidation Funds of the Company to the holders of shares of Junior Stock in connection
with a Liquidation Event as to which this Section 17 applies.

 

18. Distribution of Assets.   In
addition to any adjustments pursuant to Section 8, if the Company shall declare or make any dividend or other distributions
of its assets (or rights to acquire its assets) to any or all holders of shares of Common Stock, by way of return of capital or
otherwise (including without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend,
spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (the “Distributions”),
then each Holder, as holders of Preferred Shares, will be entitled to such Distributions as if such Holder had held the number
of shares of Common Stock acquirable upon complete conversion of the Preferred Shares (without taking into account any limitations
or restrictions on the convertibility of the Preferred Shares) immediately prior to the date on which a record is taken for such
Distribution or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for such
Distributions (provided, however, that to the extent that such Holder’s right to participate in any such Distribution
would result in such Holder and the other Attribution Parties exceeding the Maximum Percentage, then such Holder shall not be entitled
to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of such shares of Common
Stock as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution shall be
held in abeyance for such Holder until such time or times as its right thereto would not result in such Holder and the other Attribution
Parties exceeding the Maximum Percentage, at which time or times, if any, such Holder shall be granted such rights (and any rights
under this Section 18 on such initial rights or on any subsequent such rights to be held similarly in abeyance) to
the same extent as if there had been no such limitation).

 

19. Vote to Change the Terms of or Issue
Preferred Shares.   In addition to any other rights provided by law, except where the vote or written consent
of the holders of a greater number of shares is required by law or by another provision of the Certificate of Incorporation, without
first obtaining the affirmative vote at a meeting duly called for such purpose or the written consent without a meeting of the
Required Holders, voting together as a single class, the Company shall not: (a) amend or repeal any provision of, or add any
provision to, its Certificate of Incorporation or bylaws, or file any certificate of designations or articles of

 

    	 	25	 

     

    

 

amendment of any series of shares of preferred stock, if such
action would adversely alter or change the preferences, rights, privileges or powers, or restrictions provided for the benefit,
of the Preferred Shares hereunder, regardless of whether any such action shall be by means of amendment to the Certificate of Incorporation
or by merger, consolidation or otherwise; (b) increase or decrease (other than by conversion) the authorized number of Preferred
Shares; (c) without limiting any provision of Section 2, create or authorize (by reclassification or otherwise)
any new class or series of Senior Preferred Stock or Parity Stock; (d) purchase, repurchase or redeem any shares of Junior
Stock (other than pursuant to the terms of the Company’s equity incentive plans and options and other equity awards granted
under such plans (that have in good faith been approved by the Board)); (e) without limiting any provision of Section 3,
pay dividends or make any other distribution on any shares of any Junior Stock; or (f) without limiting any provision of Section 10,
whether or not prohibited by the terms of the Preferred Shares, circumvent a right of the Preferred Shares hereunder.

 

20. Transfer of Preferred Shares.   A
Holder may transfer some or all of its Preferred Shares without the consent of the Company. No Preferred Shares may be sold or
transferred other than to a U.S. person as described in section 7701(a)(30) of the Internal Revenue Code of 1986, as amended.

 

21. Reissuance of Preferred Share Certificates and Book Entries.

 

(a) Transfer.   If
any Preferred Shares are to be transferred, the applicable Holder shall surrender the applicable Preferred Share Certificate to
the Company (or, if the Preferred Shares are held in Book-Entry form, a written instruction letter to the Company), whereupon the
Company will forthwith issue and deliver upon the order of such Holder a new Preferred Share Certificate (in accordance with Section 21(d))
(or evidence of the transfer of such Book-Entry), registered as such Holder may request, representing the outstanding number of
Preferred Shares being transferred by such Holder and, if less than the entire outstanding number of Preferred Shares is being
transferred, a new Preferred Share Certificate (in accordance with Section 21(d)) to such Holder representing the outstanding
number of Preferred Shares not being transferred (or evidence of such remaining Preferred Shares in a Book-Entry for such Holder).
Such Holder and any assignee, by acceptance of the Preferred Share Certificate or evidence of Book-Entry issuance, as applicable,
acknowledge and agree that, by reason of the provisions of Section 4(c)(iii) following conversion or redemption of any of
the Preferred Shares, the outstanding number of Preferred Shares represented by the Preferred Shares may be less than the number
of Preferred Shares stated on the face of the Preferred Shares.

 

(b) Lost, Stolen or Mutilated Preferred
Share Certificate.   Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of a Preferred Share Certificate (as to which a written certification and the indemnification
contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking
by the applicable Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of such Preferred Share Certificate, the Company shall execute and deliver to such Holder a new Preferred Share Certificate (in
accordance with Section 21(d)) representing the applicable outstanding number of Preferred Shares.

 

(c) Preferred Share Certificate and Book-Entries
Exchangeable for Different Denominations and Forms.   Each Preferred Share Certificate is exchangeable, upon
the surrender hereof by the applicable Holder at the principal office of the Company, for a new Preferred Share Certificate or
Preferred Share Certificate(s) or new Book-Entry (in accordance with Section 21(d)) representing, in the aggregate, the outstanding
number of the Preferred Shares in the original Preferred Share Certificate, and each such new Preferred Share Certificate and/or
new Book-Entry, as applicable, will represent such portion of such outstanding number of Preferred Shares from the original Preferred
Share Certificate as is designated in writing by such Holder at the time of such surrender. Each Book-Entry may be exchanged into
one or more new Preferred Share Certificates or split by the applicable Holder by delivery of a written notice to the Company into
two or more new Book-Entries (in accordance with Section 21(d)) representing, in the aggregate, the outstanding number of
the Preferred Shares in the original Book-Entry, and each such new Book-Entry and/or new Preferred Share Certificate, as applicable,
will represent such portion of such outstanding number of Preferred Shares from the original Book-Entry as is designated in writing
by such Holder at the time of such surrender.

 

    	 	26	 

     

    

 

(d) Issuance of New Preferred Share Certificate
or Book-Entry.   Whenever the Company is required to issue a new Preferred Share Certificate or a new Book-Entry
pursuant to the terms of this Certificate of Designations, such new Preferred Share Certificate or new Book-Entry (i) shall
represent, as indicated on the face of such Preferred Share Certificate or in such Book-Entry, as applicable, the number of Preferred
Shares remaining outstanding (or in the case of a new Preferred Share Certificate or new Book-Entry being issued pursuant to Section 21(a)
or Section 21(c), the number of Preferred Shares designated by such Holder) which, when added to the number of Preferred Shares
represented by the other new Preferred Share Certificates or other new Book-Entry, as applicable, issued in connection with such
issuance, does not exceed the number of Preferred Shares remaining outstanding under the original Preferred Share Certificate or
original Book-Entry, as applicable, immediately prior to such issuance of new Preferred Share Certificate or new Book-Entry, as
applicable, and (ii) shall have an issuance date, as indicated on the face of such new Preferred Share Certificate or in such new
Book-Entry, as applicable, which is the same as the issuance date of the original Preferred Share Certificate or in such original
Book-Entry, as applicable.

 

22. Remedies, Other Obligations, Breaches
and Injunctive Relief.   The remedies provided in this Certificate of Designations shall be cumulative and in
addition to all other remedies available at law or in equity (including a decree of specific performance and/or other injunctive
relief), and nothing herein shall limit any Holder’s right to pursue actual for any failure by the Company to comply with
the terms of this Certificate of Designations. Amounts set forth or provided for herein with respect to payments, conversion and
the like (and the computation thereof) shall be the amounts to be received by a Holder and shall not, except as expressly provided
herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holders and that the remedy at law for any such breach may
be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, each Holder shall be entitled,
in addition to all other available remedies, to seek an injunction restraining any such breach or any such threatened breach, without
the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information
and documentation to a Holder that is reasonably requested by such Holder to enable such Holder to confirm the Company’s
compliance with the terms and conditions of this Certificate of Designations.

 

23. Payment of Collection, Enforcement
and Other Costs.   If  (a) any Preferred Shares are placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or a Holder otherwise takes action to collect amounts due
under this Certificate of Designations with respect to the Preferred Shares or to enforce the provisions of this Certificate of
Designations or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting
Company creditors’ rights and involving a claim under this Certificate of Designations, then the Company shall pay the reasonable
and documented costs incurred by such Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, reasonable and documented attorneys’ fees
and disbursements.

 

24. Construction; Headings.   This
Certificate of Designations shall be deemed to be jointly drafted by the Company and the Holders and shall not be construed against
any such Person as the drafter hereof. The headings of this Certificate of Designations are for convenience of reference and shall
not form part of, or affect the interpretation of, this Certificate of Designations. Unless the context clearly indicates otherwise,
each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,”
 “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without
limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer
to this entire Certificate of Designations instead of just the provision in which they are found. Unless expressly indicated otherwise,
all section references are to sections of this Certificate of Designations.

 

25. Failure or Indulgence Not Waiver.   No
failure or delay on the part of a Holder in the exercise of any power, right or privilege hereunder within the applicable time
periods provided herein shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless
it is in writing and signed by an authorized representative of the waiving party. Notwithstanding the foregoing, nothing contained
in this Section 25 shall permit any waiver of any provision of Section 4(d).

 

    	 	27	 

     

    

 

26. Dispute Resolution.

 

(a) In the case of a dispute relating to
a Closing Bid Price, a Closing Sale Price, a Conversion Price, an Installment Conversion Price, a Triggering Event Conversion Price,
a VWAP or a fair market value or the arithmetic calculation of a Conversion Rate, or the applicable Redemption Price (as the case
may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the applicable
Holder (as the case may be) shall submit the dispute to the other party via electronic mail (A) if by the Company, within two (2) Business
Days after the occurrence of the circumstances giving rise to such dispute or (B) if by such Holder at any time after such Holder
learned of the circumstances giving rise to such dispute. If such Holder and the Company are unable to promptly resolve such dispute
relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price, such Installment Conversion Price, such Triggering
Event Conversion Price, such VWAP or such fair market value, or the arithmetic calculation of such Conversion Rate or such applicable
Redemption Price (as the case may be), at any time after the third (3rd) Business Day following such initial notice by the Company
or such Holder (as the case may be) of such dispute to the Company or such Holder (as the case may be), then such Holder may, at
its sole option, select an independent, reputable investment bank to resolve such dispute, which investment bank shall be approved
by the Company (such approval not to be unreasonably delayed, withheld or conditioned).

 

(b) Such Holder and the Company shall each
deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with the first sentence
of this Section 26 and (B) written documentation supporting its position with respect to such dispute, in each case, no later
than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on which such Holder selected
such investment bank (the “Dispute Submission Deadline”) (the documents referred to in the immediately preceding
clauses (A) and (B) are collectively referred to herein as the “Required Dispute Documentation”) (it being understood
and agreed that if either such Holder or the Company fails to so deliver all of the Required Dispute Documentation by the Dispute
Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be entitled
to (and hereby waives its right to) deliver or submit any written documentation or other support to such investment bank with respect
to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was
delivered to such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the
Company and such Holder or otherwise requested by such investment bank, neither the Company nor such Holder shall be entitled to
deliver or submit any written documentation or other support to such investment bank in connection with such dispute (other than
the Required Dispute Documentation).

 

(c) The Company and such Holder shall cause
such investment bank to determine the resolution of such dispute and notify the Company and such Holder in writing of such resolution
no later than ten (10) Business Days immediately following the Dispute Submission Deadline. Absent bad faith by such Holder, the
fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank’s resolution of
such dispute shall be final and binding upon all parties absent manifest error.

 

    	 	28	 

     

    

 

27. Notices; Currency; Payments.

 

(a) Notices.   The
Company shall provide each Holder with prompt written notice of all actions taken pursuant to the terms of this Certificate of
Designations, including in reasonable detail a description of such action and the reason therefor. Any notices, consents, waivers
or other communications required or permitted to be given under the terms hereof must be in writing and will be deemed to have
been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation
of transmission is mechanically or electronically generated and kept on file by the sending party) or by electronic mail (provided
that the sending party does not receive an automated rejection notice); or (iii) one Business Day after deposit with an overnight
courier service, in each case properly addressed to the party to receive the same as follows:

 

(i) if to the Company, to:

 

FuelCell Energy, Inc.

3 Great Pasture Road

Danbury, CT 06810

Attention: Michael Bishop & Jennifer D. Arasimowicz, Esq.

Email: mbishop@fce.com

jarasimowicz@fce.com

 

with a copy to:

 

Foley & Lardner LLP

111 Huntington Avenue, Suite 2500

Boston, MA 02199

Attention: Paul Broude, Esq.

Email: pbroude@foley.com

Facsimile: (617) 342-4001

 

(ii) if to a Holder, in accordance with the
address, facsimile number and/or e-mail address of such Holder set forth on the books and records of the Company; or to such other
address, facsimile number and/or e-mail address and/or to the attention of such Person as the recipient party has specified by
written notice given to each other party five (5) days prior to the effectiveness of such change.

 

Written confirmation of receipt (A) given by the recipient of
such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine or e-mail containing the time, date, recipient facsimile number and an image of the first page of such transmission or
(C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt
from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively. The Company shall provide each
Holder with prompt written notice of all actions taken pursuant to this Certificate of Designations, including in reasonable detail
a description of such action and the reason therefore. Without limiting the generality of the foregoing, the Company shall give
written notice to each Holder (i) promptly upon any adjustment of the Conversion Price, setting forth in reasonable detail,
and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes
its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect to any grant,
issuances, or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property
to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution
or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with such
notice being provided to such Holder.

 

(b) Currency.   All
dollar amounts referred to in this Certificate of Designations are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Certificate of Designations shall be paid in U.S. Dollars. All amounts denominated in other currencies
(if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation.
 “Exchange Rate” means, in relation to any amount of currency to be converted into U.S. Dollars

 

    	 	29	 

     

    

 

pursuant to this Certificate of Designations, the U.S. Dollar
exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed that
where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of
such period of time).

 

(c) Payments.   Whenever
any payment of cash is to be made by the Company to any Person pursuant to this Certificate of Designations, unless otherwise expressly
set forth herein, such payment shall be made in lawful money of the United States of America by wire transfer of immediately available
funds pursuant to wire transfer instructions that Holder shall provide to the Company in writing from time to time with no less
than two (2) Business Days prior written notice. Whenever any amount expressed to be due by the terms of this Certificate
of Designations is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is
a Business Day. Any amount due under this Certificate of Designations which is not paid within five (5) Business Days of when
due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount at the
rate of fifteen percent (15%) per annum from the date such amount was due until the same is paid in full (“Late Charge”).

 

28. Waiver of Notice.   To
the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all other demands and
notices in connection with the delivery, acceptance, performance, default or enforcement of this Certificate of Designations.

 

29. Governing Law.   This
Certificate of Designations shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Certificate of Designations shall be governed by, the internal laws of the State
of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware.
The Company and each Holder hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in
The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed
or operate to preclude any Holder from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company’s obligations to such Holder, or to enforce a judgment or other court ruling in favor of such Holder.
THE COMPANY AND EACH HOLDER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS CERTIFICATE OF DESIGNATIONS OR ANY TRANSACTION
CONTEMPLATED HEREBY.

 

30. Severability.   If
any provision of this Certificate of Designations is prohibited by law or otherwise determined to be invalid or unenforceable by
a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended
to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision
shall not affect the validity of the remaining provisions of this Certificate of Designations so long as this Certificate of Designations
as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof
and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

31. Maximum Payments.   Nothing
contained herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum
permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum

 

    	 	30	 

     

    

 

permitted by such law, any payments in excess of such maximum
shall be credited against amounts owed by the Company to the applicable Holder and thus refunded to the Company.

 

32. Stockholder Matters; Amendment.

 

(a) Stockholder Matters.   Any
stockholder action, approval or consent required, desired or otherwise sought by the Company pursuant to the DGCL, the Certificate
of Incorporation, this Certificate of Designations or otherwise with respect to the issuance of Preferred Shares may be effected
by written consent of the Company’s stockholders or at a duly called meeting of the Company’s stockholders, all in
accordance with the applicable rules and regulations of the DGCL. This provision is intended to comply with the applicable sections
of the DGCL permitting stockholder action, approval and consent affected by written consent in lieu of a meeting.

 

(b) Amendment.   This
Certificate of Designations or any provision hereof may be amended by obtaining the affirmative vote at a meeting duly called for
such purpose, or written consent without a meeting in accordance with the DGCL, of the Required Holders, voting separate as a single
class, and with such other stockholder approval, if any, as may then be required pursuant to the DGCL and the Certificate of Incorporation.

 

33. Disclosure.   Upon
receipt or delivery by the Company of any notice in accordance with the terms of this Certificate of Designations, unless the Company
has in good faith determined that the matters relating to such notice do not constitute material, non-public information relating
to the Company or any of its Subsidiaries, the Company shall within two (2) Business Days after any such receipt or delivery
publicly disclose such material, non-public information on a Current Report on Form 8-K or otherwise, unless any provision of this
Certificate of Designations provides otherwise with respect to the public disclosure of a particular notice, then such public disclosure
shall be in accordance with the terms and conditions of such provision. In the event that the Company believes that a notice contains
material, non-public information relating to the Company or any of its Subsidiaries, the Company so shall indicate to such Holder
contemporaneously with delivery of such notice, and in the absence of any such indication, such Holder shall be allowed to presume
that all matters relating to such notice do not constitute material, non-public information relating to the Company or any of its
Subsidiaries.

 

34. Certain Defined Terms.   For
purposes of this Certificate of Designations, the following terms shall have the following meanings:

 

(a) “1934 Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(b) “Additional Amount”
means, as of the applicable date of determination, with respect to each Preferred Share, all declared and unpaid Dividends on such
Preferred Share.

 

(c) “Affiliate” or “Affiliated”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(d) “Attribution Parties”
means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder funds or
managed accounts, currently, or from time to time after the Initial Issuance Date, directly or indirectly managed or advised by
a Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of such Holder
or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with such Holder or any
of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated
with such Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the
purpose of the foregoing is to subject collectively such Holder and all other Attribution Parties to the Maximum Percentage.

 

(e) “Bloomberg” means Bloomberg, L.P.

 

    	 	31	 

     

    

 

(f) “Book-Entry” means
each entry on the Register evidencing one or more Preferred Shares held by a Holder in lieu of a Preferred Share Certificate issuable
hereunder.

 

(g) “Business Day” means
any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by
law to remain closed.

 

(h) “Change of Control”
means any Fundamental Transaction other than (i) any reorganization, recapitalization or reclassification of the Common Stock
in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification
continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly,
are, in all material respects, the holders of the voting power of the surviving entity (or entities with the authority or voting
power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities)
after such reorganization, recapitalization or reclassification, (ii) pursuant to a migratory merger effected solely for the purpose
of changing the jurisdiction of incorporation of the Company, (iii) a merger in connection with a bona fide acquisition by the
Company of any Person in which such merger does not contemplate a change to the identity of a majority of the board of directors
of the Company, or (iv) as a result of the transactions contemplated by this Certificate of Designations.

 

(i) “Closing Bid Price”
and “Closing Sale Price” means, for any security as of any date, the last closing bid price and last closing
trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins
to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may
be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last
closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last
trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as
reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg,
the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink
sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price (as
the case may be) of such security on such date shall be the fair market value as mutually determined by the Company and the Required
Holder. If the Company and the Required Holders are unable to agree upon the fair market value of such security, then such dispute
shall be resolved in accordance with the procedures in Section 26. All such determinations shall be appropriately adjusted
for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

 

(j) “Common Stock” means
(i) the Company’s shares of common stock, $0.0001 par value per share, and (ii) any capital stock into which such common
stock shall have been changed or any share capital resulting from a reclassification of such common stock.

 

(k) “Common Stock Equivalents” means, collectively,
Options and Convertible Securities.

 

(l) “Contingent Obligation”
means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness,
lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability,
or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged,
or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole
or in part) against loss with respect thereto.

 

(m) “Convertible Securities”
means any stock or other security (other than Options) that is at any time and under any circumstances, directly or indirectly,
convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common
Stock.

 

    	 	32	 

     

    

 

(n) “Current Subsidiary”
means any Person in which the Company on the Subscription Date, directly or indirectly, (i) owns any of the outstanding capital
stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of the business, operations
or administration of such Person, and all of the foregoing, collectively, “Current Subsidiaries”.

 

(o) “Eligible Market”
means The New York Stock Exchange, the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq Capital Market or the Principal Market.

 

(p) “Equity Conditions”
means, with respect to an given date of determination: (i) on each day during the applicable Equity Conditions Measuring Period,
the Common Stock is listed or designated for quotation (as applicable) on an Eligible Market and shall not have been suspended
from trading on an Eligible Market (other than suspensions of not more than two (2) days and occurring prior to the applicable
date of determination due to business announcements by the Company); (ii) during the applicable Equity Conditions Measuring Period,
the Company shall have delivered all shares of Common Stock issuable upon conversion of the Preferred Shares on a timely basis
as set forth in Section 4 hereof; (iii) any shares of Common Stock to be issued in connection with the event requiring
determination may be issued in full without violating Section 4(d)(i) hereof; (iv) any shares of Common Stock to be
issued in connection with the event requiring determination may be issued in full without violating the rules or regulations of
the Eligible Market on which the Common Stock is then listed or designated for quotation (as applicable); (v) on each day
during the applicable Equity Conditions Measuring Period, no public announcement of a pending, proposed or intended Fundamental
Transaction shall have occurred which has not been abandoned, terminated or consummated; (vi) on each day during the applicable
Equity Conditions Measuring Period, such Holder shall not be in possession of any material, non-public information regarding the
Company provided to it by the Company, any of its Subsidiaries or any of their respective Affiliates, employees, officers, representatives,
agents or the like; (vii) on each day during the applicable Equity Conditions Measuring Period, the Company otherwise shall not
have breached any covenant or other term of this Certificate of Designations in any material respect (other than covenants subject
to material adverse effect or materiality, which may not be breached in any respect), including, without limitation, the Company
shall not have failed to timely make any payment pursuant to this Certificate of Designations; (viii) on at least seven (7) Trading
Days during the applicable Equity Conditions Measuring Period, including each of the final three (3) Trading Days during such
Equity Conditions Measuring Period, there shall not have occurred any Volume Failure or Price Failure; (ix) on each day during
the applicable Equity Conditions Measuring Period, on the applicable date of determination (A) no Authorized Share Failure shall
exist or be continuing and 100% of the maximum number of shares of Common Stock then issuable upon conversion of the Preferred
Shares (without regard to any limitations on conversion) are available under the certificate of incorporation of the Company and
reserved by the Company to be issued pursuant to this Certificate of Designations, (B) all shares of Common Stock to be issued
in connection with the event requiring this determination may be issued in full without resulting in an Authorized Share Failure
and (C) all shares of Common Stock to be issued in connection with the event requiring this determination are duly authorized and
may be issued in full; (x) on each day during the applicable Equity Conditions Measuring Period, there shall not have occurred
and there shall not exist a Triggering Event or an event that with the passage of time or giving of notice would constitute a Triggering
Event; and (xi) the shares of Common Stock issuable pursuant to the event requiring the satisfaction of the Equity Conditions are
eligible for trading without restriction on an Eligible Market.

 

(q) “Equity Conditions Failure”
means that as of the applicable date of determination the Equity Conditions have not been satisfied (or waived in writing by the
applicable Holder).

 

(r) “Equity Conditions Measuring
Period” means the period beginning twelve (12) Trading Days immediately prior to the applicable date of determination
and ending on and including the applicable date of determination.

 

(s) “Fundamental Transaction”
means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more
related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another
Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties
or assets

 

    	 	33	 

     

    

 

of the Company or any of its “significant subsidiaries”
(as defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject
Entities to make, or allow the Company to be subject to or have its Common Stock be subject to or party to one or more Subject
Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding
shares of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held
by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or
exchange offer were not outstanding; or (z) such number of shares of Common Stock such that all Subject Entities making or
party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively
the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock,
or (iv) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually
or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of
the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party
to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or other business combination were
not outstanding; or (z) such number of shares of Common Stock such that the Subject Entities become collectively the beneficial
owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize,
recapitalize or reclassify its Common Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in
the aggregate to be or become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or
indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding
shares of Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement,
reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of
the aggregate ordinary voting power represented by issued and outstanding Common Stock, (y) at least 50% of the aggregate
ordinary voting power represented by issued and outstanding Common Stock not held by all such Subject Entities as of the date of
this Certificate of Designations calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding,
or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock or
other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other
transaction requiring other shareholders of the Company to surrender their shares of Common Stock without approval of the shareholders
of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions,
the issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents,
the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition
which may be defective or inconsistent with the intended treatment of such instrument or transaction.

 

(t) “GAAP” means United States generally
accepted accounting principles, consistently applied.

 

(u) “Group” means a “group”
as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(v) “Holder Pro Rata Amount”
means, with respect to any Holder, a fraction (i) the numerator of which is the number of Preferred Shares issued to such
Holder on the Initial Issuance Date and (ii) the denominator of which is the number of Preferred Shares issued to all Holders on
the Initial Issuance Date.

 

(w) “Indebtedness” means
of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed
as the deferred purchase price of property or services, including, without limitation, “capital leases” in accordance
with GAAP for the periods covered thereby (other than trade payables entered into in the ordinary course of business consistent
with past practice), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and

 

    	 	34	 

     

    

 

other similar instruments, (D) all obligations evidenced by
notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention
agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness
(even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession
or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with United States
generally accepted accounting principles, consistently applied for the periods covered thereby, is classified as a capital lease,
(G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any mortgage, deed of trust, lien, pledge, charge, security interest
or other encumbrance of any nature whatsoever in or upon any property or assets (including accounts and contract rights) with respect
to any asset or property owned by any Person, even though the Person which owns such assets or property has not assumed or become
liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations of others
of the kinds referred to in clauses (A) through (G) above.

 

(x) “Installment Amount”
means, as of the applicable date of determination, with respect to a particular Holder, (A) the Stated Value of a number of Preferred
Shares equal to (i) the product of (1) $989,677.42 multiplied by (2) such Holder’s Pro Rata Amount (rounded
to the nearest whole number) or (ii) all Preferred Shares then held by such Holder only if such number of Preferred Shares then
held by such Holder is less than the amount determined under the immediately preceding clause (i), (B) any Deferral Amount deferred
pursuant to Section 9(d) to such applicable Installment Date and included in such Installment Amount in accordance
therewith, and (C) any Acceleration Amount accelerated pursuant to Section 9(e) for such Current Installment Date and
included in such Installment Amount in accordance therewith.

 

(y) “Installment Conversion Price”
means, with respect to a particular date of determination, the lesser of  (i) the Conversion Price then in effect,
and (ii) 87.5% of the Installment Market Price then in effect. All such determinations to be appropriately adjusted for any stock
split, stock dividend, stock combination or other similar transaction during any such measuring period.

 

(z) “Installment Date”
means each of the first (1st) and sixteenth (16th) calendar day of each month commencing on (and including) December 1, 2018
and ending on (and including) the Maturity Date; provided that if a given Installment Date is not a Trading Day, such Installment
Date shall be the next Trading Day.

 

(aa) “Installment Market Price”
means the lesser of  (i) the VWAP on the Trading Day immediately prior to the applicable Installment Date and (ii)
the quotient of  (A) the sum of the two (2) lowest daily VWAPs of the Common Stock during the ten (10) consecutive
Trading Day period ending and including the Trading Day immediately prior to the applicable Installment Date, divided by (B) two
(2).

 

(bb) “Intellectual Property Rights”
means, with respect to the Company and its Subsidiaries, all of their rights or licenses to use all trademarks, trade names, service
marks, service mark registrations, service names, original works of authorship, patents, patent rights, copyrights, inventions,
licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications and
registrations therefor.

 

(cc) “Liquidation Event”
means, whether in a single transaction or series of transactions, the voluntary or involuntary liquidation, dissolution or winding
up of the Company or such Subsidiaries the assets of which constitute all or substantially all of the assets of the business of
the Company and its Subsidiaries, taken as a whole.

 

(dd) “Material Adverse Effect”
means one or more material adverse effect(s). individually or in the aggregate, on the business, properties, assets, liabilities,
operations, results of operations, condition (financial or otherwise) or prospects of the Company and its Subsidiaries, if any,
taken as a whole, or on the transactions contemplated hereby, or on the authority or ability of the Company to perform its obligations
under this Certificate of Designations.

 

    	 	35	 

     

    

 

(ee) “Maturity Date” shall
mean March 1, 2020; provided, however, the Maturity Date may be extended at the option of a Holder (i) in the event that,
and for so long as, a Triggering Event shall have occurred and be continuing or (ii) through the date that is twenty (20) Business
Days after the consummation of a Fundamental Transaction in the event that a Fundamental Transaction is publicly announced or a
Change of Control Notice is delivered prior to the Maturity Date; provided, however, that if a Holder elects to convert
some or all of its Preferred Shares pursuant to Section 4 hereof, and the Conversion Amount would be limited pursuant
to Section 4(d) hereunder, the Maturity Date shall automatically be extended until such time as such provision shall
not limit the conversion of such Preferred Shares.

 

(ff) “New Subsidiary”
means, as of any date of determination, any Person in which the Company after the Subscription Date, directly or indirectly, (i) owns
or acquires any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates
all or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, “New
Subsidiaries.”

 

(gg) “Options” means any
rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

(hh) “Parent Entity” of
a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity
security is quoted or listed on an Eligible Market, if any, or, if there is more than one such Person or Parent Entity, the Person
or Parent Entity with the largest public market capitalization as of the date of consummation of the Change of Control.

 

(ii) “Person” means an
individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(jj) “Price Failure” means,
with respect to each Trading Day of the applicable Equity Conditions Measuring Period, the VWAP of the Common Stock fails to be
$0.50 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring
after the Subscription Date) or more. All such determinations to be appropriately adjusted for any stock splits, stock dividends,
stock combinations, recapitalizations or other similar transactions during any such measuring period.

 

(kk) “Principal Market” means the Nasdaq
Global Market.

 

(ll) “Redemption Notices”
means, collectively, the Triggering Events Redemption Notices, the Maturity Redemption Notice, the Installment Notices with respect
to any Installment Redemption and the Change of Control Redemption Notices, and each of the foregoing, individually, a “Redemption
Notice.”

 

(mm) “Redemption Premium” means 125%.

 

(nn) “Redemption Prices”
means, collectively, Triggering Event Redemption Prices, the Change of Control Redemption Prices, the Maturity Redemption Price
and the Installment Redemption Prices, and each of the foregoing, individually, a “Redemption Price.”

 

(oo) “SEC” means the Securities and Exchange
Commission or the successor thereto.

 

(pp) “Significant Subsidiary”
shall have the meaning ascribed to such term in Rule 1-02 of Regulation S-X.

 

(qq) “Stated Value” shall
mean $1,000 per share, subject to adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications,
combinations, subdivisions or other similar events occurring after the Initial Issuance Date with respect to the Preferred Shares.

 

(rr) “Stockholder Meeting Outside Date” means
April 30, 2019.

 

(ss) “Subscription Date” means August 27,
2018.

 

(tt) “Subject Entity”
means any Person, Persons or Group or any Affiliate of any such Person, Persons or Group.

 

    	 	36	 

     

    

 

(uu) “Subsidiaries” means,
as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries, and each of the foregoing, individually,
a “Subsidiary.”

 

(vv) “Successor Entity”
means the Person (or, if so elected by the Required Holders, the Parent Entity) formed by, resulting from or surviving any Change
of Control or the Person (or, if so elected by the Required Holders, the Parent Entity) with which such Change of Control shall
have been entered into.

 

(ww) “Trading Day” means,
as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock, any day on which
the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common
Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded, provided that “Trading
Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5
hours or any day that the Common Stock is suspended from trading during the entire final hour of trading on such exchange or market
(or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during
the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the
Holder or (y) with respect to all determinations other than price or trading volume determinations relating to the Common
Stock, any day on which the Principal Market or other then applicable Eligible Market is open for trading of securities.

 

(xx) “Triggering Event Conversion
Price” means, with respect to any Triggering Event Conversion that price which shall be the lower of  (i) the
applicable Conversion Price as in effect on the Trading Day immediately preceding the time of the delivery or deemed delivery of
the applicable Conversion Notice, and (ii) 85% of the lowest VWAP of the Common Stock on any Trading Day during the five (5) consecutive
Trading Day period ending and including the Trading Day immediately preceding the delivery or deemed delivery of the applicable
Conversion Notice (as adjusted for any share dividend, share split, share combination, reclassification or similar transaction
that proportionately decreases or increases the Common Stock during such period).

 

(yy) “Volume Failure”
means, with respect to each Trading Day of the applicable Equity Conditions Measuring Period, the aggregate daily dollar trading
volume (as reported on Bloomberg) of the Common Stock fails to be $150,000 or more.

 

(zz) “VWAP” means, for
any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal
Market is not the principal trading market for such security, then on the principal securities exchange or securities market on
which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m.,
New York time, as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply,
the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such
security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average
of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in
the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security
on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined
by the Company and the Required Holders. If the Company and the Required Holders are unable to agree upon the fair market value
of such security, then such dispute shall be resolved in accordance with the procedures in Section 26. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction
during such period.

 

* * * * *

 

    	 	37	 

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Certificate of Designations of Series D Convertible Preferred Stock of FuelCell Energy, Inc. to be signed
by its Senior Vice President & Chief Financial Officer on this 29th day of August, 2018.

 

	 	FUELCELL ENERGY, INC. 
	 	 	 
	 	By:	/s/ Michael S. Bishop 
	 	 	Name: Michael S. Bishop 
	 	 	Title:   Senior Vice President & Chief Financial Officer

 

    	 	38	 

     

    

  

EXHIBIT I​

 

FUELCELL ENERGY, INC.

CONVERSION NOTICE 

 

Reference is made to the Certificate of Designations, Preferences
and Rights of the Series D Convertible Preferred Stock of FuelCell Energy, Inc. (the “Certificate of Designations”).
In accordance with and pursuant to the Certificate of Designations, the undersigned hereby elects to convert the number of shares
of Series D Convertible Preferred Stock, $0.01 par value per share (the “Preferred Shares”), of FuelCell
Energy, Inc., a Delaware corporation (the “Company”), indicated below into shares of common stock, $0.0001 value
per share (the “Common Stock”), of the Company, as of the date specified below.

 

	Date of Conversion:	 	 
	 	 	 
	Aggregate number of Preferred Shares to be converted	 	 
	 	 	 
	Aggregate Stated Value of such Preferred Shares to be converted:	 	 
	 	 	 
	Aggregate accrued and unpaid Dividends and accrued and unpaid Late Charges with respect to such Preferred Shares and such Aggregate Dividends to be converted:	 	 
	 	 	 
	AGGREGATE CONVERSION AMOUNT TO BE CONVERTED: 	 	 

 

This Conversion Notice shall constitute
a representation by the Holder submitting this Conversion Notice that after giving effect to the conversion provided for in this
Conversion Notice, the Holder (together with its Attribution Parties) will not have beneficial ownership (together with the beneficial
ownership of such Person’s Attribution Parties) of a number of shares of Common Stock which exceeds the Maximum Percentage
of the total outstanding shares of Common Stock of the Company as determined based on the Reported Outstanding Share Number provided
by the Company and otherwise pursuant to the provisions of Section 4(d)(i) of the Certificate of Designations. By submitting
this Conversion Notice to the Company, the Holder agrees and acknowledges that the Company shall be entitled rely on the foregoing
representation.

 

Please confirm the following information:

 

	Conversion Price:	 	 
	 	 	 
	Number of shares of Common Stock to be issued:	 	 
	 	 	 
	Installment Amount(s) to be reduced (and corresponding Installment Date(s)) and amount of reduction: 	 	 

 

		☐	If this Conversion Notice is being delivered with
respect to an Triggering Event Conversion, check here if Holder is electing to use the following Triggering Event Conversion Price:____________

 

		☐	If this Conversion Notice is being delivered with
respect to an Acceleration, check here if Holder is electing to use the following Installment Conversion Price:____________

 

    	 	39	 

     

    

 

Please issue the Common Stock into which the applicable Preferred
Shares are being converted to Holder, or for its benefit, as follows:

 

		☐	Check here if requesting delivery as a certificate
to the following name and to the following address:

 

	Issue to:	 	 
	 	 	 
	 	 	 

 

		☐	Check here if requesting delivery by Deposit/Withdrawal
at Custodian as follows:

​ 

	DTC Participant:  	 
	 	 
	DTC Number:    	 
	 	 
	Account Number:  	 

 

Date:_____________ , ___ , 
________

 

	 	 
	Name of Registered Holder 	 

 

	By :	 	 
	 	Name :	 
	 	Title :	 

  

	Tax ID:   	 	 
	 	 	 
	Facsimile: 	 	 

 

E-mail Address:

 

    	 	40	 

     

    

  

EXHIBIT II​

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges this Conversion Notice and hereby
directs American Stock Transfer & Trust Company to issue the above indicated number of shares of Common Stock.

 

	 	FUELCELL ENERGY, INC.
	 	 	 
	 	By:	Name:
	 	 	
        Title:

         

 

    	 	41EX-4.3

 Exhibit 4.3 
  

 
  

PETRÓLEO BRASILEIRO S.A. - PETROBRAS 

Company 
 TO 

THE BANK OF NEW YORK MELLON 

Trustee 
  

 
 INDENTURE 

Dated as of August 28, 2018 
  

 
 Debt Securities

  
  

 

 Petróleo Brasileiro S.A. – Petrobras 

Certain Sections of this Indenture relating to Sections 3.10 through 3.18, inclusive, of the 

Trust Indenture Act of 1939: 
  

			
	 Trust Indenture

Act Section
	  	Indenture
Section
	(S) 3.10 (a) (1)	  	6.09
	(a) (2)	  	6.09
	(a) (3)	  	Not Applicable
	(a) (4)	  	Not Applicable
	(b)	  	6.08
		  	6.10
	(S) 3.11 (a)	  	6.13
	(b)	  	6.13
	(S) 3.12 (a)	  	7.01
		  	7.02
	(b)	  	7.02
	(c)	  	7.02
	(S) 3.13 (a)	  	7.03
	(b)	  	7.03
	(c)	  	7.03
	(d)	  	7.03
	(S) 3.14 (a)	  	7.04
	(a) (4)	  	1.01
		  	10.05
	(b)	  	Not Applicable    
	(c) (1)	  	1.02
	(c) (2)	  	1.02
	(c) (3)	  	Not Applicable
	(d)	  	Not Applicable
	(e)	  	1.02
	(S) 3.15 (a)	  	6.01
	(b)	  	6.02
	(c)	  	6.01
	(d)	  	6.01
	(e)	  	5.14
	(S) 3.16 (a)	  	1.01
	(a) (1) (A)	  	5.02
		  	5.12
	(a) (1) (B)	  	5.13
	(a) (2)	  	Not Applicable
		  	5.08
	(c)	  	1.04
	(S) 3.17 (a) (1)	  	5.03
	(a) (2)	  	5.04
	(S) 3.18 (a)	  	1.07

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

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE ONE	  			
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  			
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Compliance Certificates and Opinions	  	 	13	 
	 Section 1.03.
	 	Form of Documents Delivered to Trustee	  	 	14	 
	 Section 1.04.
	 	Acts of Holders of Securities; Record Dates	  	 	14	 
	 Section 1.05.
	 	Notices, Etc., to Trustee and the Company	  	 	17	 
	 Section 1.06.
	 	Notice to Holders of Securities; Waiver	  	 	17	 
	 Section 1.07.
	 	Language of Notices, Etc.	  	 	18	 
	 Section 1.08.
	 	Conflict with Trust Indenture Act	  	 	18	 
	 Section 1.09.
	 	Effect of Headings and Table of Contents	  	 	18	 
	 Section 1.10.
	 	Successors and Assigns	  	 	18	 
	 Section 1.11.
	 	Separability Clause	  	 	18	 
	 Section 1.12.
	 	Benefits of Indenture	  	 	18	 
	 Section 1.13.
	 	Governing Law	  	 	18	 
	 Section 1.14.
	 	Saturday, Sundays and Legal Holidays	  	 	19	 
	 Section 1.15.
	 	Appointment of Agent for Service; Submission to Jurisdiction; Waiver of Immunity	  	 	19	 
	 Section 1.16.
	 	Waiver of Jury Trial	  	 	19	 
		
	ARTICLE TWO	  			
	SECURITY FORMS	  			
			
	 Section 2.01.
	 	Forms Generally	  	 	20	 
	 Section 2.02.
	 	Form of Global Security	  	 	21	 
	 Section 2.03.
	 	Form of Legend for Global Securities	  	 	32	 
	 Section 2.04.
	 	Form of Trustee’s Certificate of Authentication	  	 	33	 
		
	ARTICLE THREE	  			
	THE SECURITIES	  			
			
	 Section 3.01.
	 	Amount Unlimited: Issuable in Series	  	 	33	 
	 Section 3.02.
	 	Denominations	  	 	37	 
	 Section 3.03.
	 	Execution, Authentication, Delivery and Dating	  	 	38	 
	 Section 3.04.
	 	Temporary Securities	  	 	39	 
	 Section 3.05.
	 	Registration, Registration of Transfer and Exchange	  	 	41	 
	 Section 3.06.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	46	 
	 Section 3.07.
	 	Payment of Interest; Interest Rights Preserved	  	 	47	 
	 Section 3.08.
	 	Persons Deemed Owners	  	 	48	 
	 Section 3.09.
	 	Cancellation	  	 	48	 
	 Section 3.10.
	 	Computation of Interest	  	 	49	 
	 Section 3.11.
	 	CUSIP or ISIN Numbers	  	 	49	 

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

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

  

							
		 		  	 	Page	 
			
	 Section 3.12.
	 	Add On Notes	  	 	49	 
	 Section 3.13.
	 	Forms of Certification	  	 	49	 
		
	ARTICLE FOUR	  			
	SATISFACTION AND DISCHARGE	  			
			
	 Section 4.01.
	 	Satisfaction and Discharge of Indenture	  	 	54	 
	 Section 4.02.
	 	Application of Trust Money	  	 	55	 
		
	ARTICLE FIVE	  			
	REMEDIES	  			
			
	 Section 5.01.
	 	Events of Default	  	 	55	 
	 Section 5.02.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	57	 
	 Section 5.03.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	58	 
	 Section 5.04.
	 	Trustee May File Proofs of Claim	  	 	59	 
	 Section 5.05.
	 	Trustee May Enforce Claims Without Possession of Securities	  	 	59	 
	 Section 5.06.
	 	Application of Money Collected	  	 	59	 
	 Section 5.07.
	 	Limitation on Suits	  	 	60	 
	 Section 5.08.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	  	 	61	 
	 Section 5.09.
	 	Restoration of Rights and Remedies	  	 	61	 
	 Section 5.10.
	 	Rights and Remedies Cumulative	  	 	61	 
	 Section 5.11.
	 	Delay or Omission Not Waiver	  	 	61	 
	 Section 5.12.
	 	Control by Holders of Securities	  	 	62	 
	 Section 5.13.
	 	Waiver of Past Defaults	  	 	62	 
	 Section 5.14.
	 	Undertaking for Costs	  	 	63	 
	 Section 5.15.
	 	Waiver of Stay, Extension or Usury Laws	  	 	63	 
		
	ARTICLE SIX	  			
	THE TRUSTEE	  			
			
	 Section 6.01.
	 	Certain Duties and Responsibilities	  	 	63	 
	 Section 6.02.
	 	Notice of Defaults	  	 	64	 
	 Section 6.03.
	 	Certain Rights of Trustee	  	 	64	 
	 Section 6.04.
	 	Not Responsible for Recitals or Issuance of Securities	  	 	66	 
	 Section 6.05.
	 	May Hold Securities	  	 	66	 
	 Section 6.06.
	 	Money Held in Trust	  	 	66	 
	 Section 6.07.
	 	Compensation and Reimbursement	  	 	66	 
	 Section 6.08.
	 	Conflicting Interests	  	 	67	 
	 Section 6.09.
	 	Corporate Trustee Required; Eligibility	  	 	67	 
	 Section 6.10.
	 	Resignation and Removal; Appointment of Successor	  	 	67	 
	 Section 6.11.
	 	Acceptance of Appointment by Successor	  	 	69	 
	 Section 6.12.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	70	 

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

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
		 		  	 	Page	 
			
	 Section 6.13.
	 	Preferential Collection of Claims Against Company	  	 	70	 
	 Section 6.14.
	 	Appointment of Authenticating Agent	  	 	70	 
		
	ARTICLE SEVEN	  			
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	  			
			
	 Section 7.01.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	72	 
	 Section 7.02.
	 	Preservation of Information; Communications to Holders	  	 	72	 
	 Section 7.03.
	 	Reports by Trustee	  	 	73	 
	 Section 7.04.
	 	Reports by Company	  	 	73	 
	 Section 7.05.
	 	Calculation of Original Issue Discount	  	 	74	 
		
	ARTICLE EIGHT	  			
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  			
			
	 Section 8.01.
	 	Company May Consolidate, Etc., Only on Certain Terms	  	 	74	 
	 Section 8.02.
	 	Successor Substituted	  	 	76	 
		
	ARTICLE NINE	  			
	SUPPLEMENTAL INDENTURES	  			
			
	 Section 9.01.
	 	Supplemental Indentures Without Consent of Holders	  	 	76	 
	 Section 9.02.
	 	Supplemental Indentures with Consent of Holders	  	 	78	 
	 Section 9.03.
	 	Execution of Supplemental Indentures	  	 	79	 
	 Section 9.04.
	 	Effect of Supplemental Indentures	  	 	79	 
	 Section 9.05.
	 	Conformity with Trust Indenture Act	  	 	79	 
	 Section 9.06.
	 	Reference in Securities to Supplemental Indentures	  	 	79	 
		
	ARTICLE TEN	  			
	COVENANTS	  			
			
	 Section 10.01.
	 	Payment of Principal, Premium and Interest	  	 	80	 
	 Section 10.02.
	 	Maintenance of Office or Agency	  	 	80	 
	 Section 10.03.
	 	Money for Securities Payments to Be Held in Trust	  	 	81	 
	 Section 10.04.
	 	Additional Amounts	  	 	82	 
	 Section 10.05.
	 	Statement by Officers as to Default	  	 	83	 
	 Section 10.06.
	 	Existence	  	 	84	 
	 Section 10.07.
	 	Negative Pledge	  	 	84	 
	 Section 10.08.
	 	Currency Rate Indemnity	  	 	84	 
	 Section 10.09.
	 	Waiver of Certain Covenants	  	 	85	 
		
	ARTICLE ELEVEN	  			
	REDEMPTION OF SECURITIES	  			
			
	 Section 11.01.
	 	Applicability of Article	  	 	86	 
	 Section 11.02.
	 	Election to Redeem; Notice to Trustee	  	 	86	 

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

  
 -iii 

 TABLE OF CONTENTS 

(continued) 
  

							
		 		  	 	Page	 
			
	 Section 11.03.
	 	Selection by Trustee of Securities to Be Redeemed	  	 	86	 
	 Section 11.04.
	 	Notice of Redemption	  	 	87	 
	 Section 11.05.
	 	Deposit of Redemption Price	  	 	88	 
	 Section 11.06.
	 	Securities Payable on Redemption Date	  	 	88	 
	 Section 11.07.
	 	Securities Redeemed in Part	  	 	88	 
	 Section 11.08.
	 	Optional Redemption Due to Changes in Tax Treatment	  	 	88	 
		
	ARTICLE TWELVE	  			
	SINKING FUNDS	  			
			
	 Section 12.01.
	 	Applicability of Article	  	 	89	 
	 Section 12.02.
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	89	 
	 Section 12.03.
	 	Redemption of Securities for Sinking Fund	  	 	90	 
		
	ARTICLE THIRTEEN	  			
	MEETINGS OF HOLDERS OF SECURITIES	  			
			
	 Section 13.01.
	 	Purposes for Which Meetings May Be Called	  	 	90	 
	 Section 13.02.
	 	Call, Notice and Place of Meetings	  	 	90	 
	 Section 13.03.
	 	Persons Entitled to Vote at Meetings	  	 	91	 
	 Section 13.04.
	 	Quorum; Action	  	 	91	 
	 Section 13.05.
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	92	 
	 Section 13.06.
	 	Counting Votes and Recording Action of Meetings	  	 	92	 
		
	ARTICLE FOURTEEN	  			
	DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	 Section 14.01.
	 	Company’s Option to Effect Defeasance or Covenant Defeasance	  	 	93	 
	 Section 14.02.
	 	Defeasance and Discharge	  	 	93	 
	 Section 14.03.
	 	Covenant Defeasance	  	 	93	 
	 Section 14.04.
	 	Conditions to Defeasance or Covenant Defeasance	  	 	94	 
	 Section 14.05.
	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	  	 	96	 
	 Section 14.06.
	 	Reinstatement	  	 	96	 

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

  
 -iv- 

 INDENTURE, dated as of August 28, 2018, between PETRÓLEO BRASILEIRO S.A. -
PETROBRAS, a mixed capital company (sociedade do economia mista) organized under the laws of Brazil (the “Company”), having its principal office at Avenida República do Chile, 65,
20031-912 Rio de Janeiro - RJ, Brazil, and The Bank of New York Mellon, a New York banking corporation, as Trustee hereunder (herein called the “Trustee”). 

RECITALS 
 The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its secured or unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), which may be
convertible into or exchangeable for any securities of any Person, to be issued in one or more series as in this Indenture provided. 
 All
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE,
THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities or any series thereof, as follows: 

ARTICLE ONE 
 DEFINITIONS AND
OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01.  Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1)    the terms defined in this Article have the meanings assigned to them in this Article and include
the plural as well as the singular; 
 (2)    all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(3)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance
with IFRS, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are consistent with
IFRS at the date of such computation; and 
 (4)    Unless the context otherwise requires, any reference
to an “Article,” a “Section” or an “Annex” refers to an Article, a Section or an Annex, as the case may be, of this Indenture; and 

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

“Act,” when used with respect to any Holder, has the meaning set forth in Section 1.04. 

“Additional Amounts” has the meaning set forth in Section 10.04. 

“Add-On Notes” has the meaning set forth in Section 3.12. 

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

“Agent Members” has the meaning set forth in Section 3.05(1). 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of any depository for such Security, DTC, the Euroclear system and Clearstream, Luxembourg, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
 “Authorization,” with respect to any creation or issuance of a series of
Securities by the Company and any actions taken by the Company in connection with such issuance, means the authorization of such issuance and actions by the Board of Directors, the Board of Executive Officers or any other corporate body of the
Company required pursuant to the Company’s organizational documents and Brazilian law to authorize such issuance and actions. 

“Authorized Representative” means any person duly authorized by the Company to represent the Company in accordance with the
Company’s by-laws, each Officer of the Company and any other person duly appointed by the Company pursuant to a power of attorney with specific powers to perform such act on behalf of the Company;
provided, however, that such power of attorney is granted in a legal and valid manner pursuant to the Company’s by-laws, and provided further that the Company may only appoint attorneys-in-fact who, in the judgment of the Company, have positions and responsibilities compatible with the powers granted. 

“Board of Directors,” when used with reference to the Company, means the Conselho de Administração, or any
committee of such board of the Company, duly authorized to act for such board hereunder. 
 “Board of Executive Officers” means
the Diretoria of the Company. 

  
 2 

 “Board Resolution” means, when used with reference to the Company, a copy of a
resolution certified by the secretary or the assistant secretary of the Company, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and in each case delivered to the Trustee.

 “Brazil” means the Federative Republic of Brazil. 

“Business Day” means, with respect to any series of Securities, unless otherwise specified with respect to such series of
Securities as contemplated by Section 3.01, a day, other than a Saturday or Sunday, that (i) in the Place of Payment (or in any of the Places of Payment, if more than one) in which amounts are payable, as specified in the form of such
series of Securities and (ii) in the city in which the Corporate Trust Office is located, is not a day on which banking institutions are authorized or required by law or regulation to close (and for purposes of the sending of notices only, is
not a day on which banking institutions in Brazil are authorized or required by law or regulation to close). 
 “Certificated
Securities” has the meaning set forth in Section 3.05(1). 
 “Certification Date” means, with respect to Securities of
any series, (i) if Securities of such series are not to be initially represented by a Temporary Regulation S Security, the date of delivery of the definitive Regulation S Security and (ii) if Securities of such series are initially
represented by a Temporary Regulation S Security, the earlier of (A) the Exchange Date with respect to Securities of such series and (B) if the first Interest Payment Date with respect to Securities of such series is prior to such Exchange
Date, such Interest Payment Date. 
 “Clearstream, Luxembourg” means Clearstream Banking, société anonyme,
Luxembourg, and its successors. 
 “Commission” means the United States Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or, if at any time after the execution of this instrument the United States Securities and Exchange Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties at such time. 
 “Common Depositary” means the common depositary, if any, for Clearstream,
Luxembourg and Euroclear. 
 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture and thereafter “Company” shall mean such successor Person, as described further in Section 9.01(1). Company shall also
mean any new issuer of future issuances of Securities under this Indenture as contemplated by Section 9.01(1). 

  
 3 

 “Corporate Trust Office” means the principal office of the Trustee at which at any
time its corporate trust business shall be administered, which office at the date hereof is located at 240 Greenwich Street, New York, New York 10286, or such other address as the Trustee may designate from time to time by written notice to the
Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Covenant Defeasance” has the meaning set forth in Section 14.03. 

“Defaulted Interest” has the meaning set forth in Section 3.07. 

“Defeasance” has the meaning set forth in Section 14.02. 

“Depositary” means, with respect to Securities of any series issuable or issued in whole or in part in the form of one or more
Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.01. 

“DTC” means The Depository Trust Company or its nominee, and its successors. 

“Euroclear Operator” means Euroclear Bank S.A./N.V., a bank organized under the laws of the Kingdom of Belgium, as operator of the
Euroclear system (or any successor securities clearing system). 
 “Event of Default” has the meaning set forth in
Section 5.01. 
 “Exchange Act” means the United States Securities Exchange Act of 1934 (or any statute successor thereto),
as it may be amended from time to time. 
 “Exchange Date” has the meaning set forth in Section 3.04. 

“Expiration Date” has the meaning set forth in Section 1.04. 

“Exchange Offer” has the meaning set forth in the form of the face of the Global Security set forth in Section 2.02. 

“Exchange Security” means any Security issued by the Company (i) pursuant to the Exchange Offer, (ii) upon the
registration of transfer of a Security registered for resale on a Resale Registration Statement or (iii) upon the transfer of, or in exchange for, Securities which are Exchange Securities. 

“Global Security” means any Security or series of Security issued in the form set forth in Section 2.02 or established
pursuant to Section 2.01 which is registered in the Security Register in the name of a Depositary and bears the legend set forth in Section 2.03 (or such legend as may be specified as contemplated by Section 3.01 for such Securities).

 “Holder” means a Person in whose name a Security is registered in the Security Register. 

  
 4 

 “IFRS” means International Financial Reporting Standards as adopted by the
International Accounting Standards Board (“IASB”). 
 “Indebtedness” means any obligation (whether present or future,
actual or contingent and including, without limitation, any guarantee) for payment on or the repayment of money which has been borrowed or raised (including money raised by acceptance and all leases which, under IFRS, would constitute a capital
lease obligation). 
 “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or
amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 3.01.

 “Initial Regulation S Securities” means any Securities sold by the purchasers thereof in an initial offering contemplated by a
Purchase Agreement in reliance on Regulation S and which are Temporary Regulation S Securities. 
 “Interest,” when used with
respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 

“Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such
Security. 
 “Investment Company Act” means the United States Investment Company Act of 1940 (or any statute successor thereto),
as it may be amended from time to time. 
 “Lien” means any mortgage, pledge, lien, hypothecation, security interest or other
charge or encumbrance on any property or asset, including, without limitation, any equivalent created or arising under applicable law. 

“Material Subsidiary” means, as to any Person, any Subsidiary of such Person which, on any given date of determination, accounts
for more than 15% of such Person’s total consolidated assets, as such total assets are set forth on the most recent consolidated financial statements of such Person prepared in accordance with IFRS. 

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

“Notice of Default” means a written notice of the kind set forth in Section 5.01(3). 

“Officer” means, with respect to the Company, any member of its Board of Executive Officers. Such Board of Executive Officers
includes, on the date hereof, the following positions, which are subject to change in the future: president; chief financial officer; manager of 

  
 5 

 
corporate services; manager of exploration and production; manager of refining, transportation and mining; manager of gas and power; and manager of international activities. 

“Officer’s Certificate” means a certificate of the chief financial officer and any other Officer of the Company given pursuant
to Section 10.05. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company and who
shall be acceptable to the Trustee. 
 “Order” means a written request or order signed in the name of the Company by one or more
of its Authorized Representatives, in each case delivered to the Trustee. 
 “Original Issue Discount Security” means any
Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. 

“Original Securities” means Securities of any series that are not Exchange Securities. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (1)    Securities theretofore canceled by
the Trustee or delivered to the Trustee for cancellation; 
 (2)    Securities for whose payment or
redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for
the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefore satisfactory to the Trustee has been made; 

(3)    Securities as to which Defeasance has been effected pursuant to Section 14.02; and 

(4)    Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a
protected purchaser in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the
Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue Discount
Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 5.02, (ii) the
principal amount of a Security 

  
 6 

 
denominated in one or more foreign currencies or currency units shall be the U.S. dollar equivalent, determined in the manner provided as contemplated by Section 3.01 on the date of original
issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such
Security, (iii) if the principal amount payable at Stated Maturity of any Security is not determinable upon original issuance, the principal amount of such Security that shall be deemed to be Outstanding shall be the amount as specified or
determined as contemplated by Section 3.01, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so
owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on
its behalf, which at the date of this Indenture includes the Trustee. 
 “Permanent Regulation S Security” has the meaning set
forth in Section 3.04. 
 “Permitted Lien” means, with respect to any series of Securities issued for which
Section 10.07 applies, any: 
  

	 	(a)	 Lien granted in respect of Indebtedness owed to the Brazilian government, Banco Nacional de Desenvolvimento
Econômico e Social or any official government agency or department of the government of Brazil or of any state or region thereof; 

  

	 	(b)	 Lien arising by operation of law, such as merchants’, maritime or other similar Liens arising in the
Company’s ordinary course of business or that of any Subsidiary or Lien in respect of taxes, assessments or other governmental charges that are not yet delinquent or that are being contested in good faith by appropriate proceedings;

  

	 	(c)	 Lien arising from the Company’s obligations under performance bonds or surety bonds and appeal bonds or
similar obligations incurred in the ordinary course of business and consistent with the Company’s past practice; 

  

	 	(d)	 Lien arising in the ordinary course of business in connection with Indebtedness maturing not more than one year
after the date on which that Indebtedness was originally incurred and which is related to the financing of export, import or other trade transactions; 

  
 7 

	 	(e)	 Lien granted upon or with respect to any assets hereafter acquired by the Company or any Subsidiary to secure
the acquisition costs of those assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition of those assets, including any Lien existing at the time of the acquisition of those assets, so long as the maximum amount
so secured does not exceed the aggregate acquisition costs (including transaction costs related to such acquisition) of all such assets or the aggregate Indebtedness incurred solely for the acquisition of those assets, as the case may be;

  

	 	(f)	 Lien granted in connection with Indebtedness of the Company or any of its Subsidiaries owing to the Company or
another such Subsidiary; 

  

	 	(g)	 Lien existing on any asset or on any stock of any Subsidiary prior to the acquisition thereof by the Company or
any Subsidiary, so long as the Lien is not created in anticipation of that acquisition; 

  

	 	(h)	 Lien over any Qualifying Asset relating to a project financed by, and securing Indebtedness incurred in
connection with, the Project Financing of such project by the Company, any of the Company’s Subsidiaries or any consortium or other venture in which the Company or any Subsidiary has any ownership or other similar interest;

  

	 	(i)	 Lien existing as of the date of the issuance of Securities of such series; 

 

	 	(j)	 Lien resulting from the Indenture with respect to the Securities of such series; 

 

	 	(k)	 Lien incurred in connection with the issuance of debt or similar securities of a type comparable to those
already issued by the Company, on amounts of cash or cash equivalents on deposit in any reserve or similar account to pay interest on those securities for a period of up to 24 months as required by any rating agency as a condition to such rating
agency rating such securities as investment grade or as is otherwise consistent with market conditions at such time; 

  

	 	(l)	 Lien granted or incurred to secure any extension, renewal, refinancing, refunding or exchange (or successive
extensions, renewals, refinancings, refundings or exchanges), in whole or in part, of or for any indebtedness secured by Liens referred to in paragraphs (a) through (i) above (but not paragraph (c)), provided that such Lien does not extend to
any other property, the principal amount of the Indebtedness secured by the Lien is not increased (except to the extent attributable to accrued interest, the repayment of tender premiums or expenses incurred in respect of Indebtedness being
extended, renewed, refinanced, refunded or exchanged), and in the case of paragraphs (a), (b) and (f), the obligees meet the requirements of the applicable paragraph; and 

  
 8 

	 	(m)	 Lien in respect of Indebtedness the principal amount of which in the aggregate, together with all Liens not
otherwise qualifying as Permitted Liens pursuant to clauses (a) through (j) of this definition, does not exceed 20% of the Company’s consolidated total assets (as determined in accordance with IFRS) at any date as at which the
Company’s balance sheet is prepared and published in accordance with applicable Law. 

 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, trust, unincorporated organization, other entity or any government or any agency or political subdivision thereof. 

“Place of Payment,” when used with respect to the Securities of any series, means the place or places where the principal of and
any premium and interest on the Securities of that series are payable as specified as contemplated by Section 3.01. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Purchase Agreement” means any purchase agreement
entered into to issue Securities under this Indenture. 
 “Project Financing” of any project means the incurrence of Indebtedness
relating to the exploration, development, expansion, renovation, upgrade or other modification or construction of such project pursuant to which the providers of such Indebtedness or any trustee or other intermediary on their behalf or beneficiaries
designated by any such provider, trustee or other intermediary are granted security over one or more Qualifying Assets relating to such project for repayment of principal, premium and interest or any other amount in respect of such Indebtedness.

 “Qualifying Asset” in relation to any Project Financing means: 

(i)    any concession, authorization or other legal right granted by any Governmental Authority to the
Company or any of the Company’s Subsidiaries, or any consortium or other venture in which the Company or any Subsidiary has any ownership or other similar interest; 

(ii)    any drilling or other rig, any drilling or production platform, pipeline, marine vessel, vehicle
or other equipment or any refinery, oil or gas field, processing plant, real property (whether leased or owned), right of way or plant or other fixtures or equipment; 

(iii)    any revenues or claims which arise from the operation, failure to meet specifications, failure to
complete, exploitation, sale, loss or damage to, such concession, authorization or other legal right or such drilling or other rig, drilling or production platform, pipeline, marine vessel, vehicle or other equipment or refinery, oil or gas field,

  
 9 

 
processing plant, real property, right of way, plant or other fixtures or equipment or any contract or agreement relating to any of the foregoing or the Project Financing of any of the foregoing
(including insurance policies, credit support arrangements and other similar contracts) or any rights under any performance bond, letter of credit or similar instrument issued in connection therewith; 

(iv)    any oil, gas, petrochemical or other hydrocarbon-based
products produced or processed by such project, including any receivables or contract rights arising therefrom or relating thereto and any such product (and such receivables or contract rights) produced or processed by other projects, fields or
assets to which the lenders providing the Project Financing required, as a condition therefor, recourse as security in addition to that produced or processed by such project; and 

(v)    shares or other ownership interest in, and any subordinated debt rights owing to the Company by, a
special purpose company formed solely for the development of a project, and whose principal assets and business are constituted by such project and whose liabilities solely relate to such project. 

“Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant
to this Indenture. 
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is
to be redeemed pursuant to this Indenture. 
 “Registered Security,” means any Security issued in registered form that is
registered in the Security Register. Registered Securities shall include Global Securities and Certificated Securities. 

“Registration Default” has the meaning set forth in the form of face of Global Security in Section 2.02. 

“Registration Default Period” has the meaning set forth in the form of face of the Global Security in Section 2.02. 

“Registration Rights Agreement” means an agreement entered into by the Company contemplating the registration under the Securities
Act of a series of Securities issued under this Indenture subsequent to the initial date of issuance of such series of Securities. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date
specified for that purpose as contemplated by Section 3.01. 
 “Regulation S” means Regulation S under the Securities Act
(or any successor provision), as it may be amended from time to time. 
 “Regulation S Certificate” means a certificate
substantially in the form set forth in Annex A. 

  
 10 

 “Regulation S Global Security” has the meaning set forth in Section 2.01. 

“Regulation S Legend” means a legend substantially in the form of the legend required in the forms of face of Security set forth in
Section 2.02 to be placed upon a Regulation S Global Security. 
 “Regulation S Securities” means all Securities required
pursuant to Section 3.05(3) to bear a Regulation S Legend. Such term includes a Regulation S Global Security. 

“Reorganization” means the conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety
to any Person that guarantees the Company’s obligations under this Indenture and the Securities in accordance with Section 8.01. 

“Resale Registration Statement” shall mean a registration statement under the Securities Act registering the Securities for resale
pursuant to the terms of the Registration Rights Agreement. 
 “Responsible Officer” shall mean, when used with respect to the
Trustee, any officer within the corporate trust department (or similar group) of the Trustee, with direct responsibility for the administration of the Indenture, and any officer of the Trustee to whom any corporate trust matter is referred because
of such person’s knowledge of and familiarity with the particular subject. 
 “Restricted Global Security” means any Global
Security required pursuant to Section 3.05(3) to bear a Restricted Securities Legend. 
 “Restricted Period” means, with
respect to any series of Regulation S Securities, the period of 41 consecutive days beginning on and including the later of (i) the day on which Securities of such series are first offered to persons other than distributors (as defined in
Regulation S) in reliance on Regulation S and (ii) the day on which the closing of the offering of Securities of such series pursuant to a Purchase Agreement occurs. 

“Restricted Security” means all Securities required pursuant to Section 3.05(3) to bear a Restricted Securities Legend. Such
term includes a Restricted Global Security. 
 “Restricted Securities Certificate” means a certificate substantially in the form
set forth in Annex B. 
 “Restricted Securities Legend” means a legend substantially in the form of the legend required in the
form of face of Securities set forth in Section 2.02 to be placed upon a Restricted Security. 
 “Rule l44A” means Rule l44A
under the Securities Act (or any successor provision), as it may be amended from time to time. 
 “Rule 144A Securities” means
all Securities initially distributed in connection with the offering of the Securities by the Purchasers in reliance upon Rule 144A. 

  
 11 

 “SEC Registered Securities” means the Exchange Securities and all other Securities
sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act, together with their respective Successor Securities. 

“Securities” has the meaning set forth in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 
 “Securities Act” means the United States Securities Act of 1933 (or any
statute successor thereto), as it may be amended from time to time. 
 “Security Register” and “Security Registrar”
have the respective meanings set forth in Section 3.05. 
 “Special Interest” has the meaning set forth in the form of face
of the Global Security in Section 2.02. Unless the context otherwise requires, references herein to “interest” on the Securities shall include Special Interest. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.

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

“Step-Down Date” has the meaning set forth in the form of face of the Global Security in Section 2.02. 

“Step-Up” has the meaning set forth in the form of face of the Global Security in
Section 2.02. 
 “Subsidiary” means, as to any Person, a corporation, company, partnership or other entity of which shares
of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors (or similar
governing body) of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Indenture shall refer to a Subsidiary or Subsidiaries of the Company. 

“Successor Security” of any particular Security means every Security issued after, and evidencing all or a portion of the same debt
(subject to provisions, if any, in the Predecessor Security regarding payment of Special Interest) as that evidenced by, such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

  
 12 

 “Taxing Jurisdiction” shall mean Brazil or any other jurisdiction in which the Company
appoints a paying agent hereunder or any political subdivision or any taxing authority thereof or therein. 
 “Temporary Regulation S
Security” means a temporary Security issued in global registered form. 
 “Trustee” means the Person named as the
“Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a
Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“Trust Indenture Act” means the United States Trust Indenture Act of 1939 as in force at the date as of which this instrument was
executed (except as provided in Section 9.05); provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939, as so amended. 
 “United States” means the United States of America (including the States and the
District of Columbia) and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 

“Unrestricted Securities Certificate” means a certificate substantially in the form set forth in Annex C. 

“U.S. Person” shall have the meaning ascribed to such term in Rule 902 of Regulation S. 

“U.S. Government Obligations” has the meaning set forth in Section 14.04. 

Section 1.02.  Compliance Certificates and Opinions. 

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act with respect to compliance with conditions precedent provided for in this Indenture. Each such certificate or opinion shall be given in the form
of an Officer’s Certificate, if to be given by an Authorized Representative, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this
Indenture, except that in the event of any such application or request as to which the furnishing of such documents is specifically required by any provisions of this Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished. 
 Every certificate or opinion, whether required to be provided pursuant to this
Section 1.02 or elsewhere, with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

  
 13 

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

(2)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (3)    a statement that,
in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4)    a statement as to whether, in the opinion of each such individual, such condition or covenant has
been complied with. 
 Section 1.03.  Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Representative may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such Person know, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Representative stating that the information with respect to such
factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.04.  Acts of Holders
of Securities; Record Dates. 
 (1)    Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person
or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced 

  
 14 

 
thereby) are herein sometimes referred to as the “Act” of the Holders of Securities signing such instrument or instruments or so voting at such meeting. Proof of execution of any such
instrument or of a writing appointing any such agent or proxy, or of the holding by any Person of a Security shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Company,
if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 13.06. 

(2)    The fact and date of the execution by any Person of any instrument or writing may be proved by the
affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(3)    The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of
such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, or their duly designated proxies, and no other Holders, shall be entitled to take the relevant action, whether or
not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders, or duly designated proxies, of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders, or their duly
designated proxies, of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06. 

The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to
join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.02, (iii) any request to institute proceedings referred to in Section 5.07(2) or (iv) any direction
referred to in Section 

  
 15 

 
5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, or
their duly designated proxies, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration Date by Holders, or their duly designated proxies, of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be
construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person
be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders, or their duly designated proxies, of the requisite principal amount of Outstanding Securities of the relevant series
on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the expense of the Company, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date
to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06. 

With respect to any record date set pursuant to this Section, the party hereto that sets such record date may designate any day as the
“Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party or parties
hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06, on or prior to the existing Expiration Date. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date and, if an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party or parties hereto which set such record date
shall be deemed to have designated the 180th day after such record date as the Expiration Date with respect thereto. 
 Without limiting
the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents or proxies each
of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

(4)    The principal amount and serial numbers of Global Securities held by any Person, and the date of
holding the same, shall be proved by the Security Register. 
 (5)    Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

(6)    The provisions of this Section 1.04 are subject to the provisions of Section 13.05. 

  
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 Section 1.05.  Notices, Etc., to Trustee and the Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders of Securities or other document provided for or
permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1)    the Trustee
by any Holder of Securities or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (or sent by facsimile and confirmed in writing) to or with the Trustee at its Corporate Trust Office,
Attention: Institutional Trust Services, or 
 (2)    the Company by the Trustee or by any Holder of
Securities shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed (or sent by facsimile and confirmed in writing) international air mail postage prepaid and addressed to its principal
office specified in the first paragraph of this instrument to the attention of its Secretary, or at any other address previously furnished in writing to the Trustee by the Company. 

Section 1.06.  Notice to Holders of Securities; Waiver. 

Unless otherwise herein expressly provided, where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given to Holders of Securities if in writing and mailed, first-class postage prepaid, or delivered by hand or overnight courier to each Holder of a Security affected by such event, at its address as it appears in the Security Register,
not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. 
 In
case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders of Securities by mail, then such notification as shall be given with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder. In any case where notice to Holders of Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a
Security shall affect the sufficiency of such notice with respect to other Holders of Securities. 
 Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 The
Trustee may rely upon and comply with instructions or directions sent via unsecured facsimile or email transmission and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a
result of the Trustee’s reliance upon and compliance with instructions or directions given by unsecured facsimile or email transmission; provided, however, that such losses have not arisen from the negligence or willful misconduct of the
Trustee, it being understood that the failure of the Trustee to verify or confirm that the person delivering the email or the fax in which the instructions or direction, are 

  
 17 

 
contained is, in fact, authorized to deliver such email or facsimile is authorized to do so does not constitute negligence or willful misconduct. 

Section 1.07.  Language of Notices, Etc. 

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English
language. 
 Section 1.08.  Conflict with Trust Indenture Act. 

The Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and govern
indentures qualified under the Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of such
Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of such Act shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be. 
 Section 1.09.  Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 1.10.  Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 1.11.  Separability Clause. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 1.12.  Benefits of
Indenture. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.13.  Governing Law. 

This Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 18 

 Section 1.14.  Saturday, Sundays and Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security or the last day on which Holders have the
right to convert or exchange their Securities shall not be a Business Day at any Place of Payment or place of conversion or exchange, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any
Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) or conversion or exchange need not be made at such Place of Payment or place of conversion or
exchange on such date, but may be made on the next succeeding Business Day at such Place of Payment or place of conversion or exchange with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated
Maturity or on such last day for conversion or exchange. 
 Section 1.15.  Appointment of Agent for Service; Submission to Jurisdiction;
Waiver of Immunity. 
 By the execution and delivery of this Indenture, the Company hereby appoints the New York office of the Company
as its agent upon which process may be served in any legal action or proceeding which may be instituted in any state or Federal court in the Borough of Manhattan, The City of New York, State of New York, arising out of or relating to the Securities
or this Indenture, but for that purpose only. Service of process upon such agent at the office of the Company at 570 Lexington Avenue, Suite 2401, New York, New York 10022, and written notice of said service to the Company by the Person servicing
the same addressed as provided by Section 1.05, shall be deemed in every respect effective service of process upon the Company in any such legal action or proceeding. The Company will take any and all action necessary to continue such
designation in full force and effect and to advise the Trustee of any change of address of such agent; should such agent become unavailable for this purpose for any reason, the Company will promptly and irrevocably designate a new agent in the
Borough of Manhattan, The City of New York, State of New York, which will agree to act as such for powers and for the purposes set forth in this Section 1.15. The Company hereby (i) irrevocably submits to the nonexclusive jurisdiction of
any state or Federal court in the Borough of Manhattan, The City of New York, State of New York in any legal action or proceeding arising out of or relating to the Securities or this Indenture, (ii) to the extent it may effectively do so,
irrevocably and unconditionally waives any objection that it may have now or hereafter to the laying of the venue of any such legal action or proceeding and (iii) to the extent the Company has or hereafter may acquire any immunity from
jurisdiction of any such court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to itself or its property, the Company hereby irrevocably waives
such immunity in respect of its obligations under this Indenture and the Securities to the fullest extent permitted by law. Such appointment shall be irrevocable so long as the Holders of Securities shall have any rights pursuant to the terms
thereof or of this Indenture until the appointment of a successor by the Company with written notice thereof to the Trustee and such successor’s acceptance of such appointment. The Company further agrees to take any and all action, including
the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of such agent or successor. 

Section 1.16  Waiver of Jury Trial. . 

  
 19 

 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES. 

ARTICLE TWO 
 SECURITY FORMS 

Section 2.01.  Forms Generally. 

The Securities of each series shall be in substantially the form set forth in this Article, or in such other form (including temporary or
permanent global form) as shall be established by or pursuant to an Authorization of the Company or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary or as
may, consistently herewith, be determined by an Authorized Representative executing such Securities pursuant to this Indenture, as evidenced by its execution thereof. If the forms of Securities of any series are established by action taken pursuant
to an Authorization, a copy of an appropriate record of such action shall be certified by any Authorized Representative or the secretary or assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Order
contemplated by Section 3.03 for the authentication and delivery of such Securities. Any such Board Resolution or other document evidencing an Authorization shall have addressed thereto a true and correct copy of the form of Security referred
to therein approved by or pursuant to such Authorization. 
 The definitive Securities may be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by the Authorized Representative executing such Securities, as evidenced by its execution of such Securities. 

Upon their original issuance, any Rule 144A Securities and any Initial Regulation S Securities of any series shall be issued in the form of
separate Global Securities. The Global Securities representing Rule 144A Securities, together with their Successor Securities which are Global Securities other than Regulation S Global Securities and SEC Registered Securities, are collectively
herein called the “Restricted Global Securities”. The Global Securities representing Initial Regulation S Securities, together with their Successor Securities which are Global Securities other than Restricted Global Securities and SEC
Registered Securities, are collectively herein called the “Regulation S Global Securities.” 

  
 20 

 Section 2.02.  Form of Global Security. 

[Form of Face of Global Security] 

[Insert any legend required by the Internal Revenue Code 

and the regulations thereunder.] 

PETRÓLEO BRASILEIRO S.A. - PETROBRAS 

[Title of Security] 
  

			
	Date: ___________	  	CUSIP NO.____________
	No.________	  	ISIN NO.______________

 [Legend if the Security is a Restricted Security: 

“THE GLOBAL NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR ANY OTHER
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS GLOBAL NOTE, AGREES THAT THIS GLOBAL NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO PETRÓLEO BRASILEIRO S.A. -
PETROBRAS (2) SO LONG AS THIS GLOBAL NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A)
IN ACCORDANCE WITH RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY
PURCHASING THIS GLOBAL NOTE, REPRESENTS AND AGREES THAT IT WILL NOTIFY ANY PURCHASER OF THIS GLOBAL NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION” AND “UNITED STATES”
HAVE THE RESPECTIVE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”] 
 [Legend if the Security is a Regulation S Security: 

THIS GLOBAL NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS GLOBAL NOTE, AGREES THAT NEITHER THIS GLOBAL NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE 

  
 21 

 
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 

THE FOREGOING LEGEND MAY BE REMOVED FROM THIS GLOBAL NOTE AFTER 40 DAYS BEGINNING ON AND INCLUDING THE LATER OF (I) THE DATE ON WHICH
THE NOTES ARE OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (II) THE ORIGINAL ISSUE DATE OF THIS GLOBAL NOTE.] 

[Legend if the Security is a Temporary Regulation S Security: 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”). NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED ABOVE. 

NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL HEREOF OR INTEREST HEREON UNLESS THE
REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE.] 
 [Legend if the Security benefits from a Registration Rights
Agreement: 
 THE HOLDER OF THIS SECURITY IS SUBJECT TO, AND ENTITLED TO THE BENEFITS OF, THE REGISTRATION RIGHTS AGREEMENT, DATED AS OF
[date of agreement], AMONG PETRÓLEO BRASILEIRO S.A. - PETROBRAS AND THE OTHER PARTIES REFERRED TO THEREIN.] 
 This Security is one
of a duly authorized issue of securities of PETRÓLEO BRASILEIRO S.A. - PETROBRAS, a mixed capital company (sociedade de economia mista) organized under the laws of Brazil (the “Issuer”), designated as its __________ (the
“Securities”), issued in an initial aggregate principal amount of ________________ as revised by the Schedule of Increases and Decreased attached hereto, [If applicable, insert - - under the ___________ Supplemental Indenture (the
“__________ Supplemental Indenture”), effective as of ___________, by and among the Issuer and The Bank of New York Mellon, a New York banking corporation, as Trustee (the “Trustee”), to the Indenture, dated as of August 28,
2018 (the “Original Indenture”, and as supplemented by the ____________ Supplemental Indenture and any further supplements thereto with respect to the Securities, the “Indenture”), by and among the Issuer and the Trustee.
Reference is hereby made to the Indenture for a statement of the respective rights, limitations of interests, benefits, obligations and duties thereunder of the Issuer, the Trustee and the Holders, and of the terms upon which the Securities are, and
are to be, authenticated and delivered. All capitalized terms used in this Securities which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 

  
 22 

 The Issuer, for value received, hereby promises to pay to ______________, or its registered
assigns [If applicable, insert - - as nominee of __________________], and as the Holder of record of this Security the principal amount specified above in _________ on __________ (or earlier as provided for in the Indenture) upon presentation and
surrender hereof, at the office or agency of the Trustee referred to below. 
 [If the Security is to bear interest prior to Maturity,
insert --, As provided for in the Indenture, the Issuer promises to pay interest on the outstanding principal amount hereof, from ____________, [semi-annually in arrears on ______________ and ______________ of each year] [annually in arrears on
__________ in each year] (each such date, an “Interest Payment Date”), commencing _____________ at a rate equal to _____% per annum, and will initially accrue from the date of issuance and thereafter from the last Interest Payment Date to
which interest has been paid. Interest payable, and punctually paid or duly provided for, on this Security on any Interest Payment Date will, as provided in the Indenture, be paid in ___________ to the Person in whose name this Security (or one or
more predecessor Securities) is registered at the close of business on the Business Day preceding such interest payment. 
 Payment of the
principal of and interest on this Security will be payable by wire transfer to a _______ account maintained by the Holder of this Security as reflected in the Security Register of the Trustee. In the event the date for any payment of the principal
of or interest on any Security is not a Business Day, then payment will be made on the next Business Day with the same force and effect as if made on the nominal date of any such date for such payment and no additional interest will accrue on such
payment as a result of such payment being made on the next succeeding Business Day. [if the Security is to bear interest prior to Maturity, insert --, Interest shall accrue on the Securities at the rate of _____% per annum until all required amounts
due in respect of the Securities have been paid. Interest accrued with respect to this Security shall be calculated based on ____________.] 

[If applicable, insert -- However, if (i) a registration statement under the Securities Act of 1933, as amended (the “Securities
Act”), registering a security substantially identical to this Security (except that such Security will not contain terms with respect to the Special Interest payments described below or legends reflecting transfer restrictions) pursuant to an
exchange offer (the “Exchange Offer”) (the “Exchange Registration Statement”) (or, if applicable, a registration statement registering this Security for resale (a “Shelf Registration Statement”)) has not become or been
declared effective on or before the date on which such registration statement is required to become or be declared effective pursuant to the Exchange and Registration Rights Agreement, dated as of [date of agreement] (the “Registration Rights
Agreement”), among the Issuer and the other parties referred to therein, or (ii) the Exchange Offer has not been completed within the number of days specified by the Registration Rights Agreement after the initial effective date of the
Exchange Registration Statement (if the Exchange Offer is then required to be made) or a Shelf Registration Statement has not become or been declared effective on or before the date on which it is required to become or be declared effective pursuant
to the Exchange and Registration Rights Agreement, or (iii) any Exchange Registration Statement or, if applicable, the Shelf Registration Statement is filed and declared effective but shall thereafter cease to be effective (except as
specifically permitted pursuant to the Registration Rights Agreement) without being succeeded immediately (except as specifically permitted pursuant to 

  
 23 

 
the Registration Rights Agreement) by an additional registration statement filed and declared effective, in each case in Clauses (i) through (iii) upon the terms and conditions set forth in
the Registration Rights Agreement (each such event referred to in Clauses (i) through (iii), a “Registration Default” and each period during which a Registration Default has occurred and is continuing, a “Registration Default
Period”), then interest will accrue (in addition to any stated interest on the Securities) (the “Step-Up”) at a per annum rate of _____% for such Registration Default Period from and including
the date on which a Registration Default first occurs to but excluding the first date (the “Step-Down Date”) that no Registration Default is in effect. Interest accruing as a result of the Step-Up is
referred to herein as “Special Interest.” Accrued Special Interest, if any, shall be paid semi-annually on ______ and ______ in each year; and the amount of accrued Special Interest shall be determined on the basis of the number of days
during which such Registration Default is in effect. The Issuer shall provide the Trustee with written notice of the date of any Registration Default and the Step-Down Date. Any accrued and unpaid interest (including Special Interest) on this
Security upon the issuance of an Exchange Security (as defined in the Indenture) in exchange for this Security shall cease to be payable to the Holder hereof but such accrued and unpaid interest (including Special interest) shall be payable on the
next Interest Payment Date for such Exchange Security.] 
 [If the Security is not to bear interest prior to Maturity, insert -- The
principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity, and in such case the overdue principal and any overdue premium shall bear interest
at the rate of ___% per annum (to the extent that the payment of such interest shall be legally enforceable), from the date such amounts are due until they are paid or made available for payment. Interest on any overdue principal shall be payable on
demand. Any such interest on any overdue principal or premium which is not so paid on demand shall bear interest at the rate of ___% per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date
of such demand until the amount so demanded is paid or made available for payment. Interest on overdue interest shall be payable on demand.) 

[If the Securities are subject to redemption, insert - - The Securities are subject to redemption by the Issuer on the terms and conditions
specified in the Indenture.] 
 This Security does not purport to summarize the Indenture, and reference is made to the Indenture for
information with respect to the respective rights, limitations of interests, benefits, obligations and duties thereunder of the Issuer, the Trustee and the Holders. 

If an Event of Default shall occur and be continuing, the outstanding principal amount of all the Securities may become or may be declared due and payable in
the manner and with the effect provided in the Indenture. 
 Modifications of the Indenture may be made by the Issuer and the Trustee only
to the extent and in the circumstances permitted by the Indenture. 
 [If applicable, insert - - The Securities shall be issued only in
fully registered form, without coupons. Securities shall be issued in the form of beneficial interests in one or more global securities in denominations of _________and integral multiples of _________ in excess thereof. 

  
 24 

 Prior to and at the time of due presentment of this Security for registration of transfer, the
Issuer, the Trustee and any agent of the Issuer 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 Issuer, the Trustee nor any
agent thereof shall be affected by notice to the contrary. 
 IN WITNESS WHEREOF, the Issuer has caused this Security to be duly executed.

  

							
	Dated:	 		 	PETRÓLEO BRASILEIRO S.A. - PETROBRAS
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 [Form of Reverse of Global Security] 

This Security is one of a duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of August 28, 2018 (herein called the “Indenture” which term shall have the meaning assigned to it in such instrument), between the Issuer and The Bank of New York Mellon, as
Trustee (herein called the “Trustee,” which term includes any other successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if
applicable, insert, limited in aggregate principal amount to U.S.$__________]. 
 [If applicable, insert -- The Securities of this series
are subject to redemption upon not less than 15 days’ notice by mail, [if applicable, insert -- (1) on __________ in any year commencing with the year ____ and ending with the year _________ through operation of the sinking fund for this series
at a Redemption Price equal to [insert formula for determining amount] (with the amount in excess of 100% of the principal amount being additional interest), and (2)] at any time [if applicable, insert -- on or after ________, _____], as a whole or
in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert -- on or before ____________, ____%, and if redeemed] during the 12-month period beginning _________ of the years indicated, 
  

							
	Redemption	  	Redemption
	Year	  	Price	  	Year	  	Price

  
 25 

 and thereafter at a Redemption Price equal to ___% of the principal amount, together in the case of any such
redemption [if applicable, insert -- (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable
to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert -- The Securities of this series are subject to redemption upon not less than 15 days’ notice by mail,
(1) on ___________ in any year commencing with the year -- and ending with the year _____, through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert -- on or after __________, ___________], as a whole or in part, at the election of the Company, at the Redemption Prices for
redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount, with the amount in excess of 100% of the principal amount being additional interest) set forth in the table below: If redeemed during
the 12-month period beginning_____________ of the years indicated, 
  

					
	 Year
	  	 Redemption Price For

Redemption Through

Operation of the Sinking Fund
	  	 Redemption Price For

Redemption Otherwise Than

Through Operation of the
 Sinking
Fund

	  
	  	  
	  	  

 and thereafter at a Redemption Price equal to ____% of the principal amount, together in the case of any such redemption
(whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or
one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert -- Notwithstanding the foregoing, the Company may not, prior to __________, redeem any Securities of this series as
contemplated by [If applicable, insert -- Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company
(calculated in accordance with generally accepted financial practice) of less than ____% per annum.] 
 [If applicable, insert -- The
sinking fund for this series provides for the redemption on ________ in each year beginning with the year and ending with the year _____ and ending with the year _______ of [if applicable, insert -- not less than U.S.$________ (“mandatory
sinking fund”) and not more than U.S.$________] aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if applicable, insert - mandatory] sinking fund
payments may be credited 

  
 26 

 
against subsequent [if applicable, insert -- mandatory] sinking fund payments otherwise required to be made [if applicable, insert -- in the inverse order in which they become due].] 

[If applicable, insert -- The Securities of this series may be redeemed at the option of the Company, in whole but not in part, upon not less
than 15 nor more than 60 days’ notice given as provided in the Indenture, at any time at a Redemption Price equal to the principal amount thereof plus accrued and unpaid interest to the date fixed for redemption if as a result of any change in
or amendment to the laws or any regulations or rulings promulgated thereunder of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Company is incorporated (or in the case of a successor Person to
the Company, of the jurisdiction in which such successor Person is organized or any political subdivision or taxing authority thereof or therein) or any change in the official application or interpretation of such laws, regulations or rulings, or
any change in the official application or interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction or
political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on or after ____________ (or, in the case of a successor Person to the Company, the date on which such successor Person became such
pursuant to the applicable provision of the Indenture).] 
 [If applicable, insert -- The Securities may also be redeemed in whole but not
in part upon not less than 15 nor more than 60 days’ notice given as provided in the Indenture at any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if the Person formed
by a consolidation of the Company or into which the Company is merged or to which the Company conveys, transfers or leases its properties and assets substantially as an entirety is required to pay a Holder Additional Amounts in respect of any tax,
assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from any payment to such Holder as a consequence of such consolidation, merger, conveyance, transfer or lease.] 

[If applicable, insert -- the Redemption Price of the Securities of this series shall be equal to the applicable percentage of the principal
amount at Stated Maturity set forth below: 
  

			
	 If Redemption During the 12-Month

Period Commencing
	  	 Redemption

Price

	  
	  	  

 together with, in each case (except if the Redemption Date shall be a __________), an amount equal to the applicable
Redemption Price multiplied by a fraction the numerator of which is the number of days from but not including the preceding _______________ to and including the Redemption Date multiplied by the difference between the Redemption Price applicable
during the 12 months beginning on the _________________ following the Redemption Date (or, in the case of a Redemption Date after ___________, 100%) and the Redemption Price applicable on the Redemption Date and the denominator of which is the total
number of days from but not including the _________________ preceding the Redemption Date to and including the next succeeding ____________. The Company will also pay to each eligible Holder, or make

  
 27 

 
available for payment to each such Holder, on the Redemption Date any additional interest (as set forth on the face hereof) resulting from the payment of such Redemption Price.] 

[If applicable insert -- The Redemption Price of the Securities of this series either in the event of certain changes in the tax treatment or
in an event of default would include, in addition to the face amount of the Security, an amount equal to the Original Issue Discount accrued since the issue date. Original Issue Discount (the difference between the Issue Price and the Principal
Amount at Maturity of the Security), in the period during which a Security of this series remains outstanding, shall accrue at __% per annum, on a semi-annual bond equivalent basis using a 360-day year
composed of twelve 30-day months, commencing on the Issue Date of this Security.] 
 [If
applicable, insert -- Notice of redemption will be given by mail to Holders of Securities of this series, not less than 15 days nor more than 60 days prior to the date fixed for redemption, all as provided in the Indenture. Such notice may at the
Company’s option be subject to the satisfaction of one or more conditions precedent, and it may be rescinded or the applicable redemption date delayed in the event that any or all such conditions shall not have been satisfied by the applicable
redemption date. Any conditions precedent shall be described in such notice.] 
 [If the Security is subject to redemption of any kind,
insert -- In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable insert: The Securities are the Company’s unsecured obligations [and will be subordinated in right of payment to all of
the Company’s existing and future senior indebtedness (as such term is defined in the [supplemental indenture] [Board Resolution or other document evidencing an Authorization] authorizing this series of Securities)] and effectively subordinated
to all existing and future Indebtedness and other liabilities of its subsidiaries.] 
 [If applicable, insert -- The Indenture contains
provisions for defeasance at any time of [the entire indebtedness on this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case,] upon compliance with certain conditions set forth in the
Indenture.] 
 [If applicable, insert -- Subject to and upon compliance with the provisions of the Indenture, the Holder of this Security
is entitled, at his option, at any time after ________________, to [convert] [exchange] this Security into [Describe Securities and conversion mechanics].] 

[If applicable, insert -- In the event of conversion of this Security in part only, a new Security or Securities of this series and of like
tenor for the unconverted portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 
 [If the Security
is not an Original Issue Discount Security, insert -- If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the 

  
 28 

 
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert -- If an Event of Default with respect to Securities of this series shall
occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to -- insert formula for determining the amount.
Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of
the applicable issuer’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.] 

[If applicable, insert -- If any deduction or withholding for any present or future taxes, assessments or other governmental charges of
Brazil (or any political subdivision or taxing authority thereof or therein) shall at any time be required by Brazil (or any such political subdivision or taxing authority) in respect of any amounts to be paid by the Company under the Securities,
the Company will pay to the Holder of this Security such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to any such tax, assessment or other governmental charge, is not
resident in Brazil, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled (“Additional Amounts”); provided, however, that the Company shall not be required to
make any payment of Additional Amounts for or on account of: 
 (a)    any tax, assessment or other
governmental charge which would not have been imposed but for (i) the existence of any present or former connection between such Holder or the beneficial owner of the Security of such series (or between a fiduciary, settler, beneficiary, member
or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and Brazil or any political subdivision or territory or possession thereof or area
subject to its jurisdiction other than the mere holding of a Security or receipt of payment in respect thereto, including, without limitation, such Holder or beneficial owner (or such fiduciary, settler, beneficiary, member, shareholder or
possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of such
series (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(b)    any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or
other governmental charge; 
 (c)    any amount required to be deducted or withheld by any Paying Agent
from a payment on or in respect of the Security, if such payment can be made without such deduction or withholding by any other Paying Agent and we duly provide for such other Paying Agent to make such payment; 

  
 29 

 (d)    withholding for any taxes, duties, assessments or
other governmental charges that are payable otherwise than by deduction or withholding from payments on the Security; 

(e)    any tax, assessment or other governmental charge that is imposed or withheld by reason of the
failure to comply by the Holder or the beneficial owner of the Security of such series with a request of the Company addressed to the Holder (i) to provide information concerning the nationality, residence or identity of the Holder or such
beneficial owner or (ii) to make any declaration or other similar claim or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative
practice of Brazil as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 

(f)    where the Holder would have been able to avoid the tax, levy, deduction or other governmental
charge by taking reasonable measures available to such Holder; or 
 (f)     any combination of items
(a), (b), (c), (d), (e) and (f) above. 
 nor shall Additional Amounts be paid with respect to any payment in respect of any Security to any Holder or
beneficial owner who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of Brazil (or any political subdivision or taxing authority thereof or therein) to be
included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it been the Holder or beneficial
owner, as the case may be, of such Security. 
 Unless the context otherwise requires, the Original Securities (as defined in the
Indenture) of this series and the Exchange Securities (as defined in the Indenture) of this series shall constitute one series for all purposes under the Indenture, including without limitation, amendments, waivers and redemptions. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by 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. 

  
 30 

 As set forth in, and subject to, the provisions of the Indenture, no Holder of any Security of
this series will have any right to institute any proceeding with respect to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with
respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered indemnity or security satisfactory to the Trustee to institute
such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such
proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal [(and premium, if any)], interest or any Additional Amount on this Security on
or after the respective due dates expressed herein [If applicable insert -- or to a suit instituted by the Holder hereof for the enforcement of the right to convert this Security or receive Securities upon conversion or exchange in accordance with
the Indenture]. 
 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, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed or to convert or exchange this
Security as provided in the Indenture. 
 The Securities of this series are issuable only in registered form without coupons in
denominations of _________ and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this
series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 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 any place where the principal of and any premium and interest on this Security are payable, 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 his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 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 be overdue, and neither the Company
or the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture and the Securities shall be governed by and
construed in accordance with the laws of the State of New York. 

  
 31 

 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 [If applicable, insert -- 

SCHEDULE A 
 SCHEDULE OF
PRINCIPAL AMOUNT 
 The initial principal amount of this Security shall be U.S.$        . The
following decreases/increases in the principal amount of this Security have been made: 
  

									
	 Date of

Decrease/Increase
	  	 Decrease in
Principal

Amount
	  	 Increase in
Principal

Amount
	  	 Total Principal
Amount

Following such
Decrease/Increase
	  	 Notation Made
by or on Behalf
of
Trustee

	  
	  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

 Section 2.03.  Form of Legend for Global Securities. 

Unless otherwise specified as contemplated by Section 3.01 for the Securities evidenced thereby, every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the following form: 
 THIS CERTIFICATE 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 THEREOF. [If applicable, insert -- UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE
ISSUER OR THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF [name of registered holder ], OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO [name of registered holder], 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 SINCE
THE REGISTERED HOLDER HEREOF, [name of registered holder], HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND 

  
 32 

 
IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. 

Section 2.04.  Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificates of authentication shall be in substantially the following form: 

CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 The Bank of New York Mellon

    As Trustee

		
	By:	 	  

		 	Authorized Officer

 ARTICLE THREE 

THE SECURITIES 

Section 3.01.  Amount Unlimited: Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution or other document
evidencing an Authorization of the Company and, subject to Section 3.03, set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, the terms of the Securities of such series, including (as applicable) and without limitation: 

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

  
 33 

 (2)    any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to
Sections 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder) (including any provision for the offering of additional Securities of
the series beyond any such limit upon the aggregate principal amount of Securities of such series); 

(3)    whether the Securities of the series will be issued at par, at a premium or at discount or as an
Original Issue Discount Security; 
 (4)    whether the Securities will constitute subordinated
obligations of the Company and, if so, the terms of such subordination; 
 (5)    whether the Securities
will be secured obligations of the Company; 
 (6)    whether Securities of the series in a form other
than as Global Securities, whether any Securities of the series are to be issuable initially as Temporary Regulation S Securities and whether any Securities of the series are to be issuable as Permanent Regulation S Securities and, if so, whether
beneficial owners of interests in any such Permanent Regulation S Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may
occur, if other than in the manner provided in Section 3.05; 
 (7)    the Person to whom any
interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest the manner in
which, any interest on any Security of the series shall be payable, if other than by wire transfer in same-day funds to the Holder; 

(8)    the date or dates on which the principal of the Securities of the series is payable; 

(9)    the rate or rates at which the Securities of the series shall bear interest or the method by which
such rate shall be determined, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any interest payable on any Global Securities on
any Interest Payment Date; 
 (10)    the place or places where, subject to the provisions of
Section 10.02, the principal of and any premium and interest on Securities of the series shall be payable, any Global Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for
exchange or conversion and notices and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served; 

  
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 (11)    other than with respect to any redemption of
Securities pursuant to Section 11.08, the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company
(including the period following the date referred to in Section 11.08) and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced; 

(12)    other than with respect to any redemption of Securities pursuant to Section 11.08, the
obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

(13)    the terms and conditions for conversion or exchange of Securities into equity securities of the
Company (including, if applicable, the rights, preferences and privileges of such equity securities), and the terms of any additional redemption rights of the Company relating to such terms and conditions for conversion or exchange, whether any such
equity securities may be evidenced by American Depositary Receipts and whether such security is convertible or exchangeable into another security; 

(14)    the denominations in which any Securities of the series shall be issuable if other than
denominations of U.S.$1,000 and any integral multiple thereof; 
 (15)    the applicable rate on
Defaulted Interest; 
 (16)    the currency, currencies or currency units in which payment of the
principal of and any premium and interest on any Securities of the series shall be payable if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency of the United States of
America for purposes of the definition of “Outstanding” in Section 1.01; 
 (17)    if
the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index, the manner in which such amounts shall be determined; 

(18)    if the principal of or any premium or interest on any Securities of the series is to be payable,
at the election of the Company or a Holder thereof, in one or more currencies or currency units other than that or those in which the Securities of such series are stated to be payable, the currency, currencies or currency units in which the
principal of and any premium and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or
the manner in which such amount shall be determined); 
 (19)    if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02; 

  
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 (20)    the application, if any, of Sections 14.01, 14.02 or
14.03 or both such Sections to the Securities of the series and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced; 

(21)    if Additional Amounts pursuant to Section 10.04 will not be payable by the Company; 

(22)    if the principal amount payable at the Stated Maturity of any Securities of the series is not
determinable as of one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any other purpose hereunder, including the principal amount thereof which shall
be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date (or, in any such case, the manner in which such principal amount shall be determined); 

(23)    if applicable, that any Securities of the series shall be issuable in whole or in part in the form
of one or more Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in
Section 2.03 and, if different from those set forth in Clause (2) of the last paragraph of Section 3.05, any circumstances in which Securities issued upon any exchange may be registered in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof; 
 (24)    any addition to or change in the
Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.02; 

(25)    any addition to, removal of or change in the covenants set forth in Article Ten which applies to
Securities of the series; 
 (26)    whether the Securities of the series may be exchanged for Exchange
Securities pursuant to an Exchange Offer or otherwise in authorized denominations in exchange for a like principal amount of Original Securities of the same series, all in accordance with the terms of this Indenture and the terms of such security;
and 
 (27)    whether the Securities are Restricted Securities and Regulation S Securities, or SEC
Registered Securities; 
 (28)    whether Add On Notes will be permitted; and 

(29)    any other terms of the Securities of such series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 9.01(5)). 

  
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 Unless the context otherwise requires, any Original Securities of a series and any Exchange
Securities of such series shall constitute one series for all purposes under this Indenture, including without limitation, amendments, waivers or redemptions. 

If any of the terms of the Securities of a series are established by action taken pursuant to an Authorization of the Company, a copy of an
appropriate record of such action shall be certified by any Authorized Representative, as the case may be, each delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series. 

Section 3.02.  Denominations. 

Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, any Securities of a series shall be
issuable in minimum denominations of U.S.$1,000 and any integral multiple thereof. 

  
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 Section 3.03.  Execution, Authentication, Delivery and Dating. 

The Securities shall be executed on behalf of the Company by any Authorized Representative. The signature of any such Authorized
Representative may be manual or facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time a
proper Authorized Representative shall bind the Company notwithstanding that such individuals or any of them have ceased to hold such positions prior to the authentication and delivery of such Securities or did not hold such positions at the date of
such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver
Securities of any series, executed by the Company to the Trustee for authentication, together with an Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Order shall authenticate and deliver such
Securities. 
 If the forms or terms of the Securities of the series have been established in or pursuant to one or more Authorizations as
permitted by Sections 2.01 and 3.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01)
shall be fully protected in relying upon, an Opinion of Counsel and Officers’ Certificate stating, 

(1)    that such forms or terms have been established in conformity with the provisions of this Indenture;
and 
 (2)    that such Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised in
writing by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability based upon the written advice of counsel. 

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

  
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 Notwithstanding the provisions of Section 3.01 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.01 or the Order and Opinion of Counsel otherwise required pursuant
to such preceding paragraph at or prior to the time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 

Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has
been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 

Section 3.04.  Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and upon Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered
form and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. A Temporary Regulation S Security shall be
delivered only in compliance with the conditions set forth in Section 3.03 and this Section 3.04. 
 If temporary Securities of
any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations
and of a like aggregate principal amount and tenor. 
 If Temporary Regulation S Securities of any series are issued, any such Temporary
Regulation S Security shall, unless otherwise provided therein, be delivered to DTC or its nominee or the Common Depositary, in each case, for the benefit of the Euroclear Operator and Clearstream, Luxembourg, for credit to the respective accounts
of the beneficial owners of such Securities (or to such other accounts as they may direct). 

  
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 Without unnecessary delay but in any event not later than the date specified in, or determined
pursuant to the terms of, any such Temporary Regulation S Security of a series (the “Exchange Date”), the Company shall deliver to the Trustee definitive Securities of that series in aggregate principal amount equal to the principal amount
of such Temporary Regulation S Security executed by the Company. On or after the Exchange Date, such Temporary Regulation S Security shall be surrendered by DTC or its nominee or the Common Depositary, as the case may be, to the Trustee, as the
Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities of that series without charge, and the Trustee shall authenticate and deliver, in exchange for each portion of such Temporary
Regulation S Security a like aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such Temporary Regulation S Security to be exchanged; provided however, that upon
such presentation by DTC or its nominee or the Common Depositary, such Temporary Regulation S Security must be accompanied by a certificate dated the Exchange Date or a subsequent date and signed by the Euroclear Operator as to the portion of such
Temporary Regulation S Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream, Luxembourg as to the portion of such Temporary Regulation S Security held for its
account then to be exchanged, each in the form set forth in Section 3.12(2). The definitive Securities to be delivered in exchange for any such Temporary Regulation S Security shall, unless otherwise specified in the Temporary Regulation S
Security, be in or in the form of Permanent Regulation S Securities. 
 Unless otherwise specified in the Temporary Regulation S Security,
the interest of a beneficial owner of Securities of a series in a Temporary Regulation S Security shall be exchanged on the Exchange Date for interest in a permanent global registered Security (a “Permanent Regulation S Security”) of the
same series and of like tenor unless, on or prior to the Exchange Date, such beneficial owner has not delivered to the Euroclear Operator or Clearstream, Luxembourg, as the case may be, a certificate in the form set forth in Section 3.12(1)
dated no earlier than the Certification Date, copies of which certificate shall be available from the office of the Euroclear Operator and Clearstream, Luxembourg, the Trustee, and any Authenticating Agent appointed for such series of Securities and
each Paying Agent and after the Exchange Date, the interest of a beneficial owner of Securities of a series in a Temporary Regulation S Security shall be exchanged for an interest in a Permanent Regulation S Security of the same series and of like
tenor following such beneficial owner’s delivery to the Euroclear Operator or Clearstream, Luxembourg, as the case may be, of a certificate in the form set forth in Section 3.12(1) dated no earlier than the Certification Date. Unless
otherwise specified in such Temporary Regulation S Security, any such exchange shall be made free of charge to the beneficial owners of such Temporary Regulation S Security. 

  
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 Until exchanged in full as hereinabove provided, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, interest payable on a Temporary Regulation S Security on an Interest
Payment Date for Securities of such series shall be payable to the Euroclear Operator and Clearstream, Luxembourg on such Interest Payment Date only upon delivery by the Euroclear Operator or Clearstream, Luxembourg to the Trustee of a certificate
or certificates in the form set forth in Section 3.12(2), for credit without further interest on or after such Interest Payment Date to the respective accounts of the Persons who are the beneficial owners of such Temporary Regulation S Security
on such Interest Payment Date and who have each delivered to the Euroclear Operator or Clearstream, Luxembourg, as the case may be, a certificate in the form set forth in Section 3.12(1). Any interest so received by the Euroclear Operator and
Clearstream, Luxembourg and not paid as herein provided shall be returned to the Trustee immediately prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company in accordance with Section 10.03.

 Section 3.05.  Registration, Registration of Transfer and Exchange. 

(1)    The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the
register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it
may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Registered Securities and
transfers of Registered Securities as herein provided. Such Security Register shall distinguish between Original Securities and Exchange Securities. 

Except as otherwise provided in this Section 3.05(1), upon surrender for registration of transfer of a Registered Security of any series
at the office or agency in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same
series, of any authorized denominations and of like tenor and aggregate principal amount. 
 Subject to Section 3.05(2), at the option
of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denominations and of a like tenor and aggregate principal amount upon surrender of the Registered Securities to
be exchanged at such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is
entitled to receive. 

  
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 All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company evidencing the same debt (subject to the provisions, if any, in the Original Securities regarding payment of Special Interest) and entitled to the same benefits under this Indenture, as the Securities surrendered
upon such registration of transfer or exchange. 
 Every Registered Security presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney
duly authorized in writing. 
 In the event that the Company delivers to the Trustee a copy of an Officer’s Certificate certifying
that a registration statement under the Securities Act with respect to an Exchange Offer relating to a particular series of Securities, if any such Exchange Offer is contemplated for such series, has been declared effective by the Commission and
that the Company has offered Exchange Securities of such series to the Holders in accordance with the Exchange Offer, the Trustee shall exchange, upon request of any Holder, such Holder’s Securities for Exchange Securities upon the terms set
forth in the Exchange Offer. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company
and the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Sections 3.04, 9.06
or 11.07 not involving any transfer. 
 The Company shall not be required (i) to issue, register the transfer of or exchange
Registered Securities of any series during a period beginning at the opening of business 15 days before any selection of Securities of that series to be redeemed and ending at the close of business on the day of the mailing of the relevant notice of
redemption or (ii) to register the transfer of or exchange any Registered Security so selected for redemption, in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

The provisions of Clauses (a), (b), (c) and (d) below shall apply only to Global Registered Securities: 

(a)    Each Global Security authenticated under this Indenture shall be registered in the name of the
Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture.

 (b)    Subject to Clause (d) below, any exchange of a Global Security for other Securities may
be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 

  
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 (c)    Every Security authenticated and delivered upon
registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Sections 3.04, 3.06, 9.06 or 11.07 or otherwise, shall be authenticated and delivered in the form of, and
shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 

(d)    Except as provided below, owners of beneficial interests in Global Securities will not be entitled
to receive Registered Securities in their names (“Certificated Securities”). Certificated Securities shall be issued to all owners of beneficial interests in a Global Note in exchange for such interests if: 

(i)    The Depositary notifies the Company that it is unwilling or unable to continue as depositary for
such Global Note or the Depositary ceases to be a clearing agency registered under the Exchange Act, at a time when such Depositary is required to be so registered in order to act as depositary, and in each case, and a successor depositary is not
appointed by the Company within 90 days of such notice, 
 (ii)    The Depositary executes and delivers
to the Trustee and the Security Registrar a written notice stating that such Global Note shall be so exchangeable, or 

(iii)    an Event of Default has occurred and is continuing and the Security Registrar has received a
request from the Depositary or the Security Registrar and the Company have received a request from the Trustee. 
 In connection with the exchange of an
entire Global Security for Certificated Securities pursuant to this Clause (d), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and upon receipt of an Order the Trustee shall
authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Certificated Securities of authorized denominations. 

(e)    Members of, or participants in, DTC or Euroclear and Clearstream, Luxembourg, as the case may be
(“Agent Members”), shall have no rights under this Indenture with respect to any Global Security held on their behalf by DTC or by the Common Depositary under such Global Security, and DTC or the Common Depositary, as the case may be, may
be treated by the Company, the Trustee, the Paying Agent and the Security Registrar and any of their agents as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee, the Paying Agent or the Security Registrar or any of their agents from giving effect to any written certification, proxy or other authorization furnished by DTC or the Common Depositary or impair, as between DTC or Euroclear
and Clearstream, Luxembourg and their respective Agent Members, the operation of customary practices governing the exercise of the rights of an owner of a beneficial interest in any Global Security. The registered Holder of a Global Security may
grant 

  
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proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this
Indenture or the Securities. 
 (2)    Certain Transfers and Exchanges. 

(a)    The following provisions shall apply with respect to any proposed transfer of an interest in a
Restricted Global Security: If (i) the owner of a beneficial interest in a Restricted Global Security wishes to transfer such interest (or portion thereof) to a Non-U.S. Person pursuant to Regulation S
and (ii) such Non-U.S. Person wishes to hold its interest in the Security through a beneficial interest in the Regulation S Global Security, (x) upon receipt by the Depositary and Security Registrar
of: 
 (i)    instructions from the Holder of the Restricted Global Note directing the Depositary and
Security Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Security equal to the principal amount of the beneficial interest in the Restricted Global Security to be transferred, and 

(ii)    a Restricted Securities Certificate in the form of Annex B from the transferor, 

and (y) subject to the rules and procedures of the Depositary, the Depositary and Security Registrar shall increase the Regulation S
Global Security and decrease the Restricted Global Security by such amount in accordance with the foregoing. 

(b)    If the owner of an interest in a Regulation S Global Security wishes to transfer such interest (or
any portion thereof) to a “qualified institutional buyer” as defined by and pursuant to Rule 144A prior to the expiration of the Restricted Period therefor, (x) upon receipt by the Depositary and Security Registrar of: 

(i)    instructions from the Holder of the Regulation S Global Security directing the Depositary and
Security Registrar to credit or cause to be credited a beneficial interest in the Restricted Global Note equal to the principal amount of the beneficial interest in the Regulation S Global Security to be transferred, and 

(ii)    a Restricted Securities Certificate in the form of Annex B duly executed by the transferor, 

and (y) in accordance with the rules and procedures of the Depositary, the Depositary and Security Registrar shall increase the
Restricted Global Security and decrease the Regulation S Global Security by such amount in accordance with the foregoing. 

(c)    Other Transfers. Any transfer of Restricted Securities or Regulation S Securities not described
above (other than a transfer of a beneficial interest in a Global Security that does not involve an exchange of such interest for a Certificated Note or a beneficial interest in another Global Security, which must be effected in accordance with
applicable law and the rules and procedures of the Depositary, but is not subject to any 

  
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procedure required by this Indenture) shall be made only upon receipt by the Security Registrar of such opinions of counsel, certificates and/or other information reasonably required by and
satisfactory to it in order to ensure compliance with the Securities Act or in accordance with paragraph (3) of this Section 3.05. 

(3)    Securities Act Legends. Rule 144A Securities and their Successor Securities shall bear a Restricted
Securities Legend, and Initial Regulation S Securities and their Successor Securities shall bear a Regulation S Legend, subject to the following: 

(a)    subject to the following Clauses of this Section 3.05(3), a Security or any portion thereof
which is exchanged, upon registration of transfer or otherwise, for a Registered Global Security or any portion thereof shall bear the Securities Act legend borne by such Registered Global Security while represented thereby; 

(b)    subject to the following Clauses of this Section 3.05(3), a new Registered Security which is
issued in exchange for another Security or any portion thereof, upon registration of transfer or otherwise, shall bear the Securities Act legend borne by such other Security, provided that, if such new Registered Security is required to be issued in
the form of a Restricted Security, it shall bear a Restricted Securities Legend and, if such new Registered Security is so required to be issued in the form of a Regulation S Security, it shall bear a Regulation S Legend; 

(c)    any SEC Registered Securities shall not bear a Securities Act legend, 

  
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 (d)    after the applicable restricted period prescribed by
Rule 144(d) under the Securities Act, a new Registered Security which does not bear a Securities Act legend may be issued in exchange for or in lieu of a Registered Security or any portion thereof which bears such a legend if the Trustee has
received an Unrestricted Securities Certificate, satisfactory to the Trustee and duly executed by the Holder of such legended Security or his attorney duly authorized in writing, and after such date and receipt of such certificate, the Trustee shall
authenticate and deliver such a new Registered Security in exchange for or in lieu of such other Registered Security as provided in this Article Three, 

(e)    a new Registered Security which does not bear a Securities Act legend may be issued in exchange for
or in lieu of a Registered Security or any portion thereof which bears such a legend if, in the Company’s judgment, placing such a legend upon such new Security is not necessary to ensure compliance with the registration requirements of the
Securities Act, and the Trustee, at the direction of the Company, shall authenticate and deliver such a new Security as provided in this Article Three, and 

(f)    notwithstanding the foregoing provisions of this Section 3.05(3), a Successor Security of a
Security that does not bear a particular form of Securities Act legend shall not bear such form of legend unless the Company has reasonable cause to believe that such Successor Security is a “restricted security” within the meaning of Rule
144 under the Securities Act, in which case the Trustee, at the direction of the Company, shall authenticate and deliver a new Security bearing a Restricted Securities Legend in exchange for such Successor Security as provided in this Article Three.

 Section 3.06.    Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and of like tenor and principal amount bearing a number not contemporaneously outstanding, appertaining to the surrendered Security. 

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a
protected purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount bearing a number not
contemporaneously outstanding. 
 Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed,
lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

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

Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 3.07.  Payment of Interest; Interest Rights Preserved. 

Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid, in the case of definitive Registered Securities, to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest and, at the option of the Company, may be paid by check mailed to the address of the Person as it appears in the Security Register or, in the case of Global Securities, by wire transfer
of same-day funds to the Holder. 
 Any interest on any Registered Security of any series which is
payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 

(1)    The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the
Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for
the benefit of the Persons entitled to such Defaulted interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than ten
days prior to the date of the proposed payment and not less than ten days after the receipt by the Trustee of the notice of the 

  
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proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 1.06, not less than ten days prior to such Special Record Date. Notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the
close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 

(2)    The Company may make payment of any Defaulted interest on the Securities of any series in any other
lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions
of this Section and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such predecessor Security. 
 Section 3.08.  Persons Deemed Owners. 

Prior to due presentment of a 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 such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Sections 3.04, 3.05 and 3.07) any interest on such Security, and for all
other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Section 3.09.  Cancellation. 

All Securities surrendered for payment, redemption, registration of transfer or exchange or conversion or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures unless otherwise directed by an Order. 

  
 48 

 Section 3.10.  Computation of Interest. 

Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 3.11.  CUSIP or ISIN Numbers. 

The Company in issuing the Securities may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the
Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on
the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers. 
 Section 3.12.  Add On
Notes. 
 Unless otherwise provided pursuant to Section 3.01, the Company may, from time to time, subject to compliance with any
other applicable provisions of this Indenture, without the consent of the Holders, create and issue pursuant to this Indenture additional notes (“Add On Notes”) having terms and conditions identical to those of any other series of
Outstanding Securities issued under this Indenture, except that Add On Notes: 
 (1)    may have a
different issue date from such other series of Outstanding Securities; 
 (2)    may have a different
amount of interest payable on the first Interest Payment Date after issuance than is payable on such other series of Outstanding Securities; 

(3)    may have terms specified pursuant to the Board Resolution or other document evidencing an
Authorization or in a supplemental indenture for such Add On Notes making appropriate adjustments to the terms of this Indenture applicable to such Add On Notes in order to conform to and ensure compliance with the Securities Act (or other
applicable securities laws) and any Registration Rights Agreement applicable to such Add On Notes, which are not adverse in any material respect to the Holder of any such series of Outstanding Securities (other than such Add On Notes); and 

(4)    may be entitled to Step-Up interest not applicable to such
other series of Outstanding Securities and may not be entitled to such Step-Up interest applicable to such other series of Outstanding Securities. 

Section 3.13.  Forms of Certification. 

(1)    Whenever any provision of this Indenture contemplates that certification be given by a beneficial
owner of a portion of the Temporary Regulation S Security, such 

  
 49 

 
certification shall be provided substantially in the form of the following certificate, with only such changes as shall be approved by the Company: 

CERTIFICATE 
 PETRÓLEO
BRASILEIRO S.A. - PETROBRAS 
 Company 

[Title of Securities] 
 This is
to certify that as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic
corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States person(s)”), (ii) are owned by United States person(s) that (a) are foreign branches
of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-l2(c)(l)(v)) (“financial institutions”) purchasing for their own account or for resale, or
(b) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United
States financial institution hereby agrees, on its own behalf or through its agent, that you may advise the Company or its agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)) and, in addition, if the owner of the Securities is a United States or foreign financial institution described in Clause (iii) above (whether or not also described in
Clause (i) or (ii)) this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

 As used herein, “United States” means the United States of America (including the States and the District of Columbia); and
its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

We undertake to advise you by tested telex if the above statement is not correct on the date on which you intend to submit your certificate
relating to such Securities to the Trustee, and in the absence of any such notification it may be assumed that this certificate applies as of such date. 

This certificate excepts and does not relate to U.S.$ ___of which interest in the above Securities in respect of which we are not able to
certify and as to which we understand exchange and delivery of definitive Securities cannot be made until we do so certify. 
 We
understand that this certificate is required in connection with certain tax laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would
be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceedings. 

  
 50 

			
	Dated:	 	

  

			
	By:	 	  

		 	As, or as agent for, the beneficial
owner(s) of the Securities to which this certificate relates”;

 (2)    Whenever any provision of this Indenture contemplates that
certification be given by DTC (or its nominee), the Euroclear Operator or Clearstream, Luxembourg in connection with the exchange of a Temporary Regulation S Security for a Permanent Regulation S Security, such certification shall be provided
substantially in the form of the following certificate, with only such changes as shall be approved by the Company: 

  
 51 

 CERTIFICATION 

PETRÓLEO BRASILEIRO S.A. - PETROBRAS 

Company 
 [Title of Securities]

 (the “Securities”) 

This is to certify that, based solely on certifications we have received in writing, by tested telex or by electronic transmission from
member organizations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially to the effect set forth in the Indenture dated as
of        , ______ principal amount of the above-captioned Securities (i) is owned by Persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any
estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States persons”), (ii) is owned by United States persons that (a) are foreign branches of United States
financial institutions (as defined in U.S. Treasury Regulations Section l.165-12(c)(1)(v) (“financial institutions”)) purchasing for their own account or for resale, or (b) acquired the
Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial
institution has agreed, on its own behalf or through its agent, that we may advise the Company or its agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and
the regulations thereunder), or (iii) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7))), and to the further effect that United States or foreign financial institutions described in Clause (iii) above (whether or not also described in Clause (i) or
(ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a Person within the United States or its possessions. 

As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its
“possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

We further certify (i) that we are not making available herewith for exchange (or, if relevant, exercise of any rights or collection of
any interest) any portion of the Temporary Regulation S Security excepted in such certifications and (ii) that as of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements
made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any Interest) are no longer true and cannot be relied upon as of the date hereof.

  
 52 

 We understand that this certification is required in connection with certain tax laws and, if
applicable, certain securities laws in the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to
produce this certification to any interested party in such proceedings. 
 Dated:__________ 

 

							
		 		 		 	Yours faithfully,
				
		 		 		 	THE DEPOSITARY TRUST COMPANY
				
		 		 		 	or
				
		 		 		 	 EUROCLEAR BANK S.A./N.V.,
 as operator of the
Euroclear

		 		 		 	System
				
		 		 		 	or
				
		 		 		 	 CLEARSTREAM BANKING,
 societe anonyme,
Luxembourg

				
		 		 	  
 By:
	 	  
  

		 		 		 	Name:
		 		 		 	Title:

  
 53 

 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

Section 4.01.  Satisfaction and Discharge of Indenture. 

This Indenture and the Securities of any series shall upon Order of the Company cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange or conversion of such Securities herein expressly provided for, and any right to receive Additional Amounts as provided in Section 10.10) with respect to any series of Securities, and the Trustee,
on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to such series of Securities and the Securities of such series, when 

(1)    either 

(a)    all Securities of such series theretofore authenticated and delivered (other than
(i) Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (ii) Securities of such series for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.08) have been delivered to the Trustee for cancellation; or 

(b)    all Securities of such series not theretofore delivered to the Trustee for cancellation 

(i)    have become due and payable, or 

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

(iii)    are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company in the case of
(i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities for principal and any
premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

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

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

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to
the Trustee under Section 6.07, the obligations of the Company to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to Subclause (B) of Clause (l) of this Section, the
obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.08 shall survive. 

Section 4.02.  Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01
shall be held in trust (without liability to the Holders for interest or investment) and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with or received by the Trustee. 

ARTICLE FIVE 
 REMEDIES 

Section 5.01.  Events of Default. 

“Event of Default,” wherever used herein with respect to the Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 1.    The Company shall fail to make any payment in respect of principal on any
of the Securities of the series whether on the Stated Maturity (as the same may be extended as permitted hereunder), upon redemption or prior to the Maturity or otherwise in accordance with the terms of the Securities of the series and this
Indenture, non-payment of which shall continue for a period of 7 calendar days and the Trustee shall not have otherwise received such amounts from amounts on deposit or otherwise by the end of such 7 calendar
day period; 
 2.    The Company shall fail to make any payment in respect of any interest or other
amounts due on or with respect to the Securities of the series (including Additional Amounts, if any) in accordance with the terms of the Securities of such series and this Indenture, non-payment of which
shall continue for a period of 30 calendar days and the Trustee shall not have otherwise received such amounts from amounts on deposit or otherwise by the end of such 30 calendar day period; 

  
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 3.    The Company shall fail to perform, or breach, any term,
covenant, agreement or obligation in respect of the Securities of the series issued under this Indenture or in a Supplemental Indenture, and such failure is either incapable of remedy or continues for a period of 60 calendar days after there has
been received by the Company from the Trustee or the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder; 
 4.    The maturity of any Indebtedness of the
Company or any Material Subsidiary thereof in a total aggregate principal amount of U.S.$200,000,000 or more is accelerated in accordance with the terms of that Indebtedness, it being understood that prepayment or redemption by the Company or any
Material Subsidiary thereof of any Indebtedness is not acceleration for this purpose; 
 5.    The
Company or any Material Subsidiary thereof stops payment of, or is generally unable to pay, its debts as and when they become due except (i) as is otherwise expressly provided under this Indenture or (ii) in the case of a winding-up, dissolution or liquidation for the purpose of and followed by a consolidation, merger, spin off, conveyance or transfer, the terms of which shall have been approved by a resolution of a meeting of the
Holders of the Outstanding Securities of that series; 
 6.    Proceedings are initiated against the
Company or any Material Subsidiary thereof under any applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar effect, or under any other law for the relief of, or relating to, debtors, and any such
proceeding is not dismissed or stayed within 90 days after the entering of such proceeding, or an administrator, receiver, trustee, manager, fiduciary, statutory manager, intervener or assignee for the benefit of creditors (or other similar
official) is appointed to take possession or control of, or a distress, execution, attachment or sequestration or other process is levied, enforced upon, sued out or put in force against, all or any material part of the undertaking, property, assets
or revenues of the Company or any Material Subsidiary thereof and is not dismissed or stayed within 90 days; 

7.    The Company or any Material Subsidiary thereof commences voluntarily or consents to judicial,
administrative or other proceedings relating to it under any applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar effect, or under any other law for the relief of, or relating to, debtors, or makes or
enters into any composition, recuperação judicial or extrajudicial or other similar arrangement with its creditors, or appoints or applies for the appointment of an administrator, receiver, trustee, manager, fiduciary, statutory
manager, intervener or assignee for the benefit of creditors (or other similar official) to take possession or control of the whole or any material part of its undertaking, property, assets or revenues, or takes any judicial, administrative or other
similar proceeding under any law for a readjustment or deferment of its Indebtedness or any part of it; 

  
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 8.    An effective resolution is passed for, or any
authorized action is taken by any court of competent jurisdiction, directing the winding-up, dissolution or liquidation of the Company or any Material Subsidiary thereof (other than in any of the circumstances
referred to as exceptions in paragraph (5) above); 
 9.    Any event occurs that under the laws of
any relevant jurisdiction has substantially the same effect as any of the events referred to in any of paragraphs (5), (6), (7) or (8) of this Section 5.01; 

10.    This Indenture or any part thereof shall cease to be in full force and effect or binding and
enforceable against the Company, as applicable, it becomes unlawful for the Company to perform any material obligation under this Indenture or the Guaranty related to the series of the Securities, or the Company shall contest the enforceability of
this Indenture or deny that it has liability under this Indenture; and 
 11.    In the case of any
Security convertible or exchangeable into another Security of the Company, the Company remains in default in the conversion of any Security of such series for 30 days after there has been received by the Company from the Trustee or the Holders of at
least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

Section 5.02.  Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default (other than an Event of Default specified in Section 5.01(6), 5.01(7), 5.01(8) or 5.01(9)) with respect to
Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may declare the principal amount (or,
if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) of all of the Securities of such series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in
Section 5.01(6), 5.01(7), 5.01(8) or 5.01(9) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) shall automatically and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and
payable. 
 At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a
judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company
and the Trustee, may rescind and annul such declaration and its consequences if: 

  
 57 

 (1)    the Company has paid or deposited with the Trustee a
sum sufficient to pay: 
 (a)    all overdue interest on all Securities of that series, 

(b)    the principal of (and premium and Additional Amounts, if any, on) any Securities of that series
which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 

(c)    to the extent that payment of such interest is lawful, interest upon overdue interest at the rate
or rates prescribed therefor in such Securities, and 
 (d)    all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and all other amounts due to the Trustee under Section 6.07; and 

(2)    all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 

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

Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

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

(2)    default is made in the payment of the principal of (or premium, if any, on) any Security at the
Maturity thereof and such default continues for a period of 7 days, 
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable, including Additional Amounts, on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and all amounts due the Trustee under Section 6.07. 

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific

  
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enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

Section 5.04.  Trustee May File Proofs of Claim. 

In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the
Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders of that series of Securities and the Trustee
allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of that series of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders of that series of Securities, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to
the Trustee under Section 6.07. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder of a Security any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of
any Holder of a Security in any such proceeding provided, however, that the Trustee may, on behalf of the Holders of Securities, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other
similar committee. 
 Section 5.05.  Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 6.07, be for the ratable benefit of the Holders of the
Securities in respect of which such judgment has been recovered. 
 Section 5.06.  Application of Money Collected. 

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

  
 59 

 FIRST: To the payment of all amounts due the Trustee under Section 6.07;

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

Section 5.07.  Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, the Securities or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1)    such Holder has previously given written notice to the Trustee of a continuing Event of Default
with respect to the Securities of such series; 
 (2)    the Holders of not less than 25% in principal
amount of the Outstanding Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3)    such Holder or Holders have offered to the Trustee indemnity or security satisfactory to it against
the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4)    the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

(5)    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being
understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

  
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 Section 5.08.  Unconditional Right of Holders to Receive Principal, Premium and Interest and to
Convert. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and any premium and (subject to Sections 3.04, 3.05 and 3.07) interest and any Additional Amounts on such Security on the respective Stated Maturity or Maturities expressed in such Security
(or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and, if such Security is convertible or exchangeable, to convert or exchange such Security in accordance with this Indenture and
to institute suit for the enforcement of such right to convert or to receive Securities upon conversion and such rights shall not be impaired without the consent of such Holder. 

Section 5.09.  Restoration of Rights and Remedies. 

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

Section 5.10.  Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 Section 5.11.  Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders of Securities may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders of Securities, as the case may be. 

  
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 Section 5.12.  Control by Holders of Securities. 

The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 

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

(2)    the Trustee may take any other action deemed necessary by the Trustee which is not inconsistent
with such direction, and 
 (3)    the Trustee need not follow any such direction if doing so would in
its reasonable discretion either involve it in personal liability or be unduly prejudicial to Holders of Securities not joining in such direction. 

Section 5.13.  Waiver of Past Defaults. 

Subject to Section 5.02, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series of the Company and its consequences, except a default 

(1)    in the payment of the principal of or any premium, interest or Additional Amounts on any Security
of such series of the Company, or 
 (2)    in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected, or 

(3)    in the conversion or exchange of any Security of such series of such Company and the delivery of
Securities upon conversion. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

  
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 Section 5.14.  Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs, including reasonable attorney’s fees and expenses, against any such
party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment
in any suit instituted by the Company, in any suit instituted by the Trustee, in any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or in
any suit instituted by any Holder of any Security for the enforcement of the payment of the principal of or any premium or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date) or for the enforcement of any right to convert such Security pursuant to this Indenture. 

Section 5.15.  Waiver of Stay, Extension or Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Securities as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture. The Company hereby expressly waives (to the extent that it may lawfully do so) all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE SIX 
 THE TRUSTEE 

Section 6.01.  Certain Duties and Responsibilities. 

The duties, responsibilities, rights, benefits and protections of the Trustee shall be as specifically set forth in this Indenture and the
Trust Indenture Act and no implied covenants or obligations shall be read into this Indenture against the Trustee, except as otherwise required by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or adequate security or indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

  
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 Section 6.02.  Notice of Defaults. 

If the Trustee has actual written notice of an Event of Default with respect to Securities of any series, the Trustee shall give the Holders
of Securities of such series notice of such Event of Default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 5.01(3) with respect to Securities
of such series, no such notice to such Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would
become, an Event of Default with respect to Securities of such series. 
 Section 6.03.  Certain Rights of Trustee. 

Subject to the provisions of Section 6.01: 

(1)    the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document (whether in its original or facsimile form)
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(2)    any request or direction of the Company mentioned herein shall be sufficiently evidenced by an
Order and any resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution; 

(3)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely and be fully protected for
such reliance upon an Officer’s Certificate or an Opinion of Counsel; 
 (4)    the Trustee may
consult with counsel of its selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon; 
 (5)    the Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

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

  
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Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney (and the
Company shall reimburse the Trustee for reasonable expenses in connection with such inquiry or investigation); provided that the Trustee shall not be entitled to such information which the Company is prevented from disclosing as a matter of law or
contract; 
 (7)    the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(8)    the Trustee shall not be liable for any action taken or omitted by it in good faith and believed by
it to be within the discretion, rights or powers conferred upon it by this Indenture; 
 (9)    the
Trustee shall not be deemed to have notice of any default (as defined in Section 6.02) or Event of Default unless a Responsible Officer of the Trustee has received written notice of any event which is in fact such a default at the Corporate
Trust Office of the Trustee, and such notice references the Securities and this Indenture; 

(10)    the rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; 

(11)    the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

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

(13)    notwithstanding anything herein to the contrary neither the Trustee nor any of its the agents
shall incur any liability for not performing any act or fulfilling any duty obligation or responsibility hereunder by reason of any occurrence beyond the control of the Trustee or its respective agent as applicable including but not limited to any
act or provision of any present or future law or regulation or governmental authority any act of God or war civil unrest local or national disturbance or disaster any act of terrorism fire riot strikes or work stoppages for any reason embargos
government action or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility; 

(14)    the Trustee may act at the direction of the requisite holders without incurring any liability; and

  
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 (15)    the Trustee shall not be liable for errors in
judgment made in good faith unless it was negligent in ascertaining the pertinent facts. 
 Section 6.04.  Not Responsible for Recitals or
Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof. 

Section 6.05.  May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent. 
 Section 6.06.  Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall
be under no liability for interest on or investment of any money received by it hereunder except as otherwise agreed in writing with the Company. 

Section 6.07.  Compensation and Reimbursement. 

The Company agrees: 

(1)    to pay to the Trustee from time to time such compensation as shall be agreed in writing from time
to time for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2)    except as otherwise expressly provided herein, to reimburse the Trustee upon its written request
for all reasonable fees, costs, indemnities, expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its
agents and counsel), except to the extent that any such fees, costs, indemnities, expenses, disbursements or advances may be attributable to its negligence or bad faith; and 

(3)    to fully indemnify the Trustee and any predecessor Trustee and their agents for, and to hold it
harmless against, any and all loss, liability, damages, claims or expense arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of its duties hereunder, including the costs and

  
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expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder except to the extent that any such loss,
liability or expense may be attributable to its negligence or bad faith. 
 The Trustee shall have a Lien prior to the Holders of
Securities to payment of amounts due it under this Section 6.07 from funds held by the Trustee hereunder. “Trustee” for purposes hereof includes any predecessor trustee, but the negligence or bad faith of any trustee shall not affect
the rights of any other trustee hereunder. 
 If the Trustee incurs expenses or renders services after the occurrence of an Event of
Default specified in Sections 5.01(6), 5.01(7), 5.01(8) or 5.01(9), the reasonable expenses and the compensation for the services will be intended to constitute expenses of administration under Title 11 of the United States Bankruptcy Code or any
other applicable law. 
 The provisions of this Section shall survive the resignation or removal of the Trustee, the repayment of the Notes
and the termination of this Indenture. 
 Section 6.08.  Conflicting Interests. 

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. For this purpose, the Trustee shall not be deemed to have a conflicting interest by reason of being
Trustee for the Securities of any series and Trustee for the Securities of any other series. 
 Section 6.09.  Corporate Trustee Required;
Eligibility. 
 There shall at all times be one and only one Trustee hereunder with respect to the Securities of each series which
shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least U.S.$50,000,000 and its Corporate Trust Office in the Borough of Manhattan, The City of New York, New York. If
such Person publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the
combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 6.10.  Resignation and Removal; Appointment of Successor. 

(1)    No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this
Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

  
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 (2)    The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(3)    The Trustee may be removed at any time with respect to the Securities of any series by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. The Trustee so removed may, at the expense of the Company, petition any court of competent jurisdiction for the
appointment of a successor Trustee if no successor Trustee has been appointed within 30 days of such removal. 

(4)    If at any time: 

(a)    the Trustee shall fail to comply with Section 6.08 after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

(b)    the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after
written request therefor by the Company or by any such Holder, or 
 (c)    the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company may remove by Board Resolution the Trustee with
respect to all Securities, or (ii) subject to Section 5.14, any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(5)    If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur
in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company shall by Board Resolution promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being
understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall
comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith

  
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upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that
extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders of Securities of such series and accepted appointment in
the manner required by Section 6.11, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(6)    The Company shall give notice of each resignation and each removal of the Trustee with respect to
the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.06. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

Section 6.11.  Acceptance of Appointment by Successor. 

(1)    In case of the appointment hereunder of a successor Trustee with respect to all Securities, every
such successor Trustee so appointed shall execute, acknowledge and deliver to each of the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder. 
 (2)    In case of the appointment
hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series of the Company, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series of the Company
shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in,
each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not
retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series
as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-

  
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trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee;
and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any
successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates. 
 (3)    Upon request of any such successor Trustee, the Company
shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) and (2) of this Section, as the case may be. 

(4)    No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article. 
 Section 6.12.  Merger, Conversion, Consolidation or Succession to
Business. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor
Trustee had itself authenticated such Securities. 
 Section 6.13.  Preferential Collection of Claims Against Company. 

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

Section 6.14.  Appointment of Authenticating Agent. 

The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act
on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial conversion, exchange or partial redemption thereof or pursuant to Section 3.06, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be 

  
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valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the
Trustee and a copy of which shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than U.S.$50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in
this Section. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to
be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in
Section 1.06 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 

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

  
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 This is one of the Securities of the series designated therein referred to in the within -
mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON
 As
Trustee

		
	By	 	 
		 	As Authenticating Agent
		
	By	 	 
		 	As Authorized Signatory

 If all of the Securities of a series may not be originally issued at one time, and if the Trustee does
not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested by the Company
in writing (which writing need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent having an office in the Place of Payment designated by the
Company with respect of such series of Securities. 
 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.01.  Company to Furnish Trustee Names and Addresses of Holders. 

The Company will furnish or cause to be furnished to the Trustee: 

(1)    semi-annually, if interest is paid semi-annually, or quarterly, if interest is paid quarterly, not
later than 15 days after each Regular Record Date in each year or, if interest is paid annually, not later than 15 days after each Regular Record Date and the date six months subsequent to such Regular Record Date, a list, in such form as the
Trustee may reasonably require, as to the names and addresses of the Holders of Securities as of such Regular Record Date, and 

(2)    at such other times as the Trustee may request in writing, within 30 days after the receipt by the
Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, that, for so long as the Trustee shall be Security Registrar, no such list shall be required to be
furnished. 
 Section 7.02.  Preservation of Information; Communications to Holders. 

(1)    The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders
of Securities contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders of 

  
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Securities received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so
furnished. 
 (2)    The rights of the Holders of Securities to communicate with other Holders of Securities with
respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

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

Section 7.03.  Reports by Trustee. 

(1)    On or about each July 15 following the date hereof, the Trustee shall transmit to Holders of Securities such
reports, if any, dated as of the preceding May 15 is concerning the Trustee and its actions under this Indenture as may be required pursuant to Section 3.13(a) of the Trust Indenture Act in the manner provided pursuant to
Section 3.13(c) thereof. The Trustee shall also transmit to Holders of Securities such reports, if any, as may be required pursuant to Section 3.13(b) of the Trust Indenture Act at the times and in the manner provided pursuant thereto and
to Section 3.13(c) thereof. 
 (2)    A copy of each such report shall, at the time of such transmission to
Holders of Securities, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee when any Securities are listed on any stock
exchange. 
 Section 7.04.  Reports by Company. 

The Company shall file with the Trustee and the Commission, and transmit to Holders of Securities, such information, documents and other
reports, including financial information and statements and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or
reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. For purposes of this
Section 7.04, as long as the financial statements or reports are publicly available and accessible electronically by the Trustee, the filing or electronic publication of such financial statements or reports shall comply with the Company’s
obligation to deliver such statements and reports to the Trustee hereunder. For purposes of this Section 7.04, as long as the financial statements or reports are publicly available and accessible electronically by the Trustee, the filing or
electronic publication of such financial statements or reports shall comply with the Company’s obligation to deliver such statements and reports to the Trustee hereunder. The Company shall provide the Trustee with prompt written notification at
such time that the Company becomes or ceases to be a reporting company. The Trustee shall have no obligation to determine if and when the Company’s financial statements or reports are publicly available and accessible electronically. 

  
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 Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice (other than with respect to notice of an Event of Default pursuant to Section 10.05 hereof) of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

Section 7.05.  Calculation of Original Issue Discount. 

The Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount, if any, of
original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities of each series as of the end of such year and (ii) such other specific information, if any, relating to such original issue discount as may
then be relevant under the Internal Revenue Code of 1986, as amended from time to time. The Trustee shall not be obligated to recalculate, recompute or reconfirm such calculation. 

ARTICLE EIGHT 
 CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 8.01.  Company May Consolidate, Etc., Only on Certain Terms. 

The Company may consolidate with or merge (which term shall include for the avoidance of doubt a scheme of arrangement) into any other Person
or convey, transfer, lease or spin off its properties and assets substantially as an entirety to any Person, and the Company may permit any Person to consolidate with or merge into the Company or convey, transfer or lease its properties and assets
substantially as an entirety to the Company, provided that: 
 (1)    if the Company shall consolidate
with or merge into another Person or convey, transfer, spin off or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires
by conveyance, spin-off or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership or trust, shall be organized and validly
existing, under the laws of any applicable jurisdiction and shall unconditionally and expressly assume (including, in the case of a Reorganization, by way of a full and unconditional guarantee subject to the proviso to this subsection), by an
indenture supplemental hereto executed and delivered to the Trustee on behalf of the Holders, the due and punctual payment of the principal of and any premium and interest (including all Additional Amounts, if any, payable pursuant to
Section 10.04 and subsection (3) below) on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed; provided, however, that, 

(a)    such assumption shall be effected by means of a supplemental indenture executed by such Person in
which 
 (i)    such Person covenants to Holders of the Securities of each series to guarantee
irrevocably and unconditionally, on a senior unsubordinated basis 

  
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where the obligations of the Company hereunder are senior and unsubordinated obligations, the due and punctual payment of the principal of and any premium and interest (including all Additional
Amounts, if any, payable pursuant to Section 10.04 and subsection (3) below) on all the Securities, and to the Trustee the full and prompt payment of all amounts due by the Company hereunder, which guarantee shall not be subject to any
requirement for presentment or demand and shall not be affected, modified or impaired upon the happening from time to time of any event, including without limitation (x) the waiver, surrender, compromise, settlement, release, termination or
modification of any or all of the obligations, covenants or agreements of the Company hereunder or under the Securities, provided however, that notwithstanding the foregoing, no such waiver, surrender, compromise, settlement, release, termination or
modification shall, without the consent of such Person, increase the principal amount of such securities, or increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the stated maturity thereof;
(y) the bankruptcy or insolvency of the Company; and (z) to the extent permitted by law, the release or discharge by operation of law of the Company from the performance or observance of any obligation, covenant or agreement contained
herein or in the Securities; and 
 (ii)    such Person covenants to be bound by each and every
obligation of the Company contained herein or in the Securities, including without limitation the obligation to pay Additional Amounts with respect to any payment made under the guarantee, and to be subject to each Event of Default specified In
Section 5.01 hereof or in any Securities and to each default which, after notice or the lapse of time or both, would become an Event of Default, as though in each case, each reference to the Company in connection with such obligations or Events
of Default were to such Person, provided, however, that the reference to specific statutes in the Events of Default set forth in Sections 5.01(4), 5.01(5) and 5.01(6) shall be modified to reflect the laws of the jurisdiction of incorporation of such
Person and such Events of Default shall be governed by and construed in accordance with the laws of the jurisdiction of incorporation of Person; and 

(b)    the Trustee shall have received an Opinion of Counsel (which may be an employee of such Person), in
form and substance satisfactory to the Trustee to the effect that (i) such guarantee is the valid, binding and enforceable obligation of such Person; (ii) no registration of the guarantee under the Securities Act, and no registration of
the Company or such Person under the Investment Company Act, is required in connection with the guarantee made by such Person (or if registration under the Securities Act is required a registration statement relating thereto shall have been declared
effective by the Commission); and (iii) the Indenture, as supplemented by such supplemental indenture, conforms to the requirements of the Trust Indenture Act; 

(2)    immediately prior to and after giving effect to such transaction and treating any indebtedness
which becomes an obligation of the Company as a result of such transaction as having been incurred by the Company at the time of such transaction, 

  
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no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; 

(3)    the Person formed by such consolidation or into which the Company is merged or to whom the Company
has conveyed, transferred, spun off or leased its properties or assets (if such Person is organized and validly existing under the laws of a jurisdiction other than the United States, any State thereof, or the District of Columbia, or Brazil) agrees
to indemnify the Trustee and the Holder of each Security against (i) any tax, assessment or governmental charge imposed on the Trustee and any such Holder or required to be withheld or deducted from any payment to the Trustee and such Holder as
a consequence of such consolidation, merger, conveyance, transfer or lease; and (ii) any fees, costs, indemnities or expenses of the act of such consolidation, merger, conveyance, transfer or lease; and 

(4)    the Company (and, in the case of a guarantee made in accordance with this Section 8.01, such
Person) has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

Section 8.02.  Successor Substituted. 

Upon any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the
properties and assets of the Company substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made
shall succeed to and be substituted for and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, as the case may be, and thereafter, except in
the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

ARTICLE NINE 
 SUPPLEMENTAL
INDENTURES 
 Section 9.01.  Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders of Securities, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any
time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1)    to evidence the succession of another Person to the Company and the assumption by any such
successor of the covenants of the Company herein and in the Securities, to evidence the full and unconditional guarantee by another Person, as 

  
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provided in Section 8.01 hereof, or to add another Company to this Indenture for future issuances; 

(2)    to add to the covenants of the Company for the benefit of the Holders of all or any series of
Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred
upon the Company; 
 (3)    to add any additional Events of Default for the benefit of the Holders of
all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such
series); 
 (4)    to add to or change any of the provisions of this Indenture to permit or facilitate
the issuance of Securities in uncertificated form, provided that any such action shall not adversely affect the Interest of the Holders of Securities of any series in any material respect; 

(5)    to add to, change or eliminate any of the provisions of this Indenture in respect of one or more
series of Securities, provided that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such
provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; 

(6)    to establish the form or terms of Securities of any series, each as permitted by Sections 2.01 and
3.01; 
 (7)    to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Section 6.11(2); 
 (8)    to reduce the conversion price of the
Securities of any series other than pursuant to this Indenture; 
 (9)    to cure any ambiguity, defect
or inconsistency; 
 (10)     to make any change to conform the provisions contained herein, in any
supplemental indenture or in the Securities of any series, to the description of the notes contained in the related prospectus, prospectus supplement or similar offering document; or 

(11)    to make any change that does not adversely affect the rights of the Holders of Securities of any
series in any material respect. 

  
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 Section 9.02.  Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 

(1)    change the Stated Maturity of the principal of or any installment of principal of or interest or
premium on any Security or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 10.04
(except as contemplated by Section 8.01(1) and permitted by Section 9.01(1)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 5.02, or the coin or currency in which, any Security or any premium or interest thereon is payable, or modify or affect in any manner adverse to the interests of the Holders of Securities of any series the conversion
or exchange rights of such Securities, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date) or of any such right of
conversion or exchange, or 
 (2)    reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder
and their consequences) provided for in this Indenture, or 
 (3)    change any obligation of the
Company to maintain an office or agency in the places and for the purposes specified in Section 10.02, or 

(4)    modify any of the provisions of this Section, Section 5.13 or Section 10.07, except to
increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this Clause shall not be
deemed to require the consent of any Holder of a Security with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.07, or the deletion of this proviso, in accordance with the
requirements of Sections 6.11(2) and 9.01(7), or 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture
which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with 

  
 78 

 
respect to such covenant or other provision, shall be deemed not to affect the right under this Indenture of the Holders of Securities of any other series. 

It shall not be necessary for any Act of Holders of Securities under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof. 
 Section 9.03.  Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel each stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent herein and in the Securities to such execution have been satisfied. The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 9.04.  Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby, except as otherwise expressed therein. 

Section 9.05.  Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 

Section 9.06.  Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities at any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and such securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

  
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 ARTICLE TEN 

COVENANTS 
 Section 10.01. Payment of
Principal, Premium and Interest. 
 The Company covenants and agrees for the benefit of Holders of each series of Securities that it
will duly and punctually pay the principal of and any premium and interest and other amounts (including any Additional Amounts) on the Securities of that series in accordance with the terms of the Securities of that series and this Indenture. 

Prior to 3:00 p.m., New York City time, on the Business Day preceding any payment date, the Company shall deposit with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay such principal, premium, interest and Additional Amounts, if any, payable on such
payment date. 
 All payments will be subject in all cases to any applicable tax, fiscal or other laws and regulations in any
jurisdictions, but without prejudice to the provisions of Section 10.09. For the purposes of the preceding sentence, the phrase “applicable tax, fiscal or other laws and regulations” will include any obligation on the Company to
withhold or deduct from a payment pursuant to Section 1471(b) of the Internal Revenue Code of 1986, as amended, or otherwise imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended, any regulations
thereunder or official interpretations thereof or any law implementing an intergovernmental approach thereto (collectively, “FATCA”). 

Section 10.02. Maintenance of Office or Agency. 

If Securities of a series are issuable only as Global Securities, the Company will maintain in each Place of Payment for such series an
office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer, exchange or conversion and where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be served. The Company shall also maintain, with respect to such series of Securities, such an office or agency in any place required by any exchange, if any, on which such
series of Securities is listed. 
 The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of any such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the same as its agent to receive all respective presentations, surrenders, notices and demands. 

The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to

  
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maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency upon receiving notice of any such change. 

Section 10.03. Money for Securities Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of
the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the
principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure to act. 
 The Company will cause each Paying Agent for any series of
Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (i) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during the continuance of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of
that series, and upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums are held by the Company or such Paying Agent
and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Subject to any applicable unclaimed property laws or regulations, any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the
Company on its Order, or (if then held by the Company) shall be discharged from such trust and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 

  
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 Section 10.04. Additional Amounts. 

Unless otherwise specified in any Board Resolution of the Company or indenture supplemental hereto establishing the terms of Securities of a
series in accordance with Section 3.01, if any deduction or withholding for any present or future taxes, levies, assessments or other governmental charges of the Taxing Jurisdiction (or any political subdivision or taxing authority thereof or
therein) shall at any time be required by the Taxing Jurisdiction (or any such political subdivision or taxing authority) in respect of any amounts to be paid by the Company of principal of or interest on a Security of any series, the Company will
pay to the Holder of a Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security after such deduction or withholding, shall be not less than the amounts specified in such
Security to which such Holder is entitled (“Additional Amounts”); provided, however, that the Company shall not be required to make any payment of Additional Amounts in connection with any tax, levy, deduction or other governmental charge
that is imposed due to any of the following: 
 (1)    such Holder has a connection with the Taxing
Jurisdiction other than merely holding the Securities or receiving principal or interest payments on the Securities (such as citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment, a dependent agent, a
place of business or a place of management present or deemed present within the Taxing Jurisdiction); 

(2)    any tax imposed on, or measured by, net income; 

(3)    such Holder fails to comply with any certification, identification or other reporting requirements
concerning its nationality, residence, identity or connection with the Taxing Jurisdiction, if such compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to exemption from all or a part of the tax,
levy, deduction or other governmental charge; 
 (4)    such Holder fails to present (where presentation
is required) its Security within 30 calendar days after the Company has made available to such Holder a payment under the Securities and this Indenture, provided that the Company will pay Additional Amounts which a Holder would have been entitled to
had the Security owned by such Holder been presented on any day (including the last day) within such 30 calendar day period; 

(5)    any estate, inheritance, gift, value added Financial Transactions Tax (“FTT”), use or
sales taxes or any similar taxes, assessments or other governmental charges; 
 (6)    where the Holder
would have been able to avoid the tax, levy, deduction or other governmental charge by taking reasonable measures available to such Holder; or 

(7)    any combination of items (1), (2), (3), (4), (5) and (6) above; 

Subject to the foregoing provisions, whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any
premium or interest on, or in 

  
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respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of
Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of Additional
Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

If the terms of the Securities of a series established as contemplated by Section 3.01 do not specify that Additional Amounts pursuant
to the Section will not be payable by the Company, at least ten days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest on or prior to Maturity, the first
day on which a payment of principal and any premium is made), and at least ten days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned
Officer’s Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether such payment of principal of and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series without withholding for or on account of any tax, assessment or other governmental charge
described in the Securities of that series. If any such withholding shall be required, then such Officer’s Certificate shall specify the amount, if any, required to be withheld on such payments to such Holders of Securities and the Company will
pay to the Trustee or such Paying Agent or Paying Agents the Additional Amounts required by this Section. The Company covenants to indemnify each of the Trustee and any Paying Agent for, and to hold each of them harmless against, any reasonable
loss, liability or expense arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this Section, except to the extent that any such loss, liability or expense
is due to its own negligence or bad faith. 
 The Company shall promptly pay when due any present or future stamp, court or documentary
taxes or any other excise or property taxes, charges or similar levies that are imposed by a Taxing Jurisdiction that arise from any payment under the Securities or under any other document or instrument referred herein or therein or from the
execution, delivery, enforcement or registration of each Security or any other document or instrument referred to herein or therein. The Company shall indemnify and make whole the Holders of the Securities for any present or future stamp, court or
documentary taxes or any other excise or property taxes, charges or similar levies payable by the Issuer as provided in this paragraph paid by such Holder of the Securities. As provided in Section 10.04, all payments in respect of any
Securities of a series will be made subject to any withholding or deduction required pursuant to FATCA, and we will not be required to pay any Additional Amounts on account of any such deduction or withholding required pursuant to FATCA. 

Section 10.05.  Statement by Officers as to Default. 

The Company (and each other obligor on the Securities of any series) will deliver to the Trustee, within 90 days after the end of each fiscal
year of the Company ending after the date hereof (which, unless the Trustee is notified otherwise, shall be December 31), an Officer’s 

  
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Certificate, stating whether or not to the best knowledge of the signers thereof there is an Event of Default in connection with the performance and observance of any of the terms, provisions and
conditions of this Indenture and, if there is such an Event of Default by the Company (or any such obligor), specifying all such Events of Default and the nature and status thereof of which they may have knowledge. 

Section 10.06. Existence. 
 Subject
to Article Eight, the Company will do all things necessary to preserve and keep in full force and effect its existence, rights (by-laws (estatuto social) and statutory) and franchises; provided,
however, that the Company shall not be required to preserve any such right or franchise if its Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company, and that the loss
thereof is not disadvantageous in any material respect to the Holders. 
 Section 10.07. Negative Pledge  

Unless otherwise specified in any Board Resolution of the Company or indenture supplemental hereto establishing the terms of Securities of a
series in accordance with Section 3.01, so long as any relevant Security of a series remains Outstanding, the Company will not create, incur or assume any Lien, other than a Permitted Lien, on any of the Company’s assets to secure
(i) any of the Company’s Indebtedness for borrowed money or (ii) the Indebtedness for borrowed money of any other person, unless the Company contemporaneously creates or permits such Lien to secure equally and ratably the
Company’s obligations under the such Securities and this Indenture or the Company provides such other security for such Securities as is duly approved by a resolution of the Holders of such Securities in accordance with this Indenture. In
addition, the Company will not allow any of its Material Subsidiaries, if any, to create, incur or assume any Lien, other than a Permitted Lien, on any of its assets to secure (i) any of the Company’s Indebtedness for borrowed money;
(ii) any of the Material Subsidiary’s Indebtedness for borrowed money or (iii) the Indebtedness for borrowed money of any other Person, unless the Company contemporaneously creates or permits such Lien to secure equally and ratably
the Company’s obligations under such Securities and this Indenture or the Company or such Material Subsidiary provides such other security for such Securities as is duly approved by a resolution of the Holders of such Securities in accordance
with the Indenture. 
 Of Section 10.08. Currency Rate Indemnity. 

(a)     Unless otherwise specified in any Board Resolution of the Company or indenture supplemental hereto establishing
the terms of Securities of a series in accordance with Section 3.01, the Company shall (to the extent lawful) indemnify the Trustee and the Holders of such Securities and keep them indemnified against: 

(i)    in the case of nonpayment by the Company of any amount due to the Trustee, on behalf of the Holders of such
Securities, under the Indenture any loss or damage incurred by any of them arising by reason of any variation between the rates of exchange used for the purposes of calculating the amount due under a judgment or order in respect thereof and those
prevailing at the date of actual payment by the Company; and 

  
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 (ii)    any deficiency arising or resulting from any variation in rates of
exchange between (i) the date as of which the local currency equivalent of the amounts due or contingently due under the Indenture or in respect of such Securities is calculated for the purposes of any bankruptcy, insolvency or liquidation of
the Company, and (ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be increased or reduced by any variation in rates of exchange
occurring between the said final date and the date of any bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith. 

(b)    The Company agrees that, if a judgment or order given or made by any court for the payment of any amount in
respect of its obligations hereunder is expressed in a currency (the “Judgment Currency”) other than thee currency in which any Security or any premium or interest thereon is payable (the “Denomination Currency”), it will
indemnify the relevant Holder and the Trustee against any deficiency arising or resulting from any variation in rates of exchange between the date at which the amount in the Denomination Currency is notionally converted into the amount in the
Judgment Currency for the purposes of such judgment or order and the date of actual payment thereof. 
 (c)    The
above indemnities shall constitute separate and independent obligations of the Company from its obligations under the Indenture, will give rise to separate and independent causes of action, will apply irrespective of any indulgence granted from time
to time and will continue in full force and effect notwithstanding any judgment or the filing of any proof or proofs in any bankruptcy, insolvency or liquidation of the Company for a liquidated sum or sums in respect of amounts due under the
Indenture or the Securities of a series. 
 Section 10.09 Waiver of Certain Covenants. 

Except as otherwise specified as contemplated by Section 3.01 for Securities of such series, the Company may, with respect to the
Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.01(23), 9.01(2) or 9.01(6) for the benefit of the Holders of Securities of such
series or any term, provision or condition set forth in an indenture supplemental hereto, if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of
such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. The Company shall provide the Trustee with
written notification upon the waiver of any covenant. 

  
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 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 
 Section 11.01.
Applicability of Article. 
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in
accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 

Section 11.02. Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Securities of any series or issuance shall be evidenced by a Board Resolution. In case of any
redemption at the election of the Company of all or less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least 30 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be reasonably satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed. In the case of any redemption of Securities (i) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (ii) pursuant to an election of the Company
which is subject to a condition specified in the terms of the Securities, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 

Section 11.03. Selection by Trustee of Securities to Be Redeemed. 

If less than all the Securities of any series are to be redeemed (unless all of the Securities of such series and of a specified tenor are to
be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected less than 61 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by lot or on a pro rata basis, or any method deemed fair and appropriate to the Trustee (subject to the then current rules and procedures of the applicable Depositary), provided that the unredeemed portion of the
principal amount of any Security shall be in an authorized denomination which shall not be less than the minimum authorized denomination for such Security. The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amounts thereof to be redeemed. 
 The
provisions of the preceding paragraph shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of
the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities 

  
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redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

Section 11.04. Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 1.06 to each Holder of Securities to be redeemed (with a copy to
the Trustee) not less than 30 nor more than 60 days prior to the Redemption Date. Such notice may at the Company’s option be subject to the satisfaction of one or more conditions precedent, and such notice may be rescinded or the applicable
Redemption Date delayed in the event that any or all such conditions shall not have been satisfied by the applicable Redemption Date. 

All notices of redemption shall state: 

(1)    the Redemption Date, 

(2)    the Redemption Price, plus accrued interest and Additional Amounts, if any, 

(3)    if less than all the Outstanding Securities of any series consisting of more than a single Security
are to be redeemed, the identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities to be redeemed and if less than all the Outstanding Securities of any series consisting of a single
Security are to be redeemed, the principal amount of the particular Security to be redeemed, 

(4)    that on the Redemption Date the Redemption Price, plus accrued interest, if any, will become due
and payable upon each Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(5)    the place or places where each Security to be redeemed is to be surrendered for payment of the
Redemption Price, plus accrued interest and Additional Amounts, if any, 
 (6)    that the redemption is
for a sinking fund, if such is the case, 
 (7)    the current conversion price and the date on which
the right to convert such Securities or portions thereof will expire, 
 (8)    the conditions
precedent, if any, to which such notice is subject; and 
 (9)    the CUSIP or ISIN number or numbers,
if any, with respect to each Security to be redeemed. 
 A notice of redemption published as contemplated by Section 1.06 need not
identify particular Global Securities to be redeemed. 

  
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 Notice of redemption of Securities to be redeemed at the election of the Company shall be given
by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company, and shall be irrevocable. 

Section 11.05. Deposit of Redemption Price. 

Prior to 3:00 p.m., New York City time, on the Business Day preceding any Redemption Date, the Company shall deposit with the Trustee or with
a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an
Interest Payment Date) accrued interest on, all the Securities which are to be redeemed (other than those theretofore surrendered for conversion) on that date. 

Section 11.06. Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, subject to the
satisfaction of any conditions precedent ,become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities
shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided
however, that unless otherwise specified as contemplated by Section 3.01, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 Section 11.07. Securities Redeemed in Part.

 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, only in the case of
Registered Securities, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transference satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

Section 11.08. Optional Redemption Due to Changes in Tax Treatment. 

Unless otherwise specified in a Board Resolution or an indenture supplemental hereto, each series of Securities contained in one or more
particular issues may be redeemed at 

  
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the option of the Company, in whole but not in part, at any time (except in the case of Securities that have a variable rate of interest, which may be redeemed on any Interest Payment Date) at a
Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption (except in the case of Outstanding Original Issue Discount Securities which may be redeemed at the Redemption Price specified by the terms
of such series of Securities) if as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the
Company is incorporated (or, in the case of a successor Person to the Company, of the jurisdiction in which such successor Person is organized or any political subdivision or taxing authority thereof or therein) or any change in the official
application or interpretation of such laws, regulations or rulings, or any change in the official application or interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which such jurisdiction or such
political subdivision or taxing authority (or such other jurisdiction or political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on or after the date specified for such series pursuant to the
terms of the Security or Section 3.01(10) (or in the case of a successor Person to the Company, the date on which such successor Person became such pursuant to Sections 8.01 and 8.02). 

ARTICLE TWELVE 
 SINKING FUNDS

 Section 12.01. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise
specified as contemplated by Section 3.01 for Securities of such series. 
 The minimum amount of any sinking fund payment provided
for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an
“optional sinking fund payment”. If provided for by the terms of Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of such Securities. 
 Section 12.02. Satisfaction of Sinking Fund Payments with
Securities. 
 The Company (i) may deliver Outstanding Securities of a series (other than any previously called for redemption) and
(ii) may apply as credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms
of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such
Securities; provided that the Securities to be credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the

  
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Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

Section 12.03. Redemption of Securities for Sinking Fund. 

Not less than 60 days prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which
is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.02 and will also deliver to the Trustee any Securities to be so delivered. Not less than 50 days prior to each such sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the expenses of the Company in the
manner provided in Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner specified in Sections 11.06 and 11.07. 

ARTICLE THIRTEEN 
 MEETINGS OF
HOLDERS OF SECURITIES 
 Section 13.01. Purposes for Which Meetings May Be Called. 

A meeting of Holders of Securities of a series may be called at any time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series. 

Section 13.02. Call, Notice and Place of Meetings. 

(1)    The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in
Section 13.01, to be held at such time and at such place in the Borough of Manhattan, The City of New York as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of
such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.06, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(2)    In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal
amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 13.01, by written request setting forth in reasonable detail
the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as
provided herein, then the Company or the Holders of Securities of such series in the amount specified above, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New York for such meeting and

  
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may call such meeting for such purposes by giving notice thereof as provided in subsection (1) of this Section. 

Section 13.03. Persons Entitled to Vote at Meetings. 

To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (i) a Holder on a record date
established pursuant to Section 1.04(3) of one or more Outstanding Securities of such series, or (ii) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel. 
 Section 13.04. Quorum; Action. 

The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series. In the absence of a quorum within 15 minutes (or such longer period not exceeding 30 minutes as the chairman may decide) of the time appointed for any such meeting, the meeting shall if convened upon the
requisition of Holders be dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such day is not a business day the next succeeding business day) at the same time and place. If within 15 minutes (or such longer
period not exceeding 30 minutes as the chairman may decide) after the time appointed for any adjourned meeting a quorum is not present for the transaction of any particular business, then, subject and without prejudice to the transaction of the
business (if any) for which a quorum is present, the chairman may either (with the approval of the Trustee) dissolve such meeting or adjourn the same for such period, being not less than ten calendar days (but without any maximum number of calendar
days), and to such place as may be appointed by the chairman either at or subsequent to such adjourned meeting and approved by the Trustee, and the provisions of this sentence shall apply to all further adjourned such meetings. 

Notice of the reconvening of any adjourned meeting shall be given as provided in Section 13.02(1), except that such notice need be given
only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of a reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the
Outstanding Securities of such series which shall constitute a quorum. 
 Any resolution passed or decision taken at any meeting of Holders
of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series, whether or not presented or represented at the meeting. However, for the avoidance of doubt, no actions taken at
such meeting shall be binding on all Holders of Securities unless such actions were approved by the minimum percentage in principal amount of the Outstanding Securities of the series as required elsewhere in this Indenture or under the Trust
Indenture Act with respect to such actions. 

  
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 Section 13.05. Determination of Voting Rights; Conduct and Adjournment of Meetings. 

(1)    Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may
deem advisable for any meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding
of Securities shall be proved in the manner specified in Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04. Such regulations may provide that written instruments appointing proxies,
regular on their face, may be presumed valid and genuine without the proof specified in Section 1.04 or other proof. 

(2)    The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting
shall have been called by the Company or by Holders of Securities as provided in Section 13.02(2), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting. 

(3)    At any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each U.S.$1,000
principal amount of the Outstanding Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of
the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

(4)    Any meeting of Holders of Securities of any series duly called pursuant to Section 13.02 at which a quorum is
present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the meeting may be held as so adjourned without further notice. 

Section 13.06. Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman
of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes
cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to said record

  
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the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the
meeting and showing that said notice was given as provided in Section 13.02 and, if applicable, Section 13.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters
therein stated. 
 ARTICLE FOURTEEN 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 14.01. Company’s Option to Effect Defeasance or Covenant Defeasance. 

The Company may elect, at its option at any time, to have Section 14.02 or Section 14.03 applied to any Securities or any series of
Securities designated pursuant to Section 3.01 as being defeasible pursuant to such Section 14.02 or 14.03, in accordance with any applicable requirements provided pursuant to Section 3.01 and upon compliance with the conditions set
forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.01 for such Securities. 

Section 14.02. Defeasance and Discharge. 

Upon the Company’s exercise of its option to have this Section applied to any Securities or any series of Securities, as the case may
be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities or series of Securities as provided in this Section on and after the date the conditions set forth in Section 14.04 are satisfied
(hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise
terminated or discharged hereunder: (i) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 14.04 and as more fully set forth in such Section, payments in respect of the principal of and any
premium and interest on such Securities when payments are due, (ii) the Company’s obligations with respect to such Securities under Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (iii) the rights, powers, trusts, duties, protections,
indemnities and immunities of the Trustee hereunder and (iv) this Article Fourteen. Subject to compliance with this Article, the Company may exercise its option to have this Section 14.02 applied to any Securities of a series
notwithstanding the prior exercise of its option to have Section 14.03 applied to such Securities. 
 Section 14.03. Covenant Defeasance.

 Upon the Company’s exercise of its option to have this Section applied to any Securities or any series of Securities, as the case
maybe, (i) the Company shall be released from 

  
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any covenants provided pursuant to Section 3.01(23), 9.01(2) or 9.0l(7) for the benefit of the Holders of such Securities, and (ii) the occurrence of any event specified in Sections
5.01(3) and 5.01(11) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 14.04 are satisfied (hereinafter
called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such 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 specified Section (to the extent so specified in the case of Section 5.01(3)), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to
any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 

Section 14.04. Conditions to Defeasance or Covenant Defeasance. 

The following shall be the conditions to the application of Section 14.02 or Section 14.03 to any Securities or any series of
Securities, as the case may be: 
 (1)    The Company shall irrevocably have deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) money in an amount, or (ii) non-callable U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, without reinvestment, not later than
one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, without reinvestment and which shall be applied by the Trustee to pay and discharge, the principal of and any premium, interest and Additional Amounts on such Securities on the respective
Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (A) a direct obligation of the United States of America for the
payment of which the full faith and credit of the United States of America is pledged or (B) an obligation of a Person controlled or supervised by and acting as any agency or instrumentality of the United States of America the payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (A) or (B), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principle or interest evidenced by such depositary receipt. 

  
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 (2)    In the event of any election to have
Section 14.02 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling or (ii) since the date of this instrument, there has been a change in the applicable U.S. Federal income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion shall
confirm that, the Holders of such Securities will not recognize gain or loss for U.S. Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal
income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur. 

(3)    In the event of an election to have Section 14.03 apply to any Securities or any series of
Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and
Covenant Defeasance to the effected with respect to such Security and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.

 (4)    No event which is, or after notice or lapse of time both would become, an Event of Default
with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.01(6), 5.01(7), 5.01(8) and 5.01(9), at any time on or prior to the
day which is 90 days after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such day which is 90 days after the date of such deposit). 

(5)    Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest
within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act). 

(6)    Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute
a default under, any other agreement or instrument to which the Company is a party or by which it is bound. 

  
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 (7)    Such Defeasance or Covenant Defeasance shall not
result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder. 

(8)    The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 
 Section 14.05.
Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. 
 Subject to the provisions of the
last paragraph of Section 10.03, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 14.04 in respect of any Securities shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of
such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 14.04, or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities. 

Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Order any
money or U.S. Government Obligations held by it as provided in Section 14.04 with respect to any Securities of any series that, in the opinion of an internationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 

Section 14.06. Reinstatement. 
 If
the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities of any series by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 14.02 or 14.03 shall be revived and reinstated as though no deposit had
occurred pursuant to this Article with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement
of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 

  
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 This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed on their respective behalves, all as of the day and year first above written. 
  

							
		 		 	PETRÓLEO BRASILEIRO S.A. - PETROBRAS
				
		 		 	By: 	 	 /s/ Larry Carris Cardoso

		 		 	Name:	 	Larry Carris Cardoso
		 		 	Title:	 	Attorney In Fact
			
		 		 	  
 THE BANK OF NEW YORK MELLON, as Trustee

				
		 		 	By: 	 	 /s/ Wanda Camacho

		 		 	Name:	 	Wanda Camacho
		 		 	Title:	 	Vice President

  
 97 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	        ss:
	COUNTY OF NEW YORK	  	)	  	

 On this 28th day of August 2018, before me, a notary
public within and for said county, personally appeared Wanda Camacho, to me personally known, who being duly sworn, did say that she is a Vice President of The Bank of New York Mellon, one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said entity. 
 [Notarial Seal] 

 

	
	 /s/ Bret S. Derman

	Notary Public
	COMMISSION EXPIRES 11/17/2020
	
	 BRET S. DERMAN
 NOTARY PUBLIC STATE OF
NEW YORK
 KINGS COUNTY
 LIC. #02DE6196933

COMM. EXP. 11/17/2020

  
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 ANNEX A -- Form of    

Regulation S Certificate 

REGULATION S CERTIFICATE 
 (For
transfers pursuant to (S) 3.05(c)(i) and (iii) 
 of this Indenture) 

THE BANK OF NEW YORK MELLON 
 240 Greenwich Street 

New York, New York 10286 
 Attn: Global Trust Services - Americas

 Re: [%] Notes due [  ] of Petróleo Brasileiro S.A. - Petrobras (the “Securities”) 

Reference is made to the Indenture, dated as
of                 (the “Indenture”), between Petróleo Brasileiro S.A. - Petrobras (the “Company”) and The Bank of New York Mellon, as
Trustee. Terms used herein and defined in the Indenture or in Regulation S or Rule 144 under the U.S. Securities Act of 1933 (the “Securities Act”) are used herein as so defined. 

This certificate relates to [U.S.$____________] principal amount of Securities, which are evidenced by the following certificate(s) (the
“Specified Securities”): 
 [CUSIP No(s).__________________________] 

[COMMON CODE No(s).____________________] 

ISIN No(s).____________________________ 

CERTIFICATE No(s)._____________________ 
 The
person in whose name this certificate is executed below (the “Undersigned”) hereby certifies that either (i) it is the sole beneficial owner of the Specified Securities, (ii) it is acting on behalf of all the beneficial owners of
the Specified Securities and is duly authorized by them to do so or (iii) it is the Holder of a Global Security and has received a certification to the effect set forth below. Such beneficial owner or owners are referred to herein collectively
as the “Owner”. If the Specified Securities are not represented by a Global Security, they are registered in the name of the Undersigned, as or on behalf of the Owner. 

The Owner has requested that the Specified Securities be transferred to a person (the “Transferee”) who will take delivery in the
form of a Regulation S Security. In connection with such transfer, the Owner hereby certifies or has certified that, unless such transfer is being effected pursuant to an effective registration statement under the Securities Act, it is being
effected in accordance with Rule 904 of Regulation S or Rule 144 under the Securities Act and with all applicable securities laws of the states of the United States and other jurisdictions. Accordingly, the Owner hereby further certifies or has
certified as follows: 
  

	 	(1)	 Rule 904 Transfers. If the transfer is being effected in accordance with Rule 904 of Regulation S:

  
 A-1 

	 	(A)	 the Owner is not a distributor of the Securities, an affiliate of the Company or any such distributor or a
person acting on behalf of any of the foregoing; 

  

	 	(B)	 the offer of the Specified Securities was not made to a person in the United States or for the account or
benefit of a U.S. Person; 

 (C) either 

(i)    at the time the buy order was originated, the Transferee was outside the United States or the
Owner and any person acting on its behalf reasonably believed that the Transferee was outside the United States, or 

(ii)    the transaction is being executed in, on or through the facilities of the Eurobond market, as
regulated by the International Securities Market Association or another designated offshore securities market and neither the Owner nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United
States; 
  

	 	(D)	 no directed selling efforts have been made in the United States by or on behalf of the Owner or any affiliate
thereof; 

  

	 	(E)	 if the Owner is a dealer in securities or has received a selling concession, fee or other remuneration in
respect of the Specified Securities, and the transfer is to occur during the Restricted Period, then the requirements of Rule 904(c)(1) have been satisfied; and 

 

	 	(F)	 the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act

  

	 	(2)	 Rule 144 Transfers. If the transfer is being effected pursuant to Rule 144: 

 

	 	(A)	 the transfer is occurring after [insert date six months from date of issuance] and is being effected in
accordance with the applicable amount, manner of sale and notice requirements of Rule 144; or 

  

	 	(B)	 the transfer is occurring after [insert date one year from date of issuance] and the Owner is not, and during
the preceding three months has not been, an affiliate of the Company. 

  
 A-2 

 This certificate and the statements contained herein are made for your benefit and the benefit of the Company and
the Purchasers. 
 Dated:________________________ 

(Print the name of the Undersigned, as such term is 

defined in the second paragraph of this certificate.) 

By: 
 Name:

 Title: 

(if the Undersigned is a corporation, partnership or 

fiduciary, the title of the person signing on behalf 

of the Undersigned must be stated.) 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-3 

 ANNEX B -- Form
of                
 Restricted Securities Certificate 

RESTRICTED SECURITIES CERTIFICATE 

(For transfers pursuant to (S) 3.05(c)(ii), 

(iii), (iv) and (v) of this Indenture) 
 THE
BANK OF NEW YORK MELLON 
 240 Greenwich Street 
 New York, New
York 10286 
 Attn: Global Trust Services – Americas 

Re: [%] Notes due [    ] of Petróleo Brasileiro S.A. - Petrobras (the “Securities”) 

Reference is made to the Indenture, dated as of [    ](the “Indenture”), between Petróleo Brasileiro
S.A. - Petrobras (the “Company”) and The Bank of New York Mellon, as Trustee. Terms used herein and defined in the Indenture or in Relation S or Rule 144 under the U.S. Securities Act of 1933 (the “Securities Act”) are used
herein as so defined. 
 This certificate relates to [U.S.$_____________] principal amount of Securities, which are evidenced by the
following certificate(s) (the “Specified Securities”): 
 [CUSIP No(s)._________________________________________] 

[COMMON CODE No(s).___________________________________] 

ISIN No(s).___________________________________________ 

CERTIFICATE No(s).____________________________________ 

The person in whose name this certificate is executed below (the “Undersigned”) hereby certifies that either (i) it is the sole beneficial
owner of the Specified Securities, (ii) it is acting on behalf of all the beneficial owners of the Specified Securities and is duly authorized by them to do so or (iii) it is the Holder of a Global Security and has received a certification
to the effect set forth below. Such beneficial owner or owners are referred to herein collectively as the “Owner”. If the Specified Securities are not represented by a Global Security, they are registered in the name of the Undersigned, as
or on behalf of the Owner. 
 The Owner has requested that the Specified Securities be transferred to a person (the “Transferee”)
who will take delivery in the form of a Restricted Security. In connection with such transfer, the Owner hereby certifies or has certified that, unless such transfer is being effected pursuant to an effective registration statement under the
Securities Act, it is being effected in accordance with Rule l44A or Rule 144 under the Securities Act and all applicable securities laws of the states of the United States and other jurisdictions. Accordingly, the Owner hereby further certifies or
has certified that: 
  

	 	(1)	 Rule 144A Transfers. If the transfer is being effected in accordance with Rule 144A: 

  
 B-1 

	 	(A)	 the Specified Securities are being transferred to a person that the Owner and any person acting on its behalf
reasonably believe is a “qualified institutional buyer” within the meaning of Rule 144A, acquiring for its own account or for the account of a qualified institutional buyer; and 

 

	 	(B)	 the Owner and any person acting on its behalf have taken reasonable steps to ensure that the Transferee is
aware that the Owner may be relying on Rule l44A in connection with the transfer. 

  

	 	(2)	 Rule 144 Transfers. If the transfer is being effected pursuant to Rule 144: 

 

	 	(A)	 the transfer is occurring after [insert date six months after initial date of issuance] and is being effected
in accordance with the applicable amount, manner of sale and notice requirements of Rule 144; 

  

	 	(B)	 the transfer is occurring after [insert date one year after initial date of issuance] and the Owner is not, and
during the preceding three months has not been, an affiliate of the Company. 

 This certificate and the statements
contained herein are made for your benefit and the benefit of the Company and the Purchasers. 
 Dated:________________________ 

(Print the name of the Undersigned, as such term is 

defined in the second paragraph of this certificate.) 

By: 
 Name:

 Title: 

(if the Undersigned is a corporation, partnership or 

fiduciary, the title of the person signing on behalf 

of the Undersigned must be stated.) 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 B-2 

 ANNEX C -- Form of Unrestricted 

Securities
Certificate                         

UNRESTRICTED SECURITIES CERTIFICATE 

(For removal of Securities Act legends pursuant to (S) 3.05(d)) 

THE BANK OF NEW YORK MELLON 
 240 Greenwich Street 

New York, New York 10286 
 Attn: Global Trust Services - Americas

 Re: [%] Notes due . of Petróleo Brasileiro S.A. - Petrobras (the “Securities”) 

Reference is made to the Indenture, dated as of [    ] (the “Indenture”), between Petróleo Brasileiro
S.A. - Petrobras (the “Company”) and The Bank of New York Mellon, as Trustee. Terms used herein and defined in the Indenture or in Regulation S or Rule 144 under the U.S. Securities Act of 1933 (the “Securities Act”) are used
herein as so defined. 
 This certificate relates to [U.S.$____________] principal amount of Securities, which are evidenced by the
following certificate(s) (the “Specified Securities”): 
 [CUSIP No(s).__________________________] 

[COMMON CODE No(s).____________________] 

ISIN No(s).____________________________ 

CERTIFICATE No(s)._____________________ 
 The
person in whose name this certificate is executed below (the “Undersigned”) hereby certifies that either (i) it is the sole beneficial owner of the Specified Securities, (ii) it is acting on behalf of all the beneficial owners of
the Specified Securities and is duly authorized by them to do so or (iii) it is the Holder of a Global Security and has received a certification to the effect set forth below. Such beneficial owner or owners are referred to herein collectively
as the “Owner”. If the Specified Securities are not represented by a Global Security, they are registered in the name of the Undersigned, as or on behalf of the Owner. 

The Owner has requested that the Specified Securities be exchanged for Securities bearing no Securities Act legend pursuant to
Section 3.05(d) of the Indenture. In connection with such exchange, the Owner hereby certifies or has certified that the exchange is occurring after [insert applicable date] and the Owner is not, and during the preceding three months has not
been, an affiliate of the Company. The Owner also acknowledges or has acknowledged that any future transfers of the Specified Securities must comply with all applicable securities laws of the states of the United States and other jurisdictions. 

  
 C-1 

 This certificate and the statements contained herein we made for your benefit and the benefit of
the Company and the Purchasers. 
 Dated:________________________ 

(Print the name of the Undersigned, as such term is 

defined in the second paragraph of this certificate.) 

By: 
 Name:

 Title: 

(If the Undersigned is a corporation, partnership or 

fiduciary, the title of the person signing on behalf 

of the Undersigned must be stated.) 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15 

  
 C-2

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