Document:

Exhibit 4.3

 

 

 

Auris Medical Holding AG

 

as the Company

 

and

 

[ ]

 

as Trustee

 

	 

 

Subordinated Indenture

 

 

Dated as of [ ], [ ]

	 

 

 

 

    	 

    	 

    

TABLE
OF CONTENTS

 

 

	Page
	 	 	 
	Article 1
	Definitions And Incorporation By Reference
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitions	4
	Section 1.03.	Incorporation by Reference of Trust Indenture Act	4
	Section 1.04.	Rules of Construction	4
	Article 2
	The Securities
	Section 2.01.	Form and Dating	5
	Section 2.02.	Execution and Authentication	5
	Section 2.03.	Amount Unlimited; Issuable in Series	6
	Section 2.04.	Denomination and Date of Securities; Payments of Interest	7
	Section 2.05.	Registrar and Paying Agent; Agents Generally	8
	Section 2.06.	Paying Agent to Hold Money in Trust	8
	Section 2.07.	Transfer and Exchange	9
	Section 2.08.	Replacement Securities	10
	Section 2.09.	Outstanding Securities	10
	Section 2.10.	Temporary Securities	11
	Section 2.11.	Cancellation	11
	Section 2.12.	CUSIP Numbers	11
	Section 2.13.	Defaulted Interest	11
	Section 2.14.	Series May Include Tranches	11
	Article 3
	Redemption
	Section 3.01.	Applicability of Article	12
	Section 3.02.	Notice of Redemption; Partial Redemptions	12
	Section 3.03.	Payment of Securities Called for Redemption	13
	Section 3.04.	Exclusion of Certain Securities from Eligibility for Selection for Redemption	13
	Section 3.05.	Mandatory and Optional Sinking Funds	13
	Article 4
	Covenants
	Section 4.01.	Payment of Securities	15
	Section 4.02.	Maintenance of Office or Agency	15
	Section 4.03.	Securityholders’ Lists	15
	Section 4.04.	Certificate to Trustee	16
	Section 4.05.	Reports by the Company	16
	Section 4.06.	Additional Amounts	16
	Article 5
	Successor Corporation
	Section 5.01.	When Company May Merge, Etc.	16
	Section 5.02.	Successor Substituted	17
	Article 6	 
	Default and Remedies
	Section 6.01.	Events of Default	17
	Section 6.02.	Acceleration	17
	Section 6.03.	Other Remedies	18
	Section 6.04.	Waiver of Past Defaults	18
	Section 6.05.	Control by Majority	19
	Section 6.06.	Limitation on Suits	19
	 	 	 	 	 

    	 

    	 

    

	Section 6.07.	Rights of Holders to Receive Payment	19
	Section 6.08.	Collection Suit by Trustee	19
	Section 6.09.	Trustee May File Proofs of Claim	19
	Section 6.10.	Application of Proceeds	20
	Section 6.11.	Restoration of Rights and Remedies	20
	Section 6.12.	Undertaking for Costs	20
	Section 6.13.	Section 6.13. Rights and Remedies Cumulative	20
	Section 6.14.	Delay or Omission not Waiver	21
	Article 7
	Trustee
	Section 7.01.	General	21
	Section 7.02.	Certain Rights of Trustee	21
	Section 7.03.	Individual Rights of Trustee	22
	Section 7.04.	Trustee’s Disclaimer	22
	Section 7.05.	Notice of Default	22
	Section 7.06.	Reports by Trustee to Holders	22
	Section 7.07.	Compensation and Indemnity	23
	Section 7.08.	Replacement of Trustee	23
	Section 7.09.	Acceptance of Appointment by Successor	24
	Section 7.10.	Successor Trustee By Merger, Etc.	24
	Section 7.11.	Eligibility	24
	Section 7.12.	Money Held in Trust	24
	Article 8
	Satisfaction And Discharge of Indenture; Unclaimed Moneys
	Section 8.01.	Satisfaction and Discharge of Indenture	25
	Section 8.02.	Application by Trustee of Funds Deposited for Payment of Securities	25
	Section 8.03.	Repayment of Moneys Held by Paying Agent	25
	Section 8.04.	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	25
	Section 8.05.	Defeasance and Discharge of Indenture	26
	Section 8.06.	Defeasance of Certain Obligations	26
	Section 8.07.	Reinstatement	27
	Section 8.08.	Indemnity	27
	Section 8.09.	Excess Funds	27
	Section 8.10.	Qualifying Trustee	28
	Article 9
	Amendments, Supplements and Waivers
	Section 9.01.	Without Consent of Holders	28
	Section 9.02.	With Consent of Holders	28
	Section 9.03.	Revocation and Effect of Consent	29
	Section 9.04.	Notation on or Exchange of Securities	29
	Section 9.05.	Trustee to Sign Amendments, Etc.	29
	Section 9.06.	Conformity with Trust Indenture Act	30
	Article 10
	Miscellaneous
	Section 10.01.	Trust Indenture Act of 1939	30
	Section 10.02.	Notices	30
	Section 10.03.	Certificate and Opinion as to Conditions Precedent	30
	Section 10.04.	Statements Required in Certificate or Opinion	31
	Section 10.05.	Evidence of Ownership	31
	Section 10.06.	Rules by Trustee, Paying Agent or Registrar	31
	Section 10.07.	Payment Date Other Than a Business Day	31
	Section 10.08.	Governing Law	31
	Section 10.09.	No Adverse Interpretation of Other Agreements	31
	Section 10.10.	Successors	31

    	 

    	 

    

	Section 10.11.	Duplicate Originals	31
	Section 10.12.	Separability	31
	Section 10.13.	Table of Contents, Headings, Etc.	31
	Section 10.14.	Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability	31
	Section 10.15.	Judgment Currency	32
	Section 10.16.	Waiver of Jury Trial	32
	Section 10.17.	Force Majeure	32
	Article 11
	Subordination
	Section 11.01.	Agreement to Subordinate	32
	Section 11.02.	Payments to Securityholders	32
	Section 11.03.	Subrogation	33
	Section 11.04.	Authorization by Securityholders	34
	Section 11.05.	Notice to Trustee	34
	Section 11.06.	Trustee’s Relation to Senior Indebtedness	35
	Section 11.07.	No Impairment of Subordination	35

    	 

    	 

    

SUBORDINATED INDENTURE, dated as of [    ,
   ], between Auris Medical Holding AG, a public company with limited liability incorporated in Switzerland, as the Company, and [     
], as Trustee.

 

RECITALS OF THE COMPANY

 

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

 

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

 

NOW, THEREFORE:

 

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

 

Article
1

Definitions And Incorporation By Reference

 

Section 1.01.Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Depositary” means,
with respect to the Securities of any series issuable or issued in the form of one or more Registered Global Securities, the Person
designated as Depositary by the Company pursuant to Section 2.03 until a

 

    	 

    	 

    

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

 

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

 

“Guarantee” by any Person
means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness or other obligation
of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise,
of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
(whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services,
to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring in
any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against
loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include endorsements for collection or
deposit in the ordinary course of business. The term “Guarantee” when used as a verb has a corresponding meaning.

 

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

 

“Indebtedness” of any
Person means at any date, without duplication (i) all obligations of such Person for borrowed money, (ii) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person in respect of letters
of credit or other similar instruments (or reimbursement obligations with respect thereto), (iv) all obligations of such Person
to pay the deferred purchase price of property or services, except Trade Payables, (v) all obligations of such Person as a lessee
under capital leases, (vi) all Indebtedness of others secured by a lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person, (vii) all Indebtedness of others Guaranteed by such Person.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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“Periodic Offering”
means an offering of Securities of a series from time to time, the specific terms of which Securities, including, without limitation,
the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Company or its agents upon the issuance of such Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Senior Indebtedness”
means all Indebtedness of the Company (other than the Securities) including principal and interest (including, without limitation,
any interest that would accrue but for the filing of a petition initiating any proceeding referred to in Section 11.02 hereof)
on such Indebtedness, created, incurred or assumed on or after the date of the first issuance of any Securities, unless such Indebtedness,
but its terms or the terms of the instrument creating or evidencing it, is subordinate in right of payment to, or pari passu with,
the Securities; provided, that the term Senior Indebtedness shall not include (a) any Indebtedness of the Company which, when incurred
and without respect to any election under Section 111(b) of Title II, United States Code, with or without recourse to the Company,
(b) any Indebtedness of the Company to a Subsidiary, (c) Indebtedness to any employee of the Company and (d) Trade Payables.

 

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

 

“Trade Payables” means
accounts payable for any other indebtedness or monetary obligations to trade creditors created or assumed by the Company or any
subsidiary of the Company in the ordinary course of business in connection with the obtaining of materials or services.

 

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

 

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

 

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

 

    3 

     

    

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

 

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

 

	Term	Section
	Authenticating Agent	2.02
	cash transaction	7.03
	Event of Default	6.01
	Judgment Currency	10.15(a)
	mandatory sinking fund payment	3.05
	optional sinking fund payment	3.05
	Paying Agent	2.05
	record date	2.04
	Registrar	2.05
	Required Currency	10.15(a)
	Security Register	2.05
	self-liquidating paper	7.03
	sinking fund payment date	3.05
	Surviving Entity	5.01(a)
	tranche	2.14

 

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

 

“indenture securities”
means the Securities;

 

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

 

“indenture to be qualified”
means this Indenture;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4 

     

    

Article
2

The Securities

 

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

 

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

 

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

 

A Security shall not be valid until the
Trustee or Authenticating Agent signs, manually or by facsimile, the certificate of authentication on the Security. The signature
shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication together with the applicable documents referred to below in this Section, and the Trustee shall thereupon authenticate
and deliver such Securities to or upon the written order of the Company. In authenticating any Securities of a series, the Trustee
shall be entitled to receive prior to the authentication of any Securities of such series, and (subject to Article 7) shall be
fully protected in relying upon, unless and until such documents have been superseded or revoked:

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

if such documents are delivered at or prior
to the authentication upon original issuance of the first Security of such series to be issued.

 

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

 

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

 

Section 2.03.Amount Unlimited; Issuable
in Series. The aggregate Principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or
more series and each such series shall rank equally and pari passu with the Securities of each other series, but all Securities
hereunder shall be subordinate and junior in right of payment, to the extent and manner set forth in Article 11, to all Senior
Indebtedness. There shall be established in or pursuant to a Board Resolution or one or more indentures supplemental hereto, prior
to the initial issuance of Securities of any series, subject to the last sentence of this Section 2.03,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6 

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.04.Denomination and Date
of Securities; Payments of Interest. The Securities of each series shall be issuable in denominations established as contemplated
by Section 2.03 or, if not so established with respect to

 

    7 

     

    

Securities of any series, in denominations
of $2,000 and any higher integral multiple of $1,000. The Securities of each series shall be numbered, lettered or otherwise distinguished
in such manner or in accordance with such plan as the Officers of the Company executing the same may determine, as evidenced by
their execution thereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

    8 

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

In case any such mutilated, destroyed,
lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security (without surrender thereof except in the case of a mutilated Security) if the applicant for such
payment shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
and any agent of any of them harmless, and in the case of destruction, loss or theft, evidence satisfactory to the Company and
the Trustee and any agent of them of the destruction, loss or theft of such Security and the ownership thereof.

 

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

 

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

 

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

 

Section 2.09.Outstanding Securities.
Securities outstanding at any time are all Securities that have been authenticated by the Trustee except for those cancelled by
it, those delivered to it for cancellation, those described in this Section as not outstanding and those that have been defeased
pursuant to Section 8.05. If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless and until the
Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a holder in due course.

 

    10 

     

    

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.14.Series May Include
Tranches. A series of Securities may include one or more tranches (each a “tranche”) of Securities, including
Securities issued in a Periodic Offering. The Securities of different tranches may have one or more different terms, including
authentication dates and public offering prices, but all the Securities

 

    11 

     

    

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

 

Article
3

Redemption

 

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

 

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

 

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

 

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

 

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

 

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deliver to the Trustee, prior to the giving
of any notice of redemption to Holders pursuant to this Section, an Officers’ Certificate evidencing compliance with such
restriction or condition.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    13 

     

    

credited shall be received or credited by
the Trustee at the sinking fund redemption price specified in such Securities.

 

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

 

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

 

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

 

The Trustee shall not redeem or cause to
be redeemed any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities of such series by
operation of the sinking fund during the continuance of a Default in payment of interest on such Securities or of any Event of
Default except that, where the mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee
shall redeem or cause to be

 

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redeemed such Securities, provided that it
shall have received from the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund
for such series at the time when any such Default or Event of Default shall occur, and any moneys thereafter paid into the sinking
fund, shall, during the continuance of such Default or Event of Default, be deemed to have been collected under Article 6 and held
for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.04 or the
Default cured on or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be
applied on the next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities.

 

Article
4

Covenants

 

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

 

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

 

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

 

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

 

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

 

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

 

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other times as the Trustee may request in
writing, within thirty days after receipt by the Company of any such request as of a date not more than 15 days prior to the time
such information is furnished.

 

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

 

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

 

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

 

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

 

Article
5

Successor Corporation

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
6

Default and Remedies

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.02.Acceleration. (a)
If an Event of Default other than as described in clauses (d) or (e) of Section 6.01 with respect to the Securities of any series
then outstanding occurs and is continuing, then, and in each and every such case, except for any series of Securities the Principal
of which shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate Principal
amount of the Securities of all such series then outstanding hereunder in respect of which an Event of Default has occurred (all
such series voting together as a single class) by notice in writing to the Company (and to the Trustee if given by Securityholders),
may declare the entire Principal (or, if the Securities of any such series are Original Issue Discount Securities, such

 

    17 

     

    

portion of the Principal amount as may be
specified in the terms of such series established pursuant to Section 2.03) of all Securities of the affected series, and the interest
accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due
and payable.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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contained shall be deemed to empower the Trustee
to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.13.Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or wrongfully
taken Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or

 

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employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

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

 

Article
7

Trustee

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(f) the Trustee shall not be liable for
any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers or for any
action it takes or omits to take in accordance with the direction of the Holders in accordance with Section 6.05 relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Article
8

Satisfaction And Discharge of Indenture; Unclaimed Moneys

 

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

 

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

 

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

 

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

 

    25 

     

    

property laws, thereafter look only to the
Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with
respect to such moneys shall thereupon cease.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 8.06.Defeasance of Certain
Obligations. The Company may omit to comply with any term, provision or condition set forth in, and this Indenture will no
longer be in effect with respect to, any covenant established pursuant to Section 2.03(s) and clause (c) and clause (f) (with respect
to any covenants established pursuant to

 

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Section 2.03(s)) of Section 6.01 shall be
deemed not to constitute a Default or an Event of Default with respect to Securities of any series, if:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 8.09.Excess Funds. Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon request
of the Company, any money or U.S. Government Obligations

 

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(or other property and any proceeds therefrom)
held by it as provided in Section 8.01, 8.05 or 8.06 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect a discharge or defeasance, as applicable, in accordance with this Article 8.

 

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

 

Article
9

Amendments, Supplements and Waivers

 

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

 

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

 

(b) to comply with Article 5;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
10

Miscellaneous

 

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

 

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

 

if to the Company:

 

Auris Medical Holding AG

Bahnhofstrasse 21

6300 Zug, Switzerland

Facsimile: [                       ]

 

Attention: General Counsel

 

if to the Trustee:

  

	 	[	 	]
	 	[	 	]
	 	[	 	]
	 	Facsimile:	[	]
	 	Attention:	[	]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    30 

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.14.Incorporators, Stockholders,
Officers and Directors of Company Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement
contained in this Indenture or any

 

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indenture supplemental hereto, or in any Security,
or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or
future stockholder, officer, director or employee, as such, of the Company or of any successor, either directly or through the
Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or
by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of
the Securities by the holders thereof and as part of the consideration for the issue of the Securities.

 

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

 

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

 

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

 

Article
11

Subordination

 

Section 11.01.Agreement to Subordinate.
The Company covenants and agrees, and each Holder of a Security issued hereunder, by his acceptance thereof, likewise covenants
and agrees, that all Securities shall be issued subject to the provisions of this Article; and each Person holding any Security,
whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the principal of and interest
on all Securities issued hereunder shall, to the extent and in the manner herein set forth, be subordinated and subject in right
of payment to the prior payment in full of all Senior Indebtedness, and that the subordination is for the benefit of the holders
of the Senior Indebtedness.

 

Section 11.02.Payments to Securityholders.
As to each series of Securities, if any, issued hereunder, in the event (a) of any insolvency or bankruptcy proceedings, or any
receivership, dissolution, winding-up, total or partial liquidation, reorganization or other similar proceedings in respect of
the Company or a substantial part of its property, whether voluntary or involuntary, or (b) that (i) a default shall have occurred
with respect to the payment of principal of or interest on or other monetary amounts due and payable with respect to any Senior
Indebtedness, or (ii) there shall have occurred an event of default (other than a default in the payment of principal or interest
or other monetary amounts due and payable) in respect of any Senior Indebtedness, as defined in such Senior Indebtedness or in
the instrument under which the same is outstanding, permitting the holder or holders thereof to accelerate the maturity thereof,
and such default or event of default shall not be cured or was continued beyond the period of grace,

 

    32 

     

    

if any, in respect thereof, and such default
or event of default shall not have been waived or shall not have ceased to exist, or (c) separately with respect to each series
of Securities, that the principal of and accrued interest on such Securities shall have been declared due and payable pursuant
to Section 6.01 and such declaration shall not have been rescinded and annulled as provided in Section 6.01, then the holders of
all Senior Indebtedness shall first be entitled to receive payment in full of all amounts due or to become due thereon, or provision
shall be made, in accordance with the terms of such Senior Indebtedness, for such payment in money or money’s worth, before
the Holders of such series of Securities are entitled to receive a payment on account of the principal of or interest on the indebtedness
evidenced by such series of Securities, including, without limitation, any payments made pursuant to Article 3, or any cash payments
to purchase such series of Securities at the option of the Holders thereof.

 

Upon any such insolvency or bankruptcy
proceeding, receivership, dissolution, winding-up, total or partial liquidation, reorganization, or other similar proceeding referred
to in clause (a) of the immediately preceding paragraph, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to which the Holders of the Securities or the Trustee under this Indenture would be entitled,
except for the provisions hereof, shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee,
agent or other Person making such payment or distribution or, to the extent required by the next succeeding paragraph, by the Holders
of the Securities or the Trustee, if received by them or it, directly to the holders of Senior Indebtedness (pro rata to such holders
on the basis of the respective amounts of Senior Indebtedness held by such holders) or their respective representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have
been issued, as their respective interests may appear, to the extent necessary to pay all Senior Indebtedness in full after giving
effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any payment or distribution
is made to the Holders of the indebtedness evidenced by the Securities (including any cash payments to repurchase such Securities
at the option of the Holders thereof) or to the Trustee under this Indenture.

 

In the event that, notwithstanding the
foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
prohibited by the foregoing provisions of this Section, shall be received by the Trustee under this Indenture or the Holders of
the Securities before all Senior Indebtedness is paid in full or provision is made for such payment in accordance with its terms,
and if such fact shall, at or prior to the time of such payment or distribution, have been known to the Trustee, then such payment
or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness
or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing
any of such Senior Indebtedness may have been issued, as their respective interests may appear, for application to the payment
of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full in accordance with
its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.

 

For purposes of this Article only, the
words, “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized
or readjusted, or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization or readjustment,
the payment of which is subordinated (at least to the extent provided in this Article with respect to the Securities) to the payment
of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new
corporation, if any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights of the holders of
the Senior Indebtedness are not, without the consent of such holders, altered by such arrangement, reorganization or readjustment.
The consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution
of the Company following the conveyance or transfer of all or substantially all of its assets to another corporation upon the terms
and conditions provided in Article 5 shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes
of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions stated in Article 5. Nothing in this Section shall apply to claims of, or payments to, the Trustee under or pursuant
to Article 7, except as expressly provided therein. This Section shall be subject to the further provisions of Section 11.05

 

Section 11.03.Subrogation. Subject
to the payment in full of all Senior Indebtedness, the Holders of the Securities subject to the provisions of Section 11.02 shall
be subrogated (equally and ratably with the holders of all obligations of the Company which by their express terms are subordinated
to Senior Indebtedness of the Company to the same extent as the Securities are subordinated and which are entitled to like rights
of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities
of the Company applicable to the Senior Indebtedness until the principal of and interest on such Securities shall be paid in

 

    33 

     

    

full; and, for the purpose of such subrogation,
no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders
of such Securities or the Trustee on their behalf would be entitled except for the provisions of this Article, and no payment over
pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of such Securities or the Trustee on
their behalf shall, as between the Company, its creditors other than holders of Senior Indebtedness and the Holders of such Securities,
be deemed to be a payment by the Company to or on account of the Senior Indebtedness; and no payments or distributions of cash,
property or securities to or for the benefit of the Holders of the Securities pursuant to the subrogation provision of this Article,
which would otherwise have been paid to the holders of Senior Indebtedness, shall be deemed to be a payment by the Company to or
for the account of such Securities. The provisions of this Article are intended solely for the purpose of defining the relative
rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand.

 

Nothing contained in this Article or elsewhere
in this Indenture or in the Securities is intended to or shall impair, as between the issuer, its creditors other than the holders
of Senior Indebtedness, and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders of the Securities the principal of and interest on the Securities as and when the same shall become due and
payable in accordance with their terms, or is intended to or shall affect the relative rights against the Company of the Holders
of the Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or therein
prevent the Holder of any Security or the Trustee on his behalf from exercising all remedies otherwise permitted by applicable
law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness
in respect of cash, property or securities of the Company received upon the exercise of any such remedy.

 

Upon any payment or distribution of assets
of the Company referred to in this Article, the Trustee, subject to the provisions of Section 7.01 and Section 7.02, and the Holders
of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such
insolvency, bankruptcy, dissolution, winding-up, liquidation, arrangement or reorganization proceedings are pending, or a certificate
of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered
to the Trustee or to the Holders of the Securities, for the purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article.

 

Section 11.04.Authorization by Securityholders.
Each Holder of a Security by his acceptance thereof authorizes the Trustee on his behalf to take such action as may be necessary
or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and
all such purposes.

 

Section 11.05.Notice to Trustee.
The Company shall give prompt written notice to the Trustee and to any paying agent of any fact known to the Company which would
prohibit the making of any payment of monies to or by the Trustee or any paying agent in respect of the Securities pursuant to
the provisions of this Article. Regardless of anything to the contrary contained in this Article or elsewhere in this Indenture,
the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default or event of default
with respect to any Senior Indebtedness or of any other facts which would prohibit the making of any payment of monies to or by
the Trustee in respect of the Securities, unless and until the Trustee shall have received notice in writing (which may be by telegram,
telecopy or other similar writing) at its Corporate Trust Office to that effect signed by an officer of the Company, or by a holder
or agent of a holder of Senior Indebtedness who shall have been certified by the Company or otherwise established to the reasonable
satisfaction of the Trustee to be such holder or agent, or by the trustee under any indenture pursuant to which Senior Indebtedness
shall be outstanding, and, prior to the receipt of any such written notice, the Trustee shall, subject to Section 7.01 and Section
7.02, be entitled to assume that no such facts exist; provided that if on a date at least two Business Days prior to the date upon
which by the terms hereof any such monies shall become payable for any purpose (including, without limitation, the payment of the
principal of or interest on any Security) the Trustee shall not have received with respect to such monies the notice provided for
in this Section, then, regardless of anything herein to the contrary, the Trustee shall have full power and authority to receive
such monies and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary
which may be received by it on or after such prior date.

 

Regardless of anything to the contrary
herein (but subject, in the case of clause (a) of this paragraph, to the second paragraph of Section 11.02), nothing shall prevent
(a) any payment by the Company or the Trustee to the

 

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Securityholders of amounts in connection with
a redemption of Securities if (i) notice of such redemption has been given pursuant to Article 3 prior to the receipt by the Trustee
of written notice as aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before any redemption date,
or (b) any payment by the Trustee to the Securityholders of amounts deposited with it pursuant to Section 8.01, provided, that,
in the case of Section 8.05, the applicable Securities are deemed to have been paid and discharged, and in the case of Section
8.01, the Trustee shall not have received, by at least two Business Days prior to the date of execution of instruments acknowledging
the satisfaction of and discharge of this Indenture with respect to the applicable Securities, the notice provided in the preceding
paragraph.

 

Subject to Section 7.01 and Section 7.02,
the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder
of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior
Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further evidence
is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution
pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence is
not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to
receive such payment.

 

Section 11.06.Trustee’s Relation
to Senior Indebtedness. The Trustee and any agent of the Company or the Trustee shall be entitled to all the rights set forth
in this Article with respect to any Senior Indebtedness which may at any time be held by it in its individual or any other capacity
to the same extent as any other holder of Senior Indebtedness and nothing in the second paragraph of Section 2.02 or elsewhere
in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder. Nothing in this Article shall
apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07.

 

With respect to the holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture
against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and, subject
to the provisions of Section 7.01 and Section 7.02, the Trustee shall not be liable to any holder of Senior Indebtedness if it
shall in good faith pay over or deliver to Holders of Securities, the Company or any other Person monies or assets to which any
holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.

 

Section 11.07.No Impairment of Subordination.
No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

 

    35 

     

    

SIGNATURES

 

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

 

 

	 	 	 	Auris
                    Medical Holding AG

                    as the
                    Company

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 

	 	 	 	By:	 	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 

	 	 	 	[                              ]

as the Trustee
	 	 	 	 		 
	 	 	 	 		 
	 	 	 	 	 	 	 

 

	 	 	 	By:	 	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 

 

 

 

36EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (“Agreement”), is made and entered into on the 28th day of August,
2015, but is effective as of the 1st day of June, 2015 (the “Effective Date”), between Crestwood Operations LLC, a Delaware limited liability company (“Employer”), and Heath Deneke
(“Employee”), and amends and restates in its entirety the employment agreement entered into by and between Employer and Employee dated January 21, 2014 (the “Prior Employment Agreement”). 

W I T N E S S E T H: 

WHEREAS, Employer and Employee desire to amend and restate the Prior Employment Agreement in its entirety, and Employer desires to
employ Employee, and Employee desires to be employed by Employer, pursuant to the terms and conditions set forth in this Agreement; 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants, and obligations contained herein, Employer and Employee
agree as follows: 
 SECTION 1: EMPLOYMENT AND DUTIES. 

1.1 Employer agrees to employ Employee, and Employee agrees to be employed solely by Employer, beginning as of the Effective Date and, except
as set forth below, continuing through December 31, 2016 (the “Initial Term”), unless earlier terminated pursuant to Section 3 of this Agreement. Following expiration of the Initial Term, this Agreement will
be automatically renewed for successive 1-year terms following the Initial Term (each, a “Renewal Term” and, together with the Initial Term, the “Term”) unless either party gives the other party no
less than 30 days’ written notice prior to the expiration of the Term of such Party’s intent not to renew the Agreement (a “Notice of Non-Renewal”). Notwithstanding the foregoing, the Term (including any Renewal
Terms) and Employee’s employment pursuant to this Agreement may be terminated at any time as set forth below, subject to the terms of this Agreement. At the expiration of the Term following delivery of a Notice of Non-Renewal, Employee’s
employment with Employer (and any affiliates or assignees of Employer) shall terminate, and this Agreement shall have no further force or effect except with respect to Employee’s obligations pursuant to Section 3.5. 

1.2 Beginning as of the Effective Date, Employee shall be employed as Chief Operating Officer of Employer, and President, Pipeline Services
Group. Employee shall also serve in such other executive capacities as may be reasonably requested from time to time by Employer or the Board of Directors (the “Board”) of the Employer, and shall report directly to the Chief
Executive Officer of the Employer. Employee agrees to perform diligently and to the best of Employee’s abilities, and in a trustworthy, competent, businesslike, and efficient manner, the duties and services pertaining to any such position as
reasonably determined by Employer, as well as such additional or different duties and services that Employee from time to time may be reasonably directed to perform by Employer. Employee shall, during the period of Employee’s employment by
Employer, devote Employee’s full business time, energy, and best efforts to the business and affairs of Employer. 

  
 1 

 1.3 Employee shall at all times comply with and be subject to such policies and procedures that
Employer may establish from time to time for Employer’s executives and employees, including, without limitation, Employer’s Code of Business Conduct as adopted by Employer and as amended from time to time (the “Code of Business
Conduct”). 
 1.4 Except with the advance written permission of the Board and with respect to Employee’s existing
directorships identified on Exhibit A hereto, Employee may not engage or participate, directly or indirectly, in any other business, investment, or activity that (a) could interfere with Employee’s performance of Employee’s duties
hereunder, (b) is contrary to the best interests of Employer, Crestwood Equity Partners, LP, Crestwood Midstream Partners, LP, or any of their respective subsidiaries (each a “Related Entity”), or
(c) requires any significant portion of Employee’s business time. Notwithstanding the foregoing, the parties recognize that Employee may engage in passive personal investments and other non-competitive business activities that do not
conflict with the business and affairs of Employer or any Related Entities or materially interfere with Employee’s performance of Employee’s duties hereunder; provided, that with the exception of any civic, charitable, or
educational boards or committees that do not unreasonably interfere with Employee’s performance of Employee’s duties hereunder and with respect to existing directorships identified on Exhibit A hereto, Employee may not serve as a manager
or on the board of directors or similar body of any entity other than Employer or a Related Entity during the Term without prior approval therefor by the Board. 

1.5 Employee acknowledges and agrees that Employee has a fiduciary duty of loyalty, fidelity, and allegiance to act at all times in the best
interests of Employer and the other Related Entities and to do no act that could, directly or indirectly, injure any such entity’s business, interests, or reputation. In furtherance of the foregoing, Employee shall present to the Employer all
material business opportunities or ventures known to Employee, independently or with others, that are within the purposes of Employer or any Related Entity, including, without limitation, opportunities that may compete with Employer or a Related
Entity or could reasonably be expected to be implemented by Employer or a Related Entity. It is agreed that any direct or indirect interest in connection with, or any benefit from, any outside activities, particularly commercial activities, which
might in any way adversely affect Employer or any of the Related Entities involves a possible conflict of interest. In keeping with Employee’s fiduciary duties to Employer, Employee agrees that during the employment relationship Employee shall
not knowingly become involved in a conflict of interest with Employer or any of the Related Entities, whether directly or indirectly through a spouse or other family member, or upon discovery thereof, allow such a conflict to continue. Moreover,
Employee agrees that Employee shall disclose to the Employer any facts which might involve such a conflict of interest that has not been approved in writing by the Employer. 

SECTION 2: COMPENSATION AND BENEFITS. 

2.1 Employee’s base salary during the Term shall be Four Hundred Seventy-Five Thousand Dollars ($475,000) per annum, subject to increase
at the discretion of the Board (“Base Salary”), which shall be paid in accordance with Employer’s standard payroll practice. In addition to the Base Salary, Employee shall be eligible to be considered for a target bonus
(a “Bonus”) in each calendar year during the Term, payable in accordance with and pursuant to Employer’s then-current bonus plan (“Bonus Plan”). For the 2015 bonus year, the target bonus

  
 2 

 
for Employee will be equal to 90% of his Base Salary and shall be subject to such terms and conditions as are established by the Board (including, if applicable, its Compensation Committee) for
awards of equity compensation made to similarly situated executives of the Employer. Thereafter, the target bonus for Employee will be comparable to the bonus opportunity provided to similarly situated executives of the Employer. The Bonus Plan will
be implemented and administered by the Board, and any Bonuses payable thereunder shall be based upon a number of factors determined and set by the Board in its sole discretion. Such factors may include, but not be limited to, the achievement by
Employer of certain performance objectives, and the operation of Employer within the budgets approved by the Board. Employee must be employed by Employer at the time a Bonus is declared as a condition of receiving any such Bonus. 

2.2 During the Term, Employee shall be eligible to receive annual awards under the terms of the Crestwood Equity Partners LP Long Term
Incentive Plan and the Crestwood Midstream Partners LP Long Term Incentive Plan. For the 2016 grant cycle, the Employee shall receive an award of restricted units, with a total target equity grant level for Employee equal to 250% of his Base Salary.
These restricted units will be granted equally from both plans and shall be subject to such terms and conditions as are established by the Board (including, if applicable, its Compensation Committee) for awards of equity compensation made to
similarly situated executives of the Employer. Thereafter, the target grant level for Employee will be comparable to the level of equity granted to similarly situated executives of the Employer, provided such grants shall be made at the discretion
of the Board. Equity awards granted to Employee under the foregoing plans shall include provisions that provide for accelerated vesting in the event of a Change in Control, upon termination of Employee’s employment by the Employer without
Cause, or upon Employee’s resignation with Employee Cause (for purposes of this Section 2.2 only, each of “Change in Control,” “Cause” and “Employee Cause” to be as such terms are defined in the
respective award agreements). 
 2.3 During the Term, Employer shall pay or reimburse Employee for all reasonable and customary business
expenses actually incurred by Employee during the Term in the course of Employee’s employment; provided that such expenses are incurred and accounted for in accordance with Employer’s applicable policies and procedures. Employer
shall provide to Employee officer/director liability insurance coverage to cover any claims that may be made arising from Employee’s past, present, or future activities on behalf of Employer or any Related Entity, in the same manner and of the
same kind as such insurance is provided to the other officers and directors of Employer. 
 2.4 During the Term, Employer shall furnish
Employee with such fringe benefit programs that are maintained by Employer and that are made available to Employer’s management generally, under the same terms as those provided to Employer’s management generally. Employee shall bear any
tax effects or obligations stemming from any such policies and programs or their amounts. 
 2.5 Employee acknowledges that Employee shall
have no vested rights under or in respect of Employee’s participation in any employee benefit program, plan, or coverage except as expressly provided under the terms thereof. Notwithstanding anything in this Agreement, it is specifically
understood and agreed that Employer shall not be obligated to institute, maintain, or refrain from changing, amending, or discontinuing any employee benefit program, plan, or coverage applicable to Employee, so long as any such actions or inactions
in this regard by Employer are similarly applicable to covered executive employees of Employer generally. 

  
 3 

 2.6 Employee shall be entitled to six (6) weeks of paid vacation per calendar year, to be
provided in accordance with Employer’s standard policy and to be taken at such time as mutually agreed by Employee and Employer. 

SECTION 3: TERMINATION OF EMPLOYMENT AND EFFECTS OF SUCH TERMINATION. 

3.1 Termination Generally. Employee’s employment with Employer (a) shall be terminated prior to the end of the Term
(i) upon the death of Employee, or (ii) upon Employee’s Permanent Disability (as defined below), and (b) may be terminated prior to the end of the Term (i) at any time by Employer upon notice to Employee, (ii) at any
time by Employee upon thirty (30) days’ prior written notice to Employer, or (iii) at any time by Employee if Employee has Employee Cause and complies with the notice procedures described below. The date of termination is referred to
herein as the “Termination Date.” 
 3.2 Bad Leaver Termination. If Employee’s employment is terminated
under any of the circumstances set forth in Section 3.2(a), Employee shall be entitled to receive only the benefits set forth in Section 3.2(b) below: 

(a) Bad Leaver Conditions. 

(i) Termination by Employer for Employer Cause. Employer termination of Employee’s employment for “Employer
Cause” shall mean termination by Employer for any of the following: if Employee (a) has been indicted or convicted of, or has entered a plea of guilty or nolo contendere to, a felony charge or crime involving moral turpitude, or,
in the course of Employee’s employment has engaged in fraudulent or criminal activity (whether or not prosecuted), (b) has failed to follow reasonable directions of Employer, provided that the foregoing failure shall not be “Employer
Cause” if Employee in good faith believes that such direction is illegal and promptly so notifies the Board, (c) has failed to devote all of Employee’s professional time to the Employer and affiliates of Employer, except as permitted
by the Employer, (d) has materially breached any policy or code of conduct of the Employer, (e) has materially breached any provision of this Agreement or any other agreement between Employee and the Employer or Related Entity,
(f) has received a kickback or rebate of any fee or expense paid by Employer, (g) has engaged in the use of illegal drugs, the persistent excessive use of alcohol, or any other activity that materially impairs Employee’s ability to
perform Employee’s duties hereunder or results in conduct bringing Employer or any Related Entity into substantial public disgrace or disrepute, or (h) engages in intentional, reckless, or grossly negligent conduct that has or is
reasonably likely to have a material adverse effect on Employer or any Related Entity; provided, however, that with respect to subsections (c), (d) and (e) of this Section 3.2(a)(i), the Board may elect, in its sole
discretion, to allow Employee a period of time as determined by the Board to cure the act, conduct or event constituting Employer Cause under such subsections. 

  
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 (ii) Employee Resignation. Employee resigns for any reason other than having Employee
Cause (as defined below in Section 3.3(a)(i)). 
 (b) Bad Leaver Consequences.  

(i) Employee shall be entitled to receive, within 30 days of the Termination Date or such shorter period as may be required by applicable
state law, any Base Salary that was accrued (on a pro rata basis) but unpaid as of the Termination Date (“Accrued Salary”) and such other benefits provided to Employee pursuant to the terms of Employer’s employee benefit
plans (which, for the avoidance of doubt, does not include any Bonus payments) that were accrued by Employer in its books and records, but not forfeited, cancelled, or previously paid, as of the Termination Date (“Accrued
Benefits,” or, collectively with Accrued Salary, “Accrued Compensation”); and 
 (ii) Except for
Accrued Compensation, Employee shall forfeit, from and after the Termination Date, Employee’s rights to any and all future compensation from Employer or any Related Entity to which Employee may be entitled and to all future benefits for which
Employee may be eligible, in either case under this Agreement or otherwise, including without limitation any Bonus payments (including any earned but unpaid Bonus payments or portions thereof) that would have been payable had Employee remained
employed through the date such Bonus payments would have been paid. Except for Accrued Compensation, Employer’s obligations to pay or provide Employee with future compensation or benefits shall fully and forever cease and terminate as of the
Termination Date. 
 3.3 Good Leaver Termination. Subject to Section 3.8, if Employee’s employment is terminated
under any of the circumstances set forth in Section 3.3(a), and Employee complies with the requirements of Section 3.7, Employee shall be entitled to receive Accrued Compensation as well as the benefits set forth in
Section 3.3(b) below (“Severance Benefits”): 
 (a) Good Leaver Conditions. 

(i) Employee Resignation with Employee Cause. “Employee Cause” will exist if one of the following occurs:
(A) a substantial and continuing diminution in the nature of Employee’s responsibilities (provided, however, that neither a change in Employee’s reporting relationship, nor a diminution in responsibilities as a result of
Employer exercising its rights under Section 3.7 will trigger this provision); (B) a material breach by Employer of any material provision of this Agreement; (C) a material and continuing reduction in the aggregated total of
Employee’s Base Salary, target Bonus percentage and target equity percentage; or (D) reassignment by the Company of the Employee’s principal place of employment to a location more than fifty (50) miles from his principal place of
employment on the Effective Date, but excluding normal business travel consistent with Employee’s duties, responsibilities and position. For Employee to terminate for Employee Cause: (i) Employer must be notified by Employee in writing
within 30 days of the date Employee becomes aware of the event that would allow Employee to terminate employment for Employee Cause, with such notice setting forth such event in reasonable detail; (ii) the event must remain uncorrected by
Employer for 30 days following Employer’s receipt of such notice (the “Notice Period”); and (iii) such termination must occur within 30 days after the expiration of the Notice Period. 

  
 5 

 (ii) Employer Termination without Cause. Employer Termination without Cause shall mean
termination by Employer for any reason other than for Employer Cause. 
 (iii) Death. Death shall mean Employee’s death. 

(iv) Permanent Disability. Termination due to Employee’s “Permanent Disability” shall mean the inability
of Employee, with or without reasonable accommodation, by reason of illness, incapacity, or other disability, to perform Employee’s duties or fulfill Employee’s employment obligations to Employer, as determined by the Board and as
certified in writing by a competent medical physician chosen by the Board, for a cumulative total of 180 days in any 12 month period; provided, however, that such period of absence may be extended if required by applicable law. 

(b) Good Leaver Consequences. 

(i) A severance payment equal to two (2) times the sum of (A) the Base Salary calculated as of the Termination Date or, if greater,
before any reduction not consented to by the Employee and (B) the average of the annual Bonus paid to Employee for the prior two (2) year period. In the event Employee has not received an annual Bonus for 2015 (payable in first quarter
2016) as of the Termination Date, the amount for purposes of Section 3.3(b)(i)(B) shall be Employee’s target Bonus amount pursuant to Section 2.1; and in the event Employee has received an annual bonus for 2015 but not
yet received an annual bonus for 2016 (payable in first quarter 2017) as of the Termination Date, the amount for purposes of Section 3.3(b)(i)(B) shall be the average of the annual Bonus paid to Employee for 2015 and Employee’s
target Bonus amount pursuant to Section 2.1. The severance payment shall be paid in equal installments in accordance with the Employer’s normal payroll procedures over the period commencing on the Termination Date and ending on the
date that is eighteen (18) months following the Termination Date; provided, however that in the event that (1) Employee serves a Severance Waiver Notice in accordance with Section 4.1, or (2) Employee violates any
of the covenants set forth in this Agreement or in any separation agreement, general release, or similar agreement with Employer, Employee shall thereafter forfeit the right to receive any further severance payment installments payable hereunder.
During the period that Employee is entitled to receive severance payments pursuant to this Section 3.3(b), the Employer shall also provide medical benefits to Employee under terms and conditions that are not less favorable than provided
to executive officers of the Employer; provided, however, that (X) Employee must elect to receive continuation of health insurance coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA); (Y) Employee
will be required to pay the amount that an active employee of the Employer would pay to receive such coverage and the Employer will be responsible for the employer portion of the insurance premium payments (which amount will be treated as imputed
income to the Employee); and (Z) the Employer’s obligation to pay a portion of the Employee’s COBRA premiums shall cease on the first day of the month after Employee obtains reasonably comparable health care coverage from a subsequent
employer or other source. 
 (ii) Except as set forth in this Section 3.3(b) and as provided in Section 2.2, from
and after the Termination Date, (A) Employee forfeits Employee’s rights to any and all compensation from Employer or any Related Entity to which Employee may be entitled and to all future benefits for which Employee may be eligible, in
either case under this 

  
 6 

 
Agreement or otherwise, including without limitation any Bonus payments (excluding Employee’s Bonus payment for the calendar year of termination, pro-rated for the portion of the calendar
year of termination during which Employee was employed by Employer, such pro-rated Bonus to be payable on the date that such bonuses are otherwise paid by the Employer to its employees), and (B) Employer’s obligations to pay or provide
Employee with any such future compensation or future benefits shall fully and forever cease and terminate. 
 (iii) If Employee’s
employment is terminated by reason of Employee’s death, Employee’s estate will be entitled to payment of all amounts due under Section 3.3(b). If Employee’s employment is terminated because of Employee’s Permanent
Disability, Employee’s legal guardian will be entitled to payment of the amounts due under Section 3.3(b) in accordance with the terms and conditions set forth therein. 

3.4 Expiration. If the Agreement expires and Employee’s employment terminates as a result of the delivery of a Notice of
Non-Renewal by Employer to Employee, Employee shall be entitled to receive the Severance Benefits provided pursuant to the terms and conditions of Section 3.3(b); provided, however, that if Employer terminates the Agreement and
Employee’s employment for Employer Cause following Employee’s delivery of a Notice of Non-Renewal but prior to the expiration of the Term, or Employee refuses to remain employed through the expiration of the Term, Employee shall forfeit
and not be entitled to the Severance Benefits. If the Agreement expires and Employee’s employment terminates as a result of the delivery of a Notice of Non-Renewal by Employee to Employer, Employee shall only be entitled to receive the Accrued
Compensation pursuant to the terms and conditions of Section 3.2(b). 
 3.5 Continuing Obligations. Termination or
expiration of this Agreement and the employment relationship does not terminate those obligations of Employee imposed by this Agreement that are continuing obligations, including, without limitation, Employee’s obligations under
Section 4. 
 3.6 Post-Termination Assistance. During any period during which any Severance Benefits or other monies are
being paid to Employee under this Agreement after the Termination Date, Employee shall provide to Employer reasonable levels of assistance to Employer in answering questions or otherwise cooperating concerning the business of Employer, transition of
responsibility, or litigation; provided that Employee shall be fully and promptly reimbursed for all out of pocket expenses of Employee reasonably incurred in connection with such assistance and any such assistance after the period during
which any Severance Benefits or other monies are being paid shall not interfere or conflict with the obligations that Employee may owe to any other employer. 

3.7 Reduction or Alteration in Duties. When either the Employer or Employee serves a notice of termination or a Notice of Non-Renewal,
the Employer will have the right in its absolute discretion to (i) assign reduced, alternative, or no duties to the Employee, and require the Employee to act as directed by the Employer, including excluding the Employee from the premises of the
Employer or other Related Entity, and (ii) prohibit the Employee from discussing the Employee’s termination with employees, agents, or any third party except with respect to Employee’s communication with federal, state or local
governmental agencies as may be legally required or otherwise protected by law; provided, however, that in the event of a reduction or alteration of duties in accordance with Section 3.7(i), Employer will still be required to make
the Base Salary payments pursuant to Section 2.1 through the date of termination of Employee’s employment. 

  
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 3.8 Release. As a condition to the payment of any severance benefit hereunder, including
the Severance Benefits, Employer, in its sole discretion, may require Employee (or Employee’s executor, legal guardian, or other legal representative in the case of the Employee’s death or Permanent Disability) to first execute and not
revoke a waiver and release of all claims against Employer and the Related Entities in a form reasonably acceptable to Employer within 21 days following the Termination Date. 

3.9 Forfeiture of Benefits. Except as otherwise provided in Section 4.1 hereof, in the event Employee breaches any of
Employee’s obligations under Section 4 of this Agreement, and if Employee is otherwise entitled to receive Severance Benefits under Section 3.3, Employee shall fully, completely, and permanently forfeit any and all
rights to such Severance Benefits, and Employer and each Related Entity shall have the right to fully, completely, and permanently terminate payment of any amounts to which Employee would otherwise be entitled pursuant to these provisions and
recover the amount equal to the Severance Benefits previously paid to Employee under Section 3.3. The foregoing forfeiture of rights to the Severance Benefits shall not in any way limit or restrict Employer’s rights and remedies
pursuant to Section 4, including the right to seek injunctive relief to enforce compliance with such obligations and to recover damages for any breach. Employee agrees that all disputes relating to Employee’s employment or
termination of employment shall be resolved through Employer’s Dispute Resolution Plan as provided in Section 5.6 hereof. 

3.10 Severance Benefits Not an Offer of Employment. The payment of any Severance Benefits or other monies to Employee under this
Agreement after the Termination Date shall not constitute an offer or a continuation of employment of Employee. In no event shall Employee represent or hold himself out to be an employee of Employer after the Termination Date. Except where Employer
is required by law to withhold any federal, state, or local taxes, Employee shall be responsible for any and all federal, state, or local taxes that arise out of any payments to Employee hereunder. 

3.11 Recharacterization of Termination. Notwithstanding any other provision of this Agreement, if following the termination of
employment Employer discovers that grounds existed as of the Termination Date for a termination for Employer Cause, then such termination shall be deemed to be a termination for Employer Cause and Employee shall only be entitled to the payments and
benefits provided in Section 3.2. In the event Employee’s termination is reclassified as a termination for Employer Cause pursuant to this Section 3.11, Employee’s termination shall be so treated and classified for
all purposes under this Agreement and any other agreements between Employee and Employer, and Employee shall repay to Employer any monies or benefits received by Employee following termination to which Employee would not have been entitled upon
being terminated for Employer Cause. 
 SECTION 4: COVENANT NOT TO COMPETE; CONFIDENTIALITY. 

4.1 Non-Compete. The parties hereto recognize that Employee is retained by Employer as part of a professional, management, and
executive staff of Employer whose duties 

  
 8 

 
include the formulation and execution of management policy. Therefore, in exchange for the consideration specified herein and as a material incentive for Employer to enter into this Agreement,
and to enforce Employee’s obligations regarding confidentiality pursuant to Section 4.5 hereof, Employee hereby agrees that during the term of Employee’s employment hereunder (including any period of employment in which
Employee has reduced or altered duties pursuant to Section 3.7) and, in the event of a termination of Employee’s employment pursuant to Section 3.3 (Good Leaver Termination), for a period of eighteen (18) months
following the Termination Date (the “Non-Compete Period”), Employee shall not, within North America, act or engage in material competition with the activities or plans of Employer or any Related Entity as they exist up
to the time of Employee’s termination of employment. “Material Competition” by Employee shall mean (A) engaging in or conducting any business or investment activity in any capacity that directly competes with or has
a material adverse economic effect on any of the material business activities or business plans of Employer or any Related Entity, or with respect to a business or asset that was being evaluated by Employer or any Related Entity at any time during
the Term and prior to the termination of employment, or (B) rendering advice or services to, whether as an employee, consultant, advisor, agent, shareholder, independent contractor, investor, partner, member, owner, or otherwise, any company,
business or other entity that derives a material part of its business from activities that directly compete with the business activities or business plans of Employer or any Related Entity; provided, however, that Employee shall be permitted
to acquire a passive stock interest in such a business provided that the stock acquired is publicly traded and Employee does not beneficially own more than 2% of the outstanding interest in such business. Notwithstanding the foregoing, at any
time during the eighteen-month period following the Termination Date, Employee may, at Employee’s option, serve on the Employer a written notice waiving the right to any and all future installments of the Severance Benefit payments pursuant to
Section 3.3(b)(i) (a “Severance Waiver Notice”), and upon delivery of the Severance Waiver Notice, Employee shall no longer be bound by the restrictions set forth in this Section 4.1 for the period on and after the
date on which the Severance Waiver Notice is delivered to the Employer; provided, however, that notwithstanding the delivery of a Severance Waiver Notice, Employee will continue to be bound by the remaining obligations set forth in this
Agreement, including but not limited to those covenants of Employee set forth in Section 4.2 and Section 4.5 hereof. 

4.2 Non-Solicit. During the term of Employee’s employment hereunder (including any period of employment in which Employee has
reduced or altered duties pursuant to Section 3.7) and for a period of eighteen (18) months following the Termination Date (the “Non-Solicitation Period”), Employee will not, directly or
indirectly, solicit or induce (i) any person who is employed by Employer or any of the Related Entities or was so employed within the six-month period prior to the Termination Date (A) to interfere with the activities or businesses of
Employer or any Related Entity or (B) to discontinue such person’s employment with Employer or any of the Related Entities, nor shall Employee (or any business or entity with which Employee is then involved) employ any such person or
(ii) any customer of Employer to discontinue or reduce its business with Employer (either through the transition of such business to a competitor of Employer or otherwise); provided, however, that general solicitation of the public for
employment shall not constitute a solicitation hereunder so long as such general solicitation is not designed to target any such person. 

  
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 4.3 Recognition of Limitations as Reasonable. Employee understands that the provisions of
Sections 4.1 and 4.2 hereof may limit Employee’s ability to earn a livelihood in a business similar to the business in which Employee is involved, but as a member of the management group of Employer Employee nevertheless agrees
and hereby acknowledges that (i) such provisions do not impose a greater restraint than is necessary to protect the goodwill, trade secrets, or other business interests of Employer and any of the Related Entities; (ii) such provisions
contain reasonable limitations as to time, scope of activity, and geographical area to be restrained; and (iii) the consideration provided hereunder, including without limitation, any amounts or benefits provided under Section 3
hereof and the Confidential Information provided pursuant to Section 4.5, is sufficient to compensate Employee for the restrictions contained in Sections 4.1 and 4.2 hereof. In consideration of the foregoing and in light of
Employee’s education, skills, and abilities, Employee agrees that Employee will not assert that, and it should not be considered that, any provisions of Section 4.1 or 4.2 otherwise are void, voidable, or unenforceable or
should be voided or held unenforceable. 
 4.4 Modifications to Section 4. If, at the time of enforcement of
Section 4 of this Agreement, a court shall hold that the period, scope, or geographical area restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope, or
geographical area reasonable under such circumstances shall be substituted for the stated period, scope, or geographical area and that the court shall revise the restrictions contained herein to cover the maximum period, scope, and geographical area
permitted by law. If, in any proceeding, a court refuses to enforce all of the separate covenants deemed included herein because, taken together, they are deemed more extensive than necessary to assure Employer of the intended benefit of this
Agreement, it is expressly understood and agreed that those of such covenants or portions of such covenants that, if eliminated, would permit the remaining separate covenants or portions thereof to be enforced in such proceeding shall, for the
purpose of such proceeding, be deemed eliminated from the provisions hereof. Employee acknowledges that Employee is a member of Employer’s management group with access to Employer’s confidential business information and Employee’s
services are unique to Employer and the Related Entities. Employee therefore agrees that the remedy at law for any breach by Employee of any of the covenants and agreements set forth in this Section 4 will be inadequate and that in the
event of any such breach, Employer may, in addition to the other remedies that may be available to it at law, apply to any court of competent jurisdiction to obtain specific performance and/or injunctive relief prohibiting Employee (together with
all those persons associated with Employee) from the breach of such covenants and agreements and to enforce, or prevent any violations of, the provisions of this Agreement. In addition, in the event of an alleged breach or violation by Employee of
this Section 4, the applicable Non-Compete Period and Non-Solicitation Period set forth in this Section shall be tolled until such breach or violation has been cured. 

4.5 Confidential Information. Employee acknowledges that pursuant to the employment hereunder, Employee occupies a position of trust
and confidence. Accordingly, in order to facilitate the performance of this Agreement and the activities contemplated by this Agreement, Employee shall be provided with or given access to, or Employee may develop, certain proprietary or confidential
information (“Confidential Information”) of Employer or a Related Entity. Confidential Information includes, without limitation, information pertaining to Employer’s or the Related Entities’ past, current and future
business plans, corporate 

  
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opportunities, operations, acquisition, merger or sale strategies, production, product development, product names and marks, marketing, cost and pricing structure, margins, profitability,
operation or production procedures or results, partners, partnership or other business arrangements or agreements with third parties, customers, customer sales volumes, customer contracts, books, records and documents, technical information,
equipment, services and processes. Subject to the last sentence of this Section, during the term of Employee’s employment and after the termination of Employee’s employment, Employee hereby agrees not to use or to disclose to any person,
other than in the discharge of Employee’s duties under this Agreement, any Confidential Information of Employer or any Related Entities. Information shall not be deemed to be Confidential Information for purposes of this Agreement that:
(i) is or hereafter becomes publicly known through no act or omission of Employee; (ii) is received by Employee without restriction on disclosure from a third party who disclosed the information without violating any restriction on
confidentiality or disclosure; or (iii) is independently developed after the termination of Employee’s employment with Employer by Employee without reference to the Confidential Information and without violation of any confidentiality
restriction. If Employee violates this agreement of confidentiality, Employer shall, in addition to any other remedy provided by law, be permitted to pursue an action for injunctive relief; monetary damages, or both. Employee acknowledges that all
such Confidential Information constitutes confidential and/or proprietary information of Employer and the Related Entities and agrees that such Confidential Information shall be kept confidential, such Confidential Information shall be used solely
for the purpose of performing the obligations hereunder or activities contemplated by this Agreement, and that Employee shall not otherwise disclose or make use of such Confidential Information except in response to a court order, provided
that when responding to a court order, Employee shall provide written notice of the court order to Employer in advance of any disclosure in response thereto. 

4.6 Intangible Rights. Employee agrees that all ideas, concepts, processes, discoveries, devices, machines, tools, materials, designs,
improvements, inventions, computer software, and other things of value (“Intangible Rights”), if patented or subject to a patent application, and Confidential Information, which are conceived, made, invented or suggested
either by Employee alone or in collaboration with others during the Term and relating to the business of Employer or a Related Entity, shall be promptly disclosed in writing to Employer and shall be the sole and exclusive property of Employer.
Employee hereby assigns to Employer all of Employee’s right, title, and interest in and to all such intangible rights that are patented or subject to a patent application by Employer and its successors or assigns, and in and to Confidential
Information. In the event that any of said Intangible Rights shall be deemed by Employer to be patentable or otherwise registerable under any federal, state or foreign law, Employee further agrees that during the Term plus 60 days, at the expense of
Employer, Employee will execute all documents and do all things necessary, advisable, or proper to obtain patents therefor or registration thereof; and to vest in Employer full title thereto. Employee agrees that all right, title, and interest in
any and all copyrights, copyright registrations, and copyrightable subject matter that occur as a result of Employee’s employment with Employer, shall be the sole and exclusive property of Employer, and agrees that such works comprise
“works for hire.” Employee hereby assigns and agrees to assign to Employer all right, title, and interest in any such copyrights, copyright registrations, and copyrightable subject matter that occur because of such employment. 

  
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 4.7 Non-Disparagement. Employee shall refrain, both during the employment relationship and
after the employment relationship terminates, from publishing any oral or written statements about Employer or any Related Entity, or any of their respective officers, employees, shareholders, investors, directors, agents or representatives that are
malicious, obscene, threatening, harassing, intimidating or discriminatory and which are designed to harm any of the foregoing. The foregoing restriction shall include, but not be limited to, statements made, whether directly or indirectly, to or on
social media, internet websites, blogs and electronic bulletin boards, as well as statements to the media, including writers, researchers, reporters, magazines, newspapers, book publishers, television stations, radio stations, the motion picture
industry, public interest groups, and the publishing industry generally. In the event such a communication is made to anyone, it will be considered a material breach of the terms of this Agreement, and all commitments to make any payments under
Section 3.3(b) will be null and void. Additionally, in the event any such communication materially damages the reputation of Employer, any Related Entity, or their respective agents, officers, directors, or employees, the Employee will
be required to reimburse the Employer for any and all Severance Benefits made under the terms of this Agreement. This provision is not intended to limit Employee’s right to give non-malicious and truthful testimony should Employee be subpoenaed
to give such testimony, and the foregoing restrictions in this Section 4.7 shall not apply with respect to Employee’s communication with federal, state or local governmental agencies as may be legally required or otherwise protected
by law. 
 4.8 Agreement to Covenants. Each of the covenants of this Section 4 are given by Employee as part of the
consideration for this Agreement and as an inducement to Employer to enter into this Agreement and accept the obligations hereunder. Employee has had adequate time to consider these covenants and to consult with an attorney or other advisor
concerning them. Employee acknowledges that Employee understands these covenants and agrees to them freely and voluntarily. 
 SECTION 5:
MISCELLANEOUS. 
 5.1 Employee and Employer expressly understand and agree that Employer may at its sole discretion assign this
Agreement and transfer Employee’s employment to another Related Entity (“Subsequent Employer”) as of, or at any time after, the Effective Date, and no such assignment and transfer shall be deemed to be a termination of
employment for purposes of Section 3, or grounds for termination for Employee Cause; provided, however, that, effective with such assignment and transfer, all of Employer’s obligations hereunder shall be unchanged, assumed
by, and be binding upon, and all of Employer’s rights hereunder shall be assigned to, such Subsequent Employer and the defined term “Employer” as used herein shall thereafter refer to such Subsequent Employer. Employee expressly
consents to such assignment and transfer. Except for Employee’s title, as applicable, and as otherwise provided in this Section 5.1, all of the terms and conditions of this Agreement, including without limitation, Employee’s
rights and obligations, shall remain in full force and effect following any such assignment and transfer of employment. 
 5.2 Except as
otherwise required by law, any written notice hereunder shall be deemed validly given, made or served (i) on the date on which it is delivered personally, (ii) five business days after it shall have been sent by registered or certified
mail (receipt requested and 

  
 12 

 
postage prepaid), (iii) one business day after it is sent by overnight courier (charges prepaid), or (iv) on the same business day when sent before 5:00 p.m., recipient’s time, and
on the next business day when sent after 5:00 p.m., recipient’s time, by facsimile. 
  

			
	If to Employer, addressed to:	  	Crestwood Operations LLC
		  	700 Louisiana, Suite 2550
		  	Houston, TX 77002
		  	Facsimile: (832) 519-2200
		  	Attention: Chief Executive Officer
		
	Copy to:	  	Crestwood Operations LLC
		  	700 Louisiana, Suite 2550
		  	Houston, TX 77002
		  	Facsimile: (832) 519-2200
		  	Attention: Senior Vice President and General
		  	Counsel
		
	If to Employee:	  	Heath Deneke
		  	4127 Amherst Street
		  	Houston, TX 77005

 or to Employee’s last known personal address. 

5.3 This Agreement shall be construed and enforced, and this Agreement and any disputes or controversies related hereto shall be governed by,
in all respects in accordance with, the law of the State of Texas, without regard to principles of conflicts of law that would apply the laws of any other jurisdiction, unless preempted by federal law, in which case federal law shall govern. 

5.4 No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any
condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

5.5 It is a desire and intent of the parties that the terms, provisions, covenants, and remedies contained in this Agreement shall be
enforceable to the fullest extent permitted by law. If any such term, provision, covenant, or remedy of this Agreement or the application thereof to any person, association, or entity or circumstances shall, to any extent, be construed to be invalid
or unenforceable in whole or in part, then such term, provision, covenant, or remedy shall be construed or re-written in a manner so as to permit its enforceability under the applicable law to the fullest extent permitted by law. In any case, the
remaining provisions of this Agreement or the application thereof to any person, association, or entity or circumstances other than those to which they have been held invalid or unenforceable, shall remain in full force and effect. 

5.6 It is the mutual intention of the parties to have the option to resolve any dispute concerning this Agreement out of court. Accordingly,
the parties agree that either party may elect to have any such dispute submitted for resolution through Employer’s Dispute Resolution 

  
 13 

 
Plan or, if no such plan is in place, then pursuant to binding arbitration to be held in Harris County, Texas, in accordance with the employment arbitration rules (except as modified below) of
the American Arbitration Association and with the Expedited Procedures thereof (collectively, the “Rules”); provided, however, that Employer, on its own behalf and on behalf of any of the Related Entities, shall be
entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any breach, threatened breach, or the continuation of any breach of the provisions of Sections 4 and 5 and Employee hereby consents
that such restraining order or injunction may be granted without the necessity of Employer posting any bond. Each of the parties hereto agrees that arbitration pursuant to this Section 5.6 shall be conducted by a single arbitrator
selected in accordance with the Rules; provided that such arbitrator shall be experienced in deciding cases concerning the matter which is the subject of the dispute. Each of the parties agrees that in any such arbitration that the award
shall be made in writing no more than 30 days following the end of the proceeding, that the arbitration shall not be conducted as a class action, that the arbitration award shall include factual findings or conclusions of law, and that no punitive
damages shall be awarded. Any award rendered by the arbitrator shall be final and binding and judgment may be entered on it in any court of competent jurisdiction. Each of the parties hereto agrees to treat as confidential the results of any
arbitration (including, without limitation, any findings of fact and/or law made by the arbitrator) and not to disclose such results to any unauthorized person. In any dispute related to a termination of Employee’s employment pursuant to
Section 3.2(a)(i), Employee shall only be permitted to dispute or contest whether or not a determination of Employer Cause was made in good faith by the Board. Employer shall bear all administrative fees and expenses of the arbitration
and unless the arbitrator directs otherwise, each party shall bear its own counsel fees and expenses. Either party may appeal the arbitration award and judgment thereon and, in actions seeking to vacate an award, the standard of review to be applied
to the arbitrator’s findings of fact and conclusions of law will be the same as that applied by an appellate court reviewing a decision of a trial court sitting without a jury. 

5.7 This Agreement shall be binding upon and inure to the benefit of Employer, its successors in interest, or any other person, association,
or entity that may hereafter acquire or succeed to all or substantially all of the business assets of Employer by any means, whether indirectly or directly, and whether by purchase, merger, consolidation, or otherwise. Employee’s rights and
obligations under this Agreement are personal and such rights, benefits, and obligations of Employee shall not be voluntarily or involuntarily assigned, alienated, or transferred, whether by operation of law or otherwise, without the prior written
consent of Employer, other than in the case of death or Permanent Disability of Employee. 
 5.8 This Agreement and the other agreements and
arrangements referred to in this Agreement supersede and replace any previous agreements, including the Prior Employment Agreement, and discussions pertaining to the subject matter covered herein. This Agreement and any Exhibit hereto (collectively,
the “Employment Documents”) constitute the entire agreement of the parties with regard to the terms of Employee’s employment, termination of employment and severance benefits, and contain all of the covenants, promises,
representations, warranties, and agreements between the parties with respect to such matters. Each party to this Agreement acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either party with
respect to the foregoing matters that is not embodied in the Employment Documents, and that no agreement, statement, or promise relating to the employment of Employee by Employer that is not contained in the Employment Documents shall be valid or
binding. Any modification or waiver of this Agreement will be effective only if it is in writing and signed by each party whose rights hereunder are affected thereby. 

  
 14 

 5.9 The parties recognize and acknowledge, and hereby expressly waive, any right any of them may
have to punitive damages. 
 5.10 Employee represents that Employee is fully competent to manage Employee’s business affairs, has read
this document carefully, understands all of its contents, fully understands the final and binding effect of this Agreement, has had the opportunity to consult with Employee’s attorney, and executes this Agreement freely and voluntarily.
Employee represents and acknowledges that in executing this Agreement Employee does not rely and has not relied upon any representation or statement not set forth herein made by Employer or the Board or by any of their respective agents,
representatives, or attorneys with regard to the subject matter, basis, or effect of this Agreement or otherwise. 
 5.11 The parties to
this Agreement hereby agree that no special relationship of trust and reliance is, has been, or will be created by the provisions of this Agreement or Employee’s employment arrangement. 

5.12 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. 
 5.13 Employer may withhold from any compensation or benefits payable under this Agreement all
federal, state, city or other taxes as may be required pursuant to any law or governmental regulation or ruling, as well as any other authorized deduction or withholding. Furthermore, should Employee owe Employer or a Related Entity any money at the
time of termination of employment, Employee authorizes and consents to Employer deducting the amount owed by Employee from compensation otherwise owed Employee. 

5.14 The provisions of this Section 5.14 shall apply solely to the extent that a payment under this Agreement is subject to
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 (a) General Suspension of
Payments. If Employee is a “specified employee,” as such term is defined within the meaning of Section 409A of the Code, any payments or benefits payable or provided as a result of Employee’s termination of employment that
would otherwise be paid or provided prior to the first day of the seventh month following such termination (other than due to death) shall instead be paid or provided on the earlier of (i) the six months and one day following Employee’s
termination, (ii) the date of Employee’s death, or (iii) any date that otherwise complies with Section 409A of the Code. In the event that Employee is entitled to receive payments during the suspension period provided under this
Section, Employee shall receive the accumulated benefits that would have been paid or provided under this Agreement within the suspension period on the first payroll date next following the earliest day that would be permitted under
Section 409A of the Code. In the event of any delay in payment under this provision, the deferred amount shall bear interest at the prime rate (as stated in the Wall Street Journal) in effect on his termination date until paid. 

  
 15 

 (b) Release Payments. In the event that Employee is required to execute a release to
receive any payments from the Employer that constitute nonqualified deferred compensation under Section 409A of the Code, payment of such amounts shall not be made or commence until the sixtieth (60th) day following such termination of
employment. Any payments that are suspended during the sixty (60) day period shall be paid on the date the first regular payroll is made immediately following the end of such period. 

(c) Reimbursement Payments. The following rules shall apply to payments of any amounts under this Agreement that are treated as
“reimbursement payments” under Section 409A of the Code: (i) the amount of expenses eligible for reimbursement in one calendar year shall not limit the available reimbursements for any other calendar year (other than an
arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code); (ii) Employee shall file a claim for all reimbursement payments not later than thirty (30) days following the end of the
calendar year during which the expenses were incurred, (iii) the Employer shall make such reimbursement payments within thirty (30) days following the date Employee delivers written notice of the expenses to the Employer; and
(iv) Employee’s right to such reimbursement payments shall not be subject to liquidation or exchange for any other payment or benefit. 

(d) Separation from Service. For purposes of this Agreement, any reference to “termination” of Employee’s employment
shall be interpreted consistent with the meaning of the term “separation from service” in Section 409A(a)(2)(A)(i) of the Code and no portion of the Severance Payments shall be paid to Employee prior to the date such Employee incurs a
separation from service under Section 409A(a)(2)(A)(i) of the Code. 
 (e) Installment Payments. For purposes of
Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (including without limitation Treasury Regulations Section 1.409A-2(b)(2)(iii)), all payments made under this Agreement (whether
severance payments or otherwise) will be treated as a right to receive a series of separate payments and, accordingly, each installment payment under this Agreement will at all times be considered a separate and distinct payment. 

(f) PPACA. To the extent that any post-termination continuation of health or medical coverage pursuant to this Agreement would violate
either Section 105(h) of the Code or the Patient Protection and Affordable Care Act of 2010 (“PPACA”) and related regulations and guidance promulgated thereunder, the Employer may reform this Agreement in such manner as
is reasonably necessary to provide the Employee with the intended benefit hereunder in a manner that complies with the PPACA; provided, however, that such reformation shall not result in a violation of Code Section 409A. 

(g) General. Notwithstanding anything to the contrary in this Agreement, it is intended that the severance benefits and other payments
payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-(b)(9) and this
Agreement will be construed to the greatest extent possible as consistent with those provisions. The commencement of payment or provision of any payment or benefit under this Agreement shall be deferred to the minimum extent necessary to prevent the
imposition of any excise taxes or penalties on the Employer or Employee. 

  
 16 

 5.15 The paragraph headings have been inserted for purposes of convenience and shall not be used
for interpretive purposes. 
 [Signature Page Follows] 

  
 17 

 IN WITNESS WHEREOF, Employer and Employee have duly executed this Agreement in multiple
originals to be effective on the Effective Date. 
  

							
		 	EMPLOYER
		
		 	CRESTWOOD OPERATIONS LLC
				
		 		 	By:	 	 /s/ Robert G. Phillips

		 		 	Name:	 	Robert G. Phillips
		 		 	Title:	 	Chief Executive Officer
		
		 	EMPLOYEE
		
		 	 /s/ Heath Deneke

		 	Name:	 	Heath Deneke

 EXHIBIT A 

Director of Bay West LLC

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