Document:

Exhibit 10.1

 

WILLIAMS INDUSTRIAL SERVICES GROUP INC.

2015 EQUITY INCENTIVE PLAN

 

(As Amended and Restated as of March 15, 2022)

 

1.       Establishment,
Purpose, Duration.

 

(a)       Establishment. 
Williams Industrial Services Group Inc. (f/k/a Global Power Equipment Group Inc.) (the “Company”), established an
equity compensation plan known as the Williams Industrial Services Group Inc. 2015 Equity Incentive Plan (the “Plan”). 
The Plan was effective as of January 29, 2015 (the “Effective Date”), subject to the approval of the Plan by
the stockholders of the Company (the date of such stockholder approval being the “Approval Date”).  The Plan
was amended on June 10, 2019, April 27, 2020 and May 12, 2020. The Plan is hereby amended and restated, as set forth herein, as of March
15, 2022 (the “Restatement Date”), subject to the approval by the stockholders of the Company to the extent required
by Applicable Laws. Definitions of capitalized terms used in the Plan are contained in Section 2 of the Plan.

 

(b)       
Purpose.  The purpose of the Plan is to attract and retain Directors (as defined below), officers and other key employees
of the Company and its Subsidiaries and to provide to such persons incentives and rewards for superior performance.

 

(c)       Duration. 
No Award may be granted under the Plan after the day immediately preceding the 10th anniversary of the Effective Date, or such earlier
date as the Board shall determine.  The Plan will remain in effect with respect to outstanding Awards until no Awards remain outstanding.

 

(d)       Prior
Plan.  The Global Power Equipment Group Inc. 2011 Equity Incentive Plan (the “Prior Plan”) terminated in
its entirety effective on the Approval Date; provided that all outstanding awards under the Prior Plan as of the Approval Date
shall remain outstanding and shall be administered and settled in accordance with the provisions of the Prior Plan.

 

2.       Definitions. 
As used in the Plan, the following definitions shall apply.

 

“Applicable Laws” means the
applicable requirements relating to the administration of equity-based compensation plans under U.S. state corporate laws, U.S. federal
and state securities laws, the Code, the rules of any stock exchange or quotation system on which the Shares are listed or quoted
and the applicable laws of any other country or jurisdiction where Awards are granted under the Plan.

 

“Approval Date” has the meaning
given such term in Section 1(a).

 

“Award” means a Nonqualified
Stock Option, Incentive Stock Option, Stock Appreciation Right, Restricted Shares Award, Restricted Share Unit, Other Share-Based
Award, or Cash-Based Award granted pursuant to the terms and conditions of the Plan.

 

“Award Agreement” means either:
(a) an agreement, either in written or electronic format, entered into by the Company and a Participant setting forth the terms
and provisions applicable to an Award granted under the Plan; or (b) a statement, either in written or electronic format, issued
by the Company to a Participant describing the terms and provisions of such Award, which need not be signed by the Participant. Effective
June 29, 2018, all references to Global Power Equipment Group Inc. in the Award Agreements were replaced with references to Williams
Industrial Services Group Inc., except where the context clearly dictates otherwise.

 

“Board” means the Board of
Directors of the Company.

 

“Cash-Based Award” shall mean
a cash Award granted pursuant to Section 11 of the Plan.

 

    	 	1	 

     

    

 

“Cause” as a reason for a Participant’s
termination of employment or service shall have the meaning assigned such term, if any, (a) in the employment, letter or severance
agreement, if any, between the Participant and the Company or a Subsidiary, or (b) if none, under a severance plan or arrangement
maintained by the Company or a Subsidiary that applies to the Participant on the date of termination.  If the Participant is not
a party to an employment, letter or severance agreement with the Company or a Subsidiary in which such term is defined or if during the
applicable severance protection period, the Participant is not a participant in any severance plan or arrangement maintained by the Company
or a Subsidiary, then unless otherwise defined in the applicable Award Agreement, “Cause” shall mean the occurrence
of any one of the following as determined by the Committee: (i) The continued failure of Participant to perform substantially Participant’s
duties with the Company or any of its Subsidiaries or Participant’s disregard of the directives of the Board or the Participant’s
supervisor or reporting senior (in each case other than any such failure resulting from any medically determined physical or mental impairment)
that is not cured by Participant within 20 days after a written demand for substantial performance is delivered to Participant by the
Company which specifically identifies the manner in which the Company believes that Participant has not substantially performed Participant’s
duties or disregarded a directive; (ii) The willful material misrepresentation at any time by Participant to the Board or the Company
or Subsidiary; (iii) Participant’s commission of any act of fraud, misappropriation or embezzlement against or in connection
with the Company or any of its Subsidiaries or their respective businesses or operations; (iv) A conviction, guilty plea or plea
of nolo contendere of Participant for any crime involving dishonesty or for any felony; (v) A material breach by Participant of
his or her fiduciary duties of loyalty or care to the Company or any of its Subsidiaries or a material violation of the Company’s
Code of Business Conduct and Ethics or any other Company policy, as the same may be amended from time to time; (vi) The engaging
by Participant in illegal conduct, gross misconduct, gross insubordination or gross negligence that is materially and demonstrably injurious
to the Company’s business or financial condition; or (vii) Engaging in any activity in violation of any restrictive covenant,
as specified in any agreement between a Participant and the Company or a Subsidiary, including, but not limited to, the Participant’s
Award Agreement or any severance plan maintained by the Company or a Subsidiary that covers the Participant, during the period of restriction
specified in the agreement or plan prohibiting the Participant from engaging in such activity.  The Committee may in its discretion
waive or modify the provisions of this paragraph at a meeting of the Committee with respect to any individual Participant with regard
to the facts and circumstances of any particular situation involving a determination under this paragraph.

 

“Change in Control” means the
occurrence of one of the following events:

 

(a)       The
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)
(a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
50% or more of either (x) the then outstanding shares of common stock of the Company (the “Outstanding Common Shares”)
or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Voting Securities”); provided, however, that for purposes of this subsection (a), the
following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company; (ii) any acquisition
by the Company; (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or
its affiliated companies; or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i),
(ii) and (iii) of subsection (c) of this definition; or

 

(b)       Individuals
who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election,
or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board;

 

(c)       Consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a
 “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Common Shares and Outstanding Voting
Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the
then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally
in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation,
a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either
directly or through one or more of its affiliated companies) in substantially the same proportions as their ownership, immediately prior
to such Business Combination of the Outstanding Common Shares and Outstanding Voting Securities, as the case may be, (ii) no Person
(excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or
such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 50% or more of, respectively, the
then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the
then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination
and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination
were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for
such Business Combination; or

 

    	 	2	 

     

    

 

(d)       Approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company.

 

“Code” means the Internal Revenue
Code of 1986, as amended.

 

“Committee” means the Compensation
Committee of the Board or such other committee or subcommittee of the Board as may be duly appointed to administer the Plan and having
such powers in each instance as shall be specified by the Board.  To the extent required by Applicable Laws, the Committee shall
consist of two or more members of the Board, each of whom is a “non-employee director” within the meaning of Rule 16b-3
promulgated under the Exchange Act, and an “independent director” within the meaning of applicable rules of any securities
exchange upon which Shares are listed.

 

“Company” has the meaning given
such term in Section 1(a) and any successor thereto.

 

“Date of Grant” means the date
as of which an Award is determined to be effective and designated in a resolution by the Committee and is granted pursuant to the Plan. 
The Date of Grant shall not be earlier than the date of the resolution and action therein by the Committee.  In no event shall the
Date of Grant be earlier than the Effective Date.

 

“Detrimental Activity” except
as may be otherwise specified in a Participant’s Award Agreement, means:  (a) Engaging in any activity of competition,
as specified in any covenant not to compete set forth in any agreement between a Participant and the Company or a Subsidiary, including,
but not limited to, the Participant’s Award Agreement or any severance plan maintained by the Company or a Subsidiary that covers
the Participant, during the period of restriction specified in the agreement or plan prohibiting the Participant from engaging in such
activity; (b) Engaging in any activity of solicitation, as specified in any covenant not to solicit set forth in any agreement between
a Participant and the Company or a Subsidiary, including, but not limited to, the Participant’s Award Agreement or any severance
plan maintained by the Company or a Subsidiary that covers the Participant, during the period of restriction specified in the agreement
or plan prohibiting the Participant from engaging in such activity; (c) The disclosure of confidential information to anyone outside
the Company or a Subsidiary, or the use in other than the Company’s or a Subsidiary’s business in violation of any covenant
not to disclose set forth in any agreement between a Participant and the Company or a Subsidiary, including, but not limited to, the
Participant’s Award Agreement or any severance plan maintained by the Company or a Subsidiary that covers the Participant, during
the period of restriction specified in the agreement or plan prohibiting the Participant from engaging in such activity; (d) The
violation of any development and inventions, ownership of works, or similar provision set forth in any agreement between a Participant
and the Company or a Subsidiary, including, but not limited to, the Participant’s Award Agreement or any severance plan maintained
by the Company or a Subsidiary that covers the Participant; (e) Participant’s commission of any act of fraud, misappropriation
or embezzlement against or in connection with the Company or any of its Subsidiaries or their respective businesses or operations; or
(f) a conviction, guilty plea or plea of nolo contendere of Participant for any crime involving dishonesty or for any felony.

 

“Director” means any individual
who is a member of the Board who is not an Employee.

 

    	 	3	 

     

    

 

“Effective Date” has the meaning
given such term in Section 1(a).

 

“Employee” means any employee
of the Company or a Subsidiary; provided, however, that for purposes of determining whether any person may be a Participant for
purposes of any grant of Incentive Stock Options, the term “Employee” has the meaning given to such term in Section 3401(c) of
the Code, as interpreted by the regulations thereunder and Applicable Law.

 

“Exchange Act” means the Securities
Exchange Act of 1934 and the rules and regulations thereunder, as such law, rules and regulations may be amended from time
to time.

 

“Fair Market Value” means the
value of one Share on any relevant date, determined under the following rules: (a) the closing sale price per Share on that date
as reported on the principal exchange on which Shares are then trading, if any, or if applicable the New York Stock Exchange, or if there
are no sales on that date, on the next preceding trading day during which a sale occurred; (b) if the Shares are not reported on
a principal exchange or national market system, the average of the closing bid and asked prices last quoted on that date by an established
quotation service for over-the-counter securities; or (c) if neither (a) nor (b) applies, (i) with respect to Stock
Options, Stock Appreciation Rights and any Award of stock rights that is subject to Section 409A of the Code, the value as determined
by the Committee through the reasonable application of a reasonable valuation method, taking into account all information material to
the value of the Company, within the meaning of Section 409A of the Code, and (ii) with respect to all other Awards, the fair
market value as determined by the Committee in good faith.

 

“Good Reason” as a reason for
a Participant’s termination of employment or service shall have the meaning assigned such term, if any, (a) in the employment,
letter or severance agreement, if any, between the Participant and the Company or a Subsidiary, or (b) if none, under a severance
plan or arrangement maintained by the Company or a Subsidiary that applies to the Participant on the date of termination.  If the
Participant is not a party to an employment, letter or severance agreement with the Company or a Subsidiary in which such term is defined
or if during the applicable severance protection period, the Participant is not a participant in any severance plan or arrangement maintained
by the Company or a Subsidiary, then unless otherwise defined in the applicable Award Agreement, “Good Reason” shall
mean, unless otherwise provided by the Committee in its sole discretion, a reduction by the Company of Participant’s annual base
salary by more than 10% (other than an across-the-board reduction which applies in a comparable manner to other senior executives of
the Company).  A termination of Participant’s employment by Participant shall not be deemed to be for Good Reason unless (x) Participant
gives notice to the Company of the existence of the event or condition constituting Good Reason within 30 calendar days after such event
or condition initially occurs or exists, and (y) the Company fails to cure such event or condition within 30 calendar days after
receiving such notice.  Additionally, Participant must terminate his or her employment within 90 calendar days after the initial
occurrence of the circumstance constituting Good Reason for such termination to be “Good Reason” hereunder.

 

“Incentive Stock Option” means
a Stock Option that is designated as an Incentive Stock Option and that is intended to meet the requirements of Section 422 of the
Code.

 

“Nonqualified Stock Option”
means a Stock Option that is not intended to meet the requirements of Section 422 of the Code or otherwise does not meet such requirements.

 

“Other Share-Based Award” means
an equity-based or equity-related Award not otherwise described by the terms of the Plan, granted in accordance with the terms and conditions
set forth in Section 10.

 

“Participant” means any eligible
individual as set forth in Section 5 who holds one or more outstanding Awards.

 

“Performance-Based Exception”
means the performance-based exception from the tax deductibility limitations of Section 162(m) of the Code.

 

“Performance Objectives” means
the performance objective or objectives established by the Committee pursuant to the Plan.  Any Performance Objectives may relate
to the performance of the Company or one or more of its Subsidiaries, divisions, departments, units, functions, partnerships, joint ventures
or minority investments, product lines or products, or the performance of the individual Participant, and may include, without limitation,
the Performance Objectives set forth in Section 14(b).  The Performance Objectives may be made relative to the performance
of a group of comparable companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the
Company may select Performance Objectives as compared to various stock market indices.  Performance Objectives may be stated as
a combination of the listed factors.

 

    	 	4	 

     

    

 

“Plan” has the meaning given
such term in Section 1(a), as amended from time to time.

 

“Prior Plan” has the meaning
given such term in Section 1(d).

 

“Qualified Termination” means
any termination of a Participant’s employment during the two-year period commencing on a Change in Control: (a) by the Company,
any of its Subsidiaries or the resulting entity in connection with a Change in Control other than for Cause, death or Disability, or
(b) by the Participant for Good Reason.

 

“Restatement Date” has the
meaning given such term in Section 1(a).

 

“Restricted Shares” means Shares
granted or sold pursuant to Section 8 as to which neither the substantial risk of forfeiture nor the prohibition on transfers referred
to in such Section 8 has expired.

 

“Restricted Share Unit” means
a grant or sale of the right to receive Shares or cash at the end of a specified restricted period made pursuant to Section 9.

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Share” means a share of common
stock of the Company, $0.01 par value per share, or any security into which such Share may be changed by reason of any transaction or
event of the type referred to in Section 17.

 

“Stock Appreciation Right”
means a right granted pursuant to Section 7.

 

“Stock Option” means a right
to purchase a Share granted to a Participant under the Plan in accordance with the terms and conditions set forth in Section 6. 
Stock Options may be either Incentive Stock Options or Nonqualified Stock Options.

 

“Subsidiary” means: (a) with
respect to an Incentive Stock Option, a “subsidiary corporation” as defined under Section 424(f) of the Code; and
(b) for all other purposes under the Plan, any corporation or other entity in which the Company owns, directly or indirectly, a
proprietary interest of more than 50% by reason of stock ownership or otherwise.

 

“Ten Percent Stockholder” means
any Participant who owns more than 10% of the combined voting power of all classes of stock of the Company, within the meaning of Section 422
of the Code.

 

3.       Shares
Available Under the Plan.

 

(a)       Shares
Available for Awards.  The maximum number of Shares that may be issued or delivered pursuant to Awards under the Plan shall
be 4,500,000, of which 2,000,000 Shares may be granted with respect to Incentive Stock Options.  Shares issued or delivered pursuant
to an Award may be authorized but unissued Shares, treasury Shares, including Shares purchased in the open market, or a combination of
the foregoing.  The aggregate number of Shares available for issuance or delivery under the Plan shall be subject to adjustment
as provided in Section 17.

 

(b)       Share
Usage.  In addition to the number of Shares provided for in Section 3(a), the following Shares shall be available for Awards
under the Plan: (i) Shares covered by an Award that expires or is forfeited, canceled, surrendered or otherwise terminated without
the issuance of such Shares; (ii) Shares covered by an Award that is settled only in cash; (iii) effective March 31, 2020, Shares
withheld by the Company or any Subsidiary to satisfy a tax withholding obligation; and (iv) Shares granted through the assumption
of, or in substitution for, outstanding awards granted by a company to individuals who become Employees or Directors as the result of
a merger, consolidation, acquisition or other corporate transaction involving such company and the Company or any of its affiliates (except
as may be required by reason of Section 422 of the Code or the rules and regulations of any stock exchange or other trading
market on which the Shares are listed).

 

    	 	5	 

     

    

 

(c)       Prohibition
of Share Recycling.  The following Shares issued or delivered under this Plan shall not again be available for grant as described
above:  (i) Shares tendered in payment of the exercise price of a Stock Option; and (ii) Shares that are repurchased by
the Company with Stock Option proceeds.  Without limiting the foregoing, with respect to any Stock Appreciation Right that is settled
in Shares, the full number of Shares subject to the Award shall count against the number of Shares available for Awards under the Plan
regardless of the number of Shares used to settle the Stock Appreciation Right upon exercise.

 

(d)       Per
Participant Limits.  Subject to adjustment as provided in Section 17 of the Plan, the following limits shall apply with
respect to Awards that are intended to qualify for the Performance-Based Exception: (i) the maximum aggregate number of Shares that
may be subject to Stock Options or Stock Appreciation Rights granted in any calendar year to any one Participant shall be 75,000 Shares;
(ii) the maximum aggregate number of Restricted Shares and Shares issuable or deliverable under Restricted Share Units and Other
Share-Based Awards granted in any calendar year to any one Participant shall be 125,000 Shares; (iii) the maximum aggregate compensation
that can be paid pursuant to Cash-Based Awards or Other Share-Based Awards granted in any calendar year to any one Participant shall
be $2,500,000 or a number of Shares having an aggregate Fair Market Value not in excess of such amount; and (iv) the maximum dividend
equivalents that may be paid in any calendar year to any one Participant shall be $250,000 or a number of Shares having an aggregate
Fair Market Value not in excess of such amount.

 

(e)       Director
Limits.  No Director may be granted, during any one calendar year, Awards with a grant date fair value for financial accounting
purposes of more than $250,000.

 

4.       Administration
of the Plan.

 

(a)       In
General.  The Plan shall be administered by the Committee.  Except as otherwise provided by the Board, the Committee shall
have full and final authority in its discretion to take all actions determined by the Committee to be necessary in the administration
of the Plan, including, without limitation, discretion to: select Award recipients; determine the sizes and types of Awards; determine
the terms and conditions of Awards in a manner consistent with the Plan; grant waivers of terms, conditions, restrictions and limitations
applicable to any Award, or accelerate the vesting or exercisability of any Award, in a manner consistent with the Plan; construe and
interpret the Plan and any Award Agreement or other agreement or instrument entered into under the Plan; establish, amend, or waive rules and
regulations for the Plan’s administration; and take such other action, not inconsistent with the terms of the Plan, as the Committee
deems appropriate.  To the extent permitted by Applicable Laws, the Committee may, in its discretion, delegate to one or more Directors
or Employees any of the Committee’s authority under the Plan.  The acts of any such delegates shall be treated hereunder as
acts of the Committee with respect to any matters so delegated.

 

(b)       Determinations. 
The Committee shall have no obligation to treat Participants or eligible Participants uniformly, and the Committee may make determinations
under the Plan selectively among Participants who receive, or Employees or Directors who are eligible to receive, Awards (whether or
not such Participants or eligible Employees or Directors are similarly situated).  All determinations and decisions made by the
Committee pursuant to the provisions of the Plan and all related orders and resolutions of the Committee shall be final, conclusive and
binding on all persons, including the Company, its Subsidiaries, its stockholders, Directors, Employees, Participants and their estates
and beneficiaries.

 

(c)       Authority
of the Board.  The Board may reserve to itself any or all of the authority or responsibility of the Committee under the Plan
or may act as the administrator of the Plan for any and all purposes.  To the extent the Board has reserved any such authority or
responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee
hereunder, and any reference herein to the Committee (other than in this Section 4(c)) shall include the Board.  To the extent
that any action of the Board under the Plan conflicts with any action taken by the Committee, the action of the Board shall control. 
Without limiting the foregoing, the Board specifically reserves the exclusive authority to approve and administer all Awards granted
to Directors under the Plan.

 

    	 	6	 

     

    

 

5.       Eligibility
and Participation.  Each Employee and Director is eligible to participate in the Plan.  Subject to the provisions of the
Plan, the Committee may, from time to time, select from all eligible Employees and Directors those to whom Awards shall be granted and
shall determine, in its sole discretion, the nature of any and all terms permissible by Applicable Law and the amount of each Award.

 

6.       Stock
Options.  Subject to the terms and conditions of the Plan, Stock Options may be granted to Participants in such number, and
upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

(a)       Award
Agreement. Each Stock Option shall be evidenced by an Award Agreement that shall specify the exercise price, the term of the Stock
Option, the number of Shares covered by the Stock Option, the conditions upon which the Stock Option shall become vested and exercisable
and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms and conditions of
the Plan.  The Award Agreement also shall specify whether the Stock Option is intended to be an Incentive Stock Option or a Nonqualified
Stock Option.

 

(b)       Exercise
Price. The exercise price per Share of a Stock Option shall be determined by the Committee at the time the Stock Option is granted
and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise price per Share of any
Stock Option be less than 100% of the Fair Market Value of a Share on the Date of Grant.

 

(c)       Term. 
The term of a Stock Option shall be determined by the Committee and set forth in the related Award Agreement; provided, however,
that in no event shall the term of any Stock Option exceed 10 years from its Date of Grant.

 

(d)       Exercisability.
Stock Options shall become exercisable at such times and upon such terms and conditions as shall be determined by the Committee and set
forth in the related Award Agreement.  Such terms and conditions may include, without limitation, the satisfaction of (i) performance
goals based on one or more Performance Objectives, and (ii) time-based vesting requirements.

 

(e)       Exercise
of Stock Options. Except as otherwise provided in the Plan or in a related Award Agreement, a Stock Option may be exercised for all
or any portion of the Shares for which it is then exercisable.  A Stock Option shall be exercised by the delivery of a notice of
exercise to the Company or its designee in a form specified by the Company which sets forth the number of Shares with respect to which
the Stock Option is to be exercised and full payment of the exercise price for such Shares.  The exercise price of a Stock Option
may be paid: (i) in cash or its equivalent; (ii) by tendering (either by actual delivery or attestation) previously acquired
Shares having an aggregate Fair Market Value at the time of exercise equal to the aggregate exercise price; (iii) by a cashless
exercise (including by withholding Shares deliverable upon exercise and through a broker-assisted arrangement to the extent permitted
by Applicable Law); (iv) by a combination of the methods described in clauses (i), (ii) and/or (iii); or (v) through
any other method approved by the Committee in its sole discretion.  As soon as practicable after receipt of the notification of
exercise and full payment of the exercise price, the Company shall cause the appropriate number of Shares to be issued to the Participant.

 

(f)       Special
Rules Applicable to Incentive Stock Options.  Notwithstanding any other provision in the Plan to the contrary:

 

(i)       Incentive
Stock Options may be granted only to Employees of the Company and its Subsidiaries.  The terms and conditions of Incentive Stock
Options shall be subject to and comply with the requirements of Section 422 of the Code. 

 

    	 	7	 

     

    

 

(ii)       To
the extent that the aggregate Fair Market Value of the Shares (determined as of the Date of Grant) with respect to which an Incentive
Stock Option is exercisable for the first time by any Participant during any calendar year (under all plans of the Company and its Subsidiaries)
is greater than $100,000 (or such other amount specified in Section 422 of the Code), as calculated under Section 422 of the
Code, then the Stock Option shall be treated as a Nonqualified Stock Option.

 

(iii)       No
Incentive Stock Option shall be granted to any Participant who, on the Date of Grant, is a Ten Percent Stockholder, unless (x) the
exercise price per Share of such Incentive Stock Option is at least 110% of the Fair Market Value of a Share on the Date of Grant, and
(y) the term of such Incentive Stock Option shall not exceed 5 years from the Date of Grant.

 

7.       Stock
Appreciation Rights.  Subject to the terms and conditions of the Plan, Stock Appreciation Rights may be granted to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

(a)       Award
Agreement.  Each Stock Appreciation Right shall be evidenced by an Award Agreement that shall specify the exercise price, the
term of the Stock Appreciation Right, the number of Shares covered by the Stock Appreciation Right, the conditions upon which the Stock
Appreciation Right shall become vested and exercisable and such other terms and conditions as the Committee shall determine and which
are not inconsistent with the terms and conditions of the Plan.

 

(b)       Exercise
Price.  The exercise price per Share of a Stock Appreciation Right shall be determined by the Committee at the time the Stock
Appreciation Right is granted and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise
price per Share of any Stock Appreciation Right be less than 100% of the Fair Market Value of a Share on the Date of Grant.

 

(c)       Term. 
The term of a Stock Appreciation Right shall be determined by the Committee and set forth in the related Award Agreement; provided however,
that in no event shall the term of any Stock Appreciation Right exceed 10 years from its Date of Grant.

 

(d)       Exercisability
of Stock Appreciation Rights.  A Stock Appreciation Right shall become exercisable at such times and upon such terms and conditions
as may be determined by the Committee and set forth in the related Award Agreement.  Such terms and conditions may include, without
limitation, the satisfaction of (i) performance goals based on one or more Performance Objectives, and (ii) time-based vesting
requirements.

 

(e)       Exercise
of Stock Appreciation Rights.  Except as otherwise provided in the Plan or in a related Award Agreement, a Stock Appreciation
Right may be exercised for all or any portion of the Shares for which it is then exercisable.  A Stock Appreciation Right shall
be exercised by the delivery of a notice of exercise to the Company or its designee in a form specified by the Company which sets forth
the number of Shares with respect to which the Stock Appreciation Right is to be exercised.  Upon exercise, a Stock Appreciation
Right shall entitle a Participant to an amount equal to (a) the excess of (i) the Fair Market Value of a Share on the exercise
date over (ii) the exercise price per Share, multiplied by (b) the number of Shares with respect to which the Stock Appreciation
Right is exercised.  A Stock Appreciation Right may be settled in whole Shares, cash or a combination thereof, as specified by the
Committee in the related Award Agreement.

 

8.       Restricted
Shares.  Subject to the terms and conditions of the Plan, Restricted Shares may be granted or sold to Participants in such number,
and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

(a)       Award
Agreement.  Each Restricted Shares Award shall be evidenced by an Award Agreement that shall specify the number of Restricted
Shares, the restricted period(s) applicable to the Restricted Shares, the conditions upon which the restrictions on the Restricted
Shares will lapse and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms
and conditions of the Plan.

 

    	 	8	 

     

    

 

(b)       Terms,
Conditions and Restrictions.  The Committee shall impose such other terms, conditions and/or restrictions on any Restricted
Shares as it may deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for each Restricted
Share, restrictions based on the achievement of specific Performance Objectives, time-based restrictions or holding requirements or sale
restrictions placed on the Shares by the Company upon vesting of such Restricted Shares.  Unless otherwise provided in the related
Award Agreement or required by Applicable Law, the restrictions imposed on Restricted Shares shall lapse upon the expiration or termination
of the applicable restricted period and the satisfaction of any other applicable terms and conditions.

 

(c)       Custody
of Certificates.  To the extent deemed appropriate by the Committee, the Company may retain the certificates representing Restricted
Shares in the Company’s possession until such time as all terms, conditions and/or restrictions applicable to such Shares have
been satisfied or lapse.

 

(d)       Rights
Associated with Restricted Shares during Restricted Period.  During any restricted period applicable to Restricted Shares: (i) the
Restricted Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated; (ii) unless otherwise
provided in the related Award Agreement, the Participant shall be entitled to exercise full voting rights associated with such Restricted
Shares; and (iii) subject to the restrictions in Section 12 below, the Participant shall be entitled to all dividends and other
distributions paid with respect to such Restricted Shares during the restricted period. 

 

9.         Restricted
Share Units.  Subject to the terms and conditions of the Plan, Restricted Share Units may be granted or sold to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

(a)       Award
Agreement.  Each Restricted Share Unit shall be evidenced by an Award Agreement that shall specify the number of units, the
restricted period(s) applicable to the Restricted Share Units, the conditions upon which the restrictions on the Restricted Share
Units will lapse, the time and method of payment of the Restricted Share Units, and such other terms and conditions as the Committee
shall determine and which are not inconsistent with the terms and conditions of the Plan.

 

(b)       Terms,
Conditions and Restrictions. The Committee shall impose such other terms, conditions and/or restrictions on any Restricted Share
Units as it may deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for each Restricted
Share Unit, restrictions based on the achievement of specific Performance Objectives or time-based restrictions or holding requirements.

 

(c)       Form of
Settlement.  Restricted Share Units may be settled in whole Shares, cash or a combination thereof, as specified by the Committee
in the related Award Agreement.

 

10.       Other
Share-Based Awards.  Subject to the terms and conditions of the Plan, Other Share-Based Awards may be granted to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.  Other Share-Based
Awards are Awards that are valued in whole or in part by reference to, or otherwise based on the Fair Market Value of, Shares, and shall
be in such form as the Committee shall determine, including without limitation, unrestricted Shares or time-based or performance-based
units that are settled in Shares and/or cash.

 

(a)       Award
Agreement.  Each Other Share-Based Award shall be evidenced by an Award Agreement that shall specify the terms and conditions
upon which the Other Share-Based Award shall become vested, if applicable, the time and method of settlement, the form of settlement
and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms and conditions of
the Plan.

 

(b)       Form of
Settlement. An Other Share-Based Award may be settled in whole Shares, cash or a combination thereof, as specified by the Committee
in the related Award Agreement.

 

11.       Cash-Based
Awards.  Subject to the terms and conditions of the Plan, Cash-Based Awards may be granted to Participants in such amounts and
upon such other terms and conditions as shall be determined by the Committee in its sole discretion.  Each Cash-Based Award shall
be evidenced by an Award Agreement that shall specify the payment amount or payment range, the time and method of settlement and the
other terms and conditions, as applicable, of such Award which may include, without limitation, restrictions based on the achievement
of specific Performance Objectives.

 

    	 	9	 

     

    

 

12.       Dividend
Equivalents. Awards may provide the Participant with dividend equivalents, on a contingent basis and either in cash or in additional
Shares, as determined by the Committee in its sole discretion and set forth in the related Award Agreement; provided, however, that that
any dividend equivalents with respect to an unvested Award shall be accumulated or deemed reinvested until such Award is earned and vested,
and shall be subject to the same terms and conditions as the original Award (including service-based vesting conditions and the achievement
of any Performance Objectives). Notwithstanding the foregoing, no dividend equivalents shall be granted with respect to Shares underlying
a Stock Option or Stock Appreciation Right.

 

13.       Compliance
with Section 409A.  Awards granted under the Plan shall be designed and administered in such a manner that they are either
exempt from the application of, or comply with, the requirements of Section 409A of the Code.  To the extent that the Committee
determines that any award granted under the Plan is subject to Section 409A of the Code, the Award Agreement shall incorporate the
terms and conditions necessary to avoid the imposition of an additional tax under Section 409A of the Code upon a Participant. 
Notwithstanding any other provision of the Plan or any Award Agreement (unless the Award Agreement provides otherwise with specific reference
to this Section 13): (a) an Award shall not be granted, deferred, accelerated, extended, paid out, settled, substituted or
modified under the Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon
a Participant; and (b) if an Award is subject to Section 409A of the Code, and if the Participant holding the award is a “specified
employee” (as defined in Section 409A of the Code, with such classification to be determined in accordance with the methodology
established by the Company), then, to the extent required to avoid the imposition of an additional tax under Section 409A of the
Code upon a Participant, no distribution or payment of any amount shall be made before the date that is 6 months following the date of
such Participant’s “separation from service” (as defined in Section 409A of the Code) or, if earlier, the date
of the Participant’s death.  Although the Company intends to administer the Plan so that Awards will be exempt from, or will
comply with, the requirements of Section 409A of the Code, the Company does not warrant that any Award under the Plan will qualify
for favorable tax treatment under Section 409A of the Code or any other provision of federal, state, local, or non-United States
law.  The Company shall not be liable to any Participant for any tax, interest, or penalties the Participant might owe as a result
of the grant, holding, vesting, exercise, or payment of any Award under the Plan.

 

14.       Performance-Based
Awards.

 

(a)       In
General.  In General. As determined by the Committee in its sole discretion, the grant, vesting, exercisability and/or settlement
of any Restricted Shares, Restricted Share Units and Other Share-Based Awards may be conditioned on the attainment of one or more Performance
Objectives during a performance period established by the Committee.

 

(b)       Performance
Objectives.  Performance Objectives may be based on such criteria as determined by the Committee in its discretion, which may
include (but shall not be limited to) the following criteria: revenues, earnings from operations, operating income, earnings before or
after interest and taxes, operating income before or after interest and taxes, net income, cash flow, operating cash flow, earnings per
share, return on total capital, return on invested capital, return on gross investment, return on equity, return on assets, total return
to stockholders, earnings before or after interest, taxes, depreciation, amortization or extraordinary or special items, operating income
before or after interest, taxes, depreciation, amortization or extraordinary or special items, return on investment, free cash flow,
cash flow return on investment (discounted or otherwise), net cash provided by operations, cash flow in excess of cost of capital, operating
margin, profit margin, contribution margin, stock price corporate value and sustainability metrics (including, without limitation, environmental,
social and governance matters), human capital metrics (including, without limitation, employee satisfaction, management of employment
practices, employee benefits, and workforce retention, safety or diversity), and/or strategic business criteria consisting of one or
more objectives based on meeting specified product development, strategic partnering, research and development milestones, market penetration,
geographic business expansion goals, cost targets, customer satisfaction, supervision of litigation and information technology, and goals
relating to acquisitions or divestitures of subsidiaries, affiliates and joint ventures.

 

    	 	10	 

     

    

 

(c)       Adjustments. 
The Committee may provide in any Award Agreement that any evaluation of attainment of a Performance Objective may include or exclude
any of the following events that occurs during the relevant period: (i) asset write downs; (ii) litigation or claim judgments or settlements;
(iii) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results; (iv) any reorganization
and restructuring programs; (v) unusual or infrequently occurring items as described in Financial Accounting Standards Board Accounting
Standards Update No. 2015-01 and/or in management’s discussion and analysis of financial condition and results of operations appearing
in the Company’s Annual Report on Form 10-K for the applicable year; (vi) acquisitions or divestitures; (vii) foreign exchange
gains and losses; and (viii) other events identified by the Committee. Moreover, if the Committee determines that a change in the Company’s
business, operations, corporate structure or capital structure, or in the manner in which it conducts its business, or other events or
circumstances render the Performance Objectives unsuitable, the Committee may, in its discretion and without the consent of any Participant,
adjust such Performance Objectives or the related level of achievement, in whole or in part, as the Committee deems appropriate and equitable.

 

(d)       Certification
of Performance.  The Committee shall certify in writing whether the applicable Performance Objectives and other material terms
imposed on such Award have been satisfied, and, if they have, ascertain the amount of the payout or vesting of the Award.

 

15.       Minimum
Vesting for Awards.  Subject to Sections 20, 22 and 23(b) of the Plan, Awards granted under the Plan on or after the Restatement
Date shall vest no earlier than the first anniversary of the date the Award is granted; provided, however, that the Committee may grant
Awards without regard to the foregoing minimum vesting requirement with respect to a maximum of five percent (5%) of the total number
of Shares remaining available for issuance under the Plan under Section 3(b) as of the Restatement Date (subject to adjustment under
Section 17).

 

16.       Transferability. 
Except as otherwise determined by the Committee, no Award or dividend equivalents paid with respect to any Award shall be transferable
by the Participant except by will or the laws of descent and distribution; provided, that if so determined by the Committee, each
Participant may, in a manner established by the Board or the Committee, designate a beneficiary to exercise the rights of the Participant
with respect to any Award upon the death of the Participant and to receive Shares or other property issued or delivered under such Award. 
Except as otherwise determined by the Committee, Stock Options and Stock Appreciation Rights will be exercisable during a Participant’s
lifetime only by the Participant or, in the event of the Participant’s legal incapacity to do so, by the Participant’s guardian
or legal representative acting on behalf of the Participant in a fiduciary capacity under state law and/or court supervision.

 

17.       Adjustments. 
In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification
Topic 718, Compensation — Stock Compensation), such as a stock dividend, stock split, reverse stock split, spinoff, rights offering,
or recapitalization through a large, nonrecurring cash dividend, the Committee shall cause there to be an equitable adjustment in the
numbers of Shares specified in Section 3 of the Plan and, with respect to outstanding Awards, in the number and kind of Shares subject
to outstanding Awards, the exercise price, exercise price or other price of Shares subject to outstanding Awards, in each case to prevent
dilution or enlargement of the rights of Participants.  In the event of any other change in corporate capitalization, or in the
event of a merger, consolidation, liquidation, or similar transaction, the Committee may, in its sole discretion, cause there to be an
equitable adjustment as described in the foregoing sentence, to prevent dilution or enlargement of rights; provided, however,
that, unless otherwise determined by the Committee, the number of Shares subject to any Award shall always be rounded down to a whole
number.  Notwithstanding the foregoing, the Committee shall not make any adjustment pursuant to this Section 17 that would
(i) cause any Stock Option intended to qualify as an Incentive Stock Option to fail to so qualify, (ii) cause an Award that
is otherwise exempt from Section 409A of the Code to become subject to Section 409A of the Code, or (iii) cause an Award
that is subject to Section 409A of the Code to fail to satisfy the requirements of Section 409A of the Code.  The determination
of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on all Participants and any other persons claiming
under or through any Participant.

 

18.       Fractional
Shares.  The Company shall not be required to issue or deliver any fractional Shares pursuant to the Plan and, unless otherwise
provided by the Committee, fractional shares shall be settled in cash.

 

    	 	11	 

     

    

 

19.       Withholding
Taxes.  To the extent required by Applicable Law, a Participant shall be required to satisfy, in a manner satisfactory to the
Company or Subsidiary, as applicable, any withholding tax obligations that arise by reason of a Stock Option or Stock Appreciation Right
exercise, the vesting of or settlement of Shares under an Award, an election pursuant to Section 83(b) of the Code or otherwise
with respect to an Award.  The Company and its Subsidiaries shall not be required to issue or deliver Shares, make any payment or
to recognize the transfer or disposition of Shares until such obligations are satisfied.  The Committee may permit or require these
obligations to be satisfied by having the Company withhold a portion of the Shares that otherwise would be issued or delivered to a Participant
upon exercise of a Stock Option or Stock Appreciation Right or upon the vesting or settlement of an Award, or by tendering Shares previously
acquired, in each case having a Fair Market Value equal to the minimum amount required to be withheld or paid (or such other amount that
will not result in adverse accounting consequences for the Company or a Subsidiary).  Any such elections are subject to such conditions
or procedures as may be established by the Committee and may be subject to disapproval by the Committee.

 

 20.       Foreign
Employees.  Without amending the Plan, the Committee may grant Awards to Participants who are foreign nationals on such terms
and conditions different from those specified in the Plan as may in the judgment of the Committee be necessary or desirable to foster
and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications,
amendments, procedures, and the like as may be necessary or advisable to comply with provisions of Applicable Laws of other countries
in which the Company or its Subsidiaries operate or have employees.

 

 21.       Detrimental
Activity; Forfeiture of Awards.

 

  (a)       Detrimental
Activity. Any Award Agreement may provide that if the Committee determines a Participant has engaged in any Detrimental Activity,
either during service with the Company or a Subsidiary or after termination of such service, then, promptly upon receiving notice of
the Committee’s determination, the Participant shall:

 

(i)       forfeit
that Award to the extent then held by the Participant;

 

(ii)       subject
to Section 21(b) below, return to the Company or the Subsidiary all Shares that the Participant has not disposed of that had
been acquired pursuant to that Award, in exchange for payment by the Company or the Subsidiary of any amount actually paid therefor by
the Participant; and

 

(iii)       subject
to Section 21(b) below, with respect to any Shares acquired pursuant to an Award that were disposed of, pay to the Company
or the Subsidiary, in cash, the excess, if any, of: (A) the Fair Market Value of the Shares on the date acquired, over (B) any
amount actually paid by the Participant for the Shares.

 

(b)       Period
of Restriction.  Sections 21(a)(ii) and (iii) shall apply only to Shares that were acquired pursuant to the Award
during a period of two (2) years prior to the date of the Participant’s initial commencement of the Detrimental Activity (or
such other period of time specified by the Committee in the Award Agreement).

 

(c)       Compensation
Recovery Policy.  Any Award granted to a Participant shall be subject to forfeiture or repayment pursuant to the terms of any
applicable compensation recovery policy adopted by the Company, including any such policy that may be adopted to comply with the Dodd-Frank
Wall Street Reform and Consumer Protection Act or any rules or regulations issued by the SEC rule or applicable securities
exchange.

 

(d)       Set-Off
and Other Remedies.  To the extent that amounts are not immediately returned or paid to the Company as provided in this Section 21,
the Company may, to the extent permitted by Applicable Laws, seek other remedies, including a set off of the amounts so payable to it
against any amounts that may be owing from time to time by the Company or a Subsidiary to the Participant for any reason, including,
without limitation, wages, or vacation pay or other benefits; provided, however, that, except to the extent permitted by Treasury Regulation
Section 1.409A-3(j)(4), such offset shall not apply to amounts that are “deferred compensation” within the meaning of
Section 409A of the Code.

 

    	 	12	 

     

    

 

22.       Change
in Control.

 

(a)       Awards
that are Assumed.  To the extent outstanding Awards granted under this Plan are assumed, converted or replaced by the resulting
entity in the event of a Change in Control (or, if the Company is the resulting entity, to the extent such Awards are continued by the
Company), then, except as otherwise provided in the applicable Award Agreement or in another written agreement with the Participant,
or in a Company severance plan applicable to the Participant:  (i) any outstanding Awards that are subject to Performance Objectives
shall be converted by the resulting entity, as if “target” performance had been achieved as of the date of the Change in
Control, and shall continue to vest during the remaining performance period or other period of required service, and (ii) all other
Awards shall continue to vest during the applicable vesting period, if any.  Notwithstanding the preceding sentence, if a Participant
incurs a Qualified Termination, then upon such termination (A) all outstanding Awards held by the Participant that may be exercised
shall become fully exercisable and shall remain exercisable for the full duration of their term, (B) all restrictions with respect
to outstanding Awards shall lapse, with any specified Performance Objectives with respect to outstanding Awards deemed to be satisfied
at the “target” level, and (C) all outstanding Awards shall become fully vested.

 

(b)       Awards
that are not Assumed.  To the extent outstanding Awards granted under this Plan are not assumed, converted or replaced by the
resulting entity in connection with a Change in Control (or, if the Company is the resulting entity, to the extent such Awards are not
continued by the Company), then, except as otherwise provided in the applicable Award Agreement or in another written agreement with
the Participant, or in a Company severance plan applicable to the Participant, and effective immediately prior to the Change in Control: 
(i) all outstanding Awards held by the Participant that may be exercised shall become fully exercisable and shall remain exercisable
for the full duration of their term, (ii) all restrictions with respect to outstanding Awards shall lapse, with any specified Performance
Objectives with respect to outstanding Awards deemed to be satisfied at the “target” level, and (iii) all outstanding
Awards shall become fully vested.

 

(c)       Cancellation
Right.  The Committee may, in its sole discretion and without the consent of Participants, either by the terms of the Award
Agreement applicable to any Award or by resolution adopted prior to the occurrence of the Change in Control, provide that any outstanding
Award (or a portion thereof) shall, upon the occurrence of such Change in Control, be cancelled in exchange for a payment in cash or
other property (including shares of the resulting entity in connection with a Change in Control) in an amount equal to the excess, if
any, of the Fair Market Value of the Shares subject to the Award, over any exercise price related to the Award, which amount may be zero
if the Fair Market Value of a Share on the date of the Change in Control does not exceed the exercise price per Share of the applicable
Awards.

 

23.       Amendment,
Modification and Termination.

 

(a)       In
General.  The Board may at any time and from time to time, alter, amend, suspend or terminate the Plan in whole or in part;
provided, however, that no alteration or amendment that requires stockholder approval in order for the Plan to comply with any rule promulgated
by the SEC or any securities exchange on which Shares are listed or any other Applicable Laws shall be effective unless such amendment
shall be approved by the requisite vote of stockholders of the Company entitled to vote thereon within the time period required under
such applicable listing standard or rule.

 

(b)       Adjustments
to Outstanding Awards.  The Committee may in its sole discretion at any time (i) provide that all or a portion of a Participant’s
Stock Options, Stock Appreciation Rights, and other Awards in the nature of rights that may be exercised shall become fully or partially
exercisable; (ii) provide that all or a part of the time-based vesting restrictions on all or a portion of the outstanding Awards
shall lapse, and/or that any Performance Objectives or other performance-based criteria with respect to any Awards shall be deemed to
be wholly or partially satisfied; or (iii) waive any other limitation or requirement under any such Award, in each case, as of such
date as the Committee may, in its sole discretion, declare.  Unless otherwise determined by the Committee, any such adjustment that
is made with respect to an Award that is intended to qualify for the Performance-Based Exception shall be made at such times and in such
manner as will not cause such Awards to fail to qualify under the Performance-Based Exception.  Additionally, the Committee shall
not make any adjustment pursuant to this Section 23(b) that would cause an Award that is otherwise exempt from Section 409A
of the Code to become subject to Section 409A of the Code, or that would cause an Award that is subject to Section 409A of
the Code to fail to satisfy the requirements of Section 409A of the Code.

 

    	 	13	 

     

    

 

(c)       Prohibition
on Repricing.  Except for adjustments made pursuant to Sections 17 or 22, the Board or the Committee will not, without
the further approval of the stockholders of the Company, authorize the amendment of any outstanding Stock Option or Stock Appreciation
Right to reduce the exercise price.  No Stock Option or Stock Appreciation Right will be cancelled and replaced with an Award having
a lower exercise price, or for another Award, or for cash without further approval of the stockholders of the Company, except as provided
in Sections 17 or 22.  Furthermore, no Stock Option or Stock Appreciation Right will provide for the payment, at the time of
exercise, of a cash bonus or grant or sale of another Award without further approval of the stockholders of the Company.  This Section 23(c) is
intended to prohibit the repricing of “underwater” Stock Options or Stock Appreciation Rights without stockholder approval
and will not be construed to prohibit the adjustments provided for in Sections 17 or 22.

 

(d)       Effect
on Outstanding Awards.  Notwithstanding any other provision of the Plan to the contrary (other than Sections 17, 22, 23(b) and
25(d)), no termination, amendment, suspension, or modification of the Plan or an Award Agreement shall adversely affect in any material
way any Award previously granted under the Plan, without the written consent of the Participant holding such Award.  Notwithstanding
the preceding sentence, any Incentive Stock Option granted under the Plan may be modified by the Committee to disqualify such Stock Option
from treatment as an “incentive stock option” under Section 422 of the Code.

 

24.       Applicable
Laws.  The obligations of the Company with respect to Awards under the Plan shall be subject to all Applicable Laws and such
approvals by any governmental agencies as the Committee determines may be required.  The Plan and each Award Agreement shall be
governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of the Plan to the substantive law of another jurisdiction.

 

25.       Miscellaneous.

 

(a)       Deferral
of Awards.  Except with respect to Stock Options and Stock Appreciation Rights, the Committee may permit Participants to elect
to defer the issuance or delivery of Shares or the settlement of Awards in cash under the Plan pursuant to such rules, procedures or
programs as it may establish for purposes of the Plan.  The Committee also may provide that deferred issuances and settlements include
the payment or crediting of dividend equivalents or interest on the deferral amounts.  All elections and deferrals permitted under
this provision shall comply with Section 409A of the Code, including setting forth the time and manner of the election (including
a compliant time and form of payment), the date on which the election is irrevocable, and whether the election can be changed until the
date it is irrevocable.

 

(b)       No
Right of Continued Employment.  The Plan shall not confer upon any Participant any right with respect to continuance of employment
or other service with the Company or any Subsidiary, nor shall it interfere in any way with any right the Company or any Subsidiary would
otherwise have to terminate such Participant’s employment or other service at any time.  No Employee or Director shall have
the right to be selected to receive an Award under the Plan, or, having been so selected, to be selected to receive future Awards.

 

(c)       Unfunded,
Unsecured Plan.  Neither a Participant nor any other person shall, by reason of participation in the Plan, acquire any right
or title to any assets, funds or property of the Company or any Subsidiary, including without limitation, any specific funds, assets
or other property which the Company or any Subsidiary may set aside in anticipation of any liability under the Plan.  A Participant
shall have only a contractual right to an Award or the amounts, if any, payable under the Plan, unsecured by any assets of the Company
or any Subsidiary, and nothing contained in the Plan shall constitute a guarantee that the assets of the Company or any Subsidiary shall
be sufficient to pay any benefits to any person.

 

(d)       Severability. 
If any provision of the Plan is or becomes invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any
Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended or limited in scope to conform
to Applicable Laws or, in the discretion of the Committee, it shall be stricken and the remainder of the Plan shall remain in full force
and effect.

 

    	 	14	 

     

    

 

(e)       Acceptance
of Plan.  By accepting any benefit under the Plan, each Participant and each person claiming under or through any such Participant
shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, all of the terms and conditions
of the Plan and any action taken under the Plan by the Committee, the Board or the Company, in any case in accordance with the terms
and conditions of the Plan.

 

(f)       Successors. 
All obligations of the Company under the Plan and with respect to Awards shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or other event, or a sale or disposition
of all or substantially all of the business and/or assets of the Company and references to the “Company” herein and in any
Award agreements shall be deemed to refer to such successors.

 

* * * * *

 

    	 	15Exhibit 4.1

          

          
            

            

            INDENTURE

             

            Dated as of May 17, 2022

             

            Among

             

            KKR GROUP FINANCE CO. XII LLC,

             

            THE GUARANTORS NAMED HEREIN

             

            and

             

            THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

             

            as Trustee

             

            
              
                

            

            TABLE OF CONTENTS

            
              

              

            

            	 	 	
                    Page

                  
	
                    ARTICLE 1 

                    

                  
	
                    Definitions and Other Provisions of General Application

                  
	 
	
                    Section 1.01.

                  	
                    Definitions

                  	
                    1

                  
	
                    Section 1.02.

                  	
                    Compliance Certificates and Opinions

                  	
                    10

                  
	
                    Section 1.03.

                  	
                    Form of Documents Delivered to Trustee

                  	
                    10

                  
	
                    Section 1.04.

                  	
                    Acts of Holders; Record Dates

                  	
                    11

                  
	
                    Section 1.05.

                  	
                    Notices, Etc., to Trustee, Company and Guarantors

                  	
                    13

                  
	
                    Section 1.06.

                  	
                    Notice to Holders; Waiver

                  	
                    14

                  
	
                    Section 1.07.

                  	
                    Reserved

                  	
                    15

                  
	
                    Section 1.08.

                  	
                    Effect of Headings and Table of Contents

                  	
                    15

                  
	
                    Section 1.09.

                  	
                    Successors and Assigns

                  	
                    15

                  
	
                    Section 1.10.

                  	
                    Separability Clause

                  	
                    15

                  
	
                    Section 1.11.

                  	
                    Benefits of Indenture

                  	
                    15

                  
	
                    Section 1.12.

                  	
                    Governing Law, Jurisdiction, Venue

                  	
                    15

                  
	
                    Section 1.13.

                  	
                    Legal Holidays

                  	
                    16

                  
	
                    Section 1.14.

                  	
                    No Recourse Against Others

                  	
                    16

                  
	
                    Section 1.15.

                  	
                    Waiver of Jury Trial

                  	
                    16

                  
	
                    Section 1.16.

                  	
                    Compliance with Applicable Law

                  	
                    16

                  
	
                    ARTICLE 2

                      

                  
	
                    Security Forms

                  
	 
	
                    Section 2.01.

                  	
                    Forms Generally

                  	
                    17

                  
	
                    Section 2.02.

                  	
                    Form of Legend for Global Securities

                  	
                    17

                  
	
                    Section 2.03.

                  	
                    Form of Trustee’s Certificate of Authentication

                  	
                    18

                  
	
                    ARTICLE 3

                      

                  
	
                    The Securities

                  
	 
	
                    Section 3.01.

                  	
                    Amount Unlimited; Issuable in Series

                  	
                    18

                  
	
                    Section 3.02.

                  	
                    Denominations

                  	
                    21

                  
	
                    Section 3.03.

                  	
                    Execution, Authentication, Delivery and Dating

                  	
                    22

                  
	
                    Section 3.04.

                  	
                    Temporary Securities

                  	
                    23

                  
	
                    Section 3.05.

                  	
                    Registration, Registration of Transfer and Exchange

                  	
                    24

                  
	
                    Section 3.06.

                  	
                    Mutilated, Destroyed, Lost and Stolen Securities

                  	
                    26

                  
	
                    Section 3.07.

                  	
                    Payment of Interest; Interest Rights Preserved

                  	
                    26

                  
	
                    Section 3.08.

                  	
                    Persons Deemed Owners

                  	
                    28

                  
	
                    Section 3.09.

                  	
                    Cancellation

                  	
                    28

                  
	
                    Section 3.10.

                  	
                    Computation of Interest

                  	
                    28

                  
	
                    Section 3.11.

                  	
                    CUSIP or ISIN Numbers

                  	
                    28

                  
	
                    Section 3.12.

                  	
                    Original Issue Discount

                  	
                    29

                  
	
                    Section 3.13.

                  	
                    General Provisions Relating to Global Securities

                  	
                    29

                  

            

            

            
              
                

            

            
            	
                    ARTICLE 4

                      

                  
	
                    Satisfaction and Discharge

                  
	 
	
                    Section 4.01.

                  	
                    Satisfaction and Discharge of Indenture

                  	
                    29

                  
	
                    Section 4.02.

                  	
                    Application of Trust Money

                  	
                    31

                  
	
                    ARTICLE 5

                      

                  
	
                    Remedies

                  
	
                    Section 5.01.

                  	
                    Events of Default

                  	
                    31

                  
	
                    Section 5.02.

                  	
                    Acceleration of Maturity; Rescission and Annulment

                  	
                    33

                  
	
                    Section 5.03.

                  	
                    Collection of Indebtedness and Suits for Enforcement by Trustee

                  	
                    34

                  
	
                    Section 5.04.

                  	
                    Trustee May File Proofs of Claim

                  	
                    35

                  
	
                    Section 5.05.

                  	
                    Trustee May Enforce Claims Without Possession of Securities

                  	
                    35

                  
	
                    Section 5.06.

                  	
                    Application of Money Collected

                  	
                    36

                  
	
                    Section 5.07.

                  	
                    Limitation on Suits

                  	
                    36

                  
	
                    Section 5.08.

                  	
                    Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Securities

                  	
                    37

                  
	
                    Section 5.09.

                  	
                    Rights and Remedies Cumulative

                  	
                    37

                  
	
                    Section 5.10.

                  	
                    Delay or Omission Not Waiver

                  	
                    37

                  
	
                    Section 5.11.

                  	
                    Control by Holders

                  	
                    37

                  
	
                    Section 5.12.

                  	
                    Waiver of Past Defaults

                  	
                    38

                  
	
                    Section 5.13.

                  	
                    Undertaking for Costs

                  	
                    38

                  
	
                    Section 5.14.

                  	
                    Waiver of Usury, Stay or Extension Laws

                  	
                    38

                  
	
                    Section 5.15.

                  	
                    Restoration of Rights and Remedies

                  	
                    39

                  
	
                    ARTICLE 6

                      

                  
	
                    The Trustee

                  
	
                    Section 6.01.

                  	
                    Certain Duties and Responsibilities of Trustee

                  	
                    39

                  
	
                    Section 6.02.

                  	
                    Notice of Defaults

                  	
                    40

                  
	
                    Section 6.03.

                  	
                    Certain Rights of Trustee

                  	
                    40

                  
	
                    Section 6.04.

                  	
                    Not Responsible for Recitals or Issuance of Securities

                  	
                    42

                  
	
                    Section 6.05.

                  	
                    May Hold Securities

                  	
                    42

                  
	
                    Section 6.06.

                  	
                    Money Held in Trust

                  	
                    42

                  
	
                    Section 6.07.

                  	
                    Compensation and Reimbursement

                  	
                    42

                  
	
                    Section 6.08.

                  	
                    Conflicting Interests

                  	
                    44

                  
	
                    Section 6.09.

                  	
                    Corporate Trustee Required; Eligibility

                  	
                    44

                  
	
                    Section 6.10.

                  	
                    Resignation and Removal; Appointment of Successor

                  	
                    45

                  
	
                    Section 6.11.

                  	
                    Acceptance of Appointment by Successor

                  	
                    46

                  
	
                    Section 6.12.

                  	
                    Merger, Conversion, Consolidation or Succession to Business

                  	
                    47

                  
	
                    Section 6.13.

                  	
                    Preferential Collection of Claims Against Company

                  	
                    48

                  
	
                    Section 6.14.

                  	
                    Trustee’s Application for Instructions from the Company

                  	
                    48

                  

            

            

            
              
                

            

            	
                    ARTICLE 7

                      

                  
	
                    Holders’ Lists and Reports by the Trustee, the Company and the Guarantors

                  
	 
	
                    Section 7.01.

                  	
                    Company to Furnish Trustee Names and Addresses of Holders

                  	
                    48

                  
	
                    Section 7.02.

                  	
                    Preservation of Information; Communications to Holders

                  	
                    48

                  
	
                    Section 7.03.

                  	
                    Reports by Trustee

                  	
                    49

                  
	
                    Section 7.04.

                  	
                    Reports by the Company and the Guarantors

                  	
                    49

                  
	 	 	 
	
                    ARTICLE 8

                      

                  
	
                    Consolidation, Merger, Sale of Assets and Other Transactions

                  
	 
	
                    Section 8.01.

                  	
                    Company and Guarantors May Merge or Transfer Assets on Certain Terms

                  	
                    49

                  
	
                    Section 8.02.

                  	
                    Successor Person Substituted

                  	
                    50

                  
	 	 	 
	
                    ARTICLE 9 

                    

                  
	
                    Supplemental Indentures

                  
	
                    Section 9.01.

                  	
                    Supplemental Indentures Without Consent of Holders

                  	
                    50

                  
	
                    Section 9.02.

                  	
                    Supplemental Indentures With Consent of Holders

                  	
                    52

                  
	
                    Section 9.03.

                  	
                    Execution of Supplemental Indentures

                  	
                    53

                  
	
                    Section 9.04.

                  	
                    Effect of Supplemental Indentures

                  	
                    53

                  
	
                    Section 9.05.

                  	
                    Reserved

                  	
                    53

                  
	
                    Section 9.06.

                  	
                    Notice of Supplemental Indenture; Reference in Securities to Supplemental Indentures

                  	
                    53

                  
	 	 	 
	
                    ARTICLE 10

                      

                  
	
                    Covenants

                  
	 
	
                    Section 10.01.

                  	
                    Payment of Principal, Premium, if any, and Interest

                  	
                    54

                  
	
                    Section 10.02.

                  	
                    Maintenance of Office or Agency

                  	
                    54

                  
	
                    Section 10.03.

                  	
                    Money for Securities Payments to Be Held in Trust

                  	
                    55

                  
	
                    Section 10.04.

                  	
                    Statement by Officers as to Default

                  	
                    56

                  
	
                    Section 10.05.

                  	
                    Waiver of Certain Covenants

                  	
                    56

                  
	
                    Section 10.06.

                  	
                    No Conflicts with Sanctions Law

                  	
                    57

                  
	 	 	 
	
                    ARTICLE 11 

                    

                  
	
                    Redemption of Securities

                  
	 
	
                    Section 11.01.

                  	
                    Applicability of Article

                  	
                    57

                  
	
                    Section 11.02.

                  	
                    Election to Redeem; Notice to Trustee

                  	
                    57

                  
	
                    Section 11.03.

                  	
                    Selection by Trustee of Securities to Be Redeemed

                  	
                    58

                  
	
                    Section 11.04.

                  	
                    Notice of Redemption

                  	
                    58

                  
	
                    Section 11.05.

                  	
                    Deposit of Redemption Price

                  	
                    59

                  
	
                    Section 11.06.

                  	
                    Securities Payable on Redemption Date

                  	
                    60

                  
	
                    Section 11.07.

                  	
                    Securities Redeemed in Part

                  	
                    60

                  

            

            

            
              
                

            

            	
                    ARTICLE 12

                      

                  
	
                    Sinking Funds

                  
	 
	
                    Section 12.01.

                  	
                    Applicability of Article

                  	
                    60

                  
	
                    Section 12.02.

                  	
                    Satisfaction of Sinking Fund Payments with Securities

                  	
                    61

                  
	
                    Section 12.03.

                  	
                    Redemption of Securities for Sinking Fund

                  	
                    61

                  
	 	 	 
	
                    ARTICLE 13

                      

                  
	
                    Defeasance and Covenant Defeasance

                  
	 
	
                    Section 13.01.

                  	
                    Company’s Option to Effect Defeasance or Covenant Defeasance

                  	
                    61

                  
	
                    Section 13.02.

                  	
                    Defeasance and Discharge

                  	
                    62

                  
	
                    Section 13.03.

                  	
                    Covenant Defeasance

                  	
                    62

                  
	
                    Section 13.04.

                  	
                    Conditions to Defeasance or Covenant Defeasance

                  	
                    63

                  
	
                    Section 13.05.

                  	
                    Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions

                  	
                    64

                  
	
                    Section 13.06.

                  	
                    Reinstatement

                  	
                    65

                  
	 
	
                    ARTICLE 14

                      

                  
	
                    Guarantee of Securities

                  
	 
	
                    Section 14.01.

                  	
                    Guarantee

                  	
                    65

                  
	
                    Section 14.02.

                  	
                    Additional Guarantors

                  	
                    66

                  
	
                    Section 14.03.

                  	
                    Waiver

                  	
                    66

                  
	
                    Section 14.04.

                  	
                    Guarantee of Payment

                  	
                    66

                  
	
                    Section 14.05.

                  	
                    No Discharge or Diminishment of Guarantee

                  	
                    66

                  
	
                    Section 14.06.

                  	
                    Defenses of Company Waived

                  	
                    67

                  
	
                    Section 14.07.

                  	
                    Continued Effectiveness

                  	
                    67

                  
	
                    Section 14.08.

                  	
                    Subrogation

                  	
                    67

                  
	
                    Section 14.09.

                  	
                    Subordination

                  	
                    68

                  
	
                    Section 14.10.

                  	
                    Release of Guarantor and Termination of Guarantee

                  	
                    68

                  
	
                    Section 14.11.

                  	
                    Limitation of Guarantors’ Liability

                  	
                    69

                  
	
                    Section 14.12.

                  	
                    No Obligation to Take Action Against the Company

                  	
                    69

                  
	
                    Section 14.13.

                  	
                    Execution and Delivery

                  	
                    70

                  
	
                    Section 14.14.

                  	
                    Reorganization Agreement

                  	
                    70

                  

            

            

            
              
                

            

            INDENTURE, dated as of May 17, 2022, among KKR GROUP FINANCE CO. XII LLC, a limited liability company duly organized and existing under the laws of Delaware (herein called the “Company”), each of the Guarantors named herein (the “Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee (herein called the “Trustee”).

             

            RECITALS

             

            The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its senior unsecured debt securities (herein called the “Securities”), to be issued in one or more series as provided in this Indenture.

             

            Each Guarantor has duly authorized its guarantee of the Securities (the “Guarantees”) and to provide therefor each Guarantor has duly authorized the
              execution and delivery of this Indenture.

             

            All things necessary to make this Indenture a valid agreement of each of the Company and the Guarantors, in accordance with its terms, have been done.

             

            NOW, THEREFORE, THIS INDENTURE WITNESSETH:

             

            For and in consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually agreed, for the equal and proportionate benefit of all
              Holders of the Securities or of any series thereof, as follows:

             

            ARTICLE 1

              

            Definitions and Other Provisions of General Application

             

            Section 1.01.   Definitions.  For all purposes of this Indenture, except as otherwise expressly provided or
              unless the context otherwise requires:

             

            (a)          the terms defined in this Article 1 have the meanings assigned to them in this Article 1 and include the plural as well as the singular;

             

            (b)          all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

             

            (c)          unless the context otherwise requires, any reference to an “Article,” a “Section” or a “Schedule” refers to an Article, a Section or a
              Schedule, as the case may be, of this Indenture;

             

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

             

            (e)          “including” means including without limitation;

             

            
              
                

            

            
            (f)          when used with respect to any Security, the words “convert,” “converted” and “conversion” are intended to refer to the right of the Holder,
              the Company or the Guarantors to convert or exchange such Security into or for securities or other property in accordance with such terms, if any, as may hereafter be specified for such Security as contemplated by Section 3.01, and these
              words are not intended to refer to any right of the Holder, the Company or the Guarantors to exchange such Security for other Securities of the same series and of like tenor pursuant to Section 3.04, 3.05, 3.06, 9.06 or 11.07 or another
              similar provisions of this Indenture, unless the context otherwise requires; and references herein to the terms of any Security that may be converted mean such terms as may be specified for such Security as contemplated in Section 3.01;

             

            (g)          unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications
              to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture; and

             

            (h)          any reference in this Indenture to a Cayman Islands exempted limited partnership taking any action, holding or dealing with any property or
              having or exercising any power shall be to such exempted limited partnership acting through its general partner.

             

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

             

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

             

            “Applicable Law” has the meaning specified in Section 1.16.

             

            “Applicable Procedures” means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that
              are applicable to such matter at such time.

             

            “Authorized Officers” has the meaning specified in Section 1.05.

             

            “Bankruptcy Law” has the meaning specified in Section 5.01.

             

            “Business Day” means, when used with respect to any Place of Payment, unless otherwise specified as contemplated by Section 3.01, any day, other than a
              Saturday or Sunday, which is not a day on which banking institutions or trust companies are authorized or obligated by law, regulation or executive order to close in that Place of Payment.

             

            
              2

              
                

            

            
            “Code” shall mean the US Internal Revenue Code of 1986.

             

            “Commission” means the U.S. Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after
              the execution of this Indenture 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 Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the
              applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

             

            “Company Request” or “Company Order” means a written request or order signed by or on behalf of the Company by any
              Officer, manager, member or partner thereof (or any Person designated in writing as authorized to execute and deliver Company Requests and Company Orders), and delivered to the Trustee.

             

            “Company Resolution” means a copy of one or more resolutions certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted
              by the member or members of the Company or board of directors of the Company, as the case may be, and to be in full force and effect on the date of such certification and delivered to the Trustee.

             

            “Corporate Trust Office” means the principal office of the Trustee at which, at any particular time, its corporate trust business shall be conducted,
              which office is located as of the date of this Indenture at 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262, Attention: Corporate Trust Administration, or at any other time at such other address as the Trustee may designate from
              time to time by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company).

             

            “Corporation” means KKR & Co. Inc., a Delaware corporation.

             

            “Covenant Defeasance” has the meaning specified in Section 13.03.

             

            “Credit Group” means the Credit Parties and the Credit Parties’ direct and indirect Subsidiaries (to the extent of their economic ownership interest in
              such Subsidiaries) taken as a whole.

             

            “Credit Parties” means the Company and the Guarantors.

             

            “Custodian” has the meaning specified in Section 5.01.

             

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

             

            “Defaulted Interest” has the meaning specified in Section 3.07.

             

            
              3

              
                

            

            “Defeasance” has the meaning specified in Section 13.02.

             

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

             

            “Electronic Means” shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable
              authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder.

             

            “Event of Default” has the meaning specified in Section 5.01.

             

            “Exchange Act” means the U.S. Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

             

            “Expiration Date” has the meaning specified in Section 1.04.

             

            “FATCA Withholding Tax” shall mean any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or otherwise
              imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction facilitating
              the implementation thereof (or any law implementing such an intergovernmental agreement).

             

            “GAAP” means generally accepted accounting principles in the United States (including, if applicable, International Financial Reporting Standards) as in
              effect from time to time.

             

            “Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.02 (or such
              legend as may be specified as contemplated by Section 3.01 for such Securities).

             

            “Guarantees” has the meaning specified in the second recital of this Indenture and more particularly means any Guarantee made by each of the Guarantors as
              set forth in Article 14 hereof.

             

            “Guarantors” means (i) each of the Persons listed on Schedule I attached hereto and (ii) in the future, any New KKR Entity that becomes a Guarantor
              pursuant to Article 14, but in each case excluding Persons who cease to be Guarantors in accordance with this Indenture.

             

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

             

            
              4

              
                

            

            “Indenture” means this Indenture as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental
              hereto entered into pursuant to the applicable provisions hereof. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 3.01.

             

            “Insignificant Guarantor” means a Guarantor (or a group of Guarantors taken together) that would not, on a combined and consolidated basis and taken as a
              whole together with all then-existing Non-Guarantor Entities designated pursuant to clause (ii) of the definition of Non-Guarantor Entity set forth in Section 14.10, constitute a Significant Subsidiary.

             

            “Instructions” has the meaning specified in Section 1.05.

             

            “Interest” means, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, interest payable
              after Maturity.

             

            “Interest Payment Date” means, when used with respect to any Security, the Stated Maturity of an installment of interest on such Security.

             

            “Internal Revenue Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time.

             

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

             

            “New KKR Entity” means any direct or indirect Subsidiary of the Corporation other than (i) a then-existing Guarantor, (ii) any Person in which the
              Corporation directly or indirectly owns its interest through one or more of the then-existing Guarantors or (iii) any Person through which the Corporation directly or indirectly owns its interests in one or more then-existing Guarantors.

             

            “New KKR Parent” has the meaning specified in Section 14.14.

             

            “Non-Guarantor Entity” means any Person so designated by the Company pursuant to Section 14.10.

             

            “Non-Guarantor Limitation” has the meaning specified in Section 14.10.

             

            “Notice of Default” means a written notice of the kind specified in Section 5.01.

             

            “Obligations” has the meaning specified in Section 14.01.

             

            “Obligor” has the meaning given to such term in the Trust Indenture Act.

             

            
              5

              
                

            

            “Officer” means any Chairman, any Vice Chairman, any Chief Executive Officer, the President, the Chief Operating Officer, the Treasurer, any Vice
              President, any Assistant Treasurer, the Principal Accounting Officer, the Chief Financial Officer, the Chief Accounting Officer, the General Counsel, any Senior Principal, the Secretary or any Assistant Secretary of the Company or any
              Guarantor (or any sole or managing member or general partner of the Company or any Guarantor), as the case may be, or, in the case of the Company or the Guarantors’ general partners, any Person designated as an officer pursuant to the
              organizational documents of the Company or the Guarantors.

             

            “Officers’ Certificate” means a certificate signed by two Officers of the Company or any Guarantor (or any sole or managing member or general partner of
              the Company or any Guarantor), as the case may be, and delivered to the Trustee.

             

            “Opinion of Counsel” means a written opinion of counsel (who may be counsel for, including an employee of, the Company or for any Guarantor) and who shall
              be reasonably acceptable to the Trustee.

             

            “Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a
              declaration of acceleration of the Maturity thereof pursuant to Section 5.02.

             

            “Outstanding” means, when used with respect to Securities, as of the date of determination, all Securities theretofore authenticated and delivered under
              this Indenture, except:

             

            (a)          Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

             

            (b)          Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set
              aside and segregated in trust by the Company (if the Company shall act as Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed,
              notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

             

            (c)          Securities as to which Defeasance has been effected pursuant to Section 13.02;

             

            (d)          Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
              other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the
              Company; and

             

            
              6

              
                

            

            (e)          Securities as to which any property deliverable upon conversion thereof has been delivered (or such delivery has been made available), or as to which any other particular conditions
              have been satisfied, in each case as may be provided for such Securities as contemplated in Section 3.01;

             

            provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice,
                consent, waiver or other action hereunder as of any date, (i) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as
                of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.02, (ii) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such
                Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.01, (iii) the principal amount of a Security denominated in one or more foreign currencies, composite currencies or
                currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 3.01, of the principal amount of such Security (or, in the case of a
                Security described in clause (i) or (ii) above, of the amount determined as provided in such clause), and (iv) Securities owned by the Company, any Guarantor or any other obligor upon the Securities or any Affiliate of the Company, any
                Guarantor or such other obligor shall be disregarded and deemed not to be Outstanding (except in the case where the Securities are 100% owned by the Company or any Affiliate of the Company), except that, in determining whether the Trustee
                shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible Officer actually knows to be so owned shall be so disregarded. Securities so
                owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company,
                any Guarantor or any other obligor upon the Securities or any Affiliate of the Company, any Guarantor or such other obligor.

             

            “Paying Agent” means any Person authorized by the Company to pay the principal of or premium, if any, or interest on any Securities on behalf of the
              Company or any Guarantor.

             

            “Permitted Jurisdictions” has the meaning specified in Section 8.01(a)(i).

             

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

             

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

             

            
              7

              
                

            

            “Predecessor Security” means, with respect to any particular Security, every previous Security evidencing all or a portion of the same debt as that
              evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
              evidence the same debt as the mutilated, destroyed, lost or stolen Security.

             

            “Redemption Date” means, when used with respect to any Security to be redeemed, the date fixed for such redemption by or pursuant to this Indenture.

             

            “Redemption Price” means, when used with respect to any Security to be redeemed, the price at which it is to be redeemed pursuant to this Indenture.

             

            “Regular Record Date” means, for the interest payable on any Interest Payment Date on the Securities of any series, the date specified for that purpose as
              contemplated by Section 3.01.

             

            “Reorganization Agreement” means the Reorganization Agreement, dated as of October 8, 2021, by and among the Corporation, KKR Group Holdings Corp., KKR
              Group Partnership L.P., KKR Holdings L.P., KKR Holdings GP Limited, KKR Associates Holdings L.P., KKR Associates Holdings GP Limited and KKR Management LLP.

             

            “Repayment Date” means, with used with respect to a Security to be repaid at the option of a Holder, the date fixed for such repayment by or pursuant to
              this Indenture.

             

            “Responsible Officer” means with respect to the Trustee, any officer assigned to the corporate finance group (or any successor division or unit) of the
              Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration of this Indenture and, for the purposes of Section 6.01(c)(ii) and the second sentence of Section 6.02, shall also
              include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

             

            “Sanctions” has the meaning specified in Section 10.06.

             

            “Securities” has the meaning specified in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under
              this Indenture.

             

            “Securities Act” means the U.S. Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

             

            “Security Register” and “Security Registrar” have the respective meanings specified in Section 3.05.

             

            “Senior Principal” means any member of the Series I Preferred Stockholder who holds any limited liability partnership interests in the Series I Preferred
              Stockholder.

             

            “Series I Preferred
                Stockholder” means KKR Management LLP, a Delaware limited liability partnership.

             

            
              8

              
                

            

            “Significant Subsidiary” means a “significant subsidiary” (as such term is defined in Rule 1-02(w) of Regulation
              S-X under the Securities Act or any successor provision) of the Corporation.

             

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

             

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

             

            “Subsidiary” means any subsidiary of a Person that is or would be consolidated with such Person in the preparation of segment information (or, in the
              absence of segment information, comparable non-GAAP information) with respect to the combined financial statements of such Person. For the avoidance of doubt, a Subsidiary shall not include (a) any private equity or other investment fund or
              vehicle or (b) any portfolio company of any such fund or vehicle.

             

            “Substantially All Merger” means a merger or consolidation of one or more Credit Parties with or into another Person that would, in one or a series of
              related transactions, result in the transfer or other disposition, directly or indirectly, of all or substantially all of the combined assets of the Credit Group taken as a whole to a Person that is not within the Credit Group immediately
              prior to such transaction. The transactions contemplated by the Reorganization Agreement shall not constitute a Substantially All Merger.

             

            “Substantially All Sale” means a sale, assignment, transfer, lease or conveyance to any other Person, in one or a series of related transactions, directly
              or indirectly, of all or substantially all of the combined assets of the Credit Group taken as a whole to a Person that is not within the Credit Group immediately prior to such transaction. The transactions contemplated by the Reorganization
              Agreement shall not constitute a Substantially All Sale.

             

            “Successor Person” has the meaning specified in Section 8.01(a)(1).

             

            “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939
              as so amended.

             

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

             

            
              9

              
                

            

            “U.S. Government Obligation” has the meaning specified in Section 13.04(a).

             

            “Vice President” means, when used with respect to the Company or any Guarantor (or any sole or managing member or general partner of the Company or any
              Guarantor) or the Trustee, any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.”

             

            Section 1.02.   Compliance Certificates and Opinions.  Upon any application or request by the Company or any
              Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or such Guarantor, as the case may be, shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any,
              provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the
              case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be
              furnished.

             

            Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided for in Section 10.04) shall include:

             

            (a)          a statement that each individual 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 statements or opinions contained in such
              certificate or opinion are based;

             

            (c)          a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable
              him or her 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, in the opinion of each such individual, such condition or covenant has been complied with.

             

            Section 1.03.    Form of Documents Delivered to Trustee.  In any case where several matters are required to be
              certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
              one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

             

            
              10

              
                

            

            Any certificate or opinion of an Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Officer knows, or in
              the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such Officer’s certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel
              may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers stating that the information with respect to such factual matters is in the possession of the Company or a
              Guarantor, as the case may be, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

             

            Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but
              need not, be consolidated and form one instrument.

             

            Section 1.04.    Acts of Holders; Record Dates.  Any request, demand, authorization, direction, notice,
              consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an
              agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the
              Company or the Guarantors. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or
              instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and, subject to Section 6.01, conclusive in favor of the Trustee, the Company and the
              Guarantors, if made in the manner provided in this Section 1.04.

             

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

             

            The ownership of Securities shall be proved by the Security Register.

             

            Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every
              Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the Company or any
              Guarantor in reliance thereon, whether or not notation of such action is made upon such Security.

             

            
              11

              
                

            

            The Company or any Guarantor may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
              demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series; provided that none
              of the Company or any Guarantor may set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any
              record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders
              after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding
              Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company or any Guarantor from setting a new record date for any action for which a record date has previously been set pursuant to this
              paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the
              requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company or any Guarantor, at its own expense, shall cause
              notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06.

             

            The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (A) any Notice of
              Default, (B) any declaration of acceleration referred to in Section 5.02, (C) any request to institute proceedings referred to in Section 5.07(b) or (D) any direction referred to in Section 5.11, in each case with respect to Securities of
              such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction,
              whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of
              the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has
              previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render
              ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the
              Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company and the Guarantors in writing and to each Holder of Securities of the relevant series in
              the manner set forth in Section 1.06.

             

            
              12

              
                

            

            With respect to any record date set pursuant to this Section 1.04, the party hereto which sets such record dates may designate any day as the “Expiration Date”
              and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the
              other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record
              date set pursuant to this Section 1.04, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change
              the Expiration Date as provided in this paragraph.

             

            Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount
              of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount.

             

            Section 1.05.   Notices, Etc., to Trustee, Company and Guarantors.  Any request, demand, authorization,
              direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

             

            (a)          the Trustee by any Holder or by the Company or a Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or
              filed in writing (which may be by facsimile) to or with the Trustee at its Corporate Trust Office at the location specified in Section 1.01; or

             

            (b)          the Company or a Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
              expressly provided) if in writing and mailed, first-class postage prepaid, to the Company or any Guarantor addressed to the attention of the Secretary of the Company or such Guarantor at the address of the Company’s principal office specified
              in writing to the Trustee by the Company and, until further notice, at 30 Hudson Yards, New York, New York, 10001, fax number: (212) 750-0003, Attention: Chief Financial Officer.

             

            The Trustee shall have the right, but shall not be required, to rely upon and comply with instructions and directions sent by e-mail, facsimile and other similar unsecured electronic methods by
              persons believed by the Trustee to be authorized to give instructions and directions on behalf of the Company or a Guarantor. The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or
              directions is, in fact, a person authorized to give instructions or directions on behalf of the Company or such Guarantor; and the Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained by the
              Company or such Guarantor as a result of such reliance upon or compliance with such instructions or directions. The Company and each Guarantor agrees to assume all risks arising out of the use of such electronic methods to submit instructions
              and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

             

            
              13

              
                

            

            The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this
              Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
                Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the
              Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the
              Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate
              provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are
              solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses
              arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all
              risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii)
              that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the
              Issuer; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv)
              to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.

             

            Section 1.06.    Notice to Holders; Waiver.  Where this Indenture provides for notice to Holders of any event,
              such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at such Holder’s address as it appears in the Security
              Register, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any
              defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 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.

             

            
              14

              
                

            

            In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with
              the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

             

            Where this Indenture provides for notice of any event to a Holder of a Global Security, such notice shall be sufficiently given if given to the Depositary for such Security (or its designee),
              pursuant to the Applicable Procedures of the Depositary, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice.

             

            Section 1.07.     Reserved.

             

            Section 1.08.    Effect of Headings and Table of Contents.  The Article and Section headings herein and the
              Table of Contents are for convenience only and shall not affect the construction hereof.

             

            Section 1.09.    Successors and Assigns.  All covenants and agreements in this Indenture by the Company and
              the Guarantors shall bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors and assigns, whether so expressed or not.

             

            Section 1.10.    Separability Clause.  In case any provision in this Indenture or in the Securities shall be
              invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

             

            Section 1.11.    Benefits of Indenture.  Nothing in this Indenture or in the Securities, express or implied,
              shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

             

            Section 1.12.    Governing Law, Jurisdiction, Venue.  This Indenture, the Securities and the Guarantees shall
              be governed by, and construed in accordance with, the law of the State of New York. The Company, the Guarantors and the Trustee agree that any legal suit, action or proceeding arising out of or relating to this Indenture, and the Company and
              the Guarantors agree that any legal suit, action or proceeding arising out of or relating to the Securities, may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, in respect of actions brought
              against each such party as a defendant, and each waives any objection which it may now or hereafter have to the laying of the venue of any such legal suit, action or proceeding, waives any immunity, to the extent permitted by law, from
              jurisdiction or to service of process in respect of any such suit, action or proceeding, waives any right to which it may be entitled on account of place of residence or domicile and irrevocably submits to the jurisdiction of any such court
              in any such suit, action or proceeding.

             

            
              15

              
                

            

            Section 1.13.    Legal Holidays.  In any case where any Interest Payment Date, Redemption Date, Repayment Date
              or Stated Maturity of any Security, or any date on which a Holder has the right to convert such Holder’s Security, shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the
              Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section 1.13)) payment of principal and premium, if any, or interest, or the Redemption Price or conversion of such
              Security, need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or
              Repayment Date or at the Stated Maturity, or on such conversion date. In the case, however, of Securities of a series bearing interest at a floating rate, if any Interest Payment Date (other than the Redemption Date, Repayment Date or Stated
              Maturity) would otherwise be a date that is not a Business Day, then the Interest Payment Date shall be postponed to the following date which is a Business Day, unless that Business Day falls in the next succeeding calendar month, in which
              case the Interest Payment Date will be the immediately preceding Business Day. No interest shall accrue for the period from and after any such Interest Payment Date, Redemption Date, Repayment Date, Stated Maturity or conversion date, as the
              case may be, to the date of such payment.

             

            Section 1.14.    No Recourse Against Others.  A director, partner, officer, employee, member, manager or
              stockholder as such of the Company or any Guarantor shall not have any liability for any obligations of the Company under the Securities, the Guarantees or this Indenture or for any claim based on, in respect of or by reason of such
              obligations or their creation. By accepting a Security, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities.

             

            Section 1.15.    Waiver of Jury Trial.  EACH OF THE COMPANY, THE GUARANTORS, THE TRUSTEE AND THE HOLDERS, BY
              THEIR ACCEPTANCE OF THE SECURITIES, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AS AMONG THE COMPANY, THE GUARANTORS AND THE TRUSTEE ONLY ARISING OUT
              OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE GUARANTEES.

             

            Section 1.16.    Compliance with Applicable Law.  In order to comply with applicable tax laws, rules and
              regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Trustee shall be entitled to make any
              withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law (and shall timely pay the amounts so withheld or deducted to the applicable governmental authority) for which The Bank of New
              York Mellon Trust Company, N.A. shall not have any liability. Each of the Company and the Trustee agrees to reasonably cooperate and, at the reasonable request of the other, to provide the other with such information as each may have in its
              possession that is necessary to enable the determination of whether any payments hereunder are subject to FATCA Withholding Tax.

             

            
              16

              
                

            

            ARTICLE 2

              

            Security Forms

             

            Section 2.01.    Forms Generally.  The Securities of each series shall be in substantially such form or forms
              as shall be established by or pursuant to a Company Resolution or, subject to Section 3.03, set forth in, or determined in the manner provided in, an Officers’ Certificate of the Company pursuant to a Company Resolution, or in one or more
              indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
              and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the Officer executing such
              Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Company Resolution, a copy of an appropriate record of such action shall be certified by the Secretary
              or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities. If all of the Securities of any series
              established by action taken pursuant to a Company Resolution are not to be issued at one time, it shall not be necessary to deliver a record of such action at the time of issuance of each Security of such series, but an appropriate record of
              such action shall be delivered at or before the time of issuance of the first Security of such series.

             

            The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officers of the Company executing
              such Securities, as evidenced by their execution of such Securities.

             

            Section 2.02.    Form of Legend for Global Securities.  Unless otherwise specified as contemplated by Section
              3.01 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:

             

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION
              OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
              ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

             

            
              17

              
                

            

            THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
              PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
              REFERRED TO ON THE REVERSE HEREOF.

             

            Section 2.03.    Form of Trustee’s Certificate of Authentication.  The Trustee’s certificates of
              authentication shall be in substantially the following form:

             

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

             

            Dated:

             

            

            	 	
                    The Bank of New York Mellon Trust Company, N.A., as Trustee

                  
	 	
                    By:

                  	 
	 	 	
                    Authorized Signatory

                  

            

            

            ARTICLE 3

              

            The Securities

             

            Section 3.01.    Amount Unlimited; Issuable in Series.  The aggregate principal amount of Securities which may
              be authenticated and delivered under this Indenture is unlimited.

             

            The Securities may be issued in one or more series. There shall be established in or pursuant to (a) a Company Resolution or pursuant to authority granted by a Company Resolution and, subject to
              Section 3.03, set forth, or determined in the manner provided, in an Officers’ Certificate of the Company, or (b) one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

             

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

             

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

             

            
              18

              
                

            

            (3)          the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one
              or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

             

            (4)          the date or dates on which the principal of any Securities of the series is payable or the method used to determine or extend those dates;

             

            (5)          the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall
              accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date;

             

            (6)          the place or places where the principal of and premium, if any, and interest on any Securities of the series shall be payable and the
              manner in which any payment may be made;

             

            (7)          the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may
              be redeemed, in whole or in part, at the option of the Company and, if other than by a Company Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced;

             

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

             

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

             

            (10)        if the amount of principal of or premium, if any, or interest on any Securities of the series may be determined with reference to a
              financial or economic measure or index or pursuant to a formula, the manner in which such amounts shall be determined;

             

            (11)        if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or premium,
              if any, or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose, including for purposes of the definition of
              “Outstanding” in Section 1.01;

             

            
              19

              
                

            

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

             

            (13)       if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable
              upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02;

             

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

             

            (15)        if other than by a Company Resolution, the manner in which any election by the Company to defease any Securities of the series pursuant to
              Section 13.02 or Section 13.03 shall be evidenced; whether any Securities of the series other than Securities denominated in U.S. dollars and bearing interest at a fixed rate are to be subject to Section 13.02 or Section 13.03; or, in the
              case of Securities denominated in U.S. dollars and bearing interest at a fixed rate, if applicable, that the Securities of the series, in whole or any specified part, shall not be defeasible pursuant to Section 13.02 or Section 13.03 or both
              such Sections;

             

            (16)       if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in
              such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 2.02 and any circumstances in
              addition to or in lieu of those set forth in clause (b) of the last paragraph of Section 3.05 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole
              or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof and any other provisions governing exchanges or transfers of such Global Security;

             

            (17)        any addition to, deletion from or change in the Events of Default which applies to any Securities of the series and any change in the right
              of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.02;

             

            
              20

              
                

            

            (18)        any addition to, deletion from or change in the covenants set forth in Article 10 which applies to
              Securities of the series;

             

            (19)       if the Securities of the series are to be convertible into or exchangeable for cash and/or any securities or other property of any Person
              (including the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable;

             

            (20)       whether the Securities of the series will be guaranteed by any Person or Persons other than the Guarantors and, if so, the identity of such
              Person or Persons, the terms and conditions upon which such Securities shall be guaranteed and, if applicable, the terms and conditions upon which such guarantees may be subordinated to other indebtedness of the respective guarantors;

             

            (21)        whether the Securities of the series will be secured by any collateral and, if so, the terms and conditions upon which such Securities shall
              be secured and, if applicable, upon which such liens may be subordinated to other liens securing other indebtedness of the Company or any Guarantor;

             

            (22)        if a party other than The Bank of New York Mellon Trust Company, N.A. is to act as Trustee for the Securities of such series, the name and
              Corporate Trust Office of such party; and

             

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

             

            All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Company Resolution referred to above or
              pursuant to authority granted by one or more Company Resolutions and, subject to Section 3.03, set forth, or determined in the manner provided, in the Officers’ Certificate of the Company referred to above or in any such indenture
              supplemental hereto.

             

            All Securities of any one series need not be issued at one time and, unless otherwise provided in or pursuant to the Company Resolution referred to above and, subject to Section 3.03, set forth,
              or determined in the manner provided, in the Officers’ Certificate of the Company referred to above or pursuant to authority granted by one or more Company Resolutions or in any such indenture supplemental hereto with respect to a series of
              Securities, additional Securities of a series may be issued, at the option of the Company, without the consent of any Holder, at any time and from time to time.

             

            If any of the terms of the series are established by action taken pursuant to a Company Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an
              Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate of the Company setting forth the terms of the series.

             

            
              21

              
                

            

            Section 3.02.    Denominations.  The Securities of each series shall be issuable only in registered form
              without coupons and only in such denominations as shall be specified as contemplated by Section 3.01. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be
              issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

             

            Section 3.03.    Execution, Authentication, Delivery and Dating.  The Securities shall be executed on behalf
              of the Company by one of its Officers. The signature on the Securities may be manual, electronic or facsimile.

             

            Securities bearing the manual, facsimile or electronic signatures of individuals who were at any time the proper Officers of the Company shall bind the Company, notwithstanding that such
              individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

             

            At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
              together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series
              have been established by or pursuant to one or more Company Resolutions or pursuant to authority granted by one or more Company Resolutions as permitted by Sections 2.01 and 3.01, in authenticating such Securities, and accepting the
              additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and, subject to Section 6.01, shall be fully protected in relying upon, an Opinion of Counsel stating,

             

            (a)          if the form of such Securities has been established by or pursuant to Company Resolution or pursuant to authority granted by one or more
              Company Resolutions as permitted by Section 2.01, that such form has been established in conformity with the provisions of this Indenture;

             

            (b)          if the terms of such Securities have been established by or pursuant to Company Resolution or pursuant to authority granted by one or more
              Company Resolutions as permitted by Section 3.01, that such terms have been established in conformity with the provisions of this Indenture; and

             

            (c)          that such Securities and the related Guarantees, when the Securities are authenticated by the Trustee and issued and delivered by the
              Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company and each Guarantor, respectively, enforceable against the Company and each
              Guarantor, respectively, in accordance with their terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii)
              general equitable principles and (iii) an implied covenant of good faith and fair dealing.

             

            
              22

              
                

            

            If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will adversely 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 Section 3.01 and of the preceding paragraph of this Section 3.03, if all Securities of a series are not to be originally issued at one time, except in the event
              that the aggregate principal amount of a series of Outstanding Securities is increased as contemplated by Section 3.01, it shall not be necessary to deliver the Officers’ Certificate of the Company otherwise required pursuant to Section 3.01
              or the Company Order and Opinion of Counsel otherwise required pursuant to this Section 3.03 at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original
              issuance of the first Security of such series to be issued.

             

            Each Security shall be dated the date of its authentication.

             

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

             

            Section 3.04.    Temporary Securities.  Pending the preparation of definitive Securities of any series, the
              Company may execute, and, upon Company Order, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of
              the tenor of the definitive Securities of such series in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Officer or Officers executing such Securities may determine, as
              evidenced by their execution thereof.

             

            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 such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of
              Payment for such series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
              more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits
              under this Indenture as definitive Securities of such series and tenor.

             

            
              23

              
                

            

            Section 3.05.    Registration, Registration of Transfer and Exchange.  The Company shall cause to be kept at
              the Corporate Trust Office of the Trustee a register (the register maintained in such office or in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby
              appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided.

             

            Upon surrender for registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for such series, the Company shall execute, and the Trustee
              shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and principal amount.

             

            At the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and principal amount, upon
              surrender of the Securities to be exchanged at such office or agency. 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.

             

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

             

            Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
              instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing.

             

            No service charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other
              governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer.

             

            
              24

              
                

            

            If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (i) to issue, register the transfer of or exchange any
              Securities of such series (or of such series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for
              redemption under Section 11.03 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any
              Security being redeemed in part.

             

            Neither the Trustee nor the Security Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
              or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of
              such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the
              express requirements hereof.

             

            The provisions of clauses (a), (b), (c) and (d) of this paragraph shall apply only to Global Securities:

             

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

             

            (b)          Notwithstanding any other provision in this Indenture, and subject to such applicable provisions, if any, as may be specified as
              contemplated by Section 3.01, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary
              for such Global Security or a nominee thereof unless (i) such Depositary has notified the Company that it is unwilling or unable or no longer permitted under applicable law to continue as Depositary for such Global Security and a successor
              Depositary is not appointed within 90 days, (ii) there shall have occurred and be continuing an Event of Default with respect to such Global Security, (iii) subject to the Applicable Procedures, the Company so directs the Trustee by a Company
              Order or (iv) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 3.01.

             

            (c)          Subject to clause (b) above and to such applicable provisions, if any, as may be specified as contemplated by Section 3.01, any exchange of
              a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall
              direct.

             

            (d)          Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any
              portion thereof, whether pursuant to this Section 3.05, Section 3.04, 3.06, 9.06 or 11.07 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a
              Person other than the Depositary for such Global Security or a nominee thereof.

             

            
              25

              
                

            

            Section 3.06.    Mutilated, Destroyed, Lost and Stolen Securities.  If any mutilated Security is surrendered
              to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

             

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

             

            In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such
              Security.

             

            Upon the issuance of any new Security under this Section 3.06, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
              relation thereto and any other expenses (including the fees and expenses of counsel to the Company and the fees and expenses of the Trustee and its counsel) connected therewith.

             

            Every new Security of any series issued pursuant to this Section 3.06 in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original additional contractual obligation
              of the Company and the respective Guarantors, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
              with any and all other Securities of such series and Guarantees duly issued hereunder.

             

            The provisions of this Section 3.06 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
              or stolen Securities.

             

            Section 3.07.    Payment of Interest; Interest Rights Preserved.  Except as otherwise provided as contemplated
              by Section 3.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or
              more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

             

            
              26

              
                

            

            Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
                Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided
              in clause (a) or (b) below:

             

            (a)          The Company may elect to make payment of any Defaulted Interest payable on Securities of a series to the Persons in whose names the
              Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company
              shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of
              money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be
              held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days
              and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date
              and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in
              Section 1.06, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons
              in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (b).

             

            (b)          The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the
              requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause,
              such manner of payment shall be deemed practicable by the Trustee.

             

            Subject to the foregoing provisions of this Section 3.07, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall
              carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

             

            
              27

              
                

            

            In the case of any Security which is converted after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Security whose Maturity is prior to such
              Interest Payment Date), interest whose Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion, and such interest (whether or not punctually paid or made available for
              payment) shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on such Regular Record Date.  Except as otherwise expressly provided in the immediately preceding
              sentence, in the case of any Security which is converted, interest whose Stated Maturity is after the date of conversion of such Security shall not be payable. Notwithstanding the foregoing, the terms of any Security that may be converted may
              provide that the provisions of this paragraph do not apply, or apply with such additions, changes or omissions as may be provided thereby, to such Security.

             

            Section 3.08.    Persons Deemed Owners.  Prior to due presentment of a Security for registration of transfer,
              the Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
              of and premium, if any, and, subject to Section 3.07, any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and none of the Company, the Guarantors, the Trustee nor any agent of the
              Company, a Guarantor or the Trustee shall be affected by notice to the contrary.

             

            Section 3.09.    Cancellation.  All Securities surrendered for payment, redemption, registration of transfer
              or exchange or conversion or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company or any Guarantor may at any
              time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company or such Guarantor may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other
              Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall
              be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 3.09, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance with
              its customary procedures. The Trustee shall provide the Company or any Guarantor a list of all Securities that have been cancelled from time to time as requested, in writing, by the Company or such Guarantor.

             

            Section 3.10.    Computation of Interest.  Except as otherwise specified as contemplated by Section 3.01 for
              Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

             

            Section 3.11.    CUSIP or ISIN Numbers.  The Company in issuing any series of the Securities may use “CUSIP”
              or “ISIN” numbers and/or other similar numbers, if then generally in use, and thereafter with respect to such series, the Trustee may use such numbers in any notice of redemption with respect to such series; provided
              that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities of such series or as contained in any notice of a redemption and that reliance may be placed only on the
              other identification numbers printed on the Securities of such series, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly make the Trustee aware of any changes to the “CUSIP”
              or “ISIN” numbers.

             

            
              28

              
                

            

            Section 3.12.    Original Issue Discount.  If any of the Securities is an Original Issue Discount Security,
              the Company shall file with the Trustee promptly at the end of each calendar year iv) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on such Outstanding Original Issue
              Discount Securities as of the end of such year and v) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code.

             

            Section 3.13.    General Provisions Relating to Global Securities.  Owners of beneficial interests in the
              Securities evidenced by a Global Security will not be entitled to any rights under this Indenture with respect to such Global Security, and the Depositary or its nominee may be treated by the Company, the Guarantors, and the Trustee and any
              agent of the Company, the Guarantors or the Trustee, including any Security Registrar or Paying Agent as the owner and Holder of such Global Security for all purposes whatsoever. None of the Company, the Guarantors, the Trustee, the Security
              Registrar, the Paying Agent or any other agent of the Company, the Guarantors or of the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests
              of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. None of the Company, the Guarantors, the Trustee, the Security Registrar, the Paying Agent or any other agent of
              the Company, the Guarantors or of the Trustee shall have any responsibility or liability to any person for any acts or omissions of the Depositary or its nominee in respect of a Global Security, for the records of any such Depositary,
              including records in respect of beneficial ownership interests in respect of such Global Security, for any transactions between such Depositary and any participant or indirect participant in such Depositary or between or among such
              Depositary, any participant or indirect participant in such Depositary and/or any Holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security. Notwithstanding the
              foregoing, nothing herein shall prevent the Company, the Trustee, the Security Registrar or the Paying Agent or such agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or its
              nominee or impair, as between the Depositary or its nominee and such owners of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depositary or its nominee as Holder of any Global Security.

             

            ARTICLE 4

              

            Satisfaction and Discharge

             

            Section 4.01.    Satisfaction and Discharge of Indenture.  This Indenture shall, upon Company Request, cease
              to be of further effect with respect to any series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or exchange of Securities of such series herein expressly provided for), and the
              Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when:

             

            (a)          either

             

            
              29

              
                

            

            (i)          all Securities of such series theretofore authenticated and delivered (other than (a) Securities which have been
              mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (b) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
              thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or

             

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

             

            (A)          have become due and payable, or

             

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

             

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

             

            and the Company, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and
              discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and premium, if any, and interest to the date of such deposit (in the case of Securities which have become due and
              payable) or to the Stated Maturity or Redemption Date, as the case may be;

             

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

             

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

             

            In the event there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this Indenture only if
              requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met.

             

            Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.07 and, if money shall have been deposited with the Trustee
              pursuant to subclause (ii) of clause (a) of this Section 4.01, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall survive.

             

            
              30

              
                

            

            Section 4.02.    Application of Trust Money.  Subject to the provisions of the last paragraph of Section
              10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the applicable series of Securities and this Indenture, to the payment, either directly or
              through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and premium, if any, and interest for whose payment such money has been deposited with the
              Trustee. All money deposited with the Trustee pursuant to Section 4.01 (and held by it or any Paying Agent) for the payment of Securities subsequently converted into other property shall be returned to the Company upon Company Request. The
              Company may direct by a Company Order the investment of any money deposited with the Trustee pursuant to Section 4.01, without distinction between principal and income, in (a) United States Treasury securities with a maturity of one year or
              less or (a) a money market fund that invests solely in short-term United States Treasury securities (including money market funds for which the Trustee or an affiliate of the Trustee serves as investment advisor, administrator, shareholder,
              servicing agent and/or custodian or sub-custodian, notwithstanding that (i) the Trustee charges and collects fees and expenses from such funds for services rendered and (ii) the Trustee charges and collects fees and expenses for services
              rendered pursuant to this Indenture at any time) and from time to time the Company may direct the reinvestment of all or a portion of such money in other securities or funds meeting the criteria specified in clause (a) or (b) of this Section
              4.02.

             

            ARTICLE 5

              

            Remedies

             

            Section 5.01.    Events of Default.  Except as may be otherwise provided pursuant to Section 3.01 for
              Securities of any series, an “Event of Default” means, whenever used herein or in a Security issued hereunder with respect to Securities of any series, any one of the following events (whatever the
              reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
              governmental body):

             

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

             

            (b)          the Company defaults in the payment of the principal of or premium, if any, on any Security of such series when the same becomes due and
              payable, regardless of whether such payment became due and payable at its Stated Maturity, upon redemption, upon declaration of acceleration or otherwise;

             

            (c)          the Company defaults in the deposit of any sinking fund payment, when and as due by the terms of a Security of such series;

             

            
              31

              
                

            

            (d)          any Credit Party defaults in the performance of, or breaches, any of its covenants and agreements in respect of any Security of such series
              contained in this Indenture or in the Securities of such series (other than those referred to in (a), (b) or (c) above), and such default or breach continues for a period of 90 days after the notice specified below;

             

            (e)          the Company or any Guarantor (other than an Insignificant Guarantor), pursuant to or within the meaning of the Bankruptcy Law (as defined
              below):

             

            (i)          commences a voluntary case or proceeding;

             

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

             

            (iii)         consents to the appointment of a Custodian (as defined below) of it or for all or substantially all of its property;

             

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

             

            (v)          files a petition in bankruptcy or answer or consent seeking reorganization or relief;

             

            (vi)         consents to the filing of such petition or the appointment of or taking possession by a Custodian; or

             

            (vii)       takes any comparable action under any foreign laws relating to insolvency;

             

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

             

            (i)          is for relief against the Company or any Guarantor (other than an Insignificant Guarantor) in an involuntary case, or
              adjudicates the Company or any Guarantor (other than an Insignificant Guarantor) insolvent or bankrupt;

             

            (ii)          appoints a Custodian of the Company or any Guarantor (other than an Insignificant Guarantor) or for all or
              substantially all of the property of the Company or any Guarantor (other than an Insignificant Guarantor); or

             

            (iii)         orders the winding-up or liquidation of the Company or any Guarantor (other than an Insignificant Guarantor) (or any
              similar relief is granted under any foreign laws),

             

            and the order or decree remains unstayed and in effect for 90 days;

             

            (g)          except as otherwise provided herein, a Guarantee of any Guarantor (other than an Insignificant Guarantor) ceases to be in full force and
              effect or is declared to be null and void and unenforceable or such Guarantee is found to be invalid or a Guarantor (other than an Insignificant Guarantor) denies its liability under its Guarantee (other than by reason of release of such
              Guarantee in accordance with the terms of this Indenture); or

             

            
              32

              
                

            

            (h)          any other Event of Default provided with respect to Securities of such series occurs.

             

            The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state or foreign law for the relief of debtors. The term “Custodian” means any custodian, receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.

             

            A Default with respect to Securities of any series under clause (d) of this Section 5.01 shall not be an Event of Default until the Trustee (by written notice to the Company and the Guarantors)
              or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series (by written notice to the Company and the Guarantors and the Trustee) gives notice of the Default and the Company and the
              Guarantors does not cure such Default within the time specified in clause (d) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice
                of Default.”

             

            The Trustee is not to be charged with knowledge of any Default or Event of Default or knowledge of any cure of any Default or Event of Default unless written notice of such Default or Event of
              Default has been given to a Reasonable Officer of the Trustee by the Company or any Holder.

             

            Section 5.02.    Acceleration of Maturity; Rescission and Annulment.  If an Event of Default with respect to
              Securities of any series at the time Outstanding (other than an Event of Default specified in Section 5.01(e) or (f) with respect to the Company) occurs and is continuing, then in every such case the Trustee or the Holders of not less than
              25% in aggregate principal amount of the Outstanding Securities of such series may declare the principal amount of all the Securities of such series (or, if any Securities of such series are Original Issue Discount Securities, such portion of
              the principal amount of such Securities as may be specified by the terms thereof), together with any accrued and unpaid interest thereon, to be due and payable immediately, by a notice in writing to the Company and the Guarantors (and to the
              Trustee if given by Holders), and upon any such declaration, such principal amount (or specified amount), together with any accrued and unpaid interest thereon, shall become immediately due and payable. If an Event of Default specified in
              Section 5.01(e) or (f) with respect to the Company occurs, the principal amount of all the Securities of such series (or, in the case of any Security of such series which specifies an amount to be due and payable thereon upon acceleration of
              the Maturity thereof, such amount as may be specified by the terms thereof), together with any accrued and unpaid interest thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder,
              become immediately due and payable. Upon payment of such amount, all obligations of the Company in respect of the payment of principal and interest of the Securities of such series shall terminate.

             

            
              33

              
                

            

            Except as may otherwise be provided pursuant to Section 3.01 for all or any specific Securities of any series, at any time after such a declaration of acceleration with respect to the Securities
              of any series has been made and before a judgment or decree for payment of the money due based on such acceleration has been obtained by the Trustee as hereinafter in this Article 5 provided, the Holders of a majority in aggregate principal
              amount of the Outstanding Securities of such series, by written notice to the Company, the Guarantors and the Trustee, may rescind and annul such declaration and its consequences if:

             

            (a)          the Company or any Guarantor has paid or deposited with the Trustee a sum sufficient to pay:

             

            (i)          all overdue interest on all Securities of such series,

             

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

             

            (iii)         to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed
              therefor in such Securities, and

             

            (iv)         all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
              of the Trustee, its agents and counsel; and

             

            (b)          all Events of Default with respect to Securities of such series, other than the nonpayment of the principal of Securities of such series
              which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.12.

             

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

             

            Section 5.03.    Collection of Indebtedness and Suits for Enforcement by Trustee.  The Company covenants that
              if (a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or (b) default is made in the payment of the principal of or premium, if any,
              on any Security at the Maturity thereof, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and premium,
              if any, and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and,
              in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

             

            
              34

              
                

            

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

             

            Section 5.04.    Trustee May File Proofs of Claim.  In case of the pendency of any receivership, insolvency,
              liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company, any Guarantor or any other obligor upon the Securities or the property of the Company, any Guarantor or of
              such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have
              made any demand on the Company or any Guarantor for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:

             

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

             

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

             

            and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by the 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 for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
              counsel, and for any other amounts due the Trustee under Section 6.07.

             

            No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder 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; provided, however, that
              the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee.

             

            Section 5.05.    Trustee May Enforce Claims Without Possession of Securities.  All rights of action and claims
              under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
              Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, any predecessor
              Trustee under Section 6.07, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

             

            
              35

              
                

            

            Section 5.06.     Application of Money Collected.  Any money collected by the Trustee pursuant to this Article
              5, and any money or other property distributable in respect of the Company’s obligations under this Indenture after the occurrence of an Event of Default, shall be applied in the following order, at the date or dates fixed by the Trustee and,
              in case of the distribution of such money on account of principal or premium, if any, or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

             

            FIRST: To the payment of all amounts due the Trustee (including any predecessor Trustee) under Section 6.07;

             

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

             

            THIRD: To the payment of the remainder, if any, to the Company or the Guarantors.

             

            Section 5.07.    Limitation on Suits.  Except as otherwise provided in Section 5.08, no Holder of any Security
              of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other
              remedy hereunder, unless:

             

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

             

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

             

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

             

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

             

            (e)          no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in
              aggregate principal amount of the Outstanding Securities of such series;

             

            
              36

              
                

            

            it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the
              rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
              benefit of all of such Holders.

             

            Section 5.08.    Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Securities. 

              Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and, subject to Section 3.07, interest on
              such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or date for repayment, as the case may be, and, if the terms of such Security so provide, to
              convert such Security in accordance with its terms) and to institute suit for the enforcement of any such payment and, if applicable, any such right to convert, and such rights shall not be impaired without the consent of such Holder.

             

            Section 5.09.    Rights and Remedies Cumulative.  Except as otherwise provided with respect to the replacement
              or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
              remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
              of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

             

            Section 5.10.    Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder of any
              Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 5
              or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

             

            Section 5.11.    Control by Holders.  The Holders of not less than a majority in aggregate principal amount of
              the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
              to the Securities of such series; provided that:

             

            (a)          such direction shall not be in conflict with any rule of law or with this Indenture and shall not involve the Trustee in any personal
              liability, and

             

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

             

            
              37

              
                

            

            Before proceeding to exercise any right or power hereunder at the direction of the Holders, the Trustee shall be entitled to receive from such Holders security or indemnity reasonably
              satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

             

            Section 5.12.    Waiver of Past Defaults.  The Holders of not less than a majority in aggregate principal
              amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past Default hereunder with respect to such series and its consequences, except a Default

             

            (a)          in the payment of the principal of or premium, if any, or interest on any Security of such series, or

             

            (b)          in respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each
              Outstanding Security of such series affected,

             

            provided that there had been paid or deposited with the Trustee a sum sufficient to pay all amounts due to the Trustee and to reimburse the Trustee for any and all fees, expenses and disbursements
                advanced by the Trustee, its agents and its counsel incurred in connection with such Default or Event of Default.

             

            Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver
              shall extend to any subsequent or other Default or impair any right consequent thereon.

             

            Section 5.13.    Undertaking for Costs.  In any suit for the enforcement of any right or remedy under this
              Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable
              costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section 5.13 nor the Trust Indenture Act shall be deemed to
              authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company, any Guarantor or the Trustee, a suit by a Holder under Section 5.08, or a suit by Holders of more than 10% in aggregate
              principal amount of the Outstanding Securities.

             

            Section 5.14.    Waiver of Usury, Stay or Extension Laws.  Each of the Company and the Guarantors covenants
              (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time
              hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law
              and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

             

            
              38

              
                

            

            Section 5.15.    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 Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the
              Holders shall continue as though no such proceeding had been instituted.

             

            ARTICLE 6

              

            The Trustee

             

            Section 6.01.    Certain Duties and Responsibilities of Trustee.  (a) Except during the continuance of an
              Event of Default with respect to any series of Securities,

             

            (i)          the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with
              respect to the Securities of such series, and no implied covenants or obligations shall be read into this Indenture against the Trustee with respect to such series; and

             

            (ii)          in the absence of bad faith on its part, the Trustee may conclusively rely with respect to the Securities of such
              series, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such
              certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
              Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein).

             

            (b)          In case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall exercise such of the
              rights and powers vested in it by this Indenture with respect to the Securities of such series, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of
              his or her own affairs.

             

            (c)          No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
              failure to act, or its own willful misconduct, except that:

             

            (i)          this Section 6.01(c) shall not be construed to limit the effect of Section 6.01(a) or Section 6.01(d);

             

            
              39

              
                

            

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

             

            (iii)         the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
              accordance with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, determined as provided in Sections 1.01, 1.04 and 5.11, relating to the time, method and place of conducting
              any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series.

             

            (d)          No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
              performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
              reasonably assured to it.

             

            (e)          Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
              affording protection to the Trustee shall be subject to the provisions of this Section 6.01.

             

            Section 6.02.    Notice of Defaults.  If a Default occurs with respect to Securities of any series and is
              continuing and written notice of such Default has been received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, the Trustee shall give to each Holder of Securities of such series notice of Default within
              90 days after such written notice is received by such Responsible Officer. Except in the case of a Default in payment of principal of or interest on any Security, the Trustee may withhold notice if and so long as a committee of Responsible
              Officers in good faith determines that withholding such notice is in the interests of Holders of Securities of such series.

             

            Section 6.03.    Certain Rights of Trustee.  Subject to the provisions of Section 6.01:

             

            (a)          the Trustee may conclusively rely and shall fully be protected in acting or refraining from acting upon any resolution, certificate,
              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 party or parties;

             

            (b)          any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any
              resolution of the member or members of the Company or board of managers of the Company, as the case may be, shall be sufficiently evidenced by a Company Resolution thereof;

             

            
              40

              
                

            

            (c)          whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
              taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate of the Company or the
              Guarantors;

             

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

             

            (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 or direction
              of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
              compliance with such request or direction;

             

            (f)          the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
              instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into
              such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company or the Guarantors, personally or by
              agent or attorney at the sole cost of the Company or the Guarantors and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;

             

            (g)          the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
              attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

             

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

             

            (i)          the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to
              be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

             

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

             

            
              41

              
                

            

            (k)          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, pandemics or epidemics, 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);

             

            (l)          the Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of such Default or Event of
              Default, as the case may be, has been received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Company or any Holder, and such notice references the Securities and this Indenture;

             

            (m)          the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers
              authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such
              certificate previously delivered and not superseded; and

             

            (n)          the permissive right of the Trustee to take or refrain from taking action hereunder shall not be construed as a duty.

             

            Section 6.04.    Not Responsible for Recitals or Issuance of Securities.  The recitals contained herein and in
              the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no
              representations as to the validity or sufficiency of this Indenture or of the Securities or the Guarantees. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.

             

            Section 6.05.    May Hold Securities.  The Trustee, any Paying Agent, any Security Registrar or any other
              agent of the Company or the Guarantors, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company and the Guarantors with the same rights
              it would have if it were not Trustee, Paying Agent, Security Registrar or such other agent.

             

            Section 6.06.    Money Held in Trust.  Money held by the Trustee in trust hereunder shall, until used or
              applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money
              received by it hereunder except as otherwise agreed with the Company.

             

            Section 6.07.    Compensation and Reimbursement.  The Company and each Guarantor jointly and severally agrees:

             

            
              42

              
                

            

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

             

            (b)          except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
              advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel and all Persons not regularly in its
              employ), except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith, and the Trustee shall provide the Company reasonable notice of any expenditure not in the ordinary course of
              business; and

             

            (c)          to indemnify each of the Trustee or any predecessor Trustee and their officers, agents, directors and employees for, and to hold them
              harmless against, any and all loss, damage, claims, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with this Indenture, the Securities and the transactions contemplated hereby and
              thereby, including the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or
              liability in connection with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section.

             

            In addition to, but without prejudice to its other rights under this Indenture, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section
              5.01(e) or (f), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy,
              insolvency or other similar law.

             

            “Trustee” for purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of
              any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

             

            As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities upon all property and funds held or collected by it
              hereunder for any amount owing it or any predecessor Trustee pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular Securities for the payment of principal of and premium, if
              any, or interest.

             

            The provisions of this Section 6.07 shall survive the satisfaction and discharge of the Securities, the termination for any reason of this Indenture and the resignation or removal of the
              Trustee.

             

            
              43

              
                

            

            Section 6.08.    Conflicting Interests.  If the Trustee has or shall acquire a conflicting interest within the
              meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

             

            To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of
              more than one series or under the Indenture dated as of September 29, 2010, among KKR Group Finance Co. LLC, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, under the Indenture dated as of
              February 1, 2013, among KKR Group Finance Co. II LLC, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, under the Indenture dated as of May 29, 2014, among KKR Group Finance Co. III LLC, the
              Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, under the Indenture dated as of March 23, 2018, among KKR Group Finance Co. IV LLC, the Guarantors named therein and The Bank of New York Mellon Trust
              Company, N.A., as Trustee, under the Indenture dated as of May 22, 2019, among KKR Group Finance Co. V LLC, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, under the Indenture dated as of July 1,
              2019, among KKR Group Finance Co. VI LLC, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, under the Indenture dated as of February 25, 2020, among KKR Group Finance Co. VII LLC, the Guarantors
              named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, under the Indenture dated as of August 25, 2020, among KKR Group Finance Co. VIII LLC, the Guarantors named therein and The Bank of New York Mellon Trust Company,
              N.A., as Trustee, under the Indenture dated as of March 31, 2021, among KKR Group Finance Co. IX LLC, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, under the Indenture dated as of December 8,
              2021, among KKR Group Finance Co. X LLC, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee or under the Indenture dated as of April 26, 2022, among KKR Group Finance Co. XI LLC, the Guarantors named
              therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, in each case as supplemented or amended.

             

            Section 6.09.    Corporate Trustee Required; Eligibility.  There shall at all times be one (and only one)
              Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such,
              has a combined capital and surplus of at least $50,000,000 and has its Corporate Trust Office in the Borough of Manhattan, The City of New York or Pittsburgh, Pennsylvania or any other major city in the United States that is acceptable to the
              Company. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 6.09 and to the extent permitted by the
              Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent annual report of condition so published. If at any time the Trustee with respect to
              the Securities of any series shall cease to be eligible in accordance with the provisions of this Section 6.09, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 6.

             

            
              44

              
                

            

            Section 6.10.    Resignation and Removal; Appointment of Successor. 
                No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article 6 shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements
                of Section 6.11.

             
             

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

             
             

             
            The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate principal amount of the Outstanding
              Securities of such series, upon written notice delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the
              giving of such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

             
             

             
            If at any time:

             
             

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

             
             

             
            (b)          the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after
                written request therefor by the Company, the Guarantors or any such Holder, or

             
             

             
            (c)          the Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent, or
                commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
                of rehabilitation, conservation or liquidation, then, in any such case, (1) the Company or the Guarantors may remove the Trustee with respect to all Securities or (2) subject to Section 5.13, Holders of 10% in aggregate principal amount of
                Securities of any series who have been bona fide Holders of such Securities for at least six months may, on behalf of themselves and all others similarly situated, petition any court of competent
                jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

             

            
              45

              
                

            

            If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
              the Company or the Guarantors shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities
              of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after
              such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in aggregate principal amount of the
              Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section
              6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company or the Guarantors. If no successor Trustee with respect to the Securities of any
              series shall have been so appointed by the Company, the Guarantors or the Holders and accepted appointment in the manner required by Section 6.11, Holders of 10% in aggregate principal amount of Securities of any series who have been bona fide Holders of Securities of such series for at least six months may, on behalf of themselves and all others similarly situated, petition any court of competent jurisdiction for the appointment of
              a successor Trustee with respect to the Securities of such series.

             

            The Company or the Guarantors shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with
              respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.06.

             

            Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

             

            Section 6.11.    Acceptance of Appointment by Successor.  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, the Guarantors and the retiring Trustee a written 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, the Guarantors or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver a written 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 subject nonetheless to the lien provided for in Section 6.07.

             

            
              46

              
                

            

            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 Guarantors, 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 (a) 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, (b) 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 (c) 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, the Guarantors 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 subject nonetheless to the lien provided for in Section 6.07.

             

            Upon request of any such successor Trustee, the Company and the Guarantors 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 qualified and eligible under this Article 6.

             

            Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class postage
              prepaid, to the Holders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause
              such notice to be transmitted at the expense of the Company.

             

            
              47

              
                

            

            Section 6.12.    Merger, Conversion, Consolidation or Succession to Business.  Any Person into which the
              Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the
              corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided that such Person shall be otherwise qualified and eligible under this Article 6, without the execution or filing of any paper or any further
              act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
              adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities; and in case at that time any Securities shall not have been authenticated, any
              successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere
              in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

             

            Section 6.13.    Preferential Collection of Claims Against Company.  If and when the Trustee shall be or
              become a creditor of the Company or any Guarantor (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or any Guarantor
              (or any such other obligor).

             

            Section 6.14.    Trustee’s Application for Instructions from the Company.  Any application by the Trustee for
              written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed (to the extent not provided for in this Indenture) to be taken or omitted by the Trustee under this Indenture and the date on
              and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the
              date specified in such application (which date shall not be less than 10 Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in writing to any earlier date)
              unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted.

             

            ARTICLE 7

            

            Holders’ Lists and Reports by the Trustee, the Company and the Guarantors

             

            Section 7.01.    Company to Furnish Trustee Names and Addresses of Holders.  If the Trustee is not the
              Security Registrar, the Company shall cause the Security Registrar to furnish to the Trustee, in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in
              such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of Securities of each series.

             

            Section 7.02.    Preservation of Information; Communications to Holders.  The Trustee shall preserve, in as
              current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders received by the Trustee in its
              capacity as Security Registrar. The Trustee may dispose of any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.

             

            
              48

              
                

            

            The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
              shall be as provided by the Trust Indenture Act.

             

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

             

            Section 7.03.    Reports by Trustee.  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 17 following the date of this Indenture, deliver to Holders a brief report, dated as of such May 17, 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 and automated quotation system, if any, upon which any Securities
              are listed, with the Commission (if accepted for filing by the Commission) and the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange or automated quotation system or delisted therefrom.

             

            Section 7.04.    Reports by the Company and the Guarantors.  Delivery of reports, information and documents to
              the Trustee is for informational purposes only and shall not constitute a representation or warranty as to the accuracy or completeness of the reports, information and documents. The Trustee’s receipt of such shall not constitute constructive
              notice of any information contained therein or determinable from information contained therein, including the Company’s or the Guarantors’ compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely
              exclusively on Officers’ Certificates of the Company).

             

            ARTICLE 8

              

            Consolidation, Merger, Sale of Assets and Other Transactions

             

            Section 8.01.    Company and Guarantors May Merge or Transfer Assets on Certain Terms. (a) None of the Credit
              Parties shall be a party to a Substantially All Merger or participate in a Substantially All Sale, unless:

             

            
              49

              
                

            

            (i)          such Credit Party is the surviving Person, or the Person formed by or
                surviving such Substantially All Merger or to which such Substantially All Sale has been made (the “Successor Person”) is organized under the laws of the United States or any state thereof, or, other
                than with respect to the Company, Belgium, Bermuda, Canada, Cayman Islands, France, Germany, Gibraltar, Ireland, Italy, Luxembourg, the Netherlands, Switzerland, the United Kingdom or British Crown Dependencies, a member country of the
                Organisation for Economic Co-operation and Development or any political subdivision of any of the foregoing (together with the United States or any state thereof, the “Permitted Jurisdictions”), and
                has expressly assumed by supplemental indenture all of the obligations of such Credit Party under this Indenture;

             
             

             
            (ii)          immediately after giving effect to such transaction, no Default or
                Event of Default has occurred and is continuing; and

             
             

             
            (iii)         the Company delivers to the Trustee an Officers’ Certificate and an
                Opinion of Counsel, each stating that such transaction and any supplemental indenture relating thereto comply with this Indenture and that all conditions precedent provided for in this Indenture relating to such transaction have been
                complied with.

             
             

             
            (b)          For as long as any Securities of any series under this Indenture remain outstanding, all
                equity and voting interests in the Company shall be owned directly or indirectly by one or more Guarantors and each of the Credit Parties must be organized under the laws of a Permitted Jurisdiction.

             
             

             
            Section 8.02.    Successor Person Substituted.  Upon the
                consummation of a transaction contemplated by and consummated in accordance with Section 8.01, the Successor Person shall succeed to, and be substituted for, and may exercise every right and power of, the applicable Credit Party under this
                Indenture, with the same effect as if such Successor Person had been an original party to this Indenture, and, except in the case of a lease, the applicable Credit Party shall be released from all of its liabilities and obligations under
                this Indenture and the Securities (including the Guarantees).

             
             

             
            ARTICLE 9

              

             
            Supplemental Indentures

             
             

             
            Section 9.01.    Supplemental Indentures Without Consent of Holders. 
                Without the consent of any Holders, the Company, the Guarantors and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following
                purposes:

             
             

             
            (a)          to add to the covenants for the benefit of the Holders of all or any series of Securities
                (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power conferred upon the
                Company or any Guarantor hereunder, under any indenture supplemental hereto or under any series of Securities;

             
             

             
            (b)          to evidence the succession of another Person to the Company or any Guarantor, or successive
                successions, and the assumption by the successor Person of the covenants, agreements and obligations of the Company or such Guarantor pursuant to Article 8;

             
             

            
              50

              
                

            

            (c)          to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of
              Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series);

             

            (d)          to add new Guarantors;

             

            (e)          to provide for the release of any Guarantor in accordance with this Indenture;

             

            (f)          to secure the Securities;

             

            (g)          to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
              series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11;

             

            (h)          to provide for the issuance of additional Securities of any series;

             

            (i)          to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01;

             

            (j)          to comply with the rules of any applicable Depositary;

             

            (k)          to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
              Securities in uncertificated form;

             

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

             

            (m)         to cure any ambiguity, to correct or supplement any provision of this Indenture which may be defective or inconsistent with any other
              provision herein;

             

            (n)          to change any other provision contained in the Securities of any series or under this Indenture; provided that such action pursuant to this clause (n) shall not adversely affect the interests of the Holders of Securities of any series in any material respect; and

             

            (o)          to conform any provision of this Indenture or the Securities of any series to the description of such Securities contained in the Company’s
              prospectus, prospectus supplement, offering memorandum or similar document with respect to the offering of the Securities of such series.

             

            
              51

              
                

            

            Section 9.02.     Supplemental Indentures With Consent of Holders.  With the consent of the Holders of not
              less than a majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for Securities), by Act of said
              Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
              or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, no such
              supplemental indenture shall, without the consent of the Holder of each Outstanding Security of such series affected thereby:

             

            (a)          change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security;

             

            (b)          reduce the principal amount of any Security or reduce the amount of the principal of an Original Issue Discount Security or any other
              Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02, or reduce the rate of or extend the time of payment of interest on any Security;

             

            (c)          reduce any premium payable upon the redemption of or change the date on which any Security may or must be redeemed;

             

            (d)          change the coin or currency in which the principal of or premium, if any, or interest on any Security is payable;

             

            (e)          impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in
              the case of redemption or repayment, on or after the Redemption Date or Repayment Date, as applicable);

             

            (f)          reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
              such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture;

             

            (g)          modify any of the provisions of this Section 9.02, Section 5.12 or Section 10.05, except to increase any such percentage or to provide that
              certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this
              clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section 9.02 and Section 10.05, or the deletion of this proviso, in accordance with the
              requirements of Section 6.11 and Section 9.01(g);

             

            
              52

              
                

            

            (h)          if the Securities of any series are convertible into or for any other securities or property of the Company, make any change that adversely
              affects in any material respect the right to convert any Security of such series (except as permitted by Section 9.01) or decrease the conversion rate or increase the conversion price of any such Security
              of such series, unless such decrease or increase is permitted by the terms of such Security;

             

            (i)          subordinate the Securities of any series or any Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such
              Guarantor;

             

            (j)          modify the terms of any Guarantee in a manner adverse to the Holders of Securities of a series; or

             

            (k)          modify clauses (a) through (j) above.

             

            A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series
              of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other 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 any Act of Holders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall
              approve the substance thereof.

             

            Section 9.03.    Execution of Supplemental Indentures.  In executing, or accepting the additional trusts
              created by, any supplemental indenture permitted by this Article 9 or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, in addition to the documents provided by Section 1.02, and,
              subject to Section 6.01, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent in this
              Indenture to the execution of such supplemental indenture, if any, have been complied with; provided, however, that no such Opinion of Counsel shall be required in the case of any supplemental
              indenture executed and delivered concurrently with the original execution and delivery of this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights,
              duties or immunities under this Indenture or otherwise.

             

            Section 9.04.    Effect of Supplemental Indentures.  Upon the execution of any supplemental indenture under
              this Article 9, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and
              delivered hereunder shall be bound thereby.

             

            Section 9.05.    Reserved.

             

            
              53

              
                

            

            Section 9.06.    Notice of Supplemental Indenture; Reference in Securities to Supplemental Indentures.  After
              a supplemental indenture under Section 9.01 (other than Section 9.01(i) and 9.02 becomes effective, the Company shall mail to the Trustee a notice briefly describing such supplemental indenture or a copy of such supplemental indenture and the
              Trustee shall on behalf of the Company and at the expense of the Company mail such notice or supplemental indenture to Holders affected thereby. Any failure of the Trustee to mail such notice, or any defect therein, or any failure of the
              Trustee to mail such supplemental indenture, shall not in any way impair or affect the validity of any such supplemental indenture.

             

            Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 9 may, and shall if required by the Trustee, bear a notation in
              form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Company, to any such supplemental
              indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

             

            ARTICLE 10

              

            Covenants

             

            Section 10.01.  Payment of Principal, Premium, if any, and Interest.  The Company covenants and agrees for the
              benefit of each series of Securities that it will duly and punctually pay the principal of and premium, if any, and interest on the Securities of such series in accordance with the terms of the Securities and this Indenture. Principal and
              interest shall be considered paid on the date due if, on or before 10:00 a.m. (New York City time) on such date, the Trustee or the Paying Agent (or, if the Company or any Subsidiary of the Corporation is the Paying Agent, the segregated
              account or separate trust fund maintained by the Company or such Subsidiary pursuant to Section 10.03) holds in accordance with this Indenture money sufficient to pay all principal, premium and interest then due.

             

            The Company shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent
              lawful as provided in Section 3.07.

             

            Notwithstanding anything to the contrary contained in this Indenture, the Company, the Guarantors or the Paying Agent may, to the extent it is required to do so by law, deduct or withhold income
              or other similar taxes imposed by the United States of America or other domestic or foreign taxing authorities from principal, premium or interest payments hereunder.

             

            Section 10.02.  Maintenance of Office or Agency.  The Company will maintain in each Place of Payment for any
              series of Securities an office or agency where Securities of such series may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities may be
              surrendered for conversion, and where notices and demands to or upon the Company in respect of the Securities of such series and this Indenture may be served. 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 Corporate Trust Office of the Trustee. The Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

             

            
              54

              
                

            

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

             

            With respect to any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 3.01, the Corporate Trust Office of the Trustee shall be the
              Place of Payment where such Global Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided,
                however, that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such
              Global Security in accordance with the provisions of this Indenture.

             

            Section 10.03.  Money for Securities Payments to Be Held in Trust.  If the Company shall at any time act as
              Paying Agent with respect to any series of Securities, it will, on or before each due date for the principal of or premium, if any, or interest on any of the Securities of such series, segregate and hold in trust for the benefit of the
              Holders of such Securities a sum sufficient to pay the principal and premium, if any, and interest so becoming due until such sums shall be paid to such Holders or otherwise disposed of as herein provided and will promptly notify the Trustee
              of its action or failure so to act.

             

            Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, no later than 10:00 a.m. (New York City time) on each due date for the principal of or premium,
              if any, or interest on any Securities of such series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders of such Securities entitled to the same, and (unless such Paying Agent is the
              Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

             

            The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
              Trustee, subject to the provisions of this Section 10.03, that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of, premium, if any, or interest
              on the Securities and shall notify the Trustee in writing of any default by the Company in making any such payment and that it shall any time during the continuance of such default, upon the written request of the Trustee, forthwith pay to
              the Trustee all sums so held by such Paying Agent.

             

            
              55

              
                

            

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

             

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

             

            Section 10.04.  Statement by Officers as to Default.  The Company shall deliver to the Trustee within 120 days
              after the end of each fiscal year of the Company ending after the date hereof an Officers’ Certificate of the Company and one of the two Officers signing must be the Company’s principal executive officer, principal financial officer or
              principal accounting officer, stating whether or not, to the best knowledge of such Officer, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture applicable to it
              (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which such Officer may have knowledge.

             

            The Company shall deliver to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware of the occurrence of any Default or Event of Default an Officers’
              Certificate setting forth the details of such Default or Event of Default, its status and the actions which the Company is taking or proposes to take with respect thereto.

             

            Section 10.05.  Waiver of Certain Covenants.  Except as otherwise specified as contemplated by Section 3.01
              for Securities of such series, the Company or the Guarantors, as the case may be, may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant
              provided pursuant to Section 3.01(r), Section 9.01(a) or Section 9.01(l) for the benefit of the Holders of such series or in Article 8, if before the time for such compliance the Holders of at least a majority in aggregate principal amount of
              the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such
              term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company or the Guarantors, as the case may be, and the duties of the Trustee in respect of any such
              term, provision or condition shall remain in full force and effect.

             

            
              56

              
                

            

            Section 10.06.  No Conflicts with Sanctions Law. Neither the Company nor the Guarantors nor, to the knowledge of the Company and the Guarantors, any director, officer, agent, employee or Affiliate
                of the Company or the Guarantors, is a Person that is, or is owned or controlled by a Person that is, currently subject to any sanctions (“Sanctions”) administered by the Office of Foreign Assets
                Control of the U.S. Department of the Treasury, and each of the Company and the Guarantors represents and covenants that they will not, directly or indirectly, use the proceeds of the offering of the Securities hereunder, or lend,
                contribute or otherwise make available such proceeds to any of the Company or the Guarantors, joint venture partner or other Person for the purpose of financing the activities of any person that is the subject of Sanctions.

             

            ARTICLE 11

              

            Redemption of Securities

             

            Section 11.01.   Applicability of Article.  Securities of any series which are redeemable before their Stated
              Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for such Securities) in accordance with this Article 11.

             

            Section 11.02.   Election to Redeem; Notice to Trustee.  The election of the Company to redeem any Securities
              shall be evidenced by a Company Resolution or an Officers’ Certificate of the Company or in another manner specified as contemplated by Section 3.01 for such Securities. In case of any redemption at the election of the Company of the
              Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least 15 days prior to the date any notice of a redemption is to be given to the Holders pursuant to Section 11.04 (unless a
              shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the
              case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate of
              the Company evidencing compliance with such restriction.

             

            
              57

              
                

            

            Section 11.03.   Selection by Trustee of Securities to Be Redeemed.  If less than all the Securities of any
              series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more
              than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate
              and fair and which may provide for the selection for redemption of a portion of the principal amount of any Security of such series; provided that the unredeemed portion of the principal amount of any
              Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such
              redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not
              previously called for redemption in accordance with the preceding sentence. Notwithstanding the foregoing, as long as the Securities of any series are represented by one or more Global Securities, beneficial interests in such Securities shall
              be selected for redemption by the Depositary therefor in accordance with the Applicable Procedures.

             

            If any Security selected for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted portion of
              such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted during a selection of securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of
              such selection.

             

            The Trustee shall promptly notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the
              principal amount thereof to be redeemed.

             

            The provisions of the three preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In
              the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

             

            If any Security is to be redeemed in part only, the notice of redemption that relates to the Security will state the portion of the principal amount of the Security to be redeemed. A new
              Security in a principal amount equal to the unredeemed portion of the Security will be issued in the name of the holder of the Security upon surrender for cancellation of the original Security. For all purposes of this Indenture, unless the
              context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been
              or is to be redeemed.

             

            Section 11.04.   Notice of Redemption.  Notice of redemption shall be transmitted not less than 10 nor more
              than 60 days prior to the Redemption Date (or within such period as otherwise specified as contemplated by Section 3.01 for Securities of a series), to each Holder of Securities to be redeemed, at such Holder’s address appearing in the
              Security Register.

             

            All notices of redemption shall identify the Securities to be redeemed and shall state:

             

            
              58

              
                

            

            (a)          the Redemption Date;

             

            (b)          the Redemption Price (or the method of calculating such price);

             

            (c)          if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
              (and, in the case of partial redemption of any such Securities, the respective principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are
              to be redeemed, the principal amount of the particular Security to be redeemed;

             

            (d)          that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
              that interest thereon will cease to accrue on and after said date;

             

            (e)          the place or places where each such Security is to be surrendered for payment of the Redemption Price;

             

            (f)          for any Securities that by their terms may be converted, the terms of conversion, the date on which the right to convert the Security to be
              redeemed will terminate and the place or places where such Securities may be surrendered for conversion;

             

            (g)          that the redemption is for a sinking fund, if such is the case; and

             

            (h)          if applicable, the CUSIP, ISIN or any similar numbers of the Securities of such series; provided,
                however, that no representation will be made as to the correctness or accuracy of the CUSIP, ISIN or any similar number, if any, listed in such notice or printed on the Securities.

             

            Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request (which may be rescinded or revoked at any time prior
              to the time at which the Trustee shall have given such notice to the Holders), by the Trustee in the name and at the expense of the Company. The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been
              given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Security designated for redemption as a whole or in part shall not affect the validity of
              the proceedings for the redemption of any other Securities.

             

            Section 11.05.  Deposit of Redemption Price.  By no later than 10:00 a.m. (New York City time) on any
              Redemption Date, the Company shall deposit or cause to be deposited with the Trustee or with a Paying Agent (or, if any of the Credit Parties is acting as Paying Agent, such Credit Party will segregate and hold in trust as provided in Section
              10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date or the Securities of the series provide otherwise) accrued interest on, all the Securities which are to
              be redeemed on that date, other than Securities or portions of Securities called for redemption which are owned by any of the Credit Parties and have been delivered by such Credit Party to the Trustee for cancellation. All money, if any,
              earned on funds held by the Paying Agent shall be remitted to the Company.  In addition, the Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts necessary to pay
              the Redemption Price of, and accrued interest, if any, on, all Securities to be redeemed.

             

            
              59

              
                

            

            If any Security called for redemption is converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall
              (subject to any right of the Holder of such Security or any Predecessor Security to receive interest as provided in the last paragraph of Section 3.07 or in the terms of such Security) be paid to the Company upon Company Request or, if then
              held by the Company, shall be discharged from such trust.

             

            Section 11.06.   Securities Payable on Redemption Date.  Notice of redemption having been given as aforesaid,
              the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and
              accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together, if applicable,
              with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 3.01, installments of interest whose Stated Maturity is on or prior to the
              Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.

             

            If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and premium, if any, shall, until paid, bear interest from the Redemption Date at
              the rate prescribed therefor in the Security.

             

            Section 11.07.  Securities Redeemed in Part.  Any Security which is to be redeemed only in part shall be
              surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
              such Holder’s attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of
              like tenor, of any authorized denomination as requested by such Holder, in principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

             

            
              60

              
                

            

          

        

      

      ARTICLE 12

      Sinking Funds

       

      Section 12.01.          Applicability of Article.  The provisions of this Article 12 shall be applicable to any sinking fund for the
          retirement of Securities of any series except as otherwise specified as contemplated by Section 3.01 for such Securities.

       

      The minimum amount of any sinking fund payment provided for by the terms of any series of Securities 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 such Securities is herein referred to as an “optional sinking fund payment.” If provided for by the terms of any series of Securities, the cash amount of any
        sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities of the series as provided for by the terms of such Securities.

       

      Section 12.02.          Satisfaction of Sinking Fund Payments with Securities.  The Company i) may deliver Outstanding Securities of a
          series (other than any previously called for redemption) and ii) may apply as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of
          permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms
          of such Securities as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been previously so credited. The Securities to be so credited
          shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be
          reduced accordingly.

       

      Section 12.03.          Redemption of Securities for Sinking Fund.  Not less than 60 days (or such shorter period as shall be
          satisfactory to the Trustee) prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate of the Company specifying the amount of the next ensuing sinking fund payment for such
          Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section
          12.02 and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days prior to each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the
          manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.04. Such notice having been duly given, the redemption of such
          Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07.

       

      
        61

        
          

      

      ARTICLE 13

      Defeasance and Covenant Defeasance

       

      Section 13.01.          Company’s Option to Effect Defeasance or Covenant Defeasance.  Unless otherwise provided as contemplated by
          Section 3.01, Sections 13.02 and 13.03 shall apply to all Securities and each series of Securities, denominated in U.S. dollars and bearing interest at a fixed rate, in accordance with any applicable requirements provided pursuant to Section 3.01
          and upon compliance with the conditions set forth below in this Article 13; and the Company may elect, at its option at any time, to have Section 13.02 and Section 13.03 applied to any Securities or any series of Securities, designated pursuant
          to Section 3.01 as being defeasible pursuant to such Section 13.02 and Section 13.03, in accordance with any applicable requirements provided pursuant to Section 3.01 and upon compliance with the conditions set forth below in this Article 13. Any
          such election shall be evidenced by a Company Resolution, Officers’ Certificate of the Company or in another manner specified as contemplated by Section 3.01 for such Securities.

       

      Section 13.02.          Defeasance and Discharge.  Upon the Company’s exercise of its option, if any, to have this Section 13.02
          applied to any Securities or any series of Securities, or if this Section 13.02 shall otherwise apply to any Securities or any series of Securities, the Company and the Guarantors shall be deemed to have been discharged from their respective
          obligations with respect to such Securities and related Guarantees as provided in this Section 13.02 on and after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Defeasance”).
          For this purpose, such Defeasance means that each of the Company and the Guarantors shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and Guarantees and to have satisfied all its other obligations
          under such Securities and Guarantees and this Indenture insofar as such Securities and Guarantees are concerned (and the Trustee, at the expense of the Company or the Guarantors, as the case may be, shall execute proper instruments acknowledging
          the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: iii) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 13.04 and as more fully set
          forth in such Section 13.05, payments in respect of the principal of and premium, if any, and interest on such Securities when payments are due, iv) the Company’s obligations with respect to such Securities and the Guarantors’ obligations with
          respect to such Guarantees under Sections 3.04, 3.05, 3.06, 10.02 and 10.03, v) the rights, powers, trusts, duties and immunities of the Trustee hereunder and vi) this Article 13. Subject to compliance with this Article 13, the Company or the
          Guarantors may exercise their option, if any, to have this Section 13.02 applied to the Securities of any series and the related Guarantees notwithstanding the prior exercise of its option, if any, to have Section 13.03 applied to such Securities
          and Guarantees.

       

      
        62

        
          

      

      Section 13.03.          Covenant Defeasance.  Upon the Company’s exercise of its option, if any, to have this Section 13.03 applied to
          any Securities or any series of Securities, or if this Section 13.03 shall otherwise apply to any Securities or any series of Securities, vii) the Company and the Guarantors shall be released from their respective obligations under Section 8.01
          and any covenants provided pursuant to Section 3.01(r), Section 9.01(a) or Section 9.01(l) for the benefit of the Holders of such Securities and viii) the occurrence of any event specified in Section 5.01(d) and Section 5.01(h) shall be deemed
          not to be or result in an Event of Default, in each case with respect to such Securities and Guarantees as provided in this Section 13.03 on and after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no
          liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to
          any other provision herein or in any other document, but the remainder of this Indenture and such Securities and Guarantees shall be unaffected thereby.

       

      Section 13.04.          Conditions to Defeasance or Covenant Defeasance.  The following shall be the conditions to the application of
          Section 13.02 or 13.03 to any Securities or any series of Securities:

       

      (a)          The Company
          shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 6.09 and agrees to comply with the provisions of this Article 13 applicable to it) as trust
          funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities, (1) money in an amount, or (2) U.S. Government Obligations which
          through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide money in an amount, or (3) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of
          independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of
          and premium, if any, and interest on such Securities to the respective Stated Maturities or Redemption Dates, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government
            Obligation” means (x) any security which is (a) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (b) an obligation of a Person controlled
          or supervised by and acting as 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, which, in either case (A) or
          (B), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is
          specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in
          respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

       

      
        63

        
          

      

      (b)          In the
          event of an election to have Section 13.02 apply to any Securities or any series of Securities, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (4) the Company has received from, or there has been published by,
          the Internal Revenue Service a ruling or (5) since the date of this Indenture, there has been a change in the applicable Federal income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion shall confirm that, the
          beneficial owners of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on
          the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.

       

      (c)          In the
          event of an election to have Section 13.03 apply to any Securities or any series of Securities, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the beneficial owners of such Securities will not recognize
          gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times
          as would be the case if such deposit and Covenant Defeasance were not to occur.

       

      (d)          The Company
          shall have delivered to the Trustee an Officers’ Certificate of the Company to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such
          deposit.

       

      (e)          No Default
          or Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, insofar as Section 5.01(e) or Section 5.01(f) are concerned, at any time on or prior to the 90th day
          after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day).

       

      (f)          Such
          Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other material agreement or instrument to which the Company is a party or by which it is bound.

       

      (g)          The Company
          shall have delivered to the Trustee an Officers’ Certificate of the Company and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with (in each case,
          subject to the satisfaction of the condition in clause (e)).

       

      Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date in
        accordance with Article 11.

       

      
        64

        
          

      

      Section 13.05.          Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.  Subject to the provisions of the last
        paragraph of Section 10.03, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section 13.05 and Section 13.06, the Trustee and any such
        other trustee are referred to collectively as the “Trustee”) pursuant to Section 13.04 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such
        Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due
        thereon in respect of principal and premium, if any, and interest, but money so held in trust need not be segregated from other funds except to the extent required by law.

       

      The Company and each Guarantor jointly and severally agrees to pay and indemnify the Trustee against any tax, fee or other charge imposed on or
        assessed against the U.S. Government Obligations deposited pursuant to Section 13.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of
        Outstanding Securities; provided that the Trustee shall be entitled to charge any such tax, fee or other charge to such Holder’s account.

       

      Anything in this Article 13 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any
        money or U.S. Government Obligations held by it as provided in Section 13.04 with respect to any Securities which are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as
        the case may be, with respect to such Securities.

       

      Section 13.06.          Reinstatement.  If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article 13 with respect to any
        Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities and Guarantees from which the
        Company and the Guarantors have been discharged or released pursuant to Section 13.02 or 13.03 shall be revived and reinstated as though no deposit had occurred pursuant to this Article 13 with respect to such Securities and Guarantees, until such
        time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.05 with respect to such Securities and Guarantees in accordance with this Article 13; provided, however,
        that ix) if the Company or the Guarantors makes any payment of principal of or premium, if any, or interest on any such Security following such reinstatement of its obligations, the Company or the Guarantors, as the case may be, shall be subrogated
        to the rights, if any, of the Holders of such Securities to receive such payment from the money so held in trust and x) unless otherwise required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee
        or Paying Agent shall return all such money and U.S. Government Obligations to the Company or the Guarantors, as the case may be, promptly after receiving a written request therefor at any time, if such reinstatement of the obligations of the
        Company or the Guarantors, as the case may be, has occurred and continues to be in effect.

       

      
        65

        
          

      

      ARTICLE 14

      Guarantee of Securities

       

      Section 14.01.          Guarantee.  Each Guarantor hereby jointly and severally and fully and unconditionally guarantees to each Holder of a Security authenticated
        and delivered by the Trustee hereunder, and to the Trustee on behalf of each such Holder, the due and punctual payment in full of the principal of and premium, if any, and interest on such Security and all other amounts payable by the Company under
        the Indenture when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, and interest on the overdue principal and (to the extent permitted by law) interest,
        if any, on such Security (collectively, the “Obligations”), in accordance with the terms of such Security and this Indenture. If the Company shall fail to pay when due any Obligations, for whatever reason,
        each Guarantor shall be jointly and severally obligated to pay in cash the same promptly. An Event of Default under this Indenture or the Security of any series shall entitle the Holders of such Securities to accelerate the Obligations of the
        Guarantors hereunder in the same manner and to the same extent as the Obligations of the Company.

       

      Section 14.02.          Additional Guarantors.  The Company and each Guarantor shall cause each New KKR Entity (other than a Non-Guarantor Entity) to become a
        Guarantor pursuant to this Indenture and provide a Guarantee in respect of the Securities.

       

      Section 14.03.          Waiver.  To the fullest extent permitted by applicable law, each Guarantor hereby waives the benefits of diligence, presentment, demand for
        payment, any requirement that the Trustee or any of the Holders exhaust any right or take any action against the Company or any other Person, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to
        require a proceeding first against the Company, protest or notice with respect to any Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that no Guarantee will be discharged in respect of any Security except by
        complete performance of the Obligations contained in such Security and in this Article.

       

      Section 14.04.          Guarantee of Payment.  Each Guarantee shall constitute a guarantee of payment when due and not a guarantee of collection. The Guarantors
        hereby agree that, in the event of a default in payment of principal of or premium, if any, or interest on any Security, whether at its Stated Maturity, by declaration of acceleration, call for redemption or otherwise, legal proceedings may be
        instituted by the Trustee on behalf of, or by, the Holder of such Security, subject to the terms and conditions set forth in this Indenture, directly against the Guarantors to enforce the Guarantee without first proceeding against the Company.

       

      
        66

        
          

      

      Section 14.05.          No Discharge or Diminishment of Guarantee.  Subject to Section 14.10, the obligations of each of the Guarantors hereunder shall be absolute
        and unconditional and not be subject to any reduction, limitation, termination or impairment for any reason (other than the payment in full in cash of the Obligations), including any claim of waiver, release, surrender, alteration or compromise of
        any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Securities, this Indenture or the Obligations or
        otherwise. Without limiting the generality of the foregoing, the obligations of each of the Guarantors hereunder shall not be discharged or impaired or otherwise affected by the failure of the Trustee or any Holder of the Securities to assert any
        claim or demand or to enforce any remedy under this Indenture or any Security, any other guarantee or any other agreement, by any waiver, modification or indulgence of any provision thereof, by any default, failure or delay, willful or otherwise,
        in the performance of the Obligations, by any release of any other Guarantor pursuant to Section 14.10 or by any other act or omission or delay to do any other act that may or might in any manner or to any extent vary the risk of any Guarantor or
        that would otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the payment in full in cash of all the Obligations); provided, however, that notwithstanding the
        foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantors, increase the principal amount of such Security, or increase the interest rate thereon, change any redemption provisions thereof (including any
        change to increase any premium payable upon redemption thereof) or change the Stated Maturity of any payment thereon, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of
        acceleration or the maturity thereof pursuant to Section 5.02 of this Indenture.

       

      Section 14.06.          Defenses of Company Waived.  To the extent permitted by applicable law, each of the Guarantors waives any defense based on or arising out of
        any defense of the Company or any other Guarantor or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Company, other than final payment in full in cash of the
        Obligations. Each of the Guarantors waives any defense arising out of any such election even though such election operates to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of each of the Guarantors
        against the Company or any security.

       

      Section 14.07.          Continued Effectiveness.  Subject to Section 14.10, each of the Guarantors further agrees that its Guarantee with respect to any Security
        hereunder shall remain in full force and effect and continue to be irrevocable notwithstanding any petition filed by or against the Company for liquidation or reorganization, the Company becoming insolvent or making an assignment for the benefit of
        creditors or a receiver or trustee being appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment, or
        any part thereof, of principal of or interest on any Obligation is rescinded or must otherwise be restored or returned by the Trustee or any Holder of any Security, whether as a “voidable preference,” “fraudulent transfer” upon bankruptcy or
        reorganization of the Company or otherwise, all as though such payment or performance had not been made, until the date upon which the entire Obligation, if any, and interest on such Security has been, or has been deemed pursuant to the provisions
        of this Indenture to have been paid in full. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned on any Security, such Security shall, to the fullest extent permitted by law, be reinstated and deemed paid
        only by such amount paid and not so rescinded, reduced, restored or returned.

       

      
        67

        
          

      

      Section 14.08.          Subrogation.  In furtherance of the foregoing and not in limitation of any other right of each of the Guarantors by virtue hereof, upon the
        failure of the Company to pay any Obligation when and as the same shall become due, each of the Guarantors hereby promises to and will, upon receipt of written demand by the Trustee or any Holder of the Securities of any series, forthwith pay, or
        cause to be paid, to the Holders in cash the amount of such unpaid Obligations, and thereupon the Holders shall, assign (except to the extent that such assignment would render a Guarantor a “creditor” of the Company within the meaning of Section
        547 of Title 11 of the United States Code as now in effect or hereafter amended or any comparable provision of any successor statute) the amount of the Obligations owed to it and paid by such Guarantor pursuant to this Guarantee to such Guarantor,
        such assignment to be pro rata to the extent the Obligations in question were discharged by such Guarantor, or make such other disposition thereof as such Guarantor shall direct (all without recourse to the Holders, and without any representation
        or warranty by the Holders).  If xi) a Guarantor shall make payment to the Holders of all or any part of the Obligations and xii) all the Obligations and all other amounts payable under this Indenture shall be paid in full, the Trustee will, at
        such Guarantor’s request, execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Obligations
        resulting from such payment by such Guarantor.

       

      Section 14.09.          Subordination.  Upon payment by any Guarantor of any sums to the Holders, as provided above, all rights of such Guarantor against the
        Company, arising as a result thereof by way of right of subrogation or otherwise, shall in all respects be subordinated and junior in right of payment to the prior payment in full in cash of all the Obligations to the Trustee; provided, however, that any right of subrogation that such Guarantor may have pursuant to this Indenture is subject to Section 14.08.

       

      Section 14.10.          Release of Guarantor and Termination of Guarantee.  A Guarantor shall, upon the occurrence of any of the following events, be automatically
        and unconditionally released and discharged from all obligations under this Indenture and its Guarantee without any action required on the part of the Trustee or any Holder; provided that such Guarantor
        would not, immediately after such release and discharge, be required to become a Guarantor pursuant to Section 14.02:

       

      (a)          at any time
          such Guarantor is not the Corporation and is sold or disposed of (whether by merger, consolidation or the sale of all or substantially all of its assets) to an entity that is not required to become a Guarantor, if such sale or disposition is
          otherwise in compliance with this Indenture;

       

      (b)          such
          Guarantor is designated a Non-Guarantor Entity in accordance with this Indenture; or

       

      (c)          the Company
          effects a Defeasance or Covenant Defeasance in accordance with Article 13 hereof.

       

      
        68

        
          

      

      The Company may designate any Person as a “Non-Guarantor Entity” if (1) such Person is directly or indirectly
        wholly owned by one or more of the Credit Parties and (2) such Person, together with all then-existing Non-Guarantor Entities designated pursuant to this clause (ii) on a combined and consolidated basis and taken as a whole, would not constitute a
        Significant Subsidiary (the foregoing, the “Non-Guarantor Limitation”). The Company may also, from time to time, remove the designation of any Person as a Non-Guarantor Entity and must remove the designation
        as to one or more Non-Guarantor Entities designated pursuant to clause (ii) of the immediately preceding sentence to the extent as of the end of any fiscal quarter such Non-Guarantor Entities exceed the Non-Guarantor Limitation. Any such
        designation or removal by the Company shall be evidenced to the Trustee by promptly filing with the Trustee a Company Resolution giving effect to such designation or removal, and in the case of a designation, a certificate of the chief financial
        officer of the Company (or, in his or her absence, the principal executive officer, principal accounting officer or treasurer of the Company) certifying that such designation complied with the foregoing provisions. The Company shall promptly file
        with the Trustee a notice of any such release of a Guarantor in accordance with this Indenture.

       

      The Trustee shall deliver an appropriate instrument evidencing such release upon receipt of a request of the Company accompanied by an Officers’
        Certificate certifying as to the compliance with this Section.

       

      Section 14.11.          Limitation of Guarantors’ Liability.  Each Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of
        all such parties that the Guarantee by such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Title 11 of the United States Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
        federal or state law to the extent applicable to any Guarantor. To effectuate the foregoing intention, the Holders and such Guarantor hereby irrevocably agree that the obligations of such Guarantor under this Indenture and its Guarantee shall be
        limited to the maximum aggregate amount which, after giving effect to all other contingent and fixed liabilities of such Guarantor, and after giving effect to any collections from or payments made by or on behalf of, any other Guarantor in respect
        of the obligations of such Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, will result in the obligations of such Guarantor under its Guarantee not constituting such fraudulent transfer or conveyance.

       

      Each Guarantee is expressly limited so that in no event, including the acceleration of the Maturity of the Securities, shall the amount paid or agreed
        to be paid in respect of interest on the Securities (or fees or other amounts deemed payment for the use of funds) exceed the maximum permissible amount under applicable law, as in effect on the date hereof and as subsequently amended or modified
        to allow a greater amount of interest (or fees or other amounts deemed payment for the use of funds) to be paid under such Guarantee. If for any reason the amount in respect of interest (or fees or other amounts deemed payment for the use of funds)
        required by a Guarantee exceeds such maximum permissible amount, the obligation to pay interest under such Guarantee (or fees or other amounts deemed payment for the use of funds) shall be automatically reduced to such maximum permissible amount
        and any amounts collected by any Holder of any Security in excess of the permissible amount shall be automatically applied to reduce the outstanding principal on such Security.

       

      
        69

        
          

      

      Section 14.12.          No Obligation to Take Action Against the Company.  Neither the Trustee, any Holder nor any other Person shall have any obligation to enforce
        or exhaust any rights or remedies or take any other steps under any security for the Obligations or against the Company or any other Person or any property of the Company or any other Person before the Trustee, such Holder or such other Person is
        entitled to demand payment and performance by any or all Guarantors of their liabilities and obligations under their Guarantee.

       

      Section 14.13.          Execution and Delivery.  To evidence its Guarantee set forth in this Article 14, each Guarantor hereby agrees that this Indenture shall be
        executed on behalf of such Guarantor by an Officer of such Guarantor, and in the case of any New KKR Entity that becomes a Guarantor in accordance with this Indenture, such New KKR Entity’s Guarantee shall be evidenced by the execution and delivery
        on behalf of such New KKR Entity of a supplemental indenture hereto by an Officer of such New KKR Entity.

       

      Section 14.14.          Reorganization Agreement.  In connection with the consummation of the transactions contemplated by the Reorganization Agreement, the
        obligation of the Corporation to be a Guarantor may be terminated in the event that the new parent holding company for the Credit Group’s business (“New KKR Parent”) elects to become a Guarantor, in which
        case all references to the Corporation in this Indenture shall be deemed to be replaced by references to New KKR Parent.

       

      Each Guarantor hereby agrees that its Guarantee set forth in this Article 14 shall remain in full force and effect notwithstanding the absence of the
        endorsement of any notation of such Guarantee on any Securities.

       

      If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates any Security, the Guarantee shall
        be valid nevertheless.

       

      The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in
        this Indenture on behalf of the Guarantors.

       

      *          *          *

       

      This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
        shall together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be
        deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of
        a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

       

      [Signature page follows]

      

      

      
        70

        
          

      

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

       

      	 	
              KKR GROUP FINANCE CO. XII LLC,

              as Issuer,

            
	 	 	 
	 	
              By:

            	
              /s/ James Rudy

            
	 	 	
              Name: James Rudy

            
	 	 	
              Title:   Treasurer

            

      

      

      	 	
              KKR & CO. INC., as Guarantor,

            
	 	 	 
	 	
              By:

            	
              /s/ James Rudy

            
	 	 	
              Name: James Rudy

            
	 	 	
              Title:   Authorized Signatory

            

      

      

      	 	
              KKR GROUP PARTNERSHIP L.P.,

              as Guarantor,

            
	 	 	 
	 	
              By:

            	
              KKR Group Holdings Corp., as its general partner

            
	 	 	 
	 	
              By:

            	
              /s/ James Rudy

            
	 	 	
              Name: James Rudy

            
	 	 	
              Title:   Authorized Signatory

            

      

      

      	 	
              The Bank of New York Mellon Trust Company, N.A., as Trustee

            
	 	 
	 	
              By:

            	
              /s/ Deborah Young

              

            
	 	 	
              Name: Deborah Young

            
	 	 	
              Title:   Vice President

            

      

      

      
        [Signature Page to Indenture]

      

      

      

      
        
          

      

      SCHEDULE I

       

      GUARANTORS

       

      KKR & Co. Inc., a Delaware corporation

      KKR Group Partnership L.P., a Cayman Islands exempted limited partnership (acting through its general partner KKR Group Holdings Corp.)

      

        

      

      Schedule I-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]