Document:

Exhibit 10.1

 

MUTUAL TERMINATION AND RELEASE AGREEMENT

 

This MUTUAL TERMINATION AND
RELEASE AGREEMENT (this “Agreement”), dated as of August 18, 2022, is made and entered into by and among Bright
Lights Acquisition Corp., a Delaware corporation (“Bright Lights”), Bright Lights Parent Corp., a Delaware corporation
and a direct wholly owned subsidiary of Bright Lights (“ParentCo”), Mower Intermediate Holdings, Inc., a Delaware corporation
and a direct wholly owned subsidiary of Bright Lights (“Intermediate Holdco”), Mower Merger Sub Corp., a Delaware corporation
and a direct wholly owned subsidiary of Bright Lights (“Merger Sub Corp”), Mower Merger Sub 2, LLC, a Delaware limited
liability company and a direct wholly owned subsidiary of Intermediate Holdco (“Merger Sub LLC”, together with Bright
Lights, ParentCo, Intermediate Holdco, and Merger Sub Corp, the “BLTS Parties”), and Manscaped Holdings, LLC, a Delaware
limited liability company (the “Company,” each of the Company and the BLTS Parties a “Party,” and
collectively the “Parties” ). Capitalized terms used but not defined herein shall have the meanings ascribed to them
in the BCA (as defined below).

 

WHEREAS, the BLTS Parties
and the Company are party to that certain Business Combination Agreement, dated November 22, 2021, as amended on January 10, 2022
(as amended, the “BCA”);

 

WHEREAS, pursuant to Section
10.1(a) thereof, the BCA may be terminated by written consent of the Company and Bright Lights; and

 

WHEREAS, the Parties desire
to terminate the BCA and to be bound by the other provisions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises set forth above, the promises contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

 

1. Termination
of Business Combination Agreement. Effective immediately, the BCA shall be terminated without further action on the part of the parties
thereto, and none of the provisions of the BCA shall be of any further force or effect as of such time, including, without limitation,
provisions of the BCA which by their terms would otherwise have survived the termination of the BCA. Notwithstanding the foregoing, Section
11.1 (Trust Account Waiver) of the BCA shall survive the termination of the BCA.

 

2. Termination
of the Ancillary Agreements. The Parties acknowledge and agree that, effectively immediately, each of the Ancillary Agreements, with
the exception of the Confidentiality Agreement, and together with the Assignment, Assumption and Amendment Agreement (the “AAA,”
and collectively with the BCA and the Ancillary Agreements not including the Confidentiality Agreement, the “Terminated Agreements”),
dated as of November 22, 2021, by and among Bright Lights, ParentCo and Continental Stock Transfer & Trust Company, shall be automatically
terminated without further action on the part of the parties thereto and none of the provisions thereof shall be of any further force
or effect, including, without limitation, provisions thereof, as the case may be, that by their terms would otherwise have survived such
termination.

 

     

     

    

 

3. Payment.

 

a. Amount.
The Company agrees to pay in immediately available funds to the account of Bright Lights (or to such entity or account as may from time
to time be designated by Bright Lights) the sum of $1,000,000, which shall be payable as follows: (i) $350,000 on the date hereof,
(ii) $216,666.66 on the one-year anniversary of the date hereof, (iii) $216,666.66 on the two-year anniversary of the date hereof,
and (iv) $216,666.68 on the three-year anniversary of the date hereof.

 

b. Acceleration.
If the Company fails to make any payments described in Section 3(a) above, in such amounts and at such times as described in Section
3(a) above, or any breach by the Company of any of the terms of this Agreement, and such failure to pay or breach continues uncured
for a period of seven (7) days following notice from Bright Lights, then all amounts payable under Section 3(a) above shall become
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the documents evidencing the same to the contrary notwithstanding. Any portion of any amount payable under
this Section 3 that is not paid when due will accrue interest at an interest rate of ten percent (10%) per annum from the due date until
paid.

 

4. Mutual
Release.

 

a. BLTS
Related Parties’ Release. In consideration of the promises herein contained, the BLTS Parties and each of their respective agents,
successors-in-interest, affiliated companies, subsidiaries, parent companies, officers, directors, employees and former employees, independent
contractors, subcontractors, assigns and legal representatives (the “BLTS Related Parties”) agree not to sue and unconditionally
generally release, waive, relinquish, acquit and forever discharge any and all claims, demands, debts, actions, causes of action, suits,
covenants, contracts, agreements, obligations, privileges, promises, accounts, damages, costs, expenses, offsets, liabilities, losses,
duties and obligations of any kind and character whatsoever, RELATED TO THE TRANSACTIONS OR OCCURRENCES CONTEMPLATED BY THE TERMINATED
AGREEMENTS, including with regard to celebrity endorsements contemplated or otherwise entered into by the Parties and including but not
limited to those raised or that could have been raised in litigation against the Manscaped Related Parties (as defined below), whether
known or unknown, suspected or unsuspected, whether sounding in tort, fraud, contract or otherwise, at law or in equity, fixed or contingent,
asserted or unasserted, disclosed or undisclosed, matured or unmatured, as of this date or not, as well as any and all claims of damage
of whatever character, whether or not asserted as of this date or which could have been asserted, including, but not limited to, those
arising out of or in any way related to the Terminated Agreements, or arising under any federal, state or local statute, regulation, ordinance,
or the common law, including without limitation, claims arising under any federal or state law, local ordinance or common law including
for breach of implied or express contract, intentional or negligent infliction of emotional distress, defamation or other tort. The Manscaped
Related Parties shall have no further duties or liabilities under the Terminated Agreements.

 

b. Manscaped
Related Parties’ Release. In consideration of the promises herein contained, the Company and each of its agents, successors-in-interest,
affiliated companies, subsidiaries, parent companies, officers, directors, employees and former employees, independent contractors, subcontractors,
assigns and legal representatives (the “Manscaped Related Parties”) agree not to sue and unconditionally generally
release, waive, relinquish, acquit and forever discharge any and all claims, demands, debts, actions, causes of action, suits, covenants,
contracts, agreements, obligations, privileges, promises, accounts, damages, costs, expenses, offsets, liabilities, losses, duties and
obligations of any kind and character whatsoever, RELATED TO THE TRANSACTIONS OR OCCURRENCES CONTEMPLATED BY THE TERMINATED AGREEMENTS,
including with regard to celebrity endorsements contemplated or otherwise entered into by the Parties and including but not limited to
those raised or that could have been raised in litigation against the BLTS Related Parties, whether known or unknown, suspected or unsuspected,
whether sounding in tort, fraud, contract or otherwise, at law or in equity, fixed or contingent, asserted or unasserted, disclosed or
undisclosed, matured or unmatured, as of this date or not, as well as any and all claims of damage of whatever character, whether or not
asserted as of this date or which could have been asserted, including, but not limited to, those arising out of or in any way related
to the Terminated Agreements, or arising under any federal, state or local statute, regulation, ordinance, or the common law, including
without limitation, claims arising under any federal or state law, local ordinance or common law including for breach of implied or express
contract, intentional or negligent infliction of emotional distress, defamation or other tort. The BLTS Related Parties shall have no
further duties or liabilities under the Terminated Agreements.

 

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c. Unknown
Claims Acknowledgment. Each of the Parties hereby acknowledges that they may hereafter discover facts different from, or in addition
to, those which they now claim or believe to be true with respect to the claims released herein, and agree that the releases contained
herein shall be and remain effective in all respects notwithstanding the discovery of such different or additional facts. In furtherance
of the release set forth above, each Party hereby acknowledges that they knowingly and voluntarily waive their rights under Section 1542
of the California Civil Code (and under any similar laws of any other jurisdiction) to the full extent that they may lawfully waive all
such rights and benefits pertaining to the subject matter hereof, and that the consequence of such waiver has been explained to them by
their counsel and/or advisors. Each Party acknowledges that they are familiar with the provisions of Section 1542 which provides:

 

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

 

Notwithstanding the provisions
of Section 1542, and for the purposes of implementing a full and complete release in accordance with the terms set forth above, each
Party expressly acknowledges that this release is intended to include in its scope all claims against the released parties which they
do not know or suspect to exist in their favor at the time of execution of this Agreement, and that this release contemplates the extinguishment
of any such claim or claims. Each Party expressly waives any right to assert hereafter that any claims were excluded from this Agreement
through ignorance, oversight, error or otherwise.

 

d. No
Pursuit of Released Claims. Neither Party has filed, initiated, or prosecuted (or caused to be filed, initiated, or prosecuted) any
lawsuit, complaint, action, compliance review, investigation, or proceeding with respect to any claim this Agreement purports to release
(“Released Claim”), and each Party agrees never to do so in the future, whether as a named plaintiff, class
member, or otherwise with respect to a Released Claim. Each Party agrees never to seek or accept any damages, remedies, or other relief
with respect to any Released Claim.

 

e. Obligations
Hereunder. For avoidance of doubt, no Party releases any claims under this Agreement.

 

5. Confidentiality.
No Party may make or file any press release regarding the termination of the Terminated Agreements prior to 1:00 PM PT of the date hereof.
The Parties understand and agree that confidentiality is a material term of this Agreement and that any breach of the confidentiality
obligations described herein or in the Confidentiality Agreement will constitute a material breach of this Agreement. Notwithstanding
anything contained in this Agreement to the contrary, the provisions of the Confidentiality Agreement shall survive and remain in full
force and effect in accordance with the terms of the Confidentiality Agreement.

 

6. Non-Disparagement.
For the consideration described herein, each Party agrees that the other Parties’ goodwill and reputation are assets of great value
which were obtained through great costs, time and effort. Therefore, each Party agrees that they shall not in any way, directly or indirectly,
disparage, libel or defame the other Parties, their owners, directors, affiliates or subsidiaries, their respective business or business
practices, services, or employees, nor engage in any activity of any nature which in any way results in any disruption to the routine
business of the other Parties, or which is damaging to the reputation of the other Parties, or which is otherwise detrimental to the other
Parties’ business activities or relationships. Each Party understands and agrees that non-disparagement is a material term of this
Release and that any breach of this provision will constitute a material breach of this Agreement.

 

7. Denial
of Liability. It is agreed this Agreement represents a compromise of potential claims, and nothing in this Agreement is to be construed
as an admission of liability by any party, and that all such liability is expressly denied.

 

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8. Representations
and Acknowledgements. Each Party represents, acknowledges and agrees that:

 

a. It
is intentionally releasing claims that it does not know that it might have against the other Parties and that, with hindsight, it might
regret having released.

 

b. It
is not assigned, subrogated or in any other way transferred to anyone else any portion of any claim it is releasing hereunder or any right
or privilege under the BCA or related documents.

 

c. It
has full power and authority to enter into this Agreement and to perform any and all transactions or other matters contemplated to be
performed hereunder.

 

d. It
has not made or relied upon any statements, representations or promises other than those expressly contained in this Agreement. Through
independent investigation, it has obtained all necessary and sufficient information to evaluate and enter into this Agreement.

 

e. It
has had the opportunity to obtain the advice of independent, legal counsel, which counsel approves the form of this Agreement.

 

f. The
execution and delivery of this Agreement by such Party does not, and the performance by such Party of the transactions contemplated by
this Agreement does not: (i) conflict with, or result in a violation or breach of, any provision of its charter or bylaws (or equivalent
organizational documents); (ii) conflict with, or result in any violation or breach of, or constitute (with our without notice of
lapse of time, or both) a default under or require a consent or waiver under, any of the terms, conditions or provisions of any contractual
restriction binding on such Party or affecting such Party or any of its assets; or (iii) conflict with or violate any order or judgment
of any court or other agency of government applicable to such Party or any of its assets.

 

9. Governing
Law; Jurisdiction; Waiver of Jury Trial.

 

a. Governing
Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect
to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of laws of another
jurisdiction.

 

b. Jurisdiction.
Any proceeding or action based upon, arising out of or related to this Agreement or the transactions contemplated hereby must be brought
in the Court of Chancery of the State of Delaware (or, to the extent such court does not have subject matter jurisdiction, the Superior
Court of the State of Delaware), or, if it has or can acquire jurisdiction, in the United States District Court for the District of Delaware,
and each of the parties irrevocably (i) submits to the exclusive jurisdiction of each such court in any such proceeding or action,
(ii) waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, (iii) agrees
that all claims in respect of the proceeding or action shall be heard and determined only in any such court, and (iv) agrees not
to bring any proceeding or action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court.
Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by law or to commence
legal proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained
in any action, suit or proceeding brought pursuant to this Section 9(b).

 

c. Waiver
of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY, UNCONDITIONALLY
AND VOLUNTARILY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

 

10. Miscellaneous.

 

a. Complete
Agreement. This Agreement is the entire agreement relating to any claims or future rights that the BLTS Parties might have with respect
to the Manscaped Related Parties, or that the Manscaped Related Parties might have with respect to the BLTS Related Parties. Once in effect,
this Agreement is a valid, legally admissible and binding agreement enforceable against such Party in accordance with its terms, subject
to laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance,
injunctive relief or other equitable remedies.

 

b. Waiver,
Modification, Amendments. No provision of this Agreement may be waived unless in writing signed by Bright Lights and the Company.
Waiver of any one provision shall not be deemed to be a waiver of any other provision hereof. This Agreement may not be altered, amended
or otherwise changed or modified, except in writing signed by Bright Lights and the Company.

 

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c. Successors.
This Agreement binds the Company’s and the BLTS Parties’ administrators, representatives, executors, successors, and assigns,
and will inure to the benefit of all BLTS Related Parties or Manscaped Related Parties, as the case may be, and their respective heirs,
administrators, representatives, executors, successors, and assigns.

 

d. Severability.
If any part of this Agreement is void or otherwise invalid and hence, unenforceable, such invalid or void portion shall be deemed to be
separate and severable from the balance of this Agreement, and shall be given full force and effect as though the void or invalid provision
had never been a part of this Agreement.

 

e. Attorney’s
Fees and Costs. Each of the Parties agrees to pay such Party’s own attorney’s fees and costs in connection with this Agreement;
provided, however, if further litigation is brought to construe or enforce this Agreement, then, in addition to any other remedy available
at law, the prevailing party in any final and non-appealable litigation, arbitration, mediation, bankruptcy, insolvency or other proceeding
(“Proceeding”) relating to the enforcement or interpretation of this Agreement may recover from the non-prevailing
Party all reasonable and documented out-of-pocket fees and disbursements of counsel (including attorney’s fees and expert witness
and other consultants’ fees and costs) relating to or arising out of the Proceeding, including, without limitation, to enforce or
collect any judgment or award resulting from the Proceeding.

 

f. Interpretation.
This Agreement is the product of mutual negotiation among Parties, each of which have been represented by counsel, to the extent each
deemed necessary or advisable. As a result, the Parties agree that this Agreement is a fair and reasonable settlement. This Agreement
shall not be construed against any Party as the principal drafter. The underlined headings in this Agreement are for convenience of reference
only, shall not be deemed to be part of this Agreement and shall not be referred to in connection with the construction or interpretation
hereof.

 

g. Further
Cooperation. Each Party hereto agrees to execute all such further and additional documents and instruments, as shall be necessary
or expedient to carry out the provisions of this Agreement, and shall promptly and in good faith undertake all reasonable acts to effectuate
the provisions of this Agreement. Without limiting the generality of the foregoing, the Parties shall, and shall cause their respective
Subsidiaries and the Manscaped Related Parties (in the case of Manscaped) and the BLTS Related Parties (in the case of Bright Lights)
to, cooperate with each other in connection with the withdrawal of any applications to or termination of proceedings before any Governmental
Authority, in each case to the extent applicable, in connection with the transactions contemplated by the Transaction Agreements.

 

h. Third-Party
Beneficiaries. Each Party acknowledges and agrees that the Manscaped Related Parties and BLTS Related Parties are express third-party
beneficiaries of the releases of such parties and covenants not to sue such Related Parties contained in Section 4 of this Agreement
and such parties are entitled to enforce rights under such section to the same extent that such parties could enforce such rights if they
were a party to this Agreement. Except as provided in the preceding sentence, there are no third-party
beneficiaries to this Agreement.

 

i. Injunctive
Relief.  The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement was not performed
in accordance with its specified terms or was otherwise breached and that money damages would not be an adequate remedy for any breach
of this Agreement. It is accordingly agreed that in any proceeding seeking specific performance each of the Parties shall waive the defense
of adequacy of a remedy at law and any requirement for the securing or posting of any bond in connection with any such remedy. Each of
the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms
and provisions hereof in any court of competent jurisdiction, this being in addition to any other remedy to which they are entitled at
law or in equity.

 

j. Other
Miscellaneous Terms. The provisions of Sections 11.3 (Notices), 11.4 (Assignment), 11.8 (Headings; Counterparts), 11.16 (Non-Recourse)
and 11.19 (Conflicts and Privilege) of the BCA are incorporated herein by reference as if set forth herein and shall apply mutatis
mutandis to this Agreement.

 

[The remainder of this page is intentionally
left blank.]

 

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

 

	 	BRIGHT LIGHTS ACQUISITION CORP.,
	 	a Delaware corporation
	 	 	 	 
	 	By:	/s/ Michael Mahan
	 	 	Name:	Michael Mahan
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	Bright Lights Parent Corp.,
	 	a Delaware corporation
	 	 	 	 
	 	By:	/s/ Michael Mahan
	 	 	Name:	Michael Mahan
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	Mower Intermediate Holdings, Inc.,
	 	a Delaware corporation
	 	 	 	 
	 	By:	/s/ Hahn Lee
	 	 	Name:	Hahn Lee
	 	 	Title:	Treasurer and Secretary
	 	 	 	 
	 	Mower Merger Sub Corp.,
	 	a Delaware corporation
	 	 	 	 
	 	By:	/s/ Hahn Lee
	 	 	Name:	Hahn Lee
	 	 	Title:	Treasurer and Secretary
	 	 	 	 
	 	Mower Merger Sub 2, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Hahn Lee
	 	 	Name:	Hahn Lee
	 	 	Title:	Treasurer and Secretary

 

[Signature Page to Mutual Termination and Release
Agreement]

 

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

 

	 	MANSCAPED HOLDINGS, LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	By:	/s/ Anh Hao “Paul” Tran
	 	 	Name:	Anh Hao “Paul” Tran
	 	 	Title:	Chief Executive Officer

 

[Signature Page to Mutual Termination and Release
Agreement]

 

7Exhibit 4.2

 

SEVENTH SUPPLEMENTAL
INDENTURE 

 

between 

 

SACHEM CAPITAL
CORP. 

 

and 

 

U.S. BANK TRUST
COMPANY, NATIONAL ASSOCIATION

 

as Trustee 

 

Dated as of August
23, 2022

 

SEVENTH SUPPLEMENTAL
INDENTURE 

 

THIS
SEVENTH SUPPLEMENTAL INDENTURE (this “Seventh Supplemental Indenture”), dated as of August 23, 2022, is between Sachem Capital
Corp., a New York corporation (the “Company”), and U.S. Bank Trust Company, National Association (as successor in interest
to U.S. Bank National Association), as trustee (the “Trustee”). Except as otherwise set forth in this Seventh Supplemental
Indenture, all capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined below).

 

RECITALS OF THE
COMPANY 

 

The
Company and the Trustee executed and delivered an Indenture, dated as of June 21, 2019 (the “Base Indenture” and, as supplemented
by this Seventh Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of
the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one
or more series as provided in the Indenture.

 

The
Company desires to issue and sell up to $35,000,000 aggregate principal amount (or up to $40,250,000 aggregate principal amount if the
underwriters’ option to purchase additional Securities is exercised in full) of the Company’s 8.00% Notes due September 30,
2027 (the “Notes”).

 

The
Company previously entered into the First Supplemental Indenture, dated as of June 21, 2019 (the “First Supplemental Indenture”),
the Second Supplemental Indenture, dated as of November 7, 2019 (the “Second Supplemental Indenture”), the Third Supplemental
Indenture, dated as of September 4, 2020 (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture, dated as
of December 20, 2021 (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of March 9, 2022 (the
 “Fifth Supplemental Indenture”) and the Sixth Supplemental Indenture, dated as of May 11, 2022 (the “Sixth Supplemental
Indenture”), each of which amended and supplemented the Base Indenture. None of the First Supplemental Indenture, the Second Supplemental
Indenture, the Third Supplemental Indenture, Fourth Supplemental Indenture, the Fifth Supplemental Indenture or the Sixth Supplemental
Indenture are applicable to the Notes.

 

Sections
901(4) and 901(6) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the
Indenture, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Base
Indenture when there is no Security Outstanding of any series created prior to the execution of the supplemental indenture that is entitled
to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 201
and Section 301 of the Base Indenture.

 

     

     

    

 

The
Company desires to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base
Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Base Indenture
(“Future Supplemental Indenture”).

 

The
Company has duly authorized the execution and delivery of this Seventh Supplemental Indenture to provide for the issuance of the Notes
and all acts and things necessary to make this Seventh Supplemental Indenture a valid, binding, and legal obligation of the Company and
to constitute a valid agreement of the Company, in accordance with its terms, have been done and performed.

 

NOW,
THEREFORE, for and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for
the equal and proportionate benefit of all Holders of the Notes, as follows:

 

ARTICLE I.

 

TERMS OF THE
NOTES

 

Section 1.01. 
Terms of the Notes. The following terms relating to the Notes are hereby established:

 

(a)  
The Notes shall constitute a series of Senior Securities having the title “8.00% Notes due September 30, 2027.” The Notes
shall bear a CUSIP number of 78590A 877 and an ISIN of US78590A8779.

 

(b)  
The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906,
1107 or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed
never to have been authenticated and delivered under the Indenture) shall be up to $35,000,000 (or up to $40,250,000 aggregate principal
amount if the underwriters’ option to purchase additional Securities is exercised in full). Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders
of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate,
maturity and other terms as the Notes. Any Additional Notes and the existing Notes will constitute a single series under the Indenture
and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires.

 

(c)  
The entire outstanding principal of the Notes shall be payable on September 30, 2027, unless earlier redeemed or repurchased in accordance
with the provisions of the Indenture.

 

(d)  
The rate at which the Notes shall bear interest shall be 8.00% per annum. The Interest Payment Dates for the Notes shall be March
30, June 30, September 30 and December 30 of each year, commencing December 30, 2022 (if an Interest Payment Date falls on a day
that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional
interest will accrue as a result of such delayed payment). The initial interest period will be the period from and including August
23, 2022, to, but excluding, December 30, 2022, and the subsequent interest periods will be the periods from and including an
Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be March 15, June 15, September 15, or December 15 (whether or not a Business Day), as the case may be, immediately preceding
such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes will be made at the
office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Sachem Capital Corp. (8.00% Notes Due September
30, 2027) (Karen R. Beard, Vice President) or at such other address as designated by the Trustee, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register; provided, further, however, that so long as the Notes are
registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The
Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day
months.

 

     

     

    

 

(e)  
The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this Seventh Supplemental Indenture.
Each Global Note shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent the
aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee
or the Security Registrar, in accordance with Sections 203 and 305 of the Base Indenture.

 

(f)   
The depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The Security
Registrar with respect to the Global Notes shall be the Trustee.

 

(g)  
The Notes shall be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained
in Section 1403 of the Base Indenture shall apply to the covenants contained in Sections 1006, 1008 and 1009 of the Indenture.

 

(h)  
The Notes shall be redeemable pursuant to Section 1101 of the Base Indenture and as follows:

 

(i)          
The Notes will be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after August 23,
2024, at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest payments otherwise
payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

(ii)           Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day
delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the
Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information
set forth in Section 1104 of the Base Indenture.

 

(iii)         If the Company elects to redeem only a portion of the Notes, the Trustee will determine the method for selecting the particular Notes
to be redeemed, in accordance with Section 1103 of the Base Indenture and the Investment Company Act and the rules of any national
securities exchange or quotation system on which the Notes are listed, in each case to the extent applicable.

 

(iv)          Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the
Notes called for redemption hereunder.

 

(i)    
The Notes shall not be subject to any sinking fund pursuant to Section 1201 of the Base Indenture.

 

(j)    
The Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof.

 

(k)  
Holders of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity.

 

(l)    
The Notes are hereby designated as “Senior Securities” under the Indenture.

 

     

     

    

 

ARTICLE II.

 

COVENANTS

 

Section 2.01. 
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of
Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by
adding the following new Sections 1009, and 1010 thereto, each as set forth below:

 

“Section 1009. Asset Coverage
Ratio.

 

The
Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will not pay any dividends or make
any distributions in excess of 90% of its taxable income, incur any Indebtedness or purchase any shares of its outstanding capital stock,
unless, in every such case, at the time of the incurrence of such Indebtedness or at the time of any such dividend, distribution or purchase,
the Company has an Asset Coverage of at least 150% after giving effect to the incurrence of such Indebtedness and the application of
the net proceeds therefrom or after deducting the amount of such purchase, price as the case may be. “Asset Coverage” means
the ratio (expressed as a percentage) which the total assets of the Company bears to the aggregate amount of indebtedness (including
the aggregate principal amount of the involuntary liquidation preference of redeemable preferred stock, if any), of the Company. For
purposes of the Supplemental Indenture, “Indebtedness” means, without duplication: (a) all indebtedness for borrowed money;
(b) all obligations evidenced by notes, bonds, debentures or similar instruments; and (c) any lease of, or other arrangement conveying
the right to use, any property by a Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of
such Person prepared in accordance with GAAP.

 

 “Section 1010. Commission
Reports and Reports to Holders.

 

 

If,
at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic
reports with the Commission, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which
the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company (which fiscal year ends on December
31), audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter
of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of the Company.
All such financial statements shall be prepared, in all material respects, in accordance with GAAP.”

 

ARTICLE III.

 

MEETINGS OF HOLDERS
OF SECURITIES

 

Section 3.01. 
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of
Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended
by replacing clause (c) thereof with the following:

 

“(c)
At any meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $25.00 principal
amount of the Outstanding Securities of such series held or represented by such Holder; provided, however, that no vote
shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting
to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.”

 

     

     

    

 

ARTICLE IV.

 

MISCELLANEOUS

 

Section 4.01. 
This Seventh Supplemental Indenture and the Notes shall be governed by and construed in accordance with the law of the State of New
York, without regard to principles of conflicts of laws. This Seventh Supplemental Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.

  

Section 4.02. 
In case any provision in this Seventh Supplemental Indenture or in the Notes 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 4.03. 
This Seventh Supplemental Indenture may be executed in counterparts, each of which will be an original, but such counterparts will
together constitute but one and the same Seventh Supplemental Indenture. The exchange of copies of this Seventh Supplemental Indenture
and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery
of this Seventh Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission,
email or other electronic means shall be deemed to be their original signatures for all purposes.

 

Section 4.04. 
The Base Indenture, as supplemented and amended by this Seventh Supplemental Indenture, is in all respects ratified and confirmed,
and the Base Indenture and this Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument with
respect to the Notes. All provisions included in this Seventh Supplemental Indenture supersede any conflicting provisions included in
the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture,
as supplemented by this Seventh Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture,
as supplemented by this Seventh Supplemental Indenture.

 

Section 4.05. 
The provisions of this Seventh Supplemental Indenture shall become effective as of the date hereof.

 

Section 4.06. 
Notwithstanding anything else to the contrary herein, the terms and provisions of this Seventh Supplemental Indenture shall apply
only to the Notes and shall not apply to any other series of Securities under the Base Indenture and this Seventh Supplemental Indenture
shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities
under the Base Indenture, whether now or hereafter issued and Outstanding.

 

Section 4.07.  For
the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to the Notes must
be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or
by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to Trustee
by the authorized representative), in English.  The Company agrees to assume all risks arising out of the use of using digital signatures
and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.

 

Section 4.08. 
The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Seventh Supplemental Indenture,
the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Seventh
Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not
be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. In acting hereunder
and with respect to the Notes, the rights, privileges, protections, immunities and benefits afforded to the Trustee under the Base Indenture,
including, without limitation, its right to be indemnified, are deemed to be incorporated herein, and shall be enforceable by the Trustee
hereunder, in each of its capacities hereunder as if set forth herein in full.

 

[REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK]  

 

     

     

    

 

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

 

	 	SACHEM CAPITAL CORP.
	 	 	 
	 	By:	 
	 	Name:	John L. Villano
	 	Title:	Chief Executive Officer
	 	 	 
	 	U.S. BANK TRUST COMPANY, NATIONAL

    ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature page
to Seventh Supplemental Indenture]

 

     

     

    

 

Exhibit A
 – Form of Global Note 

 

This
Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository
Trust Company or a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer
of this Security in whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a nominee
thereof, except in the limited circumstances described in the Indenture.

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration
of transfer, exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede &
Co., or such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use
hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein.

 

Sachem Capital
Corp. 

 

	No.	$                    

    CUSIP No.: 78590A 877

    ISIN:  US78590A8779

     

 

8.00% Notes due
September 30, 2027

 

Sachem
Capital Corp., a corporation duly organized and existing under the laws of New York (herein called the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of THIRTY FIVE MILLION AND 00/100 Dollars (U.S. $35,000,000) on September 30, 2027 and
to pay interest thereon from August 23, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, quarterly on March 30, June 30, September 30 and December 30 in each year, commencing December 30, 2022, at the rate of 8.00% per
annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered
at the close of business on the Regular Record Date for such interest, which shall be March 15, June 15, September 15,
or December 15 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

Payment
of the principal of (and premium, if any, on) and any such interest on this Security will be made at the office of the Trustee located
at 111 Fillmore Avenue, St. Paul, MN55107, Attention: Sachem Capital Corp. (8.00% Notes Due September 30, 2027) or at such other address
as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made
by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further,
however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in accordance
with the procedures established by The Depository Trust Company and the Trustee.

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

     

     

    

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

Dated:

 

	 	SACHEM CAPITAL CORP.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

	Attest	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Global Note
- Seventh Supplemental Indenture]

 

CERTIFICATE OF
AUTHENTICATION

 

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

 

Dated:

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

[Global
Note - Seventh Supplemental Indenture]

 

     

     

    

 

Sachem Capital
Corp. 

 

8.00% Notes due
September 30, 2027

 

This
Security is one of a duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of June 21, 2019 (herein called the “Base Indenture”, which
term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank Trust Company, National Association
(as successor in interest to U.S. Bank National Association), as Trustee (herein called the “Trustee”, which term includes
any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Seventh Supplemental Indenture,
dated as of August 23, 2022, by and between the Company and the Trustee (herein called the “Seventh Supplemental Indenture”;
the Seventh Supplemental Indenture and the Base Indenture collectively are herein called the “Indenture”). In the event of
any conflict between the Base Indenture and the Seventh Supplemental Indenture, the Seventh Supplemental Indenture shall govern and control.

 

This
Security is one of the series designated on the face hereof, which series is initially limited in aggregate principal amount to $35,000,000.
Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from
time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional
Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities. Any Additional Securities
and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein
shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented
hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.

 

The
Securities of this series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company,
on or after August 23, 2024, at a redemption price per security equal to 100% of the outstanding principal amount thereof plus accrued
and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed
for redemption.

 

Notice
of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption
Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth
in Section 1104 of the Base Indenture.

 

If
the Company elects to redeem only a portion of the Securities, the Trustee will determine the method for selecting the particular Securities
to be redeemed, in accordance with Section 1.01 of the Seventh Supplemental Indenture and Section 1103 of the Base Indenture.
In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

 

Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities
called for redemption.

 

Holders of Securities
do not have the option to have the Securities repaid prior to September 30, 2027.

 

The
Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If
an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

     

     

    

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company
and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

 

As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series,
the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity, security,
or both reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request,
and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding
a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt
of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due
dates expressed herein.

 

No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The
Securities of this series are issuable only in registered form without coupons in denominations of $25 and any integral multiples of
$25 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.

 

No
service charge shall be made for any such registration of transfer or exchange, but the Company, the Trustee, or the Security Registrar
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee, or the Security Registrar and any agent of
the Company, the Trustee, or the Security Registrar may treat the Person in whose name this Security is registered as the owner hereof
for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee, the Security Registrar or any agent
thereof shall be affected by notice to the contrary.

 

All terms used in
this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

The
Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to
principles of conflicts of laws.

 

To
the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling.

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