Document:

bayk-ex101_147.htm

 

Exhibit 10.1

BAY BANKS OF VIRGINIA, INC.

2020 STOCK INCENTIVE PLAN

1.Purpose; Eligibility.

(a)General Purpose.  The purpose of the Bay Banks of Virginia, Inc. 2020 Stock Incentive Plan is to further the long-term stability and financial success of the Company by attracting and retaining personnel, including employees, directors and Consultants, through the use of stock and stock-based incentives.  The Company believes that ownership of Company Stock will stimulate the efforts of those persons upon whose judgment, interest and efforts the Company and its Affiliates depend for the successful conduct of their businesses and will further the alignment of those persons’ interests with the interests of the Company’s shareholders.

(b)Eligible Award Recipients.  Any employee, director or Consultant of the Company or an Affiliate who, in the judgment of the Committee, has contributed or can be expected to contribute to the profits or growth of the Company or the Affiliate is eligible to become a Participant. The Committee shall have the power and complete discretion, as provided in Section 15, to select eligible Participants and to determine for each Participant the terms, conditions and nature of an Award and the number of shares to be allocated as part of the Award; provided, however, that any Award made to a member of the Committee must be approved by the Board.

(c)Available Awards.  Awards of Options, Restricted Stock, Restricted Stock Units, and Stock Awards may be granted under the Plan.  Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options.

(d)Date of Adoption, Effective Date.  The Plan was adopted by the Board of Directors of the Company on April 23, 2020, and will become effective, subject to the approval of the shareholders of the Company in accordance with applicable law, on June 15, 2020, or on such other date of approval (the applicable approval date, the “Effective Date”).

(e)No Additional Grants Under the 2013 Stock Incentive Plan.  No additional awards will be made under the Bay Banks of Virginia, Inc. 2013 Stock Incentive Plan on or after the Effective Date of the Plan.

2.Certain Definitions.  The following terms have the meanings indicated:

(a)Act.  The Securities Exchange Act of 1934, as amended.

(b)Affiliate.  A corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common control with, the Company.  For purposes of an Incentive Stock Option, “Affiliate,” refers to a “parent corporation” or “subsidiary corporation” within the meaning of Treasury Regulations under Section 424 of the Code.

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(c)Applicable Withholding Taxes.  The aggregate amount of federal, state and local income and payroll taxes that the Company or an Affiliate is required to withhold (not in excess of the maximum applicable statutory withholding rate) in connection with any exercise of an Option, or the award, lapse of restrictions or payment with respect to any Award.

(d)Award.  The award of an Option, Restricted Stock, Restricted Stock Unit, or Stock Award under the Plan.

(e)Award Agreement.  Any agreement, contract, certificate or other written instrument or document (which may be in electronic form) evidencing the terms and conditions of an Award granted under the Plan.  Each Award Agreement shall be subject to the terms and conditions of the Plan.

(f)Board.  The Board of Directors of the Company.

(g)Cause.  With respect to any employee or Consultant: (1) if the employee or Consultant is a party to an employment agreement, change in control employment agreement, or other services agreement with the Company or its Affiliates and such agreement provides for a definition of Cause, the definition contained therein; or (2) if no such agreement exists, or if such agreement does not define Cause, the definition of Cause contained in the Award Agreement. 

In all other cases, Cause shall mean:

(i)Continual or deliberate neglect by the Participant in the performance of his material duties and responsibilities as established from time to time by the Company, or the Participant’s repeated failure or refusal to follow reasonable instructions or policies of the Company after being advised in writing of such failure or refusal and being given a reasonable opportunity and period (as determined by the Company) to remedy such failure or refusal;

(ii)Conviction of, indictment for (or its procedural equivalent), entering of a guilty plea or plea of no contest with respect to a felony, a crime of moral turpitude or any other crime with respect to which imprisonment is a possible punishment, or the commission of an act of embezzlement or fraud against the Company or an Affiliate;

(iii)Violation in any material respect of any code or standard of conduct generally applicable to employees of the Company or an Affiliate after being advised in writing of such violation and being given a reasonable opportunity and period (as determined by the Company) to remedy such violation;

(iv)Dishonesty of the Participant with respect to the Company, or breach of a fiduciary duty owed to the Company; or

(v)The willful engaging by the Participant in conduct that is reasonably likely to result, in the good faith judgment of the Company, in material injury to the Company, monetarily, reputationally or otherwise.

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The Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause.  Notwithstanding the foregoing, with respect to any director, a determination that the director has engaged in conduct that is covered by the definition of Cause shall be made by a majority of the disinterested Board members. 

(h)Change in Control.  A Change in Control shall occur if, after the Date of Grant of an Award: (i) any person, including a “group” as defined in Section 13(d)(3) of the Act, becomes the owner or beneficial owner of securities of the Company having fifty percent (50%) or more of the combined voting power of the then outstanding securities of the Company that may be cast for the election of the Company’s directors other than a result of an issuance of securities initiated by the Company, or open market purchases approved by the Board, as long as the majority of the Board approving the purchases is a majority at the time the purchases are made; (ii) as the direct or indirect result of, or in connection with, a tender or exchange offer, a merger or other business combination, a sale of assets, a contested election of directors, or any combination of these events, the persons who were directors of the Company before such events cease to constitute a majority of the Company’s Board, or any successor’s board, within the twelve (12) month period of the last of such transactions; or (iii) the Company sells to an unaffiliated third party at least forty percent (40%) of the gross fair market value of the assets of the Company or securities of the Company having fifty (50%) or more of the combined voting power of the then outstanding Company securities that may be cast for the election of the Company’s directors.  For purposes of this Agreement, a Change in Control occurs on the date on which an event described in clause (i), (ii) or (iii) of the preceding sentence occurs.  If a Change in Control occurs on account of a series of transactions or events, the Change in Control occurs on the date of the last of such transactions or events.

(i)Code.  The Internal Revenue Code of 1986, as amended.  Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.

(j)Committee.  The Committee appointed by the Board of Directors to administer the Plan pursuant to Section 15 of the Plan, or if no such Committee has been appointed, the Board.

(k)Company.  Bay Banks of Virginia, Inc., a Virginia corporation.

(l)Company Stock.  Common stock of the Company.  If the par value of the Company Stock is changed, or in the event of a change in the capital structure of the Company (as provided in Section 12) the shares resulting from such a change shall be deemed to be Company Stock within the meaning of the Plan.

(m)Consultant.  A person or entity rendering consulting or advisory services to the Company or an Affiliate who is not an “employee” for purposes of employment tax withholding under the Code or a director of the Company or an Affiliate.

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(n)Date of Grant.  The effective date of an Award granted by the Committee.

(o)Disability or Disabled.  As to an Incentive Stock Option, a Disability within the meaning of Section 22(e)(3) of the Code.  As to all other Awards, the Committee shall determine whether a Disability exists and such determination shall be conclusive.

(p)Fair Market Value.

(i)If the Company Stock is listed on any established stock exchange or quoted on any established stock market system (including the OTC Bulletin Board or OTC Markets Group), Fair Market Value shall be the closing price for the Company Stock on the date as of which Fair Market Value is determined for any purpose under the Plan (or if no trades were reported the closing price on the immediately preceding date on which the Company Stock was traded) as reported by such exchange or stock market system or such other source as the Committee deems reliable; provided, however, the Committee may elect to use, subject to applicable requirements of the Code and Treasury Regulations, the average closing price over a designated number of up to thirty (30) consecutive days to determine the Fair Market Value if the daily volume of trading in the Company Stock is not, in the sole discretion of the Committee, sufficient to be a reliable indicator of Fair Market Value.  

(ii)If the Company Stock is not then listed on any established stock exchange or quoted on any established stock market system (including the OTC Bulletin Board or OTC Markets Group) or if, in the opinion of the Committee, the method set forth in (i) is otherwise inapplicable or inappropriate for any reason, Fair Market Value shall be the fair market value of a share of Company Stock as determined pursuant to a reasonable application of a reasonable method adopted by the Committee in good faith for such purpose, which shall be conclusive and binding on all persons; provided, however, that the Fair Market Value of Company Stock subject to an Incentive Stock Option shall be determined in good faith within the meaning of Treasury Regulation § 1.422-2(e)(2) and the Fair Market Value of Company Stock subject to a Nonstatutory Stock Option or a Stock Appreciation Right shall be determined in accordance with Treasury Regulation § 1.409A-1(b)(5)(iv).   

(q)Good Reason.  If the Participant is a party to an employment agreement,  change in control employment agreement, or other services agreement with the Company or an Affiliate and such agreement provides for a definition of Good Reason, the definition contained in the agreement.  If no such agreement exists or if such agreement does not define Good Reason, the definition of Good Reason contained in the Award Agreement.  In all other cases, Good Reason shall mean the occurrence of one or more of the following without the Participant’s express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt of a written notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within ninety (90) days of the Participant’s knowledge of the applicable circumstances): (i) any material, adverse change in the Participant’s duties, responsibilities, authority, title, status or reporting structure; 

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(ii) a material reduction in the Participant’s base salary or bonus opportunity unless any such base salary or bonus opportunity reduction is proportionate to reductions in base salaries or bonus opportunities of other similarly situated employees of the Company; or (iii) a geographical relocation of the Participant’s principal office location by more than fifty (50) miles.

(r)Incentive Stock Option.  An Option intended to meet the requirements of, and that qualifies for, favorable federal income tax treatment under, Section 422 of the Code, and is so designated.

(s)Nonstatutory Stock Option.  An Option that does not meet the requirements of Section 422 of the Code, or that is otherwise not intended to be an Incentive Stock Option.

(t)Option.  A right to purchase Company Stock granted under the Plan, at a price determined in accordance with the Plan.

(u)Participant.  Any eligible Award recipient who is granted an Award under the Plan.

(v)Performance Award.  An Award for which exercise, full enjoyment or receipt thereof by the Participant is contingent on satisfaction or achievement of a performance objective. The terms and conditions of each Performance Award, including the performance objective and performance period, shall be set forth in the applicable Award Agreement with the Participant or in a subplan of the Plan which is incorporated by reference into the Award Agreement.

(w)Plan.  The Bay Banks of Virginia, Inc. 2020 Stock Incentive Plan.

(x)Restricted Stock.  Company Stock awarded upon the terms and subject to the restrictions set forth in Section 6.

(y)Restricted Stock Unit.  An Award, designated as a Restricted Stock Unit under the Plan, that represents the right to receive Company Stock and/or cash in lieu thereof upon the terms and subject to the restrictions set forth in Section 7 and which, unless otherwise expressly provided, is valued by reference to the Fair Market Value of a share of Company Stock.

(z)Rule 16b-3.  Rule 16b-3 promulgated under the Act, including any corresponding subsequent rule or any amendments to Rule 16b-3 enacted after the effective date of the Plan.

(aa)Stock Award.  Company Stock awarded upon the terms and subject to the restrictions set forth in Section 8.

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(bb)10% Shareholder.  A person who owns, directly or indirectly and within the meaning of Section 422 or 424 of the Code, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary of the Company.  Indirect ownership of stock shall be determined in accordance with Section 424(d) of the Code.

3.Shares Subject to the Plan.

(a)Subject to adjustment as provided in Section 12 of the Plan, a total of 625,000 shares of Company Stock may be issued pursuant to Awards under the Plan.  Subject to adjustment as provided in Section 12, no more than an aggregate of 625,000 shares of Company Stock may be issued pursuant to the exercise of Incentive Stock Options granted under the Plan (including shares issued pursuant to the exercise of Incentive Stock Options that are the subject to disqualifying dispositions within in the meaning of Sections 421 and 422 of the Code).

(b)Any shares of Company Stock subject to an Award that is canceled, forfeited or expires prior to exercise, vesting or settlement, either in full or in part, shall again become available for issuance under the Plan; provided that shares subject to an Award shall not again be made available for issuance or delivery under the Plan if such shares are tendered or withheld in payment of an Option exercise price or to satisfy any amount of tax withholding with respect to the Award. 

(c)The maximum number of shares of Company Stock with respect to which Awards may be granted in any calendar year to any Participant shall not exceed 50,000 shares in the aggregate.  If an Award is to be settled in cash, the number of shares of Company Stock on which the Award is based shall count toward the individual share limit set forth in this Section 3(c).

(d)Notwithstanding anything in the Plan to the contrary, the maximum number of shares of Company Stock with respect to which Awards may be granted in any calendar year to any non-employee director of the Company or an Affiliate shall not exceed 10,000 shares.  If an Award is to be settled in cash, the number of shares of Company Stock on which the Award is based shall count toward the individual share limit set forth in this Section 3(d).

4.Stock Options.

(a)Option Grant.  Whenever the Committee deems it appropriate to grant Options, an Award Agreement shall be given to the Participant stating the number of shares for which Options are granted, the exercise price per share, whether the options are Incentive Stock Options or Nonstatutory Stock Options, and the conditions to which the grant and exercise of the Options are subject.  The Award Agreement shall set forth all restrictions on disposition and transfer applicable to the Option shares.  Incentive Stock Options may be granted to employees of the Company or an Affiliate.  Non-employee directors and Consultants shall not be eligible to receive Incentive Stock Options.  No Option (or portion thereof) that is intended to be an Incentive Stock Option shall be invalid for failure to so qualify, but instead such Option (or portion thereof) shall constitute a Nonstatutory Stock Option.

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(b)Exercise Price; No Option Repricing.  The Committee shall establish the exercise price of Options.  The exercise price of an Option shall be not less than 100% of the Fair Market Value of such shares on the Date of Grant, provided that if the Participant is a 10% Shareholder, the exercise price of an Incentive Stock Option shall not be less than 110% of the Fair Market Value of such shares on the Date of Grant.  Notwithstanding any provision of the Plan to the contrary, neither the Committee nor the Board shall have the right or authority to amend or modify the exercise price of any outstanding Option, or to cancel an outstanding Option, at a time when the exercise price of the Option is greater than the Fair Market Value of a share of Company Stock in exchange for cash, another Award, or other securities, except in connection with a change in capital structure or corporate transaction involving the Company in accordance with Section 12 or Section 14, respectively.

(c)Term.  The Committee shall establish the term of each Option in the Participant’s Award Agreement.  The term of an Option shall not be longer than ten (10) years from the Date of Grant, except that an Incentive Stock Option granted to a 10% Shareholder shall not have a term in excess of five (5) years.  No Option may be exercised after the expiration of its term or, except as set forth in the Participant’s Award Agreement, after the termination of the Participant’s employment with the Company and/or its Affiliates.

(d)Time of Exercise.

(i)During Participant’s Employment or Service.  Options may be exercised during their terms in whole or in part at such times as may be specified by the Committee in the Participant’s Award Agreement.  The Committee may impose such vesting conditions and other requirements as the Committee deems appropriate.  

(ii)After Participant’s Termination of Employment or Service.  The Committee shall set forth in the Participant’s Award Agreement when, and under what circumstances, an Option may be exercised after termination of the Participant’s employment or period of service; provided that no Incentive Stock Option may be exercised after the earlier of (a) (i) three (3) months from the Participant’s termination of employment with the Company for reasons other than Disability or death, or (ii) one (1) year from the Participant’s termination of employment on account of Disability or death; or (b) the expiration of the Option’s term.  The Award Agreement may provide for various conditions with respect to the exercise of the Option after termination of employment, including, but not limited to, compliance with noncompetition and confidentiality covenants.

(iii)After Participant’s Death.  If a Participant dies and if the Participant’s Award Agreement provides that part or all of the Option may be exercised after the Participant’s death, then such portion may be exercised by the executor or administrator of the Participant’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Participant’s death during the time period specified in the Award Agreement, but not later than the expiration of the Option’s term.

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The Committee may, in its sole discretion, amend a previously granted Incentive Stock Option to provide for more liberal exercise provisions, provided, however, that if the Incentive Stock Option as amended no longer meets the requirements of Section 422 of the Code, and, as a result the Option no longer qualifies for favorable federal income tax treatment under Section 422 of the Code, the amendment shall not become effective without the written consent of the Participant.

(e)Limit on Exercise of Incentive Stock Options.  An Incentive Stock Option, by its terms, shall be exercisable in any calendar year only to the extent that the aggregate Fair Market Value (determined at the Date of Grant) of the Company Stock with respect to which Incentive Stock Options are exercisable by the Participant for the first time during the calendar year does not exceed $100,000 (the “Limitation Amount”).  Incentive Stock Options granted under the Plan and all other plans of the Company and its Affiliates shall be aggregated for purposes of determining whether the Limitation Amount has been exceeded.  The Board may impose such conditions as it deems appropriate on an Incentive Stock Option to ensure that the foregoing requirement is met.  If Incentive Stock Options that first become exercisable in a calendar year exceed the Limitation Amount, the excess Options will be treated as Nonstatutory Stock Options to the extent permitted by law.

5.Method of Exercise of Options.

(a)Exercise.  Options may be exercised by giving written notice of the exercise to the Company, stating the Option being exercised and the number of shares the Participant has elected to purchase under the Option.  

(b)Payment.  In no event shall any shares be issued pursuant to the exercise of an Option until the Participant has made full payment for the shares of Company Stock (including payment of the exercise price and any Applicable Withholding Taxes).  Company Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows, provided that the Committee may impose such limitations and restrictions on payments with shares of Company Stock (including without limitation by “net share exercise”) as the Committee, in its discretion, deems advisable:

(i)in cash or by check, payable to the order of the Company;

(ii)by delivery of Company Stock that the Participant has previously acquired and owned (valued at Fair Market Value on the date of exercise), provided that such method of payment is then permitted under applicable law and the Company Stock was owned by the Participant for such period of time, if any, required to avoid a charge to earnings for financial accounting purposes;

(iii)if provided in an Award Agreement, by withholding and retention by the Company of sufficient shares of Company Stock issuable in connection with the exercise to cover the exercise price (a “net share exercise”) for an option not intended to be an Incentive Stock Option and, if required by the Committee, Applicable Withholding Taxes;

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(iv)by delivery of a properly executed exercise notice together with irrevocable instructions to a creditworthy broker to deliver promptly to the Company, from the sale or loan proceeds with respect to the sale of Company Stock or a loan secured by Company Stock, the amount necessary to pay the exercise price and, if required by the Committee, Applicable Withholding Taxes; or

(v)by any combination of the above permitted forms of payment.

(c)Delivery of Shares.  The Company may place on any certificate representing Company Stock issued upon the exercise of an Option (or equivalent book-entry share) any legend deemed desirable by the Company’s counsel to comply with federal or state securities laws.  The Company may require of the Participant a customary indication of his or her investment intent.  A Participant shall not possess shareholder rights with respect to shares acquired upon the exercise of an Option until the Participant has made any required payment, including payment of Applicable Withholding Taxes, and the Company has issued a certificate (or made an equivalent book-entry notation in the records of the Company’s stock transfer agent) for the shares of Company Stock acquired.

(d)Disqualifying Disposition.  If a Participant disposes of shares acquired upon exercise of an Incentive Stock Option within two (2) years from the date the Option is granted or within one (1) year after the issuance of such shares to the Participant, the Participant shall notify the Company of such disposition and provide information regarding the date of disposition, sale price, number of shares disposed of, and any other information relating thereto that the Company may reasonably request.

6.Restricted Stock Awards.

(a)Grant.  Whenever the Committee deems it appropriate to grant a Restricted Stock Award, an Award Agreement shall be given to the Participant stating the number of shares of Restricted Stock for which the Award is granted, the Date of Grant, and the terms and conditions to which the Award is subject.  Certificates representing the shares shall be issued (or an equivalent book-entry notation shall be made in the records of the Company’s transfer agent) in the name of the Participant, subject to the restrictions imposed by the Plan and the Committee.  Alternatively, the Committee may determine that the Restricted Stock shall be held by the Company rather than delivered to the Participant pending the release of the applicable restrictions.  A Restricted Stock Award may be made by the Committee in its discretion without cash consideration.

(b)Restrictions on Transferability and Vesting.  The Committee may place such restrictions on the transferability and vesting of Restricted Stock as the Committee deems appropriate, including restrictions relating to continued service and/or achievement of performance objectives.  Restricted Stock may not be sold, assigned, transferred, disposed of, pledged, hypothecated or otherwise encumbered until the restrictions on such shares shall have lapsed or shall have been removed pursuant to subsection (c) below.

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(c)Lapse of Restrictions on Transferability.  The Committee shall establish as to each Restricted Stock Award the terms and conditions upon which the restrictions on transferability set forth in paragraph (b) above shall lapse.  Such terms and conditions may include, without limitation, the passage of time, the meeting of performance objectives, the lapsing of such restrictions as a result of the Disability or death of the Participant, the occurrence of a Change in Control, or certain terminations of employment in connection with a Change in Control or otherwise. 

(d)Rights of the Participant and Restrictions.  A Participant shall hold shares of Restricted Stock subject to the restrictions set forth in the Award Agreement and in the Plan.  In other respects, unless otherwise provided in the Award Agreement, the Participant shall have all the rights of a shareholder with respect to the shares of Restricted Stock, including, but not limited to, the right to vote such shares and the right to receive all cash dividends and other distributions paid thereon; provided that the Award Agreement shall provide that any cash dividends and stock dividends with respect to Restricted Stock shall be withheld by the Company for the Participant’s account unless and until the underlying shares of Restricted Stock vest. The cash dividends or stock dividends so withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the discretion of the Committee, in shares of Company Stock having a Fair Market Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.  To the extent stock certificates are delivered to the Participant, the certificates representing Restricted Stock shall bear a legend referring to the restrictions set forth in the Plan and the Participant’s Award Agreement.

7.Restricted Stock Unit Awards.

(a)Grant.  Whenever the Committee deems it appropriate to grant a Restricted Stock Unit Award, an Award Agreement shall be given to the Participant stating the number of Restricted Stock Units in the Award, the Date of Grant, and the terms and conditions to which the Award is subject.  No shares of Company Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside a fund for the payment of any such award.  A Restricted Stock Unit Award may be made by the Committee in its discretion without cash consideration.

(b)Restrictions on Vesting.  The Committee may place such restrictions on the vesting and settlement of Restricted Stock Units as the Committee deems appropriate, including restrictions relating to continued employment or service and/or achievement of performance objectives.  Restricted Stock Units may not be sold, assigned, transferred, disposed of, pledged, hypothecated or otherwise encumbered.

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(c)Rights of the Participant.  A Participant shall have no voting rights with respect to Restricted Stock Units.  At the discretion of the Committee, to the extent set forth in the Award Agreement each Restricted Stock Unit (representing one share of Company Stock) may be credited with cash and stock dividends paid by the Company in respect of one share of Company Stock.  Dividends credited to a Participant’s account and attributable to any particular Restricted Stock Unit shall be distributed in cash or, at the discretion of the Committee, in shares of Company Stock having a Fair Market Value equal to the amount of such accumulated dividends to the Participant upon settlement of such Restricted Stock Unit.  If such Restricted Stock Unit is forfeited, the Participant shall have no right to such accumulated dividends.

(d)Settlement.  Unless otherwise provided in the Award Agreement, a Participant’s Restricted Stock Units which vest shall be immediately settled by the issuance and delivery to the Participant of one share of Company Stock for each vested Restricted Stock Unit or the payment of cash in an amount equal to the number of shares for which the Restricted Stock Unit vested multiplied by the Fair Market Value of a share of Company Stock on the vesting date, or a combination thereof as determined by the Committee.  

8.Stock Awards.  Whenever the Committee deems it appropriate to grant a Stock Award, such Stock Award may be granted and, if desired by the Committee, an Award Agreement shall be given to the Participant stating the number of shares of unrestricted Company Stock for which the Award is granted, the Date of Grant, and the terms and conditions to which the Award is subject, if any. Certificates representing the shares shall be issued (or an equivalent book-entry notation shall be made in the records of the Company’s transfer agent) in the name of the Participant, subject to any terms imposed by the Plan and the Committee, as soon as practicable after the Date of Grant.  A Stock Award may be made by the Committee in its discretion without cash consideration and may be granted as settlement of a Performance Award.

9.Applicable Withholding Taxes.  Each Participant shall agree, as a condition of receiving an Award, to pay to the Company or the Affiliate, or make arrangements satisfactory to the Company or the Affiliate regarding the payment of, all Applicable Withholding Taxes with respect to the Award.  Until the Applicable Withholding Taxes have been paid or arrangements satisfactory to the Company or the Affiliate have been made, no stock certificates or book-entry shares (or, in the case of Restricted Stock, Restricted Stock Units and Stock Awards, no stock certificates or book-entry shares free of a restrictive legend) shall be issued to the Participant.  As an alternative to making a cash payment to the Company or the Affiliate to satisfy Applicable Withholding Tax obligations, the Committee may establish procedures permitting the Participant to elect to (a) deliver shares of already owned Company Stock or (b) have the Company retain that number of shares of Company Stock from the shares otherwise deliverable under the Award, in either case with respect to which the Company has a statutory obligation to withhold taxes, up to the maximum tax rate applicable to the Participant, as determined by the Committee.  Any such election shall be made only in accordance with procedures established by the Committee to avoid a charge to earnings for financial accounting purposes and in accordance with Rule 16b-3.

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10.Nontransferability of Awards.

(a)General Rule.  In general, Awards, by their terms, shall not be transferable by the Participant except by will or by the laws of descent and distribution or except as described below.  Incentive Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant.

(b)Limited Transferability.  Notwithstanding the provisions of Section 10(a) and subject to federal and state securities laws, the Committee may on a case-by-case basis grant or amend Nonstatutory Stock Options that permit a Participant to transfer the Options to one or more immediate family members, to a trust for the benefit of immediate family members, or to a partnership, limited liability company, or other entity the only partners, members, or interest-holders of which are among the Participant’s immediate family members.  Consideration may not be paid for the transfer of Options.  The transferee of an Option shall be subject to all conditions applicable to the Option prior to its transfer.  The agreement granting the Option shall set forth the transfer conditions and restrictions.  The Committee may impose on any transferable Option and on stock issued upon the exercise of an Option such limitations and conditions as the Committee deems appropriate in its sole discretion.

11.Duration, Amendment or Modification of the Plan.  

(a)Duration.  If not sooner terminated by the Board, the Plan shall terminate at the close of business on April 22, 2030.  Awards outstanding on the date of such termination shall remain valid in accordance with their terms. 

(b)Amendment and Modification.  The Board may at any time terminate, suspend, amend or modify the Plan.  Any such amendment or modification may be without shareholder approval, except to the extent that such shareholder approval is required by the Code, pursuant to the rules under Section 16 of the Act, by any national securities exchange or system on which shares of Company Stock is then listed or quoted, by any regulatory body having jurisdiction with respect thereto, or under any other applicable laws, rules or regulations.  Awards outstanding on the date of such action shall remain valid in accordance with their terms.

(c)Amendments to Awards.  Subject to the terms and provisions and within the limitations of the Plan, the Committee may waive any conditions or rights under, amend any terms of or alter, suspend, discontinue, cancel or terminate, any outstanding Award on either a  prospective or retroactive basis; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would adversely affect the rights of any Participant or other holder of an outstanding Award shall not be effective without the consent of the affected Participant or holder.

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12.Change in Capital Structure.

(a)Effect of Change in Capital Structure.  In the event of changes in the outstanding shares of Company Stock or in the capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, spin-off of a subsidiary, or other relevant change in capitalization occurring after the Date of Grant of any Award, the number and kind of shares of stock or securities of the Company to be issued under the Plan (under outstanding Awards and Awards to be granted in the future), the per Participant maximums provided for in Section 3, the exercise price of Options, and other relevant provisions shall be equitably adjusted by the Committee, whose determination shall be binding on all persons, as to the number, price or kind of consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award.  If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately the number of shares covered by the Award so as to eliminate the fractional shares.  

(b)Authority.  Notwithstanding anything in the Plan to the contrary, the Committee may take the foregoing actions without the consent of any Participant, and the Committee’s determination shall be conclusive and binding on all persons for all purposes.  The Committee shall make its determinations consistent with Rule 16b-3 and the applicable provisions of the Code.

13.Termination of Employment.  The Committee shall have the full power and authority to determine the terms and conditions that shall apply to any Award upon the termination of employment of a Participant, and may provide such terms and conditions in the Award Agreement or in such rules and policies as it may prescribe.  If the terms of an Award provide that the Award will be exercisable, or become vested, or that payment will be made thereunder only if the Participant completes a stated period of employment or service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service. 

14.Change in Control.

(a)Effect of a Change in Control of the Company.  In the event of a Change in Control of the Company, the Committee, as constituted before such Change in Control, shall provide for an outstanding Award to become fully vested, settled, and/or exercisable in the event the Award is not assumed, or new rights substituted therefore, by the acquiring or surviving corporation in such Change in Control; and shall cause any such assumption or substitution to provide that the assumed or substituted Award shall become fully, vested, settled, and/or exercisable in the event of an involuntary termination of employment without Cause or for Good Reason in connection with the Change in Control.  In addition, the Committee shall make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control and to retain the economic value of the Award.

13

 

(b)Successors.  The obligations of the Company under the Plan and any Award Agreements shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates, taken as a whole.

15.Administration of the Plan.

(a)The Committee.  The Plan shall be administered by the Committee, which shall be appointed by the Board. The Committee shall consist of “independent” directors for purposes of any relevant stock exchange listing standards.  To the extent required by Rule 16b-3, all Awards shall be made by members of the Committee who are “Non-Employee Directors” as that term is defined in Rule 16b-3, or by the Board.  In the event the Board determines that a member of the Committee (or any applicable subcommittee) was not an “independent director” under applicable stock exchange listing standards, and/or was not a “non-employee director” as defined in Rule 16b-3, as applicable, on the Date of Grant, such determination shall not invalidate the Award and the Award shall remain valid in accordance with its terms.  Any authority granted to the Committee may also be exercised by the full Board.

(b)Authority of the Committee.  Subject to the express provisions of the Plan, the Committee shall have full and final authority to impose such limitations or conditions upon an Award as the Committee deems appropriate to achieve the objectives of the Award and the Plan.  Without limiting the foregoing and in addition to the powers set forth elsewhere in the Plan, the Committee shall have the power and complete discretion to determine: (i) which eligible persons shall receive an Award and the nature of the Award; (ii) the number of shares of Company Stock to be covered by each Award; (iii) whether Options shall be Incentive Stock Options or Nonstatutory Stock Options; (iv) the Fair Market Value of Company Stock; (v) the time or times when an Award shall be granted; (vi) whether an Award shall become vested over a period of time, according to a performance-based vesting schedule or otherwise, and when it shall be fully vested; (vii) the terms and conditions under which restrictions imposed upon an Award shall lapse; (viii) whether a Change in Control has occurred; (ix) factors relevant to the lapse of restrictions, vesting, exercise and settlement of Awards; (x) when Options may be exercised; (xi) whether to approve a Participant’s election with respect to Applicable Withholding Taxes; (xii) conditions relating to the length of time before disposition of Company Stock received in connection with an Award is permitted; (xiii) notice provisions relating to the sale of Company Stock acquired under the Plan; (xiv) the manner in which Section 24 of the Plan, “Minimum Vesting Provisions,” shall be implemented; and (xiv) any additional requirements relating to Awards that the Committee deems appropriate.

(c)Action by the Committee.  The Committee may adopt rules and regulations for carrying out the Plan.  The Committee shall have the express discretionary authority to construe and interpret the Plan and the Award Agreements, to resolve any ambiguities, to define any terms, and to make any other determinations required by the Plan or an Award Agreement.  The interpretation and construction of any provisions of the Plan or an Award Agreement by the Committee shall be final and conclusive.  The Committee may consult with counsel, who may be counsel to the Company, and shall not incur any liability for any action taken in good faith in reliance upon the advice of counsel. 

14

 

(d)Delegation.  The Committee, in its discretion, may delegate to one or more officers of the Company all or part of the Committee’s authority and duties with respect to grants and awards to individuals who are not subject to the reporting and other provisions of Section 16 of the Act. The Committee may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate or delegates that were consistent with the terms of the Plan.

16.Notice.  All notices and other communications required or permitted to be given under the Plan shall be in writing and shall be deemed to have been duly given if delivered personally, electronically, or mailed first class, postage prepaid, as follows: (a) if to the Company - at its principal business address to the attention of the Secretary; (b) if to any Participant - at the last address of the Participant known to the sender at the time the notice or other communication is sent.

17.Section 409A.  The Plan is intended to provide compensation that is exempt from or that complies with Code Section 409A and Treasury Regulations thereunder (“Section 409A”), and the Plan’s terms and the terms of any Award Agreement, including any definition in the Plan or any Award Agreement, shall be administered and construed in a manner that is compliant with or exempt from the application of Section 409A, as appropriate.  For purposes of Section 409A, each payment under the Plan shall be deemed to be a separate payment.

Notwithstanding any provision of the Plan or an Award Agreement to the contrary, to the extent that any payment is subject to Section 409A, if the Participant is a “specified employee” within the meaning of Section 409A as of the date of the Participant’s termination of employment and the Company determines, in good faith, that immediate payment of any amounts or benefits under the Plan would cause a violation of Section 409A, then any amounts or benefits payable under the Plan upon the Participant’s “separation from service” within the meaning of Section 409A which (i) are subject to the provisions of Section 409A; (ii) are not otherwise exempt from Section 409A; and (iii) would otherwise be payable during the first six-month period following such separation from service, shall be paid on the first business day next following the earlier of (1) the date that is six (6) months and one day following the Participant’s separation from service or (2) the date of the Participant’s death.

18.Tax Consequences.  Nothing in the Plan or an Award Agreement shall constitute a representation by the Company to a Participant regarding the tax consequences of any Award received by a Participant under the Plan.  Although the Company may endeavor to (i) qualify an Award for favorable federal tax treatment or (ii) avoid adverse tax treatment (e.g., under Section 409A), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable tax treatment.  The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan.

15

 

19.Clawback.  Notwithstanding any other provisions in the Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement (including but not limited to Section 954 of the Dodd-Frank Act), will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company or any Affiliate pursuant to any such law, government regulation or stock exchange listing requirement).  This Section 19 shall not limit the Company’s right to revoke or cancel an Award or take other action against a Participant for any other reason, including, but not limited to, misconduct.

20.Interpretation and Governing Law.  The terms of the Plan and Awards granted pursuant to the Plan shall be governed, construed and administered in accordance with the laws of the Commonwealth of Virginia, excluding any choice of law rules or principles that might otherwise refer construction or interpretation of any provision of the Plan or an Agreement to the substantive law of another jurisdiction.  The Plan and Awards are subject to all present and future applicable provisions of the Code and, to the extent applicable, they are subject to all present and future rulings of the Securities and Exchange Commission with respect to Rule 16b-3.  If any provision of the Plan or an Award conflicts with any such Code provision or ruling, the Committee shall cause the Plan to be amended, and shall modify the Award, so as to comply, or if for any reason amendments cannot be made, that provision of the Plan or the Award shall be void and of no effect.

21.Banking, Statutory and Regulatory Provisions.  The Plan and all Awards granted under the Plan shall be subject to any condition, limitation, or prohibition under any Virginia or federal statutory or regulatory policy or rule to which the Company or an Affiliate is subject.

22.No Employment or Other Service Rights.  Nothing in the Plan or any instrument executed or Award granted under the Plan shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an employee with or without notice and with or without Cause, (ii) the service of a director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of Virginia in the case of the Company or the corporate law of the jurisdiction in which an Affiliate is incorporated, as the case may be, or (iii) the service of a Consultant for any reason at any time.  Further, the grant of an Award shall not obligate the Company or any Affiliate to pay an employee any particular amount of remuneration or to make further grants to the employee at any time thereafter.

16

 

23.Forfeiture Events.  The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award.  Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, termination of the Participant’s employment or service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.  In addition, if a Participant’s employment or service is terminated for Cause, then as of the date of the misconduct, any Option held by the Participant shall terminate, and any unvested Restricted Stock and Restricted Stock Units held by the Participant shall be forfeited.

24.Minimum Vesting Provisions.  Notwithstanding any other provision of the Plan, Awards shall have a minimum vesting/exercise schedule of at least one (1) year (subject to earlier vesting/exercisability solely in the event of death, Disability or as provided in Section 14 in connection with a Change in Control), except that a shorter vesting/exercise schedule may apply to (i) Awards granted to non-employee members of the Board of the board of directors of an Affiliate as a fee or retainer for service, including annual or other grants made pursuant to a director compensation policy or arrangement; and (ii) other Awards for not more than 10% of the shares of Company Stock authorized for issuance under the Plan. 

25.Deferral of Awards.  The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of shares of Company Stock or other consideration under an Award.  The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program.

26.Non-Uniform Treatment.  The Committee shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements. 

27.Beneficiary Designation.  A Participant may designate a beneficiary to receive any Options that may be exercised after death or to receive any other Award that may be paid after his death, as provided for in the Award Agreement.  Such designation and any change or revocation of such designation shall be made in writing in the form and manner prescribed by the Committee (or its delegee).  In the event that the designated beneficiary dies prior to the Participant, or in the event that no beneficiary has been designated, any Awards that may be exercised or paid following the Participant’s death shall be transferred or paid in accordance with the Participant’s will or the laws of descent and distribution.

17

 

28.Creditors.  The interests of any Participant under the Plan or any Award Agreement are not subject to the claims of creditors and may not, in any way, be assigned, alienated or encumbered.

29.Unfunded Status of the Plan.  The Plan, insofar as it provides for Awards, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time be represented by Awards under the Plan. Any liability of the Company to any person with respect to any Award shall be based solely upon any contractual obligations that may be created pursuant to the Plan. No such obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company.

18Exhibit 4.1

 

Execution
Version

 

 

 

EMERGENT BIOSOLUTIONS INC.

 

AND EACH OF THE GUARANTORS FROM TIME TO
TIME PARTY HERETO

 

3.875% SENIOR UNSECURED NOTES DUE 2028

 

INDENTURE

 

Dated as of August 7, 2020

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

 

     

     

    

 

	TABLE OF CONTENTS
	 	 	 
	 	 	Page
	 	 	 
	ARTICLE I
	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.01	Definitions.	1
	Section 1.02	Other Definitions.	27
	Section 1.03	Rules of Construction.	28
	Section 1.04	Certain Calculations under this Indenture.	28
	 	 	 
	ARTICLE II
	THE NOTES	29
	 	 	 
	Section 2.01	Form and Dating.	29
	Section 2.02	Execution and Authentication.	30
	Section 2.03	Registrar and Paying Agent.	31
	Section 2.04	Paying Agent to Hold Money in Trust.	31
	Section 2.05	Holder Lists.	31
	Section 2.06	Transfer and Exchange.	31
	Section 2.07	Replacement Notes.	41
	Section 2.08	Outstanding Notes.	41
	Section 2.09	Treasury Notes.	42
	Section 2.10	Temporary Notes.	42
	Section 2.11	Cancellation.	42
	Section 2.12	Defaulted Interest.	42
	Section 2.13	CUSIP, ISIN and Common Code Numbers.	42
	 	 	 
	ARTICLE III
	REDEMPTION AND PREPAYMENT	43
	 	 	 
	Section 3.01	Notices to Trustee.	43
	Section 3.02	Selection of Notes to Be Redeemed or Purchased.	43
	Section 3.03	Notice of Redemption.	43
	Section 3.04	Effect of Notice of Redemption.	44
	Section 3.05	Deposit of Redemption or Purchase Price.	44
	Section 3.06	Notes Redeemed or Purchased in Part.	45
	Section 3.07	Optional Redemption.	45
	Section 3.08	Mandatory Redemption.	46
	Section 3.09	Offer to Purchase by Application of Excess Proceeds.	46
	 	 	 
	ARTICLE IV	 
	COVENANTS	47
	 	 	 
	Section 4.01	Payment of Notes.	47
	Section 4.02	Maintenance of Office or Agency.	48
	Section 4.03	Reports.	48
	Section 4.04	Compliance Certificate.	49
	Section 4.05	Taxes.	50
	Section 4.06	Stay, Extension and Usury Laws.	50
	Section 4.07	Restricted Payments.	50
	Section 4.08	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.	53
	Section 4.09	Incurrence of Indebtedness and Issuance of Preferred Stock.	55
	Section 4.10	Asset Sales.	     61

 

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	 	 	Page
	 	 	 
	Section 4.11	Transactions with Affiliates.	63
	Section 4.12	Liens.	64
	Section 4.13	[Reserved].	65
	Section 4.14	Corporate Existence.	65
	Section 4.15	Offer to Repurchase Upon Change of Control.	65
	Section 4.16	[Reserved]	67
	Section 4.17	[Reserved]	67
	Section 4.18	Additional Note Guarantees.	67
	Section 4.19	Designation of Restricted and Unrestricted Subsidiaries.	67
	Section 4.20	Covenant Suspension.	68
	 	 	 
	ARTICLE V
	SUCCESSORS	68
	 	 	 
	Section 5.01	Merger, Consolidation or Sale of Assets.	68
	Section 5.02	Successor Corporation Substituted.	69
	 	 	 
	ARTICLE VI
	DEFAULTS AND REMEDIES	70
	 	 	 
	Section 6.01	Events of Default.	70
	Section 6.02	Acceleration.	72
	Section 6.03	Other Remedies.	73
	Section 6.04	Waiver of Past Defaults.	73
	Section 6.05	Control by Majority.	73
	Section 6.06	Limitation on Suits.	74
	Section 6.07	Rights of Holders of Notes to Receive Payment.	74
	Section 6.08	Collection Suit by Trustee.	74
	Section 6.09	Trustee May File Proofs of Claim.	74
	Section 6.10	Priorities.	75
	Section 6.11	Undertaking for Costs.	75
	 	 	 
	ARTICLE VII
	TRUSTEE	75
	 	 	 
	Section 7.01	Duties of Trustee.	75
	Section 7.02	Rights of Trustee.	76
	Section 7.03	Individual Rights of Trustee.	77
	Section 7.04	Trustee’s Disclaimer.	77
	Section 7.05	Notice of Defaults.	78
	Section 7.06	[Reserved].	78
	Section 7.07	Compensation and Indemnity.	78
	Section 7.08	Replacement of Trustee.	79
	Section 7.09	Successor Trustee by Merger, etc.	79
	Section 7.10	Eligibility; Disqualification.	79
	 	 	 
	ARTICLE VIII
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	80
	 	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance.	80
	Section 8.02	Legal Defeasance and Discharge.	80
	Section 8.03	Covenant Defeasance.	80
	Section 8.04	Conditions to Legal or Covenant Defeasance.	81
	Section 8.05	Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions.	81

 

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	 	 	Page
	 	 	 
	Section 8.06	Repayment to Company.	82
	Section 8.07	Reinstatement.	82
	 	 	 
	ARTICLE IX
	AMENDMENT, SUPPLEMENT AND WAIVER	82
	 	 	 
	Section 9.01	Without Consent of Holders of Notes.	82
	Section 9.02	With Consent of Holders of Notes.	83
	Section 9.03	Revocation and Effect of Consents.	84
	Section 9.04	Notation on or Exchange of Notes.	85
	Section 9.05	Trustee to Sign Amendments, etc.	85
	 	 	 
	ARTICLE X
	NOTE GUARANTEES	85
	 	 	 
	Section 10.01	Guarantee.	85
	Section 10.02	Limitation on Guarantor Liability.	86
	Section 10.03	Execution and Delivery of Note Guarantee.	86
	Section 10.04	Guarantors May Consolidate, etc., on Certain Terms.	86
	Section 10.05	Releases	87
	 	 	 
	ARTICLE XI
	SATISFACTION AND DISCHARGE	88
	 	 	 
	Section 11.01	Satisfaction and Discharge	88
	Section 11.02	Application of Trust Money.	89
	 	 	 
	ARTICLE XII
	MISCELLANEOUS	89
	 	 	 
	Section 12.01	Notices.	89
	Section 12.02	Communication by Holders of Notes with Other Holders of Notes.	90
	The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA §312(c).	90
	Section 12.03	Certificate and Opinion as to Conditions Precedent.	90
	Section 12.04	Statements Required in Certificate or Opinion.	91
	Section 12.05	Rules by Trustee and Agents.	91
	Section 12.06	No Personal Liability of Directors, Officers, Employees and Stockholders.	91
	Section 12.07	Governing Law.	91
	Section 12.08	No Adverse Interpretation of Other Agreements.	92
	Section 12.09	Successors.	92
	Section 12.10	Severability.	92
	Section 12.11	Counterpart Originals.	92
	Section 12.12	Table of Contents, Headings, etc.	92
	Section 12.13	Waiver of Jury Trial.	92
	Section 12.14	Force Majeure.	92
	Section 12.15	Electronic Delivery.	92
	Section 12.16	Submission to Jurisdiction.	93
	Section 12.17	Foreign Account Tax Compliance Act (FATCA).	93
	Section 12.18	Concerning the TIA.	93
	Section 12.19	Record Date.	93
	Section 12.20	U.S.A. Patriot Act	93
	Section 12.21	Legal Holidays	94

 

    -iii- 

     

    

 

	EXHIBITS	 	 
	 	 	 
	Exhibit A	FORM OF NOTE	 
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER	 
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE	 
	Exhibit D	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	 
	Exhibit E	FORM OF SUPPLEMENTAL INDENTURE	 

 

    -iv- 

     

    

 

INDENTURE dated as of August 7, 2020
among Emergent BioSolutions Inc., a Delaware corporation (the “Company”), the Guarantors (as defined
below) from time to time party hereto and U.S. Bank National Association, as trustee (the “Trustee”).

 

The Company, the Guarantors from time to
time party hereto and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders
(as defined below) of the 3.875% Senior Unsecured Notes due 2028 (the “Notes”):

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01     Definitions.

 

“144A Global Note”
means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in
a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“Acquired Debt”
means, with respect to any specified Person:

 

(1)            Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person,
whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into,
or becoming a Subsidiary of, such specified Person; and

 

(2)            Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

“Acquired EBITDA”
means, with respect to any Person or business acquired pursuant to a Permitted Acquisition for any period, the amount for such
period of Consolidated EBITDA of any such Person or business so acquired (determined using such definitions as if references to
the Company and its Restricted Subsidiaries therein were to such Person or business), as calculated by the Company in good faith
and which shall be factually supported by historical financial statements; provided, that, notwithstanding the foregoing to the
contrary, in determining Acquired EBITDA for any Person or business that does not have historical financial accounting periods
which coincide with that of the financial accounting periods of the Company and its Restricted Subsidiaries (a) references
to Measurement Period in any applicable definitions shall be deemed to mean the same relevant period as the applicable period of
determination for the Company and its Restricted Subsidiaries and (b) to the extent the commencement of any such Measurement
Period shall occur during a fiscal quarter of such acquired Person or business (such that only a portion of such fiscal quarter
shall be included in such Measurement Period), Acquired EBITDA for the portion of such fiscal quarter so included in such Measurement
Period shall be deemed to be an amount equal to (x) Acquired EBITDA otherwise attributable to the entire fiscal quarter (determined
in a manner consistent with the terms set forth above) multiplied by (y) a fraction, the numerator of which shall be the number
of months of such fiscal quarter included in the relevant Measurement Period and the denominator of which shall be actual months
in such fiscal quarter.

 

“Acquired Interest Charges”
means, with respect to any Person or business acquired pursuant to a Permitted Acquisition for any period, the amount for such
period of Consolidated Interest Charges of any such Person or business so acquired (determined using such definitions as if references
to the Company and its Restricted Subsidiaries therein were to such Person or business), as calculated by the Company in good faith
and which shall be factually supported by historical financial statements; provided, that, notwithstanding the foregoing to the
contrary, in determining Acquired Interest Charges for any Person or business that does not have historical financial accounting
periods which coincide with that of the financial accounting periods of the Company and its Restricted Subsidiaries (a) references
to Measurement Period in any applicable definitions shall be deemed to mean the same relevant period as the applicable period of
determination for the Company and its Restricted Subsidiaries and (b) to the extent the commencement of any such Measurement
Period shall occur during a fiscal quarter of such acquired Person or business (such that only a portion of such fiscal quarter
shall be included in such Measurement Period), Acquired Interest Charges for the portion of such fiscal quarter so included in
such Measurement Period shall be deemed to be an amount equal to (x) Acquired Interest Charges otherwise attributable to the
entire fiscal quarter (determined in a manner consistent with the terms set forth above) multiplied by (y) a fraction, the
numerator of which shall be the number of days of such fiscal quarter included in the relevant Measurement Period and the denominator
of which shall be actual days in such fiscal quarter.

 

     

     

    

 

“Acquisition”
means a transaction, or any series of related transactions, consummated on or after the date of this Indenture, by which the Company
or any of its Restricted Subsidiaries (x) acquires any going business or all or substantially all of the assets of any Person,
or division, line of business or business unit thereof, whether through purchase of assets, merger or otherwise or (y) directly
or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in
number of votes) of the securities of a corporation which have ordinary voting power for the election of members of the board of
directors or the equivalent governing body (other than securities having such power only by reason of the happening of a contingency)
or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company
(in each case, referred to herein as the “Acquired Entity”).

 

“Additional Notes”
means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof,
as part of the same series as the Initial Notes.

 

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

 

“Agent” means
any Registrar, co-registrar, Custodian, Paying Agent or additional paying agent.

 

“Applicable Premium”
means, with respect to any Note on any redemption date, the greater of:

 

(1)            1.0%
of the principal amount of such Note; and

 

(2)            the
excess, if any, of (a) the present value (discounted semi-annually) at such redemption date of (i) the redemption price
of such Note at August 15, 2023 (such redemption price being set forth in the table appearing in Section 3.07(e) hereof),
plus (ii) all required interest payments due on such Note through August 15, 2023 (excluding accrued but unpaid interest
to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points,
over (b) the then outstanding principal amount of such Note.

 

“Applicable Procedures”
means, with respect to any payment, tender, redemption, transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such matter.

 

“Approved Commercial Bank”
means a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000.

 

“Asset Sale” means:

 

(1)            the
sale, lease, conveyance or other disposition, whether effected pursuant to a Division or otherwise, of any assets or rights, other
than sales of inventory and equipment in the ordinary course of business; provided that the sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole shall be
governed by Section 4.15 and/or the provisions described in Section 5.01 and not by Section 4.10; or

 

    -2-

     

    

 

(2)            the
issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale by the Company or any of its Restricted
Subsidiaries of Equity Interests in any of its Restricted Subsidiaries.

 

Notwithstanding the preceding, none of the
following items shall be deemed to be an Asset Sale:

 

(1)            any
single transaction or series of related transactions that involves assets having a Fair Market Value of less than $20.0 million;

 

(2)            a
sale, discount, lease, conveyance or other disposition of assets between or among the Company and its Restricted Subsidiaries;

 

(3)            an
issuance of Equity Interests by the Company, an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company
or to a Restricted Subsidiary of the Company or an issuance of Equity Interests by a Restricted Subsidiary of the Company to the
Company or to a Restricted Subsidiary of the Company and to other holders of the Equity Interests of the Company on a pro rata
basis;

 

(4)            the
sale, discount, lease, sublease, assignment, license or sublicense, conveyance or other disposition of products, services, assets
or accounts receivable in the ordinary course of business, any sale or other disposition of surplus, damaged, worn-out or obsolete
assets in the ordinary course of business, and any release of intangible claims or rights in connection with the loss or settlement
of a bona fide lawsuit, dispute or other controversy;

 

(5)            the
sale or other disposition of cash or Cash Equivalents;

 

(6)            the
sale or other disposition of the Capital Stock or property or assets of any Unrestricted Subsidiary;

 

(7)            a
Restricted Payment that does not violate Section 4.07 or a Permitted Investment;

 

(8)            any
exchange of property pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended, for use in a Permitted Business,
as determined in good faith by the Company;

 

(9)            the
licensing or sub-licensing of intellectual property in the ordinary course of business;

 

(10)          the
lease, assignment or sublease of any real or personal property in the ordinary course of business;

 

(11)          the
sale or disposition of any assets or property received as a result of foreclosure by the Company or any of its Restricted Subsidiaries
on any secured Investment or any other transfer of title with respect to any secured Investment in default;

 

(12)          the
surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind, in
each case, in the ordinary course of business;

 

(13)          any
disposition governed by and effected in compliance with Section 5.01 hereof;

 

(14)          the
creation of any Permitted Lien and any dispositions in connection with Permitted Liens;

 

(15)          dispositions
of accounts receivables in connection with the compromise, settlement write-off or collection thereof or in bankruptcy or similar
proceedings;

 

    -3-

     

    

 

(16)          the
lapse or abandonment in the ordinary course of business of any registrations or application for registration of any patents, trademarks,
copyrights, and other intellectual property rights not necessary in the conduct of the business of the Company and its Restricted
Subsidiaries;

 

(17)          sale
of non-core assets acquired in connection with a Permitted Acquisition which, within six (6) months after the date of such
Permitted Acquisition, are designated in writing to the Trustee as being held for sale and not for the continued operation of the
Company or any of its Subsidiaries;

 

(18)          dispositions
of Investments in joint ventures (regardless of the form of legal entity) to the extent required by, or made pursuant to, customary
buy/sell arrangements (including, without limitation, any puts, calls or deadlock buyouts) between the joint venture parties set
forth in joint venture arrangements and similar binding arrangements; and

 

(19)          dispositions
in connection with any Permitted Bond Hedge Transaction or any Permitted Warrant Transaction.

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof that would
appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic
Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease; provided
that for purposes of this definition and any related calculations, all obligations of the Company and its Restricted Subsidiaries
that are or would be characterized as an operating lease as determined in accordance with GAAP as in effect on December 15,
2018 (whether or not such operating lease was in effect on such date) shall continue to be accounted for as an operating lease
(and not as a capital lease) regardless of any change in GAAP following December 15, 2018 (or any change in the implementation
in GAAP for future periods that were contemplated as of December 15, 2018), and (c) all Synthetic Debt of such Person.

 

“Bankruptcy Law”
means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange
Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has
the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned”
have a corresponding meaning.

 

“Board of Directors”
means:

 

(1)            with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board;

 

(2)            with
respect to a partnership, the board of directors of the general partner of the partnership;

 

(3)            with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and

 

(4)            with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Business Day”
means each day which is not a Legal Holiday.

 

“Capital Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that
time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be
the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may
be prepaid by the lessee without payment of a penalty; provided that for purposes of this definition and any related calculations,
all obligations of the Company and its Restricted Subsidiaries that are or would be characterized as an operating lease as determined
in accordance with GAAP as in effect on December 15, 2018 (whether or not such operating lease was in effect on such date)
shall continue to be accounted for as an operating lease (and not as a capital lease) regardless of any change in GAAP following
December 15, 2018 (or any change in the implementation in GAAP for future periods that were contemplated as of December 15,
2018).

 

    -4-

     

    

 

“Capital Stock”
means:

 

(1)            in
the case of a corporation, corporate stock;

 

(2)            in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)            in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(4)            any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

 

“Cash Equivalents”
means any of the following types of Investments, to the extent owned by the Company or any of its Restricted Subsidiaries free
and clear of all Liens (other than (x) Liens created under the Credit Agreement and (y) to the extent incurred in the
ordinary course of business and not securing any Indebtedness, customary Liens (including rights of setoff) of banking institutions
arising as a matter of law with respect to deposits maintained with such Person):

 

(1)            readily
marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and
credit of the United States of America is pledged in support thereof;

 

(2)            time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is
a lender under the Credit Agreement or (B) is organized under the laws of the United States of America, any state thereof
or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United
States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) has
combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of
acquisition thereof;

 

(3)            commercial
paper issued by any Person organized under the laws of any state of the United States of America and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each
case with maturities of not more than 180 days from the date of acquisition thereof; and

 

(4)            Investments,
classified in accordance with GAAP as current assets of the Company or any of its Restricted Subsidiaries, in money market investment
programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest
rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (1), (2) and (3) of this definition.

 

“Change of Control” means
an event or series of events by which:

 

    -5-

     

    

 

(1)            any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act,
but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as
trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be deemed to have “beneficial ownership”
of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after
the passage of time (such right, an “option right”)), directly or indirectly, of 50% or more of the equity securities
of the Company entitled to vote for members of the board of directors or equivalent governing body of the Company on a fully-diluted
basis (and taking into account all such securities that such “person” or “group” has the right to acquire
pursuant to any option right); or

 

(2)            during
any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of
the Company cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first
day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board
or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved
by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least
a majority of that board or equivalent governing body (in each case, with such approval either by a specific vote or by approval
of the Company’s proxy statement in which such member was named as a nominee for election as a director).

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Company” means
Emergent BioSolutions Inc., a Delaware corporation.

 

“Consolidated EBITDA”
means, for any Measurement Period, for the Company and its Restricted Subsidiaries on a consolidated basis, an amount equal to:

 

(1)            Consolidated
Net Income for such period plus

 

(2)            without
duplication, the sum of following to the extent deducted in calculating such Consolidated Net Income (other than as set forth in
clause (vi)(E)) in accordance with GAAP for such period:

 

(i)             Consolidated
Interest Charges for such period;

 

(ii)            the
provision for federal, state, local and foreign income taxes payable by the Company and its Restricted Subsidiaries;

 

(iii)           depreciation
and amortization expense;

 

(iv)           other
non-cash expenses, excluding any non-cash expense that represents an accrual for a cash expense to be taken in a future period
and any non-cash expense that relates to the write-down or write-off of accounts receivable or inventory;

 

(v)            all
transaction fees, charge and other amounts related to the Transactions or the Credit Facilities and any amendment or other modification
to this Indenture, the Credit Facilities or documents related thereto, in each case to the extent paid within six months of the
Issue Date or the effectiveness of such amendment or other modifications;

 

(vi)            (A) costs
and expenses in connection with any Acquisitions (including, without limitation, any financing fees, merger and acquisition fees,
legal fees and expenses, due diligence fees or any other fees and expenses in connection therewith), whether or not consummated,
(B) other unusual and non-recurring cash expenses or charges, (C) to the extent incurred in connection with a Permitted
Acquisition, one-time non-recurring severance charges incurred within twelve (12) months of such Permitted Acquisition, (D) cash
restructuring charges with respect to acquisitions permitted by this Indenture or otherwise and (E) synergies, operating expense
reductions and other net cost savings and integration costs projected by the Company in connection with Permitted Acquisitions
that have been consummated during the applicable Measurement Period (calculated on a pro forma basis as though such synergies,
expense reductions and cost savings had been realized on the first day of the period for which Consolidated EBITDA is being determined),
net of the amount of actual benefits realized during such period from such actions; provided that (i) such synergies,
expense reductions and cost savings are reasonably identifiable, factually supportable, expected to have a continuing impact on
the operations of the Company and its Restricted Subsidiaries and have been determined by the Company in good faith to be reasonably
anticipated to be realizable within 12 months following any such Permitted Acquisition and (ii) no such amounts shall be added
pursuant to this clause to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through
a Pro Forma Adjustment or otherwise;

 

    -6-

     

    

 

(vii)          to
the extent covered by insurance and actually reimbursed, expenses with respect to liability or casualty events or business interruption;

 

(viii)         any net after-tax
effect of loss for such period attributable to the early extinguishment of any Hedge Agreement; minus

 

(3)            without
duplication, the following to the extent included in calculating such Consolidated Net Income:

 

(i)             federal,
state, local and foreign income tax credits of the Company and its Restricted Subsidiaries for such period;

 

(ii)            all
non-cash items increasing Consolidated Net Income for such period;

 

(iii)           any
net after-tax effect of income for such period attributable to the early extinguishment of any Hedge Agreement; and

 

(iv)           any
cash expense made during such period which represents the reversal of any non-cash expense that was added in a prior period pursuant
to clause (2)(iv) above.

 

Notwithstanding the foregoing to the contrary,
(w) the aggregate amount added pursuant to clause (2)(vi) contained in this definition above for any period shall in
no event exceed 20% of Consolidated EBITDA for such period (calculated prior to any such add-backs pursuant to clause (2)(vi)),
(x) there shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA of
any Person or business, or attributable to any property or asset, acquired by the Company or its Restricted Subsidiaries during
such period (but not the Acquired EBITDA of any related Person or business or any Acquired EBITDA attributable to any assets or
property, in each case to the extent not so acquired) in connection with a Permitted Acquisition to the extent not subsequently
sold, transferred, abandoned or otherwise disposed by the Company or such Restricted Subsidiary, based on the actual Acquired EBITDA
of such acquired entity or business for such period (including the portion thereof occurring prior to such acquisition or conversion)
and (y) there shall be excluded in determining Consolidated EBITDA for any period, without duplication, the Disposed EBITDA
of any Person or business, or attributable to any property or asset, disposed of by the Company or any of its Restricted Subsidiaries
during such period in connection with a Specified Disposition or discontinuation of operations, based on the Disposed EBITDA of
such disposed entity or business or discontinued operations for such period (including the portion thereof occurring prior to such
disposition or discontinuation).

 

    -7-

     

    

 

“Consolidated Funded Indebtedness”
means, as of any date of determination, for the Company and its Restricted Subsidiaries on a consolidated basis in accordance with
applicable principles of consolidation under GAAP, the sum of (a) the outstanding principal amount of all obligations, whether
current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures,
notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations
arising under standby letters of credit, bankers’ acceptances, bank guaranties, surety bonds and similar instruments (in
the case of surety bonds and similar instruments, to the extent included as a liability on the consolidated balance sheet of the
Company and its Restricted Subsidiaries in accordance with GAAP), (d) all obligations in respect of the deferred purchase
price of property or services (including, without limitation, in the form of earnouts, milestones and other contingent payment
obligations to the extent included as a liability on the consolidated balance sheet of the Company and its Restricted Subsidiaries
in accordance with GAAP) (other than trade accounts payable in the ordinary course of business), provided that royalties (and other
contingent payment obligations in the nature of a royalty payment (including those calculated based on a percentage of sales))
shall only be included in “Consolidated Funded Indebtedness” to the extent such liability exceeds the corresponding
intangible item included on the consolidated balance sheet of the Company and its Restricted Subsidiaries, provided that any such
corresponding intangible item shall be discernible and reasonably identifiable, (e) all Attributable Indebtedness in respect
of Capital Lease Obligations and Synthetic Lease Obligations, (f) without duplication, all Guarantees with respect to outstanding
Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Company or any Restricted
Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership
or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Company or
a Restricted Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the
Company or such Restricted Subsidiary.

 

“Consolidated Interest Charges”
means, for any Measurement Period, for the Company and its Restricted Subsidiaries on a consolidated basis, the sum of (a) all
interest, premium payments, debt discount, fees, charges and related expenses of the Company and its Restricted Subsidiaries in
connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in
each case to the extent treated as interest in accordance with GAAP (excluding customary arrangement, upfront, administrative agency
and amendment fees (in each case, to the extent not in the nature of interest charges) incurred in connection with the Credit Agreement
or the Convertible Senior Notes) and (b) the portion of rent expense of the Company and its Restricted Subsidiaries under
Capital Lease Obligations that is treated as interest in accordance with GAAP, in each case, of or by the Company and its Restricted
Subsidiaries on a consolidated basis for such Measurement Period. Notwithstanding the foregoing, during any Measurement Period
in which any Permitted Acquisition is consummated (x) Consolidated Interest Charges for such Measurement Period shall be calculated
on a pro forma basis as if such Permitted Acquisition had been consummated on the first day of such Measurement Period and (y) there
shall be included in determining the Consolidated Interest Charges for such period, without duplication, the Acquired Interest
Charges of any Person or business, or attributable to any property or asset, acquired by the Company or any Restricted Subsidiary
during such period (but not the Acquired Interest Charges of any related Person or business or any Acquired Interest Charges attributable
to any assets or property, in each case to the extent not so acquired) in connection with such Permitted Acquisition to the extent
not subsequently sold, transferred, abandoned or otherwise disposed by the Company or such Restricted Subsidiary, based on the
actual Acquired Interest Charges of such acquired entity or business for such period (including the portion thereof occurring prior
to such acquisition or conversion).

 

“Consolidated Net Income”
means, at any date of determination, the net income (or loss) of the Company and its Restricted Subsidiaries on a consolidated
basis for the most recently completed Measurement Period, determined in accordance with GAAP; provided that Consolidated
Net Income shall exclude (a) non-cash extraordinary, unusual or non-recurring gains and extraordinary, unusual or non-recurring
losses for such Measurement Period, and (b) any income (or loss) for such Measurement Period of any Person if such Person
is not a Restricted Subsidiary, except that the Company’s equity in the net income of any such Person for such Measurement
Period shall be included in Consolidated Net Income up to the net amount of cash actually received by the Company or a Restricted
Subsidiary from such Person during such Measurement Period as a dividend or other distribution (and in the case of a dividend or
other distribution to a Restricted Subsidiary, such Restricted Subsidiary is not precluded from further distributing such amount
to the Company as described in clause (b) of this proviso).

 

    -8-

     

    

 

“Convertible Indebtedness”
means Indebtedness of the Company or any Restricted Subsidiary (which may be guaranteed by the Company or any Restricted Subsidiary)
permitted to be incurred hereunder that is either (a) convertible into or exchangeable for Equity Interests of the Company
(and cash in lieu of fractional shares) or cash (in an amount determined by reference to the price of such Equity Interests or
a market measure of such Equity Interests), or a combination thereof, or (b) sold as units with call options, warrants or
rights to purchase (or substantially equivalent derivative transactions) that are exercisable for Equity Interests (other than
Disqualified Stock) of the Company or cash (in an amount determined by reference to the price of such Equity Interests).

 

“Convertible Senior Notes”
means the 2.875% Convertible Senior Notes due 2021, issued by the Company pursuant to the Convertible Senior Notes Indenture.

 

“Convertible Senior Notes Indenture”
means the Indenture dated as of January 29, 2014 between the Company, as Company, and Wells Fargo, as trustee.

 

“Corporate Trust Office”
means an office of the Trustee at which at any time its corporate trust business with respect to this Indenture shall be administered,
which office at the date hereof (x) solely for purposes of surrender for registration of transfer or exchange or for presentation
for payment is located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Emergent BioSolutions, Inc., and (y) for
all other purposes is located at One Federal Street, 10th Floor, Boston, MA 02110, Attention: Emergent BioSolutions, Inc.,
or such other address as the Trustee may designate from time to time by notice to the Holders and 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 Holders and the Company).

 

“Credit Agreement”
means that certain Amended and Restated Credit Agreement, dated as of October 15, 2018 (as may be amended, amended and restated,
supplemented or otherwise modified from time to time) among the Company, the lenders from time to time party thereto and Wells
Fargo Bank, National Association, as administrative agent, providing for a term loan facility and revolving credit borrowings,
including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and,
in each case, as amended, modified, restated, renewed, increased, supplemented, refunded, replaced (whether upon or after termination
or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from
time to time, including increases in principal amount and extensions of term loans of other financings.

 

“Credit Facilities”
means one or more debt facilities (including, without limitation, the Credit Agreement), financing arrangements or commercial paper
facilities, in each case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such
lenders against such receivables), capital markets debt financings, notes, letters of credit or bank guarantees, as amended, modified,
restated, renewed, increased, supplemented, refunded, replaced (whether upon or after termination or otherwise) or refinanced (including
by means of sales of debt securities to institutional investors) in whole or in part from time to time, including any such amendment,
modification, restatement, renewal, increase, supplement, refunding, replacement, or refinancing that increases the amount permitted
to be borrowed thereunder or alters the maturity thereof. The Credit Agreement hereby is designated by the Company as a Credit
Facility.

 

“Custodian” means
the Trustee, as custodian with respect to the Global Notes, or any successor entity thereto.

 

“Default” means
any event that is, or with the passage of time or the giving of notice or both would be, unless cured or waived, an Event of Default.

 

“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06, substantially
in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto.

 

    -9-

     

    

 

 

“Derivative Instrument”
with respect to a Person, means any contract, instrument or other right to receive payment or delivery of cash or other assets
to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s
investment in the Notes (other than a Regulated Bank or a Screened Affiliate) is a party (whether or not requiring further performance
by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or
performance of the Notes and/ or the creditworthiness of the Company and/or any one or more of the Guarantors (the “Performance
References”).

 

“Depositary” means,
with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as the
Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.

 

“Designated Non-cash Consideration”
means the Fair Market Value of non-cash consideration received by the Company or a Restricted Subsidiary in connection with an
Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate delivered to the
Trustee, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent
sale of such Designated Non-cash Consideration.

 

“Disposed EBITDA”
shall mean, with respect to any Person or business disposed of for any period, the amount for such period of Consolidated EBITDA
of any such Person or business so disposed (determined using such definitions as if references to the Company and its Restricted
Subsidiaries therein were to such Person or business), as calculated by the Company in good faith.

 

“Disqualified Stock”
means, with respect to any Person, any Equity Interests of such Person that, by its terms (or by the terms of any security or other
Equity Interest into which it is convertible or for which it is exchangeable) or upon the happening of any event or condition or
pursuant to any agreement, (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant
to a sinking fund obligation or otherwise (except as a result of a Change of Control or Asset Sale so long as any rights of the
holders thereof upon the occurrence of a Change of Control or Asset Sale event shall be subject to the prior repayment in full
in cash of the Notes, (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests)
(except as a result of a Change of Control or Asset Sale so long as any rights of the holders thereof upon the occurrence of a
Change of Control or Asset Sale event shall be subject to the prior repayment in full in cash of the Notes, in whole or in part,
(c) provides for the scheduled payments of dividends in cash or (d) is or may be convertible into or exchangeable for
Indebtedness or any other Equity Interest that would constitute Disqualified Stock, in each case, prior to the date that is ninety-one
(91) days after the latest scheduled maturity date of the loans and commitments; provided that Equity Interests issued pursuant
to a plan for the benefit of employees of the Company or its Restricted Subsidiaries or by any such plan to such employees shall
not constitute Disqualified Stock solely because it may be required to be repurchased by Company or its Restricted Subsidiaries
in order to satisfy applicable statutory or regulatory obligations.

 

“Dividing Person”
has the meaning assigned to it in the definition of “Division.”

 

“Division” means
the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among
two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include
the Dividing Person and pursuant to which the Dividing Person may or may not survive.

 

“Division Successor”
means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities
and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person
which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the
occurrence of such Division.

 

“Domestic Subsidiary”
means any Subsidiary of the Company that was formed under the laws of the United States or any state or commonwealth of the United
States or under the laws of the District of Columbia.

 

    -10-

     

    

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

 

“Equity Offering”
means an offer and sale for cash of Capital Stock of the Company.

 

“Euroclear” means
Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Existing Indebtedness”
means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Credit Agreement) in existence on the
date hereof, until such amounts are repaid.

 

“Fair Market Value”
means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress
or necessity of either party, determined in good faith by the Board of Directors of the Company (unless otherwise provided in this
Indenture).

 

“Fixed Charge Coverage Ratio”
means with respect to any specified Person for any period, the ratio of the Consolidated EBITDA of such Person for such period
to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries
incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary
working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for
which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation
of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio
shall be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance
or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds
therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period.

 

In addition, for purposes of calculating
the Fixed Charge Coverage Ratio:

 

(1)            acquisitions
that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations,
or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and
including any related financing transactions and including increases in ownership of Restricted Subsidiaries, during the four-quarter
reference period or subsequent to such reference period and on or prior to the Calculation Date shall be given pro forma effect
as if they had occurred on the first day of the four-quarter reference period;

 

(2)            the
Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses
(and ownership interests therein) disposed of prior to the Calculation Date, shall be excluded;

 

(3)            the
Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations
giving rise to such Fixed Charges shall not be obligations of the specified Person or any of its Restricted Subsidiaries following
the Calculation Date;

 

(4)            any
Person that is a Restricted Subsidiary on the Calculation Date shall be deemed to have been a Restricted Subsidiary at all times
during such four-quarter period;

 

(5)            any
Person that is not a Restricted Subsidiary on the Calculation Date shall be deemed not to have been a Restricted Subsidiary at
any time during such four-quarter period; and

 

    -11-

     

    

 

(6)            if
any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness shall be calculated as if the rate
in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation
applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months).

 

“Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of:

 

(1)            the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued (and whether
or not capitalized), including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest
payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital
Lease Obligations, imputed interest with respect to Attributable Indebtedness, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or
received pursuant to Hedging Obligations; plus

 

(2)            the
consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

 

(3)            any
interest expense on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured
by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon;
plus

 

(4)            the
product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock or Disqualified
Stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable or accruing solely
in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company,
times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined
federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, determined on a consolidated
basis and in accordance with GAAP.

 

“Foreign Subsidiary”
means any direct or indirect Subsidiary of the Company that is not a Domestic Subsidiary.

 

“GAAP” means generally
accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in
effect on the date of this Indenture.

 

“Global Note”
means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on
behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that
bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto,
issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), or 2.06(d)(2).

 

“Global Note Legend”
means the legend set forth in Section 2.06(f)(2), which is required to be placed on all Global Notes issued under this Indenture.

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
pledges its full faith and credit.

 

“Governmental Authority”
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

    -12-

     

    

 

“Guarantee” means
a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect,
in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements
to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or
otherwise); provided that Guarantee shall not include the pledge of the Capital Stock of an Unrestricted Subsidiary to secure
Indebtedness of such Unrestricted Subsidiary.

 

“Guarantors” means
each of:

 

(1)            the
Company’s Restricted Subsidiaries existing on the date of this Indenture and that executes this Indenture (if any) and that
guarantees borrowings by the Company under the Credit Agreement; and

 

(2)            any
other Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this Indenture, and their respective
successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions
of this Indenture.

 

“Hedge Agreement”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under any Hedge Agreement; provided, that no obligation
in respect of any Permitted Bond Hedge Transaction or Permitted Warrant Transaction shall, in each case, constitute a Hedging Obligation.

 

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

 

“IAI Global Note”
means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a
denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

(a)           all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)           all
direct or contingent obligations of such Person arising under letters of credit, bankers’ acceptances, bank guaranties, surety
bonds and similar instruments (excluding letters of credit issued in respect of trade payables);

 

(c)            net
obligations of such Person under any Hedge Agreement;

 

    -13-

     

    

 

(d)           all
obligations of such Person to pay the deferred purchase price (including, without limitation, in the form of earnouts, milestones
and other contingent payment obligations but not until such obligations become a liability on the consolidated balance sheet of
such Person in accordance with GAAP) of property or services (other than trade accounts payable in the ordinary course of business
and, in each case, not past due for more than 60 days after the date on which such trade account payable was created);

 

(e)            indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

 

(f)            all
Attributable Indebtedness in respect of Capital Lease Obligations and Synthetic Lease Obligations of such Person and all Synthetic
Debt of such Person;

 

(g)           all
obligations of such Person in respect of Disqualified Stock of such Person or any other Person, valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, in
each case to the extent required to be included as a liability on the consolidated balance sheet of the Company and its Restricted
Subsidiaries in accordance with GAAP; and

 

(h)           all
Guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof, the Indebtedness
of any Person (x) shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness
is expressly made non-recourse to such Person and (y) shall not include (i) prepaid or deferred revenue arising in the
ordinary course of business and (ii) endorsements of checks or drafts arising in the ordinary course of business. The amount
of any net obligation under any Hedge Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such
date.

 

“Indenture” means
this Indenture, as amended or supplemented from time to time.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes”
means the first $450.0 million aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“Initial Purchasers”
means each of Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, BMO Capital
Markets Corp., Capital One Securities, Inc., Citizens Capital Markets, Inc., Huntington Securities, Inc., MUFG Securities
Americas Inc., Truist Securities, Inc. and Regions Securities LLC.

 

“Institutional Accredited Investor”
means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act, who is not also a QIB.

 

“Investment Grade Ratings”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, in each
case with a stable or better outlook, or if either S&P or Moody’s is not providing a rating on the Notes at any time,
an equivalent rating by any other Rating Agency.

 

    -14-

     

    

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in
the forms of loans or other extensions of credit (including Guarantees or other obligations), advances or capital contributions
(excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases
or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are
or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary of
the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the Company such that,
after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company shall be
deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Company’s
Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of
Section 4.07 hereof. The acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment
in a third Person shall be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal
to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided
in the final paragraph of Section 4.07 hereof. Except as otherwise provided in this Indenture, the amount of an Investment
shall be determined at the time the Investment is made and without giving effect to subsequent changes in value, reduced by any
dividend, distribution, interest payment, return of capital, repayment or other amount received in cash and Cash Equivalents by
the Company or a Restricted Subsidiary in respect of such Investment; provided that
the amount described above that reduces the amount of such Investment shall not be included for purposes of calculating the amount
of Restricted Payments that may be made pursuant to paragraph (3) of the second paragraph of Section 4.07.

 

“Issue Date” means
August 7, 2020, the date of the original issuance of the Notes under this Indenture.

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in The City of New York or at a place of payment are authorized
or required by law, regulation or executive order to remain closed.

 

“Lien” means,
with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title
retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and
any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

 

“Limited Condition Transaction”
means (a) any Acquisition or similar material Investment, the consummation of which is not conditioned on the availability
of, or on obtaining, third party financing or (b) any redemption or repayment of Indebtedness requiring irrevocable advance
notice or any irrevocable offer to purchase Indebtedness that is not subject to obtaining third party financing.

 

“Long Derivative Instrument”
means a Derivative Instrument (i) the value of which generally increases, and/ or the payment or delivery obligations under
which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases,
and/or the payment or delivery obligations under which generally increase, with negative changes to the Performance References.

 

“Measurement Period”
means, at any date of determination, the most recently completed four fiscal quarters of the Company.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Net Proceeds”
means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including,
without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale),
net of (1) the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking
fees, and sales or brokerage commissions, and any relocation expenses incurred as a result of the Asset Sale, (2) taxes paid
or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any
tax sharing arrangements, (3) amounts required to be applied to the repayment of Indebtedness, other than Indebtedness under
a Credit Facility, secured by a Lien on the asset or assets that were the subject of such Asset Sale, (4) all distributions
and other payments required to be made to any Person owning a beneficial interest in assets subject to sale or minority interest
holders in Subsidiaries or joint ventures as a result of such Asset Sale, (5) any reserve, established in accordance with
GAAP, against any liabilities associated with the assets disposed of in such Asset Sale and retained by the Company or any Restricted
Subsidiary of the Company after such Asset Sale and (6) any reserve, established in accordance with GAAP, with respect to
the purchase price adjustments or indemnification obligations relating to such Asset Sale or otherwise in connection with such
Asset Sale.

 

    -15-

     

    

 

“Net Short” means,
with respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative
Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as
of such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or
Bankruptcy Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives
Definitions) to have occurred with respect to any Company or any Guarantor immediately prior to such date of determination.

 

“Non-Recourse Debt”
means Indebtedness:

 

(1)            as
to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Indebtedness) (other than the stock of an Unrestricted Subsidiary pledged
to secure Indebtedness of such Unrestricted Subsidiary), (b) is directly or indirectly liable as a guarantor or otherwise,
or (c) constitutes the lender;

 

(2)            no
default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against
an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the
Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment
of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and

 

(3)            as
to which the lenders have been notified in writing that they shall not have any recourse to the stock or assets of the Company
or any of its Restricted Subsidiaries (other than the stock of an Unrestricted Subsidiary pledged to secure Indebtedness of such
Unrestricted Subsidiary).

 

“Non-U.S. Person”
means a Person who is not a U.S. Person.

 

“Note Guarantee”
means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the Notes, executed pursuant
to the provisions of this Indenture.

 

“Notes” has the
meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single
class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include
the Initial Notes and any Additional Notes.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness.

 

“Offering Memorandum”
means that certain offering memorandum related to the offering of the Notes dated August 4, 2020, pursuant to which the Notes
were first offered to eligible purchasers in a private placement.

 

“Officer” means,
with respect to the Company or any other obligor upon the Notes, the Chairman of the Board, the President, the Chief Executive
Officer, the Chief Financial Officer, any Vice President, the Controller, the Treasurer or the Secretary (a) of such Person
or (b) if such Person is owned or managed by a single entity, of such entity (or any other individual designated as an “Officer”
for the purposes of this Indenture by the Board of Directors).

 

“Officer’s Certificate”
means, with respect to the Company or any other obligor upon the Notes, a certificate signed by one Officer of such Person that
meets the requirements of Section 12.04 hereof.

 

    -16-

     

    

 

“Opinion of Counsel”
means an opinion from legal counsel that meets the requirements of Section 12.04. The counsel may be an employee of or counsel
to the Company or any Subsidiary of the Company or other counsel reasonably acceptable to the Trustee.

 

“Permitted Acquisition”
means an Acquisition of a Person or property of which the lines of business are substantially the same as one or more of the principal
businesses of the Company and its Restricted Subsidiaries in the ordinary course or another business reasonably related thereto
that constitutes (i) a Permitted Investment or (ii) a Restricted Investment that was permitted under Section 4.07
at the time such Restricted Investment was made.

 

“Permitted Bond Hedge Transaction”
means any bond hedge or call or capped call option (or similar transaction) on the Company’s Equity Interests in connection
with the issuance of any Convertible Indebtedness; provided that the purchase price for such Permitted Bond Hedge Transaction,
less the proceeds received from the sale of any related Permitted Warrant Transaction does not exceed the net proceeds received
from the sale of such Convertible Indebtedness.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Permitted Business”
means the lines of business engaged in by the Company or any Restricted Subsidiary on the Issue Date and any business reasonably
related, complementary, corollary, synergistic or ancillary thereto (including related, complementary, synergistic or ancillary
technologies) or reasonable extensions thereof.

 

“Permitted Investments”
means:

 

(1)            any
Investment in the Company or in a Restricted Subsidiary of the Company;

 

(2)            any
Investment in cash and Cash Equivalents;

 

(3)            any
Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:

 

(a)            such
Person becomes a Restricted Subsidiary of the Company, including by means of a Division; or

 

(b)            such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Company or a Restricted Subsidiary of the Company;

 

(4)            any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with Section 4.10 hereof;

 

(5)            any
acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock)
of the Company;

 

(6)            obligations
of trade creditors or customers that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries
and any Investments received in compromise or resolution of:

 

(a)            obligations
of trade creditors or customers that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries,
including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor
or customer; or

 

(b)            litigation,
arbitration or other disputes with Persons who are not Affiliates;

 

(7)            Investments
represented by Hedging Obligations;

 

    -17-

     

    

 

(8)            advances
to officers, directors and employees of the Company and its Restricted Subsidiaries (i) in an aggregate amount not to exceed
$750,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes and (ii) in
an aggregate amount not to exceed $750,000 at any time outstanding, in connection with such Person’s purchase of Equity
Interests of the Company;

 

(9)            repurchases
of the Notes (including the Note Guarantees);

 

(10)          any
Investment in existence, or made pursuant to legally binding written commitments in existence, on the date of this Indenture or
any Investment consisting of any extension, modification or renewal of any Investment existing on the date of this Indenture (excluding
any such extension, modification or renewal involving additional advances, contributions or other investments of cash or property
or other increases thereof unless it is a result of the accrual or accretion of interest or original issue discount or payment-in-kind
pursuant to the terms, as of the date of this Indenture, of the original Investment so extended, modified or renewed);

 

(11)          guarantees
of indebtedness of the Company or a Restricted Subsidiary permitted under Section 4.09 and performance guarantees in the ordinary
course of business;

 

(12)          any
Investment made in connection with the purchase price adjustments, contingent purchase price payments, milestones or other earn-out
obligations paid in connection with any Investment otherwise permitted under this Indenture;

 

(13)          Investments
consisting of (i) purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contracts or
licenses or leases of intellectual property, (ii) pledges or deposits with respect to leases or utilities provided to third
parties, (iii) loans and advances to officers, directors and employees for business related travel expenses, moving expenses
and other similar expenses or (iv) advances to customers or suppliers in the ordinary course of business that are, in conformity
with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the Company or the Restricted
Subsidiaries and endorsements for collection or deposit, in any case, in the ordinary course of business and otherwise in accordance
with this Indenture;

 

(14)          any
Investment to the extent that the consideration therefor is Capital Stock (other than Disqualified Stock) of the Company and only
to the extent that the Cumulative Credit is not increased thereby;

 

(15)          other
Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (15)
that are at the time outstanding, not to exceed $150.0 million;

 

(16)          any Investment (in addition
to Investments under the above clauses (1) through (15)), so long as, after giving pro forma effect to such Investment,
the Total Leverage Ratio shall be no greater than 3.75 to 1.00; and

 

(17)          Permitted
Bond Hedge Transactions.

 

“Permitted Liens”
means:

 

(1)            Liens
on assets of the Company or any Restricted Subsidiary securing Indebtedness and other Obligations under Credit Facilities that
was incurred pursuant to clause (1) of the definition of “Permitted Debt” and/or securing cash management obligations
and Hedging Obligations related thereto;

 

(2)            Liens
in favor of the Company or the Guarantors;

 

    -18-

     

    

 

(3)            Liens
on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Subsidiary
of the Company; provided that such Liens were not incurred in contemplation of such merger or consolidation and do not
extend to any assets other than those of the Person merged into or consolidated with the Company or the Subsidiary and proceeds
thereof;

 

(4)            Liens
on property (including Capital Stock) existing at the time of acquisition of the property, or the acquisition of the Person owning
such property, by the Company or any Subsidiary of the Company (including, without limitation, Liens securing Acquired Debt); provided
that such Liens were not incurred in contemplation of such acquisition and do not extend to any assets other than those subject
to such acquisition (other than pursuant to after acquired property clauses in effect with respect to such Lien at the time of
acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition);

 

(5)            Liens
to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature
incurred in the ordinary course of business;

 

(6)            purchase
money security interests (as defined in Article 9 of the New York Uniform Commercial Code) and other Liens to secure Indebtedness
(including Capital Lease Obligations) permitted by clause (3) of Section 4.09(b) covering only the property, plant
or equipment (including, without limitation, rental equipment purchased as inventory held for sale or lease) and other assets purchased
in accordance with such clause (3) and the proceeds thereof (or in the case of Capital Lease Obligations, acquired with or
financed by such Indebtedness);

 

(7)            Liens
in existence, or made pursuant to legally binding written commitments in existence, on the Issue Date;

 

(8)            Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

 

(9)            Liens
imposed by law, such as carriers’, warehousemen’s, landlord’s, mechanics’ Liens and other like Liens, and
customary Liens retained by or granted to carriers, landlords and mechanics under the terms of agreements pursuant to which services
are rendered or property is leased by such Persons to the Company or any of its Restricted Subsidiaries, in each case, incurred
in the ordinary course of business;

 

(10)           leases
or subleases granted to others that do not materially interfere with the ordinary course of business of the Company and its Restricted
Subsidiaries;

 

(11)          minor
survey exceptions, minor encumbrances, special assessments, easements or reservations of, or rights of others for, licenses, rights-of-way,
sewers, electric lines, telegraph and telephone lines and other similar purposes, servicing agreements, development rights, site
plan agreements and other similar encumbrances incurred in the ordinary course of business or zoning or other restrictions as to
the use of real property or Liens incidental to the conduct of business of such Person or to the ownership of its properties, in
each case, that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect
the value of said properties or materially impair their use in the operation of the business of such Person;

 

(12)          Liens
created for the benefit of (or to secure) the Notes (or the Note Guarantees);

 

(13)          Liens
to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided, however,
that:

 

(a)            the
new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant
to which the original Lien arose (including any after acquired property to the extent it could have been subject to the original
Lien), could secure the original Lien (plus improvements and accessions to, such property, or proceeds and products or distributions
thereof, and customary security deposits and any other assets pursuant to the after- acquired property clauses to the extent such
assets secured (or would have secured) the Indebtedness being refinanced, refunded, extended, renewed or replaced); and

 

    -19-

     

    

 

(b)            the
Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal
amount, or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any
fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;

 

(14)          Liens
securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other property relating
to such letters of credit and products and proceeds thereof;

 

(15)          Liens
encumbering deposits made to secure obligations arising from statutory, regulatory, contractual or warranty requirements of the
Company or any of its Restricted Subsidiaries, including rights of offset and set-off;

 

(16)          Liens
arising from precautionary filing of Uniform Commercial Code financing statements in connection with operating leases or purchase
or consignment of goods;

 

(17)          Liens
in favor of a banking institution arising as a matter of law encumbering deposits (including, without limitation, rights of set-off
and credit balances) with respect to deposit accounts (as defined under the Uniform Commercial Code) that are within the general
parameters customary to the banking industry;

 

(18)          judgment
Liens incurred as a result of a judgment by a court of competent jurisdiction that does not otherwise give rise to an Event of
Default under this Indenture, so long as any appropriate legal proceedings which may have been duly initiated for the appeal or
review of such judgment shall not have been terminated or the period within which such proceedings may be initiated shall not have
expired;

 

(19)          Liens
securing Indebtedness of Foreign Subsidiaries that are Restricted Subsidiaries incurred pursuant to clause (13) of Section 4.09(b) hereof;
provided that such Liens extend only to the assets of Foreign Subsidiaries that are Restricted Subsidiaries;

 

(20)          Liens
on Equity Interests deemed to exist in connection with any options, put and call agreements, rights of first refusal and similar
rights relating to Investments in Persons that are not Subsidiaries under this Indenture;

 

(21)          Liens
on property or assets securing Indebtedness used to defease or to satisfy and discharge the Notes in their entirety; provided
that the incurrence of such Indebtedness and such defeasance and satisfaction and discharge were not prohibited by this Indenture;

 

(22)          deposits
made in the ordinary course of business to secure liability insurance carriers and Liens on insurance proceeds or unearned premiums
incurred in the ordinary course of business in connection with the financing of insurance premiums;

 

(23)          pledges
or deposits under workers’ compensation laws, unemployment insurance laws or similar legislation, or good faith deposits
in connection with bids, tenders, contracts (other than for payment of Indebtedness) or leases to which the Company or any Subsidiary
of the Company is a party;

 

(24)          Liens
incurred in the ordinary course of business of the Company or any Subsidiary of the Company with respect to obligations that do
not exceed $25.0 million at any one time outstanding;

 

    -20-

     

    

 

(25)          Liens
on and pledges of the assets or Capital Stock of any Unrestricted Subsidiary securing any Indebtedness or other obligations of
such Unrestricted Subsidiary;

 

(26)          Liens
relating to pooled deposit or sweep accounts to permit satisfaction of overdraft, cash pooling or similar obligations incurred
in the ordinary course of business;

 

(27)           Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the
ordinary course of business;

 

(28)          Liens
securing Hedging Obligations made in the ordinary course of business and entered into for bona fide hedging purposes (and not for
speculative purposes) as determined in good faith by the Board of Directors or senior management of the Company; provided
that such Hedging Obligations are permitted under this Indenture;

 

(29)          Liens
incurred by the Company or any Restricted Subsidiary; provided that at the time any such Lien is incurred, the obligations
secured by such Lien, when added to all other obligations secured by Liens incurred pursuant to this clause (29), shall not exceed
the greater of (x) $100.0 million and (y) 5.0% of Total Assets;

 

(30)          Liens
deemed to exist in connection with Investments in repurchase agreements that constitute Permitted Investments;

 

(31)          Liens
securing obligations in respect of Indebtedness under any economic development incentive program from any State or any subdivision
(including any city or county) permitted under clause (20) of the definition of “Permitted Debt”; provided that
such Liens do not at any time encumber any property other than any property located in such State or subdivision giving rise to
the Company’s business development activities and such incentive program;

 

(32)          Liens
securing Indebtedness permitted under clause (22) of the definition of “Permitted Debt”;

 

(33)          Liens
in favor of customs and revenue authorities arising as a matter of law and in the ordinary course of business to secure payment
of customs duties in connection with the importation of goods;

 

(34)          Liens
solely on cash earnest money deposits made by the Company or any Restricted Subsidiary in connection with any letter of intent
or purchase agreement relating to a Permitted Investment;

 

(35)          Liens
on deposits and other amounts held in escrow to secure contractual payments (continent or otherwise) payable by Company or any
Restricted Subsidiary to a seller after the consummation of a Permitted Investment;

 

(36)          Liens
in respect to unearned premiums on insurance policies and the proceeds thereof securing the financing of premiums with respect
thereto permitted under clause (23)(i) of the definition of “Permitted Debt”;

 

(37)          Liens
not released, terminated or satisfied of record to the extent the underlying obligation purporting to be secured thereby has been
paid or satisfied in full and any obligation to extend credit with respect thereto extinguished;

 

(38)           ground
leases in respect of real property on which facilities owned or leased by any of the Restricted Subsidiaries are located;

 

    -21-

     

    

 

 

(39)     leases
or subleases, and licenses or sublicenses (including with respect to intellectual property) granted to others in the ordinary course
of business, and Liens on real property which is not owned but is leased or subleased by the Company or any Restricted Subsidiary;
and

 

(40)     Liens
that are contractual rights of set-off relating to purchase orders and other agreements entered into with customers, suppliers
or service providers of the Company or any Restricted Subsidiary in the ordinary course of business.

 

“Permitted Refinancing Indebtedness”
means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which
are used to extend, renew, refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided that:

 

(1)            the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) of the Indebtedness extended, renewed, refunded, refinanced, replaced, defeased or discharged
(plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in
connection therewith);

 

(2)            such
Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, renewed, refunded,
refinanced, replaced, defeased or discharged;

 

(3)            if
the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment
to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes on terms at least as favorable
to the Holders of Notes as those contained in the documentation governing the Indebtedness being extended, renewed, refunded, refinanced,
replaced, defeased or discharged; and

 

(4)            such
Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended,
renewed, refunded, refinanced, replaced, defeased or discharged.

 

“Permitted Warrant Transaction”
means any call option, warrant or right to purchase (or similar transaction), on the Company’s or a Restricted Subsidiary’s
Equity Interests, regardless of the issuer or seller thereof, issued substantially concurrently with any purchase of a related
Permitted Bond Hedge Transaction.

 

“Person” means
any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

 

“Post-Acquisition Period”
means, with respect to any Permitted Acquisition or the conversion of any Unrestricted Subsidiary into a Restricted Subsidiary,
the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on the last day of the fourth
full consecutive fiscal quarter immediately following the date on which such Permitted Acquisition or conversion is consummated.

 

“Private Placement Legend”
means the legend set forth in Section 2.06(f)(1) to be placed on all Notes issued under this Indenture except where otherwise
permitted by the provisions of this Indenture.

 

    -22-

     

    

 

“Pro Forma Adjustment”
means, for any four consecutive fiscal quarter period that includes all or any part of a fiscal quarter included in any Post-Acquisition
Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or converted Restricted Subsidiary or the Consolidated
EBITDA, (a) the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that
is expected to have a continuing impact and (b) additional good faith pro forma adjustments arising out of cost savings initiatives
attributable to such transaction and additional costs associated with the combination of the operations of such Acquired Entity
or converted Restricted Subsidiary with the operations of the Company and its Restricted Subsidiaries, in each case being given
pro forma effect, which actions (i) have been taken or (ii) will be taken or implemented within the succeeding twelve
(12) months following such transaction and, in each case, including, but not limited to, (w) reduction in personnel expenses,
(x) reduction of costs related to administrative functions, (y) reductions of costs related to leased or owned properties
and (z) reductions from the consolidation of operations and streamlining of corporate overhead) taking into account, for purposes
of determining such compliance, the historical financial statements of the Acquired Entity or converted Restricted Subsidiary and
the consolidated financial statements of the Company and its Restricted Subsidiaries, assuming such Permitted Acquisition or conversion,
and all other Permitted Acquisitions or conversions that have been consummated during the period, and any Indebtedness or other
liabilities repaid in connection therewith had been consummated and incurred or repaid at the beginning of such period (and assuming
that such Indebtedness to be incurred bears interest during any portion of the applicable measurement period prior to the relevant
acquisition at the interest rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination);
provided that, so long as such actions are initiated during such Post-Acquisition Period or such costs are incurred during such
Post-Acquisition Period, as applicable, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA
or such Consolidated EBITDA, as the case may be, it may be assumed that such cost savings will be realizable during the entirety
of such four consecutive fiscal quarter period, or such additional costs, as applicable, will be incurred during the entirety of
such four consecutive fiscal quarter period; provided further that all such anticipated adjustments for cost savings shall not
exceed in the aggregate, for any four consecutive fiscal quarters, an amount equal to 15% of Consolidated EBITDA for such four
fiscal quarter period before giving effect to such cost savings; provided further that at the election of the Company, such Pro
Forma Adjustment shall not be required to be determined for any Acquired Entity or converted Restricted Subsidiary to the extent
the aggregate consideration paid in connection with such acquisition was less than $5.0 million.

 

“QIB” means a
“qualified institutional buyer” as defined in Rule 144A.

 

“Qualified Equity Interests”
means any Equity Interests that are not Disqualified Stock.

 

“Rating Agencies”
means (i) each of Moody’s and S&P, and (ii) if Moody’s or S&P ceases to rate the Notes for reasons
outside of the Company’s control, a nationally recognized rating agency or agencies selected by the Company as a replacement
agency for Moody’s or S&P, as the case may be.

 

“Regulated Bank”
means (x) an Approved Commercial Bank that is (i) a U.S. depository institution the deposits of which are insured by
the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act
of 1913; (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under
the supervision of the Board of Governors under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled
by a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency
or similar office thereof supervised by a bank regulatory authority in any jurisdiction or (y) any Affiliate of a Person set
forth in clause (x) to the extent that (1) all of the Capital Stock of such Affiliate is directly or indirectly owned
by either (I) such Person set forth in clause (x) or (II) a parent entity that also owns, directly or indirectly,
all of the Capital Stock of such Person set forth in clause (x) and (2) such Affiliate is a securities broker or dealer
registered with the SEC under Section 15 of the Exchange Act.

 

“Regulation S”
means Regulation S promulgated under the Securities Act.

 

“Regulation S Global Note”
means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend, Private Placement Legend
and Regulation S Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued
in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S.

 

“Regulation S Legend”
means the legend set forth in Section 2.06(f)(3), which is required to be placed on all Regulation S Global Notes issued under
this Indenture.

 

    -23-

     

    

 

“Replacement Assets”
means, on any date, property or assets (other than current assets that are not purchased accounts receivable) of a nature or type
or that are used in a Permitted Business (or an Investment in a Permitted Business), which shall include the controlling or majority
equity interest in any Person engaged in a Permitted Business.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust office of the
Trustee designated in Section 12.01 of this Indenture having direct responsibility for the administration of this Indenture,
or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the
particular subject.

 

“Restricted Definitive Note”
means a Definitive Note bearing the Private Placement Legend.

 

“Restricted Global Note”
means a Global Note bearing the Private Placement Legend.

 

“Restricted Investment”
means an Investment other than a Permitted Investment.

 

“Restricted Period”
means the 40-day distribution compliance period as defined in Regulation S.

 

“Restricted Subsidiary”
of a Person means any direct or indirect Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

“Rule 903”
means Rule 903 promulgated under the Securities Act.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act.

 

“S&P” means
S&P Global Ratings, a division of S&P Global, Inc.

 

“Screened Affiliate”
means any Affiliate of a Holder of the Notes (i) that makes investment decisions independently from such Holder of the Notes
and any other Affiliate of such Holder of the Notes that is not a Screened Affiliate, (ii) that has in place customary information
screens between it and such Holder of the Notes and any other Affiliate of such Holder of the Notes that is not a Screened Affiliate
and such screens prohibit the sharing of information with respect to the Company or its Subsidiaries, (iii) whose investment
policies are not directed by such Holder of the Notes or any other Affiliate of such Holder of the Notes that is acting in concert
with such Holder of the Notes in connection with its investment in the Notes, and (iv) whose investment decisions are not
influenced by the investment decisions of such Holder of the Notes or any other Affiliate of such Holder of the Notes that is acting
in concert with such Holders of the Notes in connection with its investment in the Notes.

 

“SEC” means the
Securities and Exchange Commission.

 

“Secured Indebtedness”
means as of any date of determination, for the Company and its Restricted Subsidiaries on a consolidated basis, all Consolidated
Funded Indebtedness as of such date that is secured by a Lien on any assets of the Company or any of its Restricted Subsidiaries.

 

“Secured Leverage Ratio”
means, as of any date of determination, the ratio of (a) (i) Secured Indebtedness as of such date minus (ii) all
Unrestricted Cash and Cash Equivalents as of such date, to (b) Consolidated EBITDA for the most recently completed Measurement
Period.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Short Derivative Instrument”
means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under
which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases,
and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.

 

    -24-

     

    

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation
S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.

 

“Specified Disposition”
means any Asset Sale having gross sales proceeds in excess of $35.0 million.

 

“Specified Transaction”
means any Investment, disposition, incurrence or repayment of Indebtedness, Restricted Payment or Subsidiary designation that by
the terms of this Indenture requires a test to be calculated on a “pro forma basis” or after giving “pro forma
effect.”

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing such Indebtedness, and shall not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment
thereof.

 

“Subsidiary” means,
with respect to any specified Person:

 

(1)            any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association
or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and

 

(2)            any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

“Swap Termination Value”
means, in respect of any one or more Hedge Agreement, after taking into account the effect of any legally enforceable netting agreement
relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination
value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced
in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements.

 

“Synthetic Debt”
means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions
entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest transactions
that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or as a
liability on the consolidated balance sheet of such Person and its Restricted Subsidiaries in accordance with GAAP.

 

“Synthetic Lease Obligation”
means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an
agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating obligations
that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized
as the indebtedness of such Person (without regard to accounting treatment).

 

“TIA” means the
Trust Indenture Act of 1939, as amended (15 U.S.C. § § 77aaa 77bbbb).

 

“Total Assets”
means, as of any date of determination, the total assets of the Company and its Restricted Subsidiaries on a consolidated basis,
as shown on the most recent balance sheet of the Company and its Restricted Subsidiaries prepared in accordance with GAAP, after
giving pro forma effect to any transaction giving rise to the need to make such calculation (including a pro forma application
of the use of proceeds therefrom) on such date.

 

    -25-

     

    

 

“Total Leverage Ratio”
as of any date of determination, the ratio of (a) (i) Consolidated Funded Indebtedness as of such date minus
(ii) all Unrestricted Cash and Cash Equivalents as of such date, to (b) Consolidated EBITDA for the most recently completed
Measurement Period.

 

“Transactions”
means, collectively, the execution and delivery of this Indenture and related documentation, the issuance of the Notes offered
hereby, the use of the proceeds thereof and the payment of fees, commissions and expenses in connection with the foregoing.

 

“Treasury Rate”
means, as of any date of determination, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently
completed week for which such information is available as of the date that is two Business Days prior to the redemption date) of
the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15 as of the applicable day during such week (or, if such Statistical
Release is no longer published, any publicly available source for similar market data)) most nearly equal to the period from the
redemption date to August 15, 2023; provided, however, that if the period from the redemption date to August 15,
2023, is not equal to the constant maturity of a United States Treasury security for which such yield is given, the Treasury Rate
will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United
States Treasury securities for which such yields are given, except that if the period from the redemption date to August 15,
2023, is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant
maturity of one year will be used. In each case, the Company or its agent shall obtain the Treasury Rate.

 

“Trustee” means
the party named as such in the preamble to this Indenture until a successor replaces it in accordance with the applicable provisions
of this Indenture and thereafter means the successor serving hereunder.

 

“Unrestricted Cash and Cash
Equivalents” means, as of any date of determination, 100% of all cash and Cash Equivalents held by the Company and
its Restricted Subsidiaries in deposit accounts or securities accounts that are unrestricted and not subject to any Lien (other
than a Lien securing the Obligations under the Credit Agreement or a Lien pursuant to clause (4) of the definition of “Permitted
Liens”).

 

“Unrestricted Definitive Note”
means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Global Note”
means a Global Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Subsidiary”
means any Subsidiary of the Company (and any Subsidiary of such Subsidiary) that is designated by the Board of Directors of the
Company as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary:

 

(1)            has
no Indebtedness other than Non-Recourse Debt;

 

(2)            except
as permitted by Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding with the Company
or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are
no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are
not Affiliates of the Company;

 

(3)            is
a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation
(a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition
or to cause such Person to achieve any specified levels of operating results; and

 

    -26-

     

    

 

(4)            has
not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted
Subsidiaries (other than through the pledge of Equity Interests in such Unrestricted Subsidiary).

 

“U.S. Person”
means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1)            the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number
of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by

 

(2)            the
then outstanding principal amount of such Indebtedness.

 

Section 1.02           Other
Definitions.

 

	Term	 	Defined in

 Section	 
	“Acceptable Commitment”	 	 	4.10	 
	“Affiliate Transaction”	 	 	4.11	 
	“Applicable Law”	 	 	12.17	 
	“Asset Sale Offer”	 	 	3.09	 
	“Authentication Order”	 	 	2.02	 
	“Change of Control Offer”	 	 	4.15	 
	“Change of Control Payment”	 	 	4.15	 
	“Change of Control Payment Date”	 	 	4.15	 
	“Covenant Defeasance”	 	 	8.03	 
	“Covenant Suspension Event”	 	 	4.20	 
	“Cumulative Credit”	 	 	4.07	 
	“Directing Holder”	 	 	6.01	 
	“DTC”	 	 	2.03	 
	“Event of Default”	 	 	6.01	 
	“Excess Proceeds”	 	 	4.10	 
	“Fixed Amounts”	 	 	4.13	 
	“Foreign Disposition”	 	 	4.10	 
	“incur”	 	 	4.09	 
	“Incurrence Based Amounts”	 	 	4.13	 
	“Legal Defeasance”	 	 	8.02	 
	“Noteholder Direction”	 	 	6.01	 
	“Offer Amount”	 	 	3.09	 
	“Offer Period”	 	 	3.09	 
	“Paying Agent”	 	 	2.03	 
	“Payment Default”	 	 	6.01	 
	“Permitted Debt”	 	 	4.09	 
	“Position Representation”	 	 	6.01	 
	“Purchase Date”	 	 	3.08	 
	“Registrar”	 	 	3.09	 
	“Restricted Payments”	 	 	2.03	 
	“Reversion Date”	 	 	4.07	 
	“Surviving Entity”	 	 	4.20	 
	“Suspended Covenants”	 	 	5.01	 
	“Suspension Period”	 	 	4.20	 
	“Verification Covenant”	 	 	6.01	 

 

    -27-

     

    

 

Section 1.03           Rules of
Construction.

 

Unless the context otherwise requires:

 

(a)            a
term has the meaning assigned to it;

 

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

 

(c)            “or”
is not exclusive;

 

(d)            “including”
means “including without limitation”;

 

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

 

(f)            “will”
shall be interpreted to express a command;

 

(g)            provisions
apply to successive events and transactions;

 

(h)            references
to sections of or rules under the Securities Act or the Exchange Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the SEC from time to time;

 

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

 

(j)            unsecured
Indebtedness will not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured
Indebtedness; and

 

(k)            all
references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless otherwise
indicated.

 

Section 1.04           Certain
Calculations under this Indenture.

 

(a)            Notwithstanding
anything to the contrary in this Indenture, unless the context otherwise requires, for purposes of determining compliance with
any test contained in this Indenture with respect to any period during which any Specified Transactions occur or, subsequent to
such period and prior to or simultaneously with the event for which the calculation is made, the Total Leverage Ratio, the Secured
Leverage Ratio and Consolidated EBITDA and any other financial calculation shall be calculated with respect to such period and
such Specified Transactions on a “pro forma basis” and shall be calculated for the applicable period of measurement
based on the most recently completed period of four consecutive fiscal quarters for which internal financial statements are available
immediately preceding the date of such event; provided, that for the avoidance of doubt, the amount of Consolidated Net Income
available for Restricted Payments under Section 4.07, Consolidated Net Income shall not be calculated on a “pro forma
basis”.

 

(b)            For
all purposes under this Indenture, with respect to compliance with any test for an applicable period of measurement that is calculated
on a “pro forma basis” or after giving “pro forma effect”, (A) to the extent applicable, the Pro Forma
Adjustment shall have been made and (B) all Specified Transactions and the following transactions in connection therewith
that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with
the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement
(as of the last date in the case of a balance sheet item) in such test: (a) income statement items (whether positive or negative)
attributable to the property or Person subject to such Specified Transaction, (i) in the case of a disposition of all or substantially
all Equity Interests in any Restricted Subsidiary of the Company or any asset of the Company or any of its Restricted Subsidiaries,
shall be excluded, and (ii) in the case of a Permitted Acquisition or Investment described in the definition of “Specified
Transaction,” shall be included, (b) any retirement of Indebtedness, and (c) any Indebtedness incurred by the Company
or any of its Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have
an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is
or would be in effect with respect to such Indebtedness as at the relevant date of determination; provided that, (1) without
limiting the application of the Pro Forma Adjustment pursuant to clause (A) above, the foregoing pro forma adjustments may
be applied to any such test solely to the extent that such adjustments are consistent with the definition of “Consolidated
EBITDA” and give effect to events (including cost savings, synergies and operating expense reductions) that are (as determined
by the Company in good faith) (i) (x) directly attributable to such transaction, (y) expected to have a continuing
impact on the Company and its Restricted Subsidiaries and (z) factually supportable or (ii) otherwise consistent with
the definition of “Pro Forma Adjustment” and (2) in connection with any Specified Transaction that is the incurrence
of Indebtedness in respect of which compliance with any specified leverage ratio test is by the terms of this Indenture required
to be calculated on a pro forma basis, the proceeds of such Indebtedness shall not be netted from Indebtedness in the calculation
of the applicable leverage ratio test.

 

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(c)            Notwithstanding
anything to the contrary in this Indenture:

 

(1)       with
respect to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of the same section of
this Indenture that does not require compliance with a financial ratio or test (including, without limitation, any Total Leverage
Ratio test or any Secured Leverage Ratio test) (any such amounts, the “Fixed Amounts”)
substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of
the same section of this Indenture that requires compliance with any such financial ratio or test (any such amounts, the “Incurrence
Based Amounts”), it is understood and agreed that, for purposes of this Indenture, the Fixed Amounts under
such section and any substantially concurrent borrowings under the revolving credit facility under the Credit Agreement (and any
cash proceeds thereof) shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence Based
Amounts in connection with such substantially concurrent incurrence; and

 

(2)       for
the purposes of calculating any leverage ratio in this Indenture, any amount in a currency other than U.S. dollars will be converted
to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior
to the date of determination determined in a manner consistent with that used in calculating Consolidated EBITDA for the applicable
period.

 

(d)            The
Trustee shall have no responsibility whatsoever for any calculations under this Indenture.

 

ARTICLE II

THE NOTES

 

Section 2.01            Form and
Dating.

 

(a)            General.
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The
Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the
date of its authentication. The Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof.

 

The terms and provisions contained in the
Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However,
to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture
shall govern and be controlling.

 

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(b)            Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend
thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive
form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes
from time to time endorsed thereon and that the aggregate principal 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 aggregate principal amount of outstanding Notes represented thereby will be made
by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as
required by Section 2.06.

 

(c)            Euroclear
and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S
Global Note that are held by Participants through Euroclear or Clearstream.

 

Section 2.02            Execution
and Authentication.

 

At least one Officer must sign the Notes
for the Company by manual or facsimile signature.

 

If an Officer whose signature is on a Note
no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be valid until authenticated
by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this
Indenture.

 

The aggregate principal amount of Notes
which may be authenticated under this Indenture is unlimited. The Company may, subject to Article IV of this Indenture and
applicable law, issue Additional Notes under this Indenture. The Notes issued on the Issue Date and any Additional Notes subsequently
issued will be treated as a single class for all purposes under this Indenture. Furthermore, in the case of Additional Notes having
the same “CUSIP” number as the Notes issued on the date hereof, such Additional Notes will be fungible with all other
Notes for U.S. federal income tax purposes. At any time and from time to time after the execution of this Indenture, the Trustee
will, upon receipt of a written order of the Company signed by at least one Officer of the Company (an “Authentication
Order”) and an Opinion of Counsel, authenticate Notes for (a) original issue in an aggregate principal amount
specified in such Authentication Order and (b) Additional Notes in such amounts as may be specified from time to time without
limit, so long as such issuance is permitted under Article IV of this Indenture and applicable law. The Authentication Order
will specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated.

 

The Trustee may appoint an authenticating
agent reasonably acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee
may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with Holders or the Company or an Affiliate of the Company.

 

Section 2.03            Registrar
and Paying Agent.

 

The Company will maintain an office or agency
where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office
or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register
of the Notes and of their transfer and exchange.

 

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The Company may appoint one or more co-registrars
and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder.
The Company will promptly notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If
the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company
or any of its Subsidiaries may act as Paying Agent or Registrar.

 

The Company initially appoints The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. Neither the Trustee nor
any Agent shall have responsibility for any actions taken or not taken by DTC or any other Depositary.

 

The Company initially appoints the Trustee,
and the Trustee hereby agrees, to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.
The Company has entered into a letter of representations with DTC in the form provided by DTC and the Trustee and each Agent are
hereby authorized to act in accordance with such letter and Applicable Procedures.

 

The Company will be responsible for making
calculations called for under the Notes, including determination of redemption price, premium, if any, and any additional amounts
or other amounts payable on the Notes. The Company will make the calculations in good faith and provide a schedule of its calculations
to the Trustee when requested by the Trustee, and the Trustee is entitled to rely conclusively on the accuracy of the Company’s
calculations without independent verification.

 

Section 2.04          Paying
Agent to Hold Money in Trust.

 

The Company will require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all
money held by the Paying Agent for the payment of principal or premium, if any, or interest on the Notes, and will promptly notify
the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require
a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will
have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate
trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings
relating to the Company, the Trustee will serve as Paying Agent for the Notes.

 

Section 2.05          Holder
Lists.

 

The Trustee will preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee
is not the Registrar, the Company will furnish to the Trustee at least seven 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 the Holders of Notes.

 

Section 2.06          Transfer
and Exchange.

 

(a)            Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchangeable for Definitive
Notes if:

 

(1)           the
Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 90 days after the date of such notice from the Depositary;

 

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(2)           the
Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes
and delivers a written notice to such effect to the Trustee; or

 

(3)           there
has occurred and is continuing a Default or Event of Default with respect to the Notes.

 

Upon the occurrence of either of the preceding
events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee,
and upon the occurrence of the preceding events in (3) above, Definitive Notes shall be issued in exchange for beneficial
interests in a Global Note upon request therefor by the Depositary acting upon instruction of the holder of such beneficial interest
in such Global Note. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10.
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06
or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may
not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global
Note may be transferred and exchanged as provided in Section 2.06(b) or (c). In connection with any proposed exchange
of a Global Note for a Definitive Note, the Company shall provide or cause to be provided to the Trustee all information reasonably
requested by the Trustee that is necessary to allow the Trustee to comply with any applicable tax reporting obligations. The Trustee
may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

(b)            Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the
extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with
either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as
applicable:

 

(1)           Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than the Initial Purchasers). Beneficial interests in any Unrestricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

(2)           All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to
the Registrar either:

 

(A)            both:

 

(i)            a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(ii)            instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

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(B)            both:

 

(i)            a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(ii)            instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above.

 

Upon satisfaction of all of the requirements for transfer
or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the
Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g).

 

(3)            Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)            if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)            if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)            if
the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof, if applicable.

 

If any such transfer is effected at a time when an
IAI Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.02, the Trustee shall authenticate one or more IAI Global Notes in an aggregate principal amount equal to the aggregate
principal amount of beneficial interests transferred pursuant to this subparagraph.

 

(4)            Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A
beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives
the following:

 

(A)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications
in item (1)(a) thereof; or

 

(B)            if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder
in the form of Exhibit B hereto, including the certifications in item (4) thereof; and, in each such case set forth in this subparagraph
(4), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

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If any such transfer is effected pursuant
to subparagraph (4) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant
to subparagraph (4) above.

 

Beneficial interests in an Unrestricted
Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Note.

 

(c)            Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(1)           Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the
following documentation:

 

(A)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;

 

(B)            if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)            if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)            if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act
in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof;

 

(E)            if
such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (A) through (B) above, a certificate to the
effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof,
if applicable;

 

(F)            if
such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(G)            if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the aggregate principal amount
of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Company shall execute and the
Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal
amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee
shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange
for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement
Legend and shall be subject to all restrictions on transfer contained therein.

 

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(2)            Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global
Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the following:

 

(A)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof;
or

 

(B)            if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(3)            Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2),
the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g),
and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive
Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The
Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend.

 

(d)            Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

(1)            Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes
to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to
a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the
Registrar of the following documentation:

 

(A)            if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

    -35-

     

    

 

(B)            if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)            if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)            if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3) (a) thereof;

 

(E)            if
such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable;

 

(F)            if
such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(G)            if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee will cancel the Restricted Definitive
Note and increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation
S Global Note, and in all other cases, the IAI Global Note.

 

If any transfer to an IAI Global
Note is effected at a time when an IAI Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02, the Trustee shall authenticate one or more IAI Global Notes in an aggregate principal
amount equal to the aggregate principal amount of the Restricted Definitive Note transferred pursuant to this subparagraph.

 

(2)            Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:

 

(A)            if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or

 

(B)            if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of
a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and, in each such case set forth in this paragraph
(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

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Upon satisfaction of the conditions
of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause
to be increased the aggregate principal amount of the Unrestricted Global Note.

 

(3)            Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased
the aggregate principal amount of one of the Unrestricted Global Notes.

 

If any such exchange or transfer
from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(B) or (3) above at a time when
an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance
with Section 2.02, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal
to the principal amount of Definitive Notes so transferred.

 

(e)          Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive
Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

(1)            Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the
name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)            if
the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

 

(B)            if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)            if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(2)            Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an
Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive
Note if the Registrar receives the following:

 

(A)            if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(B)            if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications
in item (4) thereof;

 

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and, in each such case set forth in this subparagraph
(2), if the Registrar so requests, an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act.

 

(3)            Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer,
the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

(f)            Legends.
The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture.

 

(1)            Private
Placement Legend.

 

(A)            Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor
or substitution thereof) shall bear the legend in substantially the following form:

 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, SUCH REGISTRATION.

 

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE
CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF
AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT,
TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING
OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER SUCH INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF
$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION
OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY
TO EACH OF THEM. THIS LEGEND SHALL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.”

 

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(B)           Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d) (2), (d)(3),
(e)(2), or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear
the Private Placement Legend.

 

(2)            Global
Note Legend. Each Global Note will bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“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 SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE 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.”

 

(3)            Regulation
S Legend. Each Regulation S Global Note will bear a legend in substantially the following form:

 

“BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF
REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”

 

    -39-

     

    

 

(g)            Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time prior
to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented
by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such increase.

 

(h)            General
Provisions Relating to Transfers and Exchanges.

 

(1)           To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

 

(2)           No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company and the Trustee may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable
upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05).

 

(3)           The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

 

(4)           All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will
be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(5)           Neither
the Registrar nor the Company will be required:

 

(A)            to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before
the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection;

 

(B)            to
register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part; or

 

(C)            to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 

(6)            Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by
notice to the contrary.

 

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(7)            The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

(8)            All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile or PDF.

 

(9)            Neither
the Trustee nor the Registrar shall have any duty to monitor the Company’s compliance with or have any responsibility with
respect to the Company’s compliance with any federal or state securities laws in connection with registrations of transfers
and exchanges of the Notes. The Trustee shall have no 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 Notes (including any transfers between or among the Depository’s participants or beneficial owners of interests in
any Global Note) other than to require delivery of such certificates and other documentation, as is expressly required by, and
to do so if and when expressly required by, the terms of this Indenture or the Notes and to examine the same to determine substantial
compliance as to form with the express requirements hereof.

 

Section 2.07           Replacement
Notes.

 

If any mutilated Note is surrendered to
the Trustee or either the Company or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any
Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if
the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the
Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company and the Trustee may charge for
its expenses in replacing a Note.

 

Every replacement Note issued in accordance
with this Section 2.07 is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture
equally and proportionately with all other Notes duly issued hereunder.

 

Section 2.08           Outstanding
Notes.

 

The Notes outstanding at any time are all
the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this
Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall
not be deemed to be outstanding for purposes of Section 3.07(a).

 

If a Note is replaced pursuant to Section 2.07,
it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected
purchaser for value.

 

If the principal amount of any Note is considered
paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than the Company,
a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable
on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

 

Section 2.09            Treasury
Notes.

 

In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any Guarantor,
or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows
are so owned will be so disregarded.

 

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Section 2.10          Temporary
Notes.

 

Until certificates representing Notes are
ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary
Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers
appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will
prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes.

 

Holders of temporary Notes will be entitled
to all of the benefits of this Indenture.

 

Section 2.11           Cancellation.

 

The Company at any time may deliver Notes
to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration
of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and will dispose of canceled Notes in its customary manner. Certification of the disposition
of all canceled Notes will be delivered to the Company upon its written request therefor. The Company may not issue new Notes to
replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

 

Section 2.12           Defaulted
Interest.

 

If the Company defaults in a payment of
interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable
on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided
in the Notes and in Section 4.01. The Company will notify the Trustee in writing of the amount of defaulted interest proposed
to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record
date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date
for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the
Company, the Trustee in the name and at the expense of the Company) will send or cause to be sent to Holders a notice that states
the special record date, the related payment date and the amount of such interest to be paid.

 

Section 2.13           CUSIP, ISIN
and Common Code Numbers.

 

The Company in issuing the Notes may use
“CUSIP” numbers, ISINs and “Common Code” numbers (in each case, if then generally in use) and, if
so, the Trustee will use “CUSIP” numbers, ISINs and “Common Code” numbers in notices as a convenience
to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice and that reliance may be placed only on the other identification numbers
printed on the Notes, and any such notice will not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee in writing of any change in the “CUSIP” numbers, ISINs and “Common Code” numbers
applicable to the Notes.

 

ARTICLE III

REDEMPTION AND PREPAYMENT

 

Section 3.01           Notices
to Trustee.

 

If the Company elects to redeem Notes pursuant
to the optional redemption provisions of Section 3.07, it must furnish to the Trustee, at least 15 days but not more than
60 days before a redemption date, an Officer’s Certificate setting forth:

 

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(1)            the
clause of this Indenture pursuant to which the redemption shall occur;

 

(2)            the
redemption date;

 

(3)            the
principal amount of Notes to be redeemed;

 

(4)            that
the redemption complies with any applicable covenants or conditions precedent set forth in this Indenture; and

 

(5)            the
redemption price. If the redemption price is not known at the time such Officer’s Certificate is to be given, the actual
redemption price calculated as described in the terms of the Notes will be set forth in an Officer’s Certificate delivered
to the Trustee no later than two Business Days prior to the redemption date.

 

Section 3.02           Selection
of Notes to Be Redeemed or Purchased.

 

If less than all of the Notes are to be
redeemed or purchased in an offer to purchase at any time, Notes for redemption or purchase will be selected on a pro rata basis
or by such method as the Trustee deems fair and appropriate (or, in the case of Global Notes, beneficial interests in such Notes
may be selected for redemption by the applicable clearing system in accordance with customary procedures), in whole multiples of
$1,000.

 

In the event of partial redemption or purchase
of certificated Notes, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not
less than 15 days nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not
previously called for redemption or purchase.

 

The Trustee will promptly notify the Company
in writing of the certificated Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption
or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts
of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased,
the entire outstanding amount of Notes held by such Holder, even if not in the amount of $2,000 or a whole multiple of $1,000 in
excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that
apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

 

Section 3.03           Notice
of Redemption.

 

Subject to the provisions of Section 3.09,
at least 15 days but not more than 60 days before a redemption date, the Company will send or cause to be sent a notice of redemption
to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60
days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge
of this Indenture pursuant to Articles VIII or XI hereof.

 

The notice will identify the Notes to be
redeemed and will state:

 

(1)            the
redemption date;

 

(2)            the
redemption price;

 

(3)            if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption
date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued in the
name of the Holder of Notes upon cancellation of the original Note (or through book entry transfer);

 

(4)            the
name and address of the Paying Agent;

 

    -43-

     

    

 

(5)            that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)            that,
unless the Company defaults in making such redemption payment or any conditions precedent are not satisfied, interest on Notes
called for redemption ceases to accrue on and after the redemption date;

 

(7)            the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;

 

(8)            any
conditions precedent to such redemption described in reasonable detail; and

 

(9)            that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Notes.

 

At the Company’s request, the Trustee
will give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company
has delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter period shall be satisfactory to the
Trustee), an Officer’s Certificate requesting that the Trustee give such notice together with the notice to be given setting
forth the information to be stated in such notice as provided in the preceding paragraph.

 

Section 3.04           Effect
of Notice of Redemption.

 

Once notice of redemption is sent in accordance
with Section 3.03, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption
price, subject to any applicable conditions stated therein.

 

Notices of any redemption of the Notes may
be subject to the satisfaction of one or more conditions precedent established by the Company, in its sole discretion. If applicable,
such notice shall state that, at the discretion of the Company, the redemption date may be delayed until such time as any or all
such conditions have been satisfied (or waived). In addition, the Company may provide in any such notice that payment of the redemption
price and the performance of its obligations with respect to such redemption may not be performed by another Person. The Company
will provide written notice to the Trustee prior to the close of business three Business Days prior to the redemption date (or
such shorter period as may be acceptable to the Trustee) if any such redemption has been rescinded or delayed, and upon receipt
the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given.

 

Section 3.05           Deposit
of Redemption or Purchase Price.

 

One Business Day prior to the redemption
or purchase date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or
purchase price, as applicable, of and accrued and unpaid interest on all Notes to be redeemed or purchased on that date. The Trustee
or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company
in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on, all Notes to
be redeemed or purchased.

 

If the Company complies with the provisions
of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions
of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior
to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note
was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon
surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall
be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on
any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01.

 

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Section 3.06           Notes
Redeemed or Purchased in Part.

 

Upon surrender of a Note that is redeemed
or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will transfer by book entry
or authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered.

 

Section 3.07           Optional
Redemption.

 

(a)           At
any time prior to August 15, 2023, the Company may on any one or more occasions redeem up to 40% of the aggregate principal
amount of Notes issued under this Indenture upon not less than 15 days nor more than 60 days prior notice at a redemption price
of 103.875% of the principal amount thereof, plus accrued and unpaid interest, if any, on the Notes to be redeemed to, but
excluding, the redemption date, subject to the rights of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date, with the net cash proceeds of one or more Equity Offerings of the Company; provided that:

 

(1)            at
least 60% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the Company
and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

 

(2)            the
redemption occurs within 180 days of the date of the closing of Equity Offering.

 

(b)           Any
redemption or notice of any redemption with the proceeds of an Equity Offering pursuant to Section 3.07(a) may, at the
Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of such Equity
Offering and may be given prior to the completion thereof.

 

(c)           At
any time prior to August 15, 2023, the Company may redeem all or a part of the notes upon notice as described in Section 3.03
at a redemption price equal to 100% of the principal amount of the notes redeemed plus the Applicable Premium as of, and
accrued and unpaid interest, if any, to, but excluding the date of redemption, subject to the rights of holders of record on the
relevant record date to receive interest due on the relevant interest payment date. Calculation of the Applicable Premium will
be made by the Company or on its behalf by such Person as the Company may designate; provided that such calculation or the
correctness thereof shall not be a duty or obligation of the Trustee.

 

(d)           Except
pursuant to paragraphs (a), (b) and (c) of this Section 3.07, the Notes will not be redeemable at the Company’s
option prior to August 15, 2023.

 

(e)           On
or after August 15, 2023, the Company may redeem all or a part of the Notes upon not less than 15 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid
interest, if any, on the Notes redeemed, to, but excluding, the applicable redemption date, if redeemed during the twelve-month
period beginning on August 15 of the years indicated below, subject to the rights of Holders of Notes on the relevant record
date to receive interest on the relevant interest payment date:

 

	Year	 	Percentage	 
	2023	 	 	101.938	%
	2024	 	 	100.969	%
	2025 and thereafter	 	 	100.000	%

 

Unless the Company defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on and after the
applicable redemption date.

 

(f)           Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06. For the avoidance
of doubt, the Company may at any time and from time to time purchase the Notes in the open market or otherwise.

 

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Section 3.08           Mandatory
Redemption.

 

The Company is not required to make mandatory
redemption or sinking fund payments with respect to the Notes, other than as set forth in Section 3.10.

 

Section 3.09           Offer
to Purchase by Application of Excess Proceeds.

 

In the event that, pursuant to Section 4.10
hereof, the Company is required to commence an Asset Sale Offer, it will follow the procedures specified below.

 

The Asset Sale Offer shall be made to all
Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set
forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer
will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except
to the extent that a longer period is required by applicable law (the “Offer Period”). No later than
three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will
apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu
Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and
other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner
as interest payments are made.

 

If the Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid to the Person
in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to
Holders who tender Notes pursuant to the Asset Sale Offer.

 

Upon the commencement of an Asset Sale Offer,
the Company will deliver a notice to the Trustee and each of the Holders. The notice will contain all instructions and materials
necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the
Asset Sale Offer, will state:

 

(1)            that
the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 and the length of time the Asset Sale
Offer will remain open;

 

(2)            the
Offer Amount, the purchase price and the Purchase Date;

 

(3)            that
any Note not tendered or accepted for payment will continue to accrue interest;

 

(4)            that,
unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease to
accrue interest on and after the Purchase Date;

 

(5)            that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in whole multiples
of $1,000 only;

 

(6)            that
Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three
days before the Purchase Date;

 

(7)            that
Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives,
not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the
principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to
have such Note purchased;

 

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(8)            that,
if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by holders thereof exceeds the
Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis
based on the principal amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as may
be deemed appropriate by the Company so that only Notes in minimum denominations of $2,000, or whole multiples of $1,000 in excess
thereof, will be purchased); and

 

(9)            that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered (or transferred by book-entry transfer).

 

On or before the Purchase Date, the Company
will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or
portions thereof properly tendered and not withdrawn pursuant to the Asset Sale Offer, or if less than the Offer Amount has been
properly tendered and not withdrawn, all Notes properly tendered and not withdrawn, and will deliver or cause to be delivered to
the Trustee the Notes properly accepted together with an Officer’s Certificate stating that such Notes or portions thereof
were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or
the Paying Agent, as the case may be, will promptly (but in any case not later than five Business Days after the Purchase Date)
deliver to each Holder of the Notes properly tendered and not withdrawn an amount equal to the purchase price of the Notes tendered
by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon
receipt of an Authentication Order from the Company, will authenticate and deliver (or cause to be transferred by book entry) such
new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted
shall be promptly delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale
Offer on the Purchase Date.

 

Other than as specifically provided in this
Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through
3.06.

 

ARTICLE IV

COVENANTS

 

Section 4.01           Payment
of Notes.

 

The Company will pay or cause to be paid
the principal of, premium, if any, and interest, if any, on, the Notes on the dates and in the manner provided in the Notes. Principal
and premium, if any, and interest, if any, will be considered paid on the date due if the Paying Agent, if other than the Company
or a Subsidiary thereof, holds as of 10:00 a.m.  Eastern Time on the due date money deposited by the Company in immediately
available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.

 

The Company will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess
of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period)
at the same rate to the extent lawful.

 

Section 4.02          Maintenance
of Office or Agency.

 

The Company will maintain an office or agency
in the continental United States (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar)
where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company
in respect of the Notes 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 fails to maintain any such required office
or agency or fails 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.

 

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The Company may also from time to time designate
one or more other offices or agencies where the Notes 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 will in any manner relieve
the Company of its obligation to maintain an office or agency in the continental United States 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.

 

The Company hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03, provided, that such office shall not serve as an office of the Company for purposes of service of legal process on the Company.

 

Section 4.03           Reports.

 

(a)          Whether
or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to
the Trustee and, upon request, the Holders of Notes, within the time periods specified in the SEC’s rules and regulations
(after giving effect to any extension or deferral period permitted by the SEC from time to time):

 

(1)            all
quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required
to file such reports; and

 

(2)            all
current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

 

All such reports will be prepared in all
material respects in accordance with all of the rules and regulations applicable to such reports based on the Company’s
status as an “accelerated filer” or “large accelerated filer” (each as defined in Rule 12b-2 under
the Exchange Act) or as a “non-accelerated filer” (as used in Rule 12b-2 under the Exchange Act), as the case
may be, under the SEC’s rules and regulations. Each annual report on Form 10-K will include a report on the Company’s
consolidated financial statements by the Company’s certified independent accountants. In addition, the Company will file
a copy of each of the reports referred to in clauses (1) and (2) above with the SEC for public availability within the
time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing)
and will post the reports on its website as soon as practicable thereafter.

 

If, at any time, the Company is no longer
subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless continue filing
the reports specified in this Section 4.03(a) with the SEC within the time periods specified above unless the SEC will
not accept such a filing. The Company will not take any action for the purpose of causing the SEC not to accept any such filings.
If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the
reports referred to in this Section 4.03(a) on its website within the time periods that would apply if the Company were
required to file those reports with the SEC.

 

(b)            If
the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information
required by Section 4.03(a) will include a reasonably detailed presentation, either on the face of the financial statements
or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of Operations,
of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial
condition and results of operations of the Unrestricted Subsidiaries of the Company.

 

(c)            For
so long as any Notes remain outstanding, if at any time they are not required to file with the SEC the reports required by paragraphs
(a) and (b) of this Section 4.03, the Company and the Guarantors will furnish to the Holders of Notes and to securities
analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act.

 

(d)            Notwithstanding
the foregoing, the Company will be deemed to have delivered such reports and information referred to above to the Holders and the
Trustee for all purposes of this Indenture if the Company has filed such reports with the SEC via the EDGAR filing system (or any
successor system) and such reports are publicly available. In addition, the requirements of this Section 4.03 will be deemed
satisfied and the Company will be deemed to have delivered such reports and information referred to above to the Trustee for all
purposes of this Indenture by the posting of reports and information that would be required to be provided on the Company’s
website.

 

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(e)            Notwithstanding
the foregoing, in the event that any direct or indirect parent of the Company is or becomes a Guarantor of the Notes, the Company
may satisfy its obligations under this Section 4.03 with respect to financial information relating to the Company by furnishing
financial information relating to such direct or indirect parent; provided that the same is accompanied by consolidating
information that explains in reasonable detail the differences between the information relating to such direct or indirect parent
and any of its Subsidiaries other than the Company and its Restricted Subsidiaries, on the one hand, and the information relating
to the Company, the Guarantors and the other Restricted Subsidiaries of the Company on a standalone basis, on the other hand.

 

(f)            Delivery
of reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
reports or other documents, as applicable, shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants under this Indenture (as
to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall not be obligated to monitor
or confirm, on a continuing basis or otherwise, the Company’s or any other Person’s compliance with the covenants described
above or with respect to any reports or other documents filed under this Indenture.

 

Section 4.04           Compliance
Certificate.

 

(a)            The
Company and each Guarantor shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officer’s Certificate
that need not comply with Section 12.04 stating that a review of the activities of the Company and its Subsidiaries during
the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company
has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant
contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions
of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which
he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to his or
her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest,
if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking
or proposes to take with respect thereto.

 

(b)            So
long as any of the Notes are outstanding, the Company will deliver to a Responsible Officer of the Trustee, promptly upon any Officer
becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and
what action the Company is taking or proposes to take with respect thereto.

 

Section 4.05           Taxes.

 

The Company will pay, and will cause each
of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested
in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect
to the Holders of the Notes.

 

Section 4.06           Stay,
Extension and Usury Laws.

 

The Company and each of the Guarantors covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that
may affect the covenants or the performance of this Indenture; and the Company and each of 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, by resort
to any such law, 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 has been enacted.

 

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Section 4.07           Restricted
Payments.

 

(a)          The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)            declare
or pay any dividend or make any other payment or distribution (whether in cash, securities or other property) on account of the
Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection
with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders
of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such except dividends
or distributions payable solely in Equity Interests (other than Disqualified Stock) of the Company;

 

(2)            purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation
involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company held by Persons other
than the Company or a Restricted Subsidiary;

 

(3)            make
any payment (whether in cash, securities or other property) on or with respect to, or purchase, redeem, defease or otherwise acquire
or retire for value any Indebtedness of the Company or any Guarantor that is contractually subordinated in right of payment to
the Notes or to any Note Guarantee (excluding any intercompany Indebtedness between or among the Company and any of its Restricted
Subsidiaries), except any purchase, redemption or other acquisition thereof or a payment of interest or principal, in each case,
at the Stated Maturity thereof or in anticipation of the Stated Maturity thereof when due within one year of such redemption, repurchase,
defeasance or other acquisition or retirement; or

 

(4)            make
any Restricted Investment (all such payments and other actions set forth in these clauses (1) through (4) above being
collectively referred to as “Restricted Payments”),

 

unless, at the time of and after giving effect to such Restricted
Payment:

 

(1)            no
Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(2)            the
Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had
been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof; and

 

(3)            such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted
Subsidiaries since the date of this Indenture (excluding Restricted Payments permitted by clauses (2) through (13) of Section 4.07(b)),
is less than the sum, without duplication (the “Cumulative Credit”), of:

 

(A)            the
sum of (i) $50.0 million and (ii) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting
period) from July 1, 2020 to the end of the Company’s most recently ended fiscal quarter for which internal financial
statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit,
less 100% of such deficit); plus

 

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(B)            100%
of the aggregate net cash proceeds and the Fair Market Value of marketable securities or other property received by the Company
since the date of this Indenture as a contribution to its common equity capital or from the issue or sale of Equity Interests (other
than Disqualified Stock) of the Company or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible
or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests other than
Disqualified Stock (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company);
plus

 

(C)            to
the extent that any Restricted Investment made by the Company or any of its Restricted Subsidiaries in any Person after the date
of this Indenture is subsequently sold for cash or otherwise liquidated or repaid for cash (including, without limitation, by repurchase,
repayment or redemption of such Restricted Investment by such Person), the cash return of capital (excluding dividends and distributions)
to the Company or any of its Restricted Subsidiaries with respect to such Restricted Investment (less the cost of disposition,
if any); plus

 

(D)            if
any Unrestricted Subsidiary of the Company (i) is redesignated as a Restricted Subsidiary, or merged or consolidated into
the Company or a Restricted Subsidiary, the Fair Market Value of the Company’s Investment in such Unrestricted Subsidiary
as of the date of such redesignation or (ii) pays any cash dividends or cash distributions to the Company or any of its Restricted
Subsidiaries, 100% of any such cash dividends or cash distributions made after the date of this Indenture.

 

(b)          The
provisions of Section 4.07(a) will not prohibit:

 

(1)            the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
of the dividend or distribution or the giving of a redemption notice, as the case may be, if at the date of declaration or the
giving of a redemption notice, the dividend, distribution or redemption payment would have complied with the provisions of this
Indenture;

 

(2)            the
making of any Restricted Payment in exchange for, or within 60 days out of the net cash proceeds of the sale (other than to a Subsidiary
of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or within 60 days from the contribution of
common equity capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such
Restricted Payment will be excluded from clause (3)(B) of Section 4.07(a) hereof;

 

(3)            the
repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company or any Guarantor
that is contractually subordinated or junior in right of payment to the Notes or to any Note Guarantee, including premium, if any,
and accrued interest, within 60 days with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness;

 

(4)            the
payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) or the making
of any loan or advance by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis;

 

(5)            the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary
of the Company held by any current or former officer, director, employee or consultant of the Company or any of its Restricted
Subsidiaries (or permitted transferees, heirs or estates of such current or former officer, director, employee or consultant) pursuant
to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement, plan or arrangement;
provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not
exceed (a) $3.75 million in any fiscal year (with unused amounts in any fiscal year being carried over to succeeding calendar
years subject to a maximum (without giving effect to clause (b)) of $7.5 million in any fiscal year), plus (b) the
aggregate cash proceeds received by the Company and its Restricted Subsidiaries from any issuance or reissuance of Equity Interests
to directors, officers, employees and consultants and the proceeds of any “key man” life insurance policies; provided,
further, that the cancellation of Indebtedness owing to the Company or its Restricted Subsidiaries from members of management
in connection with such repurchase of Equity Interests will not be deemed to be a Restricted Payment;

 

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(6)            the
repurchase of Equity Interests deemed to occur upon the exercise of stock options, warrants or similar rights to the extent such
Equity Interests represent a portion of the exercise price of those stock options, warrants or similar rights and the sale of common
Equity Interests of the Company or any warrants or options with respect thereto pursuant to any executive compensation or stock
option plan;

 

(7)            cash
payments in lieu of issuance of fractional shares (x) in connection with the exercise of stock options, warrants, other securities
convertible into or exchangeable for the common Equity Interests or similar rights, (y) in connection with any dividend, split
or combination of the Company’s common Equity Interests or any Permitted Acquisition (or similar Permitted Investment) and
(z) to any holder of the Convertible Senior Notes in connection with a conversion of the Convertible Senior Notes into Equity
Interests at the election of such holder pursuant to the terms of the Convertible Senior Notes Indenture;

 

(8)            the
declaration and payment of regularly scheduled or accrued dividends or distributions to holders of any class or series of Disqualified
Stock of the Company or any class or series of preferred stock of any Restricted Subsidiary of the Company issued on or after the
date of this Indenture in accordance with the Fixed Charge Coverage Ratio test described in Section 4.09 hereof;

 

(9)            purchases
of fractional Equity Interests of the Company, (x) for aggregate consideration not to exceed $3.75 million since the date
of this Indenture or (y) arising out of a consolidation, merger or sale of all or substantially all of the properties or assets
of the Company and its Restricted Subsidiaries, taken as a whole, that is permitted pursuant to Section 5.01 hereof;

 

(10)            dividend
payments or other distributions by the Company or its Restricted Subsidiaries payable solely in the common stock or other Qualified
Equity Interests of such Person (including in connection with any stock split, combination or reclassification of common stock
or other Qualified Equity Interests of such Person);

 

(11)            payments
or distributions in an amount determined by judgment or settlement approved by a court of competent jurisdiction, solely in the
nature of satisfaction of dissenting stockholder rights, pursuant to or in connection with a consolidation, merger or transfer
of assets that complies with Section 5.01 hereof;

 

(12)            upon
the occurrence of a Change of Control and within 60 days after completion of the offer to purchase pursuant to the repurchase of
Notes upon a Change of Control covenant in accordance with the terms of this Indenture (including the purchase of all Notes tendered),
any purchase or redemption of Indebtedness of the Company or any Guarantor, that is contractually subordinated or junior in right
of payment to the Notes or to any Note Guarantee, or Disqualified Stock of the Company that is required to be repurchased or redeemed
pursuant to the terms thereof as a result of a Change of Control, at a purchase price not greater than 101% of the outstanding
principal amount thereof (plus accrued and unpaid interest thereon);

 

(13)            other
Restricted Payments in an aggregate amount not to exceed $100.0 million, so long as no Event of Default has occurred and is continuing
or would be caused thereby;

 

(14)            the
declaration and payment of regularly scheduled dividends or distributions on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests in an aggregate annual amount not to exceed $25.0 million in any calendar year (with unused
amounts in any calendar year being carried over to the next succeeding calendar year subject to a maximum of $100.0 million in
any calendar year), so long as no Event of Default has occurred and is continuing or would be caused thereby;

 

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(15)            any
Restricted Payments (in addition to Restricted Payments under the above clauses (1) through (14) or (16) and (17) below),
so long as, after giving pro forma effect to the payment of any such Restricted Payment, the Total Leverage Ratio shall be no greater
than 3.00 to 1.00, so long as no Event of Default has occurred and is continuing or would be caused thereby;

 

(16)            the
sale of Equity Interests of the Company to the extent constituting Qualified Equity Interests;

 

(17)            the
conversion of any Indebtedness (including the Convertible Senior Notes) or other Equity Interests into the common Equity Interests
of the Company from time to time; and

 

(18)            any
payments or deliveries in connection with (a) a Permitted Bond Hedge Transaction or (b) Permitted Warrant Transaction
(i) by delivery of shares of the Company’s Equity Interests (other than Disqualified Stock) or (ii) otherwise,
to the extent of a payment or delivery received from a Permitted Bond Hedge Transaction (whether such payment or delivery on the
Permitted Warrant Transaction is effected by netting, set-off or otherwise).

 

(c)           The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the
asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may
be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by this
Section 4.07 will be determined by the Board of Directors of the Company whose resolution with respect thereto will be delivered
to the Trustee.

 

(d)           For
purposes of determining compliance with this Section 4.07, in the event that a proposed Restricted Payment (or a portion thereof)
meets the criteria of clauses (1) through (18) of Section 4.07(b) or is entitled to be made pursuant to Section 4.07(a),
the Company will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification)
such Restricted Payment (or portion thereof) between such clauses (1) through (18) of Section 4.07(b) and Section 4.07(a) in
a manner that otherwise complies with this Section 4.07.

 

Section 4.08     Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)              pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect
to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any of its
Restricted Subsidiaries;

 

(2)              make
loans or advances to the Company or any of its Restricted Subsidiaries; or

 

(3)              transfer
any of its properties or assets to the Company or any of its Restricted Subsidiaries.

 

(b)           The
restrictions in Section 4.08(a) will not apply to encumbrances or restrictions existing under or by reason of:

 

(1)              agreements
governing Existing Indebtedness and Credit Facilities as in effect on the date of this Indenture and any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that
the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not
materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained
in those agreements on the date of this Indenture;

 

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(2)              this
Indenture, the Notes and the Note Guarantees;

 

(3)              applicable
law, rule, regulation or order (or other governmental approval, license or permit);

 

(4)              any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as
in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with
or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or
assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the
case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

 

(5)              customary
non-assignment provisions or subletting restrictions in leases, contracts and licenses entered into in the ordinary course of business;

 

(6)              purchase
money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that restrict the transfer
of the property purchased or leased;

 

(7)              any
agreement for the sale or other disposition of a Restricted Subsidiary (including, without limitation, the Capital Stock or all
or substantially all of the assets of that Restricted Subsidiary) that restricts distributions by that Restricted Subsidiary pending
the sale or other disposition (which limitation, in the case of a sale or disposition of all or substantially all assets, is applicable
only to the property or assets that are the subject of such agreement);

 

(8)              Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness
being refinanced;

 

(9)              Liens
permitted to be incurred under the provisions of Section 4.12 that limit the right of the debtor to dispose of the assets
subject to such Liens;

 

(10)            provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements, limited liability company organizational documents and other similar agreements entered into
with the approval of the Company’s Board of Directors, which limitation is applicable only to the property or assets that
are the subject of such agreements;

 

(11)            contracts
with customers or leases with lessors entered into in the ordinary course of business that impose customary restrictions on cash,
Cash Equivalents, marketable securities, or other deposits or net worth or transfers of property;

 

(12)            agreements
governing Indebtedness of Foreign Subsidiaries that are Restricted Subsidiaries incurred pursuant to clause (13) of Section 4.09(b) hereof;
provided that the Company determines in good faith that such encumbrances and restrictions (x) will not cause the Company
to not have the funds necessary to pay the principal of or interest on the Notes and (y) are not materially more restrictive,
taken as a whole, than is customary in comparable financings;

 

(13)            agreements
governing Hedging Obligations incurred in the ordinary course of business and permitted to be incurred under the provisions of
Section 4.09 hereof; provided that the Company determines in good faith that such encumbrances and restrictions (x) will
not cause the Company to not have the funds necessary to pay the principal of or interest on the Notes and (y) such restrictions
are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions applicable
to such Restricted Subsidiary than those contained in the agreements covered by clause (1) or (2) of this Section 4.08(b);

 

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(14)            any
instrument governing any Indebtedness or Capital Stock of any Unrestricted Subsidiary as in effect on the date, if any, that such
Unrestricted Subsidiary is redesignated as a Restricted Subsidiary; provided that such encumbrance or restriction is not
applicable to any Person, or to the property or assets of any Person, other than such redesignated Restricted Subsidiary and its
Subsidiaries (immediately prior to such redesignation) and their respective properties and assets;

 

(15)            restrictions
in effect on the Issue Date that are contained in charter documents or shareholder agreements relating to any Restricted Subsidiary;

 

(16)            customary
provisions which prohibit the payment or making of dividends or other distributions other than on a pro rata basis;

 

(17)            restrictions
arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in
the aggregate, (x) detract from the value of property or assets of the Company or any Restricted Subsidiary in any manner
material to the Company or any Restricted Subsidiary or (y) materially affect the Company’s ability to make future principal
or interest payments on the Notes, in each case, as determined in good faith by the Company; and

 

(18)            agreements
governing other Indebtedness permitted to be incurred under Section 4.09 hereof; provided that the Company determines
in good faith that such encumbrances and restrictions (x) will not cause the Company to not have the funds necessary to pay
the principal of or interest on the Notes and (y) such restrictions are not materially more restrictive, taken as a whole,
with respect to such dividend and other payment restrictions applicable to such Restricted Subsidiary than those contained in the
agreements covered by clause (1) or (2) of this Section 4.08(b).

 

Section 4.09     Incurrence
of Indebtedness and Issuance of Preferred Stock.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”)
any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its
Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that the Company may incur Indebtedness
(including Acquired Debt) or issue Disqualified Stock and any Restricted Subsidiary may incur Indebtedness (including Acquired
Debt) or issue preferred stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal
quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness
is incurred or such Disqualified Stock or such preferred stock is issued, as the case may be, would have been at least 2.0 to 1.0,
determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness
had been incurred or the Disqualified Stock or the preferred stock had been issued, as the case may be, at the beginning of such
four-quarter period; provided further that Restricted Subsidiaries that are not Guarantors
may not incur Indebtedness pursuant to this Section 4.09(a) if, after giving pro forma
effect to such incurrence, the aggregate amount of Indebtedness of Restricted Subsidiaries that are not Guarantors incurred
pursuant to this Section 4.09(a) and clauses (1) and (15) of Section 4.09(b) would exceed 100% of Consolidated
EBITDA for the most recent twelve month period immediately prior to the date of such incurrence.

 

(b)           The
provisions of Section 4.09(a) will not prohibit the incurrence of any of the following items of Indebtedness (collectively,
“Permitted Debt”):

 

(1)              the
incurrence by the Company and any Restricted Subsidiary of Indebtedness and letters of credit and bank guarantees under Credit
Facilities in an aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit and
bank guarantees being deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted
Subsidiaries thereunder) not to exceed the greater of (a) $1,330.0 million and (b) an amount such that, on a pro
forma basis after giving effect to the incurrence of such Indebtedness (and the application of the net proceeds therefrom),
the Secured Leverage Ratio would be less than 3.75 to 1.00; provided that for purposes
of determining the amount that may be incurred under clause (1)(b), all Indebtedness incurred under clause (1)(b) shall be
deemed to be Secured Indebtedness; provided further that Restricted Subsidiaries that
are not Guarantors may not incur Indebtedness pursuant to this clause (1) if, after giving pro
forma effect to such incurrence, the aggregate amount of Indebtedness of Restricted Subsidiaries that are not Guarantors
incurred pursuant to this clause (1), Section 4.09(a) and clause (15) of this Section 4.09(b) would exceed
100% of Consolidated EBITDA for the most recent twelve month period immediately prior to the date of such incurrence

 

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(2)              the
incurrence by the Company or any of its Restricted Subsidiaries of the Existing Indebtedness;

 

(3)              the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by: Capital Lease Obligations, mortgage
financings, industrial revenue bonds and purchase money obligations, in each case, incurred for the purpose of financing all or
any part of the purchase price or cost of design, development, construction, installation or improvement of property, plant or
equipment or other assets used or useful in the business of the Company or any of its Restricted Subsidiaries (whether through
the direct purchase of assets or the Capital Stock of any Person owning such assets and whether such Indebtedness is owed to the
seller or Person carrying out such construction or improvement or to any third party) in an aggregate principal amount, including
all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred
pursuant to this clause (3), not to exceed the greater of (x) $100.0 million and (y) 5.0% of Total Assets at any time
outstanding;

 

(4)              the
incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany
Indebtedness) that was permitted by this Indenture to be incurred under Section 4.09(a) or clauses (2), (5), (14) or
(17) of this Section 4.09(b);

 

(5)              the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any
of its Restricted Subsidiaries; provided, however, that:

 

(A)            if
the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness
must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the
case of the Company, or the Note Guarantee, in the case of a Guarantor; and

 

(B)            (B) (i) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the
Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person
that is not either the Company or a Restricted Subsidiary of the Company, will be deemed, in each case, to constitute an incurrence
of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (5);

 

(6)              the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares
of preferred stock; provided, however, that:

 

(A)            any
subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than
the Company or a Restricted Subsidiary of the Company; and

 

(B)             any
sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of the
Company, will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was
not permitted by this clause (6);

 

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(7)              the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business and entered
into for bona fide hedging purposes (and not for speculative purposes) as determined in good faith by the Board of Directors or
senior management of the Company;

 

(8)              the
guarantee by the Company or any of the Guarantors of Indebtedness of the Company or a Restricted Subsidiary of the Company that
was permitted to be incurred by another provision of this Section 4.09; provided that if the Indebtedness being guaranteed
is subordinated to or pari passu with the Notes, then the Guarantee shall be subordinated or pari passu, as applicable,
to the same extent as the Indebtedness guaranteed;

 

(9)              Indebtedness
incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to letters of
credit issued or incurred in the ordinary course of business, including without limitation letters of credit or bank guarantees
in respect of workers’ compensation claims or self-insurance, or other Indebtedness with respect to reimbursement type obligations
regarding workers’ compensation claims or self-insurance;

 

(10)            the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims,
health and other types of social security benefits, unemployment and other self-insurance obligations, property, casualty or liability
insurance or other similar bonds, the financing of insurance premiums in the ordinary course of business, bankers’ acceptances,
performance, surety, judgment, appeal, bid and performance bonds, cash management obligations and netting, overdraft protection
and other similar facilities or arrangements and completion guarantees in the ordinary course of business;

 

(11)            the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness
is covered within five Business Days;

 

(12)            the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from agreements of the Company or any of
its Restricted Subsidiaries providing for indemnification, guarantees, adjustment of purchase price, earn-outs, milestones, deferred
compensation, contingent payment obligations or similar obligations, in each case, incurred in connection with the acquisition
or disposition of any Restricted Subsidiary, business, property or asset;

 

(13)            the
incurrence by Foreign Subsidiaries that are Restricted Subsidiaries of Indebtedness in an aggregate principal amount at any time
outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge
any Indebtedness incurred pursuant to this clause (13), not to exceed the greater of (x) $50 million (or the equivalent thereof,
measured at the time of each incurrence, in applicable foreign currency) and (y) 2.5% of Total Assets;

 

(14)            the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness to the extent the net proceeds thereof are promptly
deposited in trust to defease the Notes or to satisfy and discharge this Indenture, in each case in accordance with the terms of
this Indenture;

 

(15)            Indebtedness
of the Company or any Restricted Subsidiary incurred to finance an acquisition, merger, consolidation or amalgamation, including
all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred
pursuant to this clause (15); provided that on the date of such acquisition, merger, consolidation or amalgamation after
giving pro forma effect thereto as if the same had occurred at the beginning of the applicable four-quarter period, the
Company would either (A) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.09(a) or (B) have a Fixed Charge Coverage Ratio of not less than the Fixed Charge
Coverage Ratio of the Company immediately prior to such acquisition, merger, consolidation or amalgamation; provided
further that Restricted Subsidiaries that are not Guarantors may not incur Indebtedness pursuant to this clause (15)
if, after giving pro forma effect to such incurrence, the aggregate amount of Indebtedness
of Restricted Subsidiaries that are not Guarantors incurred pursuant to this clause (15), Section 4.09(a) and clause
(1) of this Section 4.09(b) would exceed 100% of Consolidated EBITDA for the most recent twelve month period immediately
prior to the date of such incurrence;

 

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(16)            the
incurrence by the Company or any of its Restricted Subsidiaries owed on a short-term basis of not longer than 30 days to banks
and other financial institutions incurred in the ordinary course of business with such banks or financial institutions in connection
with ordinary banking arrangements to manage cash balances of the Company or the Restricted Subsidiaries;

 

(17)            the
incurrence by the Company and the Guarantors of Indebtedness represented by the Notes (not including any Additional Notes) issued
on the Issue Date and the related Notes Guarantees;

 

(18)            Indebtedness
consisting of Acquired Debt of any Person that becomes a Restricted Subsidiary of the Company existing at the time such Person
is acquired by the Company or any Restricted Subsidiary or merged into, amalgamated or consolidated with the Company or a Restricted
Subsidiary in accordance with the terms of this Indenture; provided that, such Acquired Debt (i) is not incurred in
connection with, or in contemplation of, such Person merging into, amalgamating or consolidating with, or becoming a Restricted
Subsidiary of, such Person and (ii) on the date of such acquisition, merger, consolidation or amalgamation after giving pro
forma effect thereto as if the same had occurred at the beginning of the applicable four-quarter period, the Company would either
(A) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth
in Section 4.09(a) or (B) have a Fixed Charge Coverage Ratio of not less than the Fixed Charge Coverage Ratio of
the Company immediately prior to such acquisition, merger, consolidation or amalgamation;

 

(19)            the
incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness, Disqualified Stock or preferred stock
in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing
Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause
(19), not to exceed the greater of (x) $100.0 million and (y) 5.0% of Total Assets;

 

(20)            Indebtedness
of the Company or any of its Restricted Subsidiaries arising in connection with any economic development incentive program or grant
from any State or any subdivision thereof (including any city or county) in connection with the Company’s or such Restricted
Subsidiary’s business development activities in such State or subdivision; provided that
the aggregate principal amount of such Indebtedness outstanding at any time shall not exceed $22.5 million;

 

(21)            unsecured
Indebtedness consisting of promissory notes issued to current or former officers, directors, consultants and employees, their respective
estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Company permitted in Section 4.07;

 

(22)            obligations
of the Company or any Restricted Subsidiary under letters of credit, banker’s acceptances or bank guarantee denominated in
a currency other than U.S. dollars issued for the account of the Company or any of its Restricted Subsidiaries, provided that the
aggregate amount of all such obligations (including the maximum amount to be drawn under all such letters of credit) shall not
exceed $10.0 million at any time outstanding;

 

(23)            Indebtedness
consisting of (i) the financing of insurance premiums payable on insurance policies maintained by the Company or any Restricted
Subsidiary thereof, (ii) take or pay obligations contained in any supply arrangements, in each case, in the ordinary course
of business or (iii) arising from customer deposits and advance payments received from customers for goods purchased in the
ordinary course of business; and

 

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(24)            Indebtedness
representing deferred compensation to employees of the Company and its Subsidiaries incurred in the ordinary course of business.

 

(c)           The
Company will not incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually
subordinated in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually
subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms. For all purposes
of the Notes and this Indenture, subordination will refer to contractual payment subordination and not to structural subordination.
The Notes and this Indenture will not treat (1) unsecured Indebtedness as subordinated or junior to Secured Indebtedness merely
because it is unsecured, (2) unsubordinated Indebtedness as subordinated or junior to any other unsubordinated Indebtedness
merely because it has a junior priority with respect to the same collateral or (3) Indebtedness as subordinated or junior
Indebtedness merely because it is structurally subordinated to other Indebtedness.

 

(d)           For
purposes of determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness, Disqualified
Stock or preferred stock meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through
(24) above, or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Company will be permitted to classify
such item of Indebtedness, Disqualified Stock or preferred stock on the date of its incurrence, or later reclassify all or any
portion of such item of Indebtedness, Disqualified Stock or preferred stock in any manner that complies with this Section 4.09.
Notwithstanding the foregoing, Indebtedness under Credit Facilities that is outstanding on the Issue Date will at all times
be deemed to have been incurred on such date in reliance on the exception provided by clause (1)(a) of the definition of “Permitted
Debt” and may not be reclassified. The accrual of interest, the accretion or amortization of original issue discount, the
payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred
stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form
of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance
of Disqualified Stock for purposes of this Section 4.09; provided, in each such case, that the amount of any such accrual,
accretion or payment is included in Fixed Charges of the Company as accrued. Notwithstanding any other provision of this Section 4.09,
the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.09 shall
not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

 

(e)            For
purposes of determining compliance with this Section 4.09, in the event that the Company or a Restricted Subsidiary incurs
Indebtedness in connection with a Limited Condition Transaction, the date of determination of the Secured Leverage Ratio or the
Total Leverage Ratio, as applicable, shall, at the option of the Company, be:

 

(1)              the
date that a definitive agreement for such acquisition is entered into and the Secured Leverage Ratio or the Total Leverage Ratio,
as applicable, shall be calculated giving pro forma effect to such acquisition and any actions or transactions related thereto
(including acquisitions, Investments, the Incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock and
the use of proceeds thereof) consistent with the definition of the “Secured Leverage Ratio” or the “Total Leverage
Ratio”, as applicable, and, for the avoidance of doubt, (A) if any such ratios are exceeded as a result of fluctuations
in such ratio (including due to fluctuations in the Consolidated EBITDA of the Company or the target company) at or prior to the
consummation of the relevant acquisition, such ratios will not be deemed to have been exceeded as a result of such fluctuations
solely for purposes of determining whether such acquisition and any related transactions are permitted hereunder and (B) such
ratios shall not be tested at the time of consummation of such Limited Condition Transaction; provided, further, that if the Company
elects to have such determinations occur at the time of entry into such definitive agreement, (i) any such transaction shall
be deemed to have occurred on the date the definitive agreement is entered into and to be outstanding thereafter for purposes of
calculating any ratios under this Indenture after the date of such agreement and before the earlier of the date of consummation
of such acquisition or the date such agreement is terminated or expires without consummation of such acquisition and (ii) to
the extent any covenant baskets were utilized in satisfying any covenants, such baskets shall be deemed utilized until the earlier
of the date of consummation of such acquisition or the date such agreement is terminated or expires without consummation of such
acquisition, but any calculation of Consolidated EBITDA for purposes of other incurrences of Indebtedness or Liens or making of
Restricted Payments (not related to such acquisition) shall not reflect such acquisition until it has been consummated, or

 

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(2)              the
date such Indebtedness is incurred.

 

(f)            For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving
credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency,
and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant
currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not
to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the principal amount
of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums and other costs
and expenses incurred in connection with such refinancing.

 

(g)           The
principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness
being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing. The principal amount of any non-interest bearing
Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would
be shown on a balance sheet of the Company dated such date prepared in accordance with GAAP.

 

(h)           For
purposes of calculating any ratio-based basket, with respect to any revolving Indebtedness, delayed draw facility or other committed
debt financing incurred under such ratio-based basket, the Company may elect (which election may be changed with respect to such
Indebtedness upon written notice to the Trustee), at any time, to either (x) give pro forma effect to the incurrence of the
entire committed amount of such Indebtedness as if fully drawn on such date, in which case such committed amount may thereafter
be borrowed or reborrowed, in whole or in part, from time to time, without further compliance with any ratio-based component of
any provision of this Indenture unless the Company changes such election by written notice, or (y) give pro forma effect to
the incurrence of the actual amount drawn under such revolving Indebtedness, delayed draw facility or other committed debt financing,
in which case, the ability to incur the amounts committed to under such Indebtedness will be subject to such ratio-based basket
(to the extent being incurred pursuant to such ratio) at the time of each such incurrence. To the extent clause (x) of the
immediately preceding sentence is elected, such revolving Indebtedness, delayed draw facility or other committed debt financing
shall be deemed to be incurred (and the fully committed amount of Indebtedness as outstanding) at all times thereafter for purposes
of testing any ratio-based baskets, regardless of whether such Indebtedness is outstanding, except to the extent such commitments
have been permanently terminated in full or in part or until the Company has written notice to the Trustee changing its election;
provided that, for the avoidance of doubt, at any time the Company elects clause (x) of the immediately preceding sentence
(including as a result of a change in election), whether such Indebtedness is permitted to be incurred under such ratio-based basket
shall be tested as of the date of such election or change in election, as applicable.

 

Section 4.10     Asset
Sales.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)              the
Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal
to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

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(2)              at
least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or
Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash:

 

(A)            any
liabilities, as shown on the Company’s most recent consolidated balance sheet or in the footnotes thereto (or, if incurred
or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s
most recent consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to
the date of such balance sheet, as determined in good faith by the Company), of the Company or any Restricted Subsidiary (other
than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed
by the transferee of any such assets and for which the Company or such Restricted Subsidiary has been released in writing;

 

(B)             any
securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are
converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 180 days of the receipt thereof, to
the extent of the cash or Cash Equivalents received in that conversion;

 

(C)             any
Designated Non-cash Consideration received by the Company or such Restricted Subsidiary in such Asset Sale having an aggregate
fair market value (as determined in good faith by the Company), taken together with all other Designated Non-cash Consideration
received pursuant to this clause (C) that is at that time outstanding, not to exceed the greater of (x) $50.0 million
and (y) 2.5% of Total Assets at the time of the receipt of such Designated Non-cash Consideration, with the Fair Market Value
of each item of Designated Non-cash Consideration being measured at the time received and determined in good faith by the Company
as of the closing of the applicable Asset Sale where such non-cash consideration is received and without giving effect to subsequent
changes in value; and

 

(D)            any
stock or assets of the kind referred to in clause (2) or (4) of Section 4.10(b).

 

(b)           Within
365 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable Restricted Subsidiary, as the
case may be) may apply such Net Proceeds:

 

(1)              to
prepay, repay or purchase (x) Indebtedness and other Obligations under the Credit Agreement or (y) any other Indebtedness
that is secured; provided that in connection with any prepayment, repayment or purchase of Indebtedness pursuant to this
clause (1), the Company or such Restricted Subsidiary shall retire such Indebtedness and shall cause the related commitment (if
any) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid or purchased;

 

(2)              to
acquire all or substantially all of the assets of, or a majority of the Capital Stock of, another Permitted Business, if, after
giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary of the Company;

 

(3)              to
make a capital expenditure or purchase construction or industrial equipment;

 

(4)              to
acquire or license other assets (other than Capital Stock) and that are used or useful in a Permitted Business;

 

(5)              to
acquire Replacement Assets; or

 

(6)              to
repay Indebtedness of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Company or another Restricted
Subsidiary;

 

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provided that in the case of clause (2), (3), (4) or
(5) above, a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment
so long as the Company or such other Restricted Subsidiary enters into such commitment with a good faith expectation that such
Net Proceeds will be applied to satisfy such commitment within 180 days of such commitment (an “Acceptable Commitment”);
and provided, further, that if any Acceptable Commitment is later terminated or cancelled before such Net Proceeds are applied,
then such Net Proceeds shall constitute Excess Proceeds (as defined below) if not otherwise applied as provided above within 365
days of the receipt of such Net Proceeds.

 

(c)           Pending
the final application of any Net Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise invest the
Net Proceeds in any manner that is not prohibited by this Indenture.

 

(d)           Notwithstanding
the foregoing, to the extent that (i) any of or all the Net Proceeds from any Asset Sale by a Foreign Subsidiary (a “Foreign
Disposition”) is prohibited or delayed by applicable local law from being repatriated to the United States
or (ii) the Company, in its sole discretion, has determined in good faith that repatriation of any of or all of the Net Proceeds
of any Foreign Disposition would result in material adverse tax consequences, the portion of such Net Proceeds so affected will
not be required to be applied in compliance with this covenant; provided that within 365 days of the receipt of the Net Proceeds
of any Foreign Disposition, the Company shall use commercially reasonable efforts to permit repatriation of such proceeds that
would otherwise be subject to this covenant without violating applicable local law or incurring material adverse tax consequences,
and, if such proceeds may be repatriated, within such 365 day period, such proceeds shall be applied in compliance with this covenant.

 

(e)           Any
Net Proceeds from Asset Sales that are not applied or invested as described above will constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $100.0 million, within 30 days thereof, unless waived or modified with the
consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, the Company will make
an offer (an “Asset Sale Offer”) to the Holders of Notes (with a copy to the Trustee) and all holders
of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture
with respect to offers to purchase or redeem with the proceeds of sales of assets in accordance with Section 3.09 to purchase
the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds.
The offer price in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest,
if any, to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale
Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal
amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds,
the Company will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis. Upon
completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

 

(f)           The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 3.09
or this Section 4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under Section 3.09 or this Section 4.10 by virtue of such compliance.

 

Section 4.11     Transactions
with Affiliates.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each,
an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $25.0 million,
unless:

 

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(1)              the
Affiliate Transaction is on terms that, when taken as a whole, are not materially less favorable to the Company or the relevant
Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary
with an unrelated Person; and

 

(2)              the
Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $50.0 million, a resolution of the Board of Directors of the Company set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with clause (1) of this Section 4.11(a) and that
such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company.

 

(b)           The
following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 4.11(a) hereof:

 

(1)              any
employment agreement, employee benefit plan, indemnification agreement or arrangement for directors, officers, employees, agents
and consultants, stock option, stock repurchase agreement, consulting agreement, severance agreement, insurance plan or any similar
agreement, plan or arrangement, in each case entered into by the Company or any of its Restricted Subsidiaries in the ordinary
course of business and payments pursuant thereto;

 

(2)              transactions
between or among the Company and/or its Restricted Subsidiaries;

 

(3)              transactions
with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company
owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(4)              payment
of reasonable directors’ fees; provided that the aggregate fees paid or payable in any calendar year to any director
who is an Affiliate of the Company in a capacity other than as a director of the Company shall not be greater than the aggregate
fees paid or payable in such year to any other director who is not otherwise an Affiliate of the Company;

 

(5)              any
issuance of Equity Interests (other than Disqualified Stock) of the Company to Affiliates, directors, officers or employees of
the Company or its Restricted Subsidiaries or to holders of Equity Interests in the Company;

 

(6)              the
issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, stock option, stock ownership, severance or termination plans and similar employee benefit agreements, arrangements
or plans approved by the Board of Directors of the Company and entered into by the Company or any of its Restricted Subsidiaries
in the ordinary course of business or consistent with past practices and advances, reimbursements and payments pursuant thereto;

 

(7)              Restricted
Payments and Permitted Investments that do not violate Section 4.07 hereof;

 

(8)              loans
and advances paid (and cancellation of loans and advances) to officers, directors or employees of the Company or any of its Restricted
Subsidiaries in the ordinary course of business in accordance with past practice of the Company or such Restricted Subsidiary;

 

(9)              transactions
entered into after the Reversion Date pursuant to a contract, agreement, loan, advance or guaranty with, or for the benefit of,
any Affiliate of the Company entered into during the Suspension Period, or as the same may be amended, modified or replaced from
time to time so long as any such amendment, modification or replacement is not materially less favorable to the Company or the
Holders of Notes than the applicable contract, agreement, loan, advance or guaranty entered into during the Suspension Period;

 

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(10)        transactions
with Affiliates that are customers, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services,
in each case which are in the ordinary course of business and otherwise in compliance with the terms of this Indenture, and which
are fair to the Company and its Restricted Subsidiaries, as applicable, in the reasonable determination of the Board of Directors,
chief executive officer or chief financial officer of the Company or its Restricted Subsidiaries, as applicable, or are on terms
that, taken as a whole, are materially not less favorable to the Company or such Restricted Subsidiary than could reasonably be
obtained, at the time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution
of the agreement providing therefor, in a comparable arm’s-length transaction with a Person that is not an Affiliate;

 

(11)        transactions
permitted under Section 5.01 hereof;

 

(12)        transactions
between the Company or any of its Restricted Subsidiaries and any Person that is an Affiliate of the Company or any of its Restricted
Subsidiaries solely because a director of such Person is also a director of the Company; provided, however, that such director
abstains from voting as a director on any matter involving such other Person; and

 

(13)        transactions
with any Person solely in its capacity as a holder of Indebtedness or Capital Stock of the Company or any of its Restricted Subsidiaries
if such transaction provides for equal treatment of such Person and all other holders, in their capacity as holders, of the same
series of such Indebtedness or of the same class of such Capital Stock;

 

(14)        transactions
permitted under Section 4.09.

 

Section 4.12         Liens.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer
to exist or become effective any Lien of any kind upon any of their property or assets securing Indebtedness, now owned or hereafter
acquired, unless all payments due under this Indenture and the Notes are secured on an equal and ratable basis with the obligations
so secured until such time as such obligations are no longer secured by a Lien. Any Lien created for the benefit of the holders
of Notes pursuant to the preceding sentence shall provide that such Lien shall be automatically and unconditionally released upon
the release of the other Lien referred to in the preceding sentence. The foregoing shall not apply to:

 

(1)          Liens
to secure Indebtedness permitted to be incurred under Section 4.09; provided that, in the case of this clause (1),
at the time of incurrence and after giving pro forma effect thereto, the Secured Leverage Ratio shall not exceed 3.50 to
1.00; and

 

(2)          Permitted
Liens.

 

For purposes of determining compliance with this Section 4.12,
(x) a Lien need not be incurred solely by reference to one category of Permitted Liens or one category of permitted Liens
described in the proviso to clause (1) above but may be incurred under any combination of such categories (including in part
under one such category and in part under any one or more of such other such categories) and (y) in the event that a Lien
(or any portion thereof) meets the criteria of one or more of such categories, the Company, in its sole discretion, may divide
and/or classify, or at any later time re-divide and/or reclassify, such Lien (or any portion thereof) in any manner that complies
with this Section 4.12 and the definition of “Permitted Liens”. Notwithstanding the foregoing, any Lien under
Credit Facilities that is outstanding on the Issue Date will at all times be deemed to have been incurred on such date in reliance
on the exception provided by clause (1) of the definition of “Permitted Liens” and may not be reclassified.

 

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Section 4.13         [Reserved].

 

Section 4.14        Corporate
Existence.

 

Subject to Article V, the Company shall
do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(1)          its
corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and

 

(2)          the
rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the
Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Notes.

 

Section 4.15        Offer
to Repurchase Upon Change of Control.

 

(a)            Upon
the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to
each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and
unpaid interest, if any, on the Notes repurchased to the date of purchase (the “Change of Control Payment Date”),
subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment
date (the “Change of Control Payment”). Within 30 days following any Change of Control, the Company will
send a notice to each Holder (with a copy to the Trustee) describing the transaction or transactions that constitute the Change
of Control and stating:

 

(1)          that
the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes properly tendered and not withdrawn
will be accepted for payment;

 

(2)          the
purchase price and the Change of Control Payment Date, which shall be no earlier than 15 days and no later than 60 days from the
date such notice is sent;

 

(3)          that
any Note not tendered will continue to accrue interest;

 

(4)          that,
unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change
of Control Offer will cease to accrue interest on and after the Change of Control Payment Date;

 

(5)          that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the
Change of Control Payment Date;

 

(6)          that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second
Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder,
the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the
Notes purchased; and

 

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(7)          that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000
thereof.

 

The Company shall comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that
the provisions of any securities laws or regulations conflict with the provisions of Section 3.09 or 4.15, the Company will
comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09
or 4.15 by virtue of such compliance.

 

(b)            On
the Change of Control Payment Date, the Company will, to the extent lawful:

 

(1)            accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(2)            deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered;
and

 

(3)            deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company.

 

The Paying Agent will promptly deliver to
each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate
and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple
of $1,000 in excess thereof. Any Notes so accepted for payment will cease to accrue interest on and after the Change of Control
Payment Date. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after
the Change of Control Payment Date.

 

(c)            Notwithstanding
anything to the contrary in this Section 4.15, the Company may make a Change of Control Offer prior to the consummation of
a Change of Control, and conditioned on the occurrence of such Change of Control, if a definitive agreement is in place for such
Change of Control at the time the Company makes such Change of Control Offer. In such case, the notice described in Section 4.15(a) shall
state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control
Payment Date.

 

(d)            Notwithstanding
anything to the contrary in this Section 4.15, the Company will not be required to make a Change of Control Offer upon a Change
of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Section 4.15 and purchases all Notes properly tendered and not withdrawn under the
Change of Control Offer, (2) notice of redemption has been given pursuant to Section 3.07, unless and until there is
a default in payment of the applicable redemption price, or (3) the requirements set forth in this Section 4.15 are waived
or modified with the consent of the Holders of a majority in aggregate principal amount of Notes then outstanding.

 

(e)            In
the event that Holders of Notes of not less than 90% of the aggregate principal amount of the outstanding Notes accept a Change
of Control Offer and the Company purchases all of the Notes held by such Holders, within 90 days of such purchase, the Company
will have the right, upon not less than 15 days’ nor more than 60 days’ prior notice, to redeem all of the Notes that
remain outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to, but excluding,
the extent not included in the Change of Control Payment, accrued and unpaid interest, if any, on the Notes redeemed, to the applicable
redemption date, (subject to the right of Holders of record on the relevant record date to receive interest due on an interest
payment date falling on or prior to such redemption date).

 

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Section 4.16          [Reserved]

 

Section 4.17         [Reserved]

 

Section 4.18         Additional
Note Guarantees.

 

The Company shall cause each Restricted
Subsidiary that guarantees Indebtedness of the Company under any Credit Facility to become a Guarantor and execute a supplemental
indenture substantially in the form of supplemental indenture appearing as an exhibit to this Indenture and deliver an Opinion
of Counsel within 30 days of the date on which it became a guarantor of borrowings of the Company under any Credit Facility. The
form of such supplemental indenture is attached as Exhibit E hereto.

 

Section 4.19        Designation
of Restricted and Unrestricted Subsidiaries.

 

The Board of Directors of the Company may
designate any Restricted Subsidiary to be an Unrestricted Subsidiary; provided that:

 

(a)            such
designation would not cause a Default or Event of Default;

 

(b)            the
aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary
designated as unrestricted will be deemed to be an Investment made as of the time of the designation and will reduce the amount
available for Restricted Payments under Section 4.07 or under one or more clauses of the definition of “Permitted Investments,”
as determined by the Company; provided, further, that such designation will only be permitted if the Investment would
be permitted at that time; and

 

(c)            such
designation otherwise meets the definition of “Unrestricted Subsidiary.”

 

Any designation of a Subsidiary of the Company
as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the
Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied
with the preceding conditions and was permitted by Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary would
fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary
for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary
of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09
hereof, the Company will be in Default of such covenant. The Board of Directors of the Company may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary by delivery to the Trustee of an Officer’s Certificate setting forth such designation;
provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company
of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if: (1) such Indebtedness
is permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning
of the four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation.

 

The designation of any Person as an Unrestricted
Subsidiary shall be deemed to include a designation of all Subsidiaries of such Person as Unrestricted Subsidiaries.

 

Any designation of a Subsidiary of the Company
as a Restricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the
Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied
with the preceding conditions and was permitted by this Indenture.

 

Section 4.20         Covenant
Suspension.

 

If, on any date, (i) the Notes have
Investment Grade Ratings from both Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture
(the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant
Suspension Event”) then, beginning on that day and continuing at all times thereafter until the Reversion Date (as
defined below), the restrictions described in Sections 4.07, 4.08, 4.09, 4.10, 4.11 and 5.01(4) shall no longer be applicable
to the Notes (collectively, the “Suspended Covenants”).

 

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In the event that the Company and the Restricted
Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of the foregoing,
and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment
Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating, then the Company and the Restricted
Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. The
period of time between the Covenant Suspension Event and the Reversion Date is referred to in this description as the “Suspension
Period.”

 

On each Reversion Date, all Indebtedness
incurred, or Disqualified Stock or preferred stock issued, during the preceding Suspension Period will be classified as having
been incurred or issued pursuant to Section 4.09(b)(2). Calculations made after the Reversion Date of the amount available
to be made as Restricted Payments in Section 4.07 will be made as though the covenant described in Section 4.07 had been
in effect prior to, and during, the Suspension Period. As described above, no Default or Event of Default will be deemed to have
occurred on the Reversion Date as a result of any actions taken or omitted to be taken by the Company or the Restricted Subsidiaries
during the Suspension Period. On and after each Reversion Date, the Company and its Subsidiaries shall be permitted to consummate
the transactions contemplated by any contract entered into during the Suspension Period so long as such contract and such consummation
would have been permitted during such Suspension Period.

 

For purposes of Section 4.08, on the
Reversion Date, any consensual encumbrances or restrictions of the type specified in Section 4.08 (a)(1), (2) or (3) entered
into during the Suspension Period will be deemed to have been in effect on the date of this Indenture, so that they are permitted
under Section 4.08(b)(1).

 

For purposes of Section 4.10, on the
Reversion Date, the unutilized Excess Proceeds amount will be reset to zero. During a Suspension Period, the Company may not designate
any of its Subsidiaries as Unrestricted Subsidiaries.

 

The Company shall deliver an Officer’s
Certificate to the Trustee notifying the Trustee of the commencement of any Suspension Period or the occurrence of any Reversion
Date promptly after such commencement or occurrence, as the case may be, and the Trustee shall have no obligation to monitor or
determine whether a Suspension Period or a Reversion Date has occurred or exists.

 

ARTICLE V

SUCCESSORS

 

Section 5.01         Merger,
Consolidation or Sale of Assets.

 

The Company shall not, directly or indirectly:
(1) consolidate or merge with or into another Person or consummate a Division as the Dividing Person (whether or not the Company
is the surviving corporation or Division Successor, as applicable); or (2) sell, assign, transfer, convey or otherwise dispose
of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole, in one
or more related transactions, to another Person, unless:

 

(1)          either:
(a) in the case of a Division where the Company is the Dividing Person, either all Division Successors shall become co-issuers
of the Notes or the Division, as to any Division Successor that will not be a co-issuer, is permitted by Section 4.10 or (b) in
the case of any consolidation or merger either (i)  the Company is the surviving corporation; or (ii) the Person formed
by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance
or other disposition has been made (the “Surviving Entity”) is a corporation organized or existing under
the laws of the United States, any state of the United States or the District of Columbia;

 

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(2)          the
Surviving Entity or Division Successor, as applicable expressly assumes all the obligations of the Company under the Notes and
this Indenture pursuant to a supplemental indenture reasonably satisfactory to the Trustee;

 

(3)          immediately
after such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(4)          the
Company or the Surviving Entity or Division Successor, as applicable would, on the date of such transaction after giving pro forma
effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter
period, either (A) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
test set forth in Section 4.09(a) or (B) have a Fixed Charge Coverage Ratio of not less than the Fixed Charge Coverage
Ratio of the Company immediately prior to such merger, sale, assignment, transfer, lease, conveyance or other disposition; and

 

(5)          the
Company or the Surviving Entity or Division Successor, as applicable has delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, conveyance, lease or other
disposition and such supplemental indenture, if any, comply with this Indenture as evidence of the satisfaction of the conditions
precedent set forth in this Section 5.01, in which event it will be conclusive and binding on the Holders.

 

In addition, the Company will not, directly
or indirectly, lease all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries taken
as a whole, in one or more related transactions, to any other Person.

 

This Section 5.01 will not apply to:

 

(1)          a
merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction within the
United States of America; or

 

(2)          any
consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the
Company and its Restricted Subsidiaries.

 

Section 5.02         Successor
Corporation Substituted.

 

Upon any consolidation or merger, or any
sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the
Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01, the successor Person
formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance
or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger,
sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company”
shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under
this Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however,
that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except
in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions
of, Section 5.01.

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

Section 6.01         Events
of Default.

 

(a)          Each
of the following is an “Event of Default”:

 

(1)          default
for 30 days in the payment when due of interest on the Notes;

 

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(2)          default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;

 

(3)          failure
by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 5.01;

 

(4)          failure
by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 4.15;

 

(5)          failure
by the Company or any of its Restricted Subsidiaries for 60 days after written notice to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class
to comply with any of the other agreements in this Indenture; provided that in the case of a failure to comply with Section 4.03,
such period of continuance of such default or breach shall be 90 days after a written notice described in this clause (5) has
been given;

 

(6)          default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or
any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness
or Guarantee now exists, or is created after the date of this Indenture, if that default:

 

(A)            is
caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness at final maturity thereof, prior
to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”);
or

 

(B)            results
in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity
of which has been so accelerated, aggregates $50.0 million (or its foreign currency equivalent) or more;

 

(7)          failure
by the Company or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction
aggregating in excess of $50.0 million (or its foreign currency equivalent) net of any amounts covered by independent third party
insurance and as to which such insurer has not disputed coverage, which judgments are not paid, discharged or stayed for a period
of 60 consecutive days;

 

(8)          except
as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases
for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms
its obligations under its Note Guarantee;

 

(9)          the
Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together (as of the latest audited consolidated financial statements for the Company), would constitute a Significant Subsidiary,
pursuant to or within the meaning of any Bankruptcy Law:

 

(A)            commences
proceedings to be adjudicated bankrupt or insolvent;

 

(B)            consents
to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under applicable Bankruptcy Law;

 

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(C)            consents
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially
all of its property;

 

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

 

(E)            generally
is not paying its debts as they become due; and

 

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

 

(A)            is
for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements for the Company), would
constitute a Significant Subsidiary, in a proceeding in which the Company, any such Restricted Subsidiary that is a Significant
Subsidiary or any such group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated
financial statements for the Company), would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent;

 

(B)            appoints
a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any of its Restricted Subsidiaries
that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited
consolidated financial statements for the Company), would constitute a Significant Subsidiary, or for all or substantially all
of the property of the Company, any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements for the Company), would
constitute a Significant Subsidiary; or

 

(C)            orders
the liquidation of the Company, any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements for the Company), would
constitute a Significant Subsidiary;

 

and, in any such case, the order or decree remains
unstayed and in effect for 60 consecutive days.

 

(b)            Any
notice of Default or Event of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default or Event
of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any
one or more Holders of the Notes (other than a Regulated Bank) (each a “Directing Holder”) must be accompanied
by a written representation from each such Directing Holder to the Company and the Trustee that such Directing Holder is not (or,
in the case such Directing Holder is DTC or its nominee, that such Directing Holder is being instructed solely by beneficial owners
that have represented to such Directing Holder that they are not) Net Short (a “Position Representation”),
which representation, in the case of a Noteholder Direction relating to the delivery of a notice of Default or Event of Default
shall be deemed repeated at all times until the resulting Default or Event of Default is cured or otherwise ceases to exist or
the Notes are accelerated. In addition, each Directing Holder must at the time of providing a Noteholder Direction covenant, provide
the Company with such other information as the Company may reasonably request from time to time in order to verify the accuracy
of such Noteholder’s Position Representation within five Business Days of request therefor (a “Verification Covenant”).
In any case in which the Directing Holder is DTC or its nominee, any Position Representation or Verification Covenant required
hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee.

 

If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Notes, the Company determines in good faith that there is a reasonable basis to believe
a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officer’s
Certificate stating that the Company has initiated litigation with a court of competent jurisdiction seeking a determination that
such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Default or Event
of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default or Event of Default
shall be automatically stayed and the cure period with respect to such Default or Event of Default shall be automatically reinstituted
and any remedy stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If,
following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company provides to the Trustee an
Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect
to such Default or Event of Default shall be automatically stayed and the cure period with respect to any Default or Event of Default
that resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed pending satisfaction
of such Verification Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such
Noteholder Direction being disregarded; and, if, without the participation of such Holder, the percentage of Notes held by the
remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction,
such Noteholder Direction shall be void ab initio, with the effect that such Default or Event of Default shall be deemed never
to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice
of such Default or Event of Default.

 

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Notwithstanding anything in this Section 6.01(b) to
the contrary, any Noteholder Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy
or similar proceeding shall not require compliance with the foregoing paragraphs. In addition, for the avoidance of doubt, the
foregoing paragraphs shall not apply to any Holder that is a Regulated Bank.

 

For the avoidance of doubt, the Trustee
shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture, shall have
no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant,
verify any statements in any Officer’s Certificate delivered to it, or otherwise make calculations, investigations or determinations
with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The
Trustee shall have no liability to the Company, any holder or any other Person in acting in good faith on a Noteholder Direction.

 

(c)            Any
Default or Event of Default for the failure to comply with the time periods prescribed in Section 4.03 or otherwise to deliver
any notice or certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the delivery of any
such report required by such covenant or such notice or certificate, as applicable, even though such delivery is not within the
prescribed period specified in this Indenture. Any time period in this Indenture to cure any actual or alleged Default or Event
of Default may be extended or stayed by a court of competent jurisdiction to the extent such actual or alleged Default or Event
of Default is the subject of litigation.

 

Section 6.02         Acceleration.

 

In the case of an Event of Default specified
in clause (9) or (10) of Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary of the Company
that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute
a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the
then outstanding Notes may declare all the Notes to be due and payable immediately; provided, that a notice of a Default
or Event of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two years
prior to such notice of Default or Event of Default. If an Event of Default arises pursuant to clause (6) of Section 6.01
hereof, such Event of Default shall cease to exist if, at any time prior to the acceleration of the Notes, (x) the Company
cures the underlying Payment Default or the Holders of the applicable Indebtedness waive the underlying Payment Default or rescind
the acceleration of such Indebtedness, in each case in accordance with the terms of the applicable Indebtedness and (y) the
cure, waiver or rescission does not conflict with any judgment or decree of a court of competent jurisdiction.

 

Upon any such declaration, the Notes shall
become due and payable immediately.

 

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The Holders of a majority in aggregate principal
amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration
provided all amounts owing to the Trustee have been paid or waive any existing Default or Event of Default (except a continuing
Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes) and its consequences
under this Indenture, if:

 

(1)          such
rescission or waiver would not conflict with any judgment or decree of a court of competent jurisdiction;

 

(2)          all
existing Events of Default, except nonpayment of principal or interest that has become due solely because of the acceleration,
have been cured or waived;

 

(3)          all
interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of
acceleration, has been paid, to the extent the payment of such interest is lawful; and

 

(4)          the
Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses (including the
fees and expenses of its counsel), disbursements and advances.

 

Section 6.03         Other
Remedies.

 

If an Event of Default occurs and is continuing,
the Trustee may pursue any available remedy to collect the payment of principal and premium, if any, and interest on the Notes
or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

 

Section 6.04         Waiver
of Past Defaults.

 

Holders of not less than a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive
an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an offer to purchase); provided,
however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration
and its consequences, including any related payment default that resulted from such acceleration.

 

Section 6.05         Control
by Majority.

 

Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, that the Trustee determines in its sole discretion may be unduly prejudicial to the
rights of other Holders of Notes (it being understood that the Trustee does not have an affirmative duty to ascertain whether or
not any such directions are unduly prejudicial to such Holders), or that may involve the Trustee in personal liability. The Trustee
may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 

Section 6.06          Limitation
on Suits.

 

A Holder may pursue a remedy with respect
to this Indenture or the Notes only if:

 

(1)          such
Holder gives to the Trustee written notice that an Event of Default is continuing;

 

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(2)          Holders
of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;

 

(3)          such
Holder or Holders provide to the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense;

 

(4)          the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of security and/or indemnity;
and

 

(5)          Holders
of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with
such request.

 

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

 

Section 6.07         Rights
of Holders of Notes to Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or
after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for
the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of
such Holder.

 

Section 6.08         Collection
Suit by Trustee.

 

If an Event of Default specified in Section 6.01(1) or
(2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the Notes and interest
on overdue principal and, to the extent lawful, interest and 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.

 

Section 6.09         Trustee
May File Proofs of Claim.

 

The Trustee is authorized to file such proofs
of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders
of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or
its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable
on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay
to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07
out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled
to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. 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’
committee or other similar committee. Nothing herein contained 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
Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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Section 6.10         Priorities.

 

Any money or property collected by the Trustee
pursuant to this Article VI, and after an Event of Default any money or other property distributable in respect of the Company’s
or Guarantors’ obligations under this Indenture, shall be paid or distributed in the following order:

 

First: to the Trustee,
its agents and attorneys for amounts due under Section 7.07, including payment of all compensation, expenses and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to Holders of Notes
for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and

 

Third: to the Company or
to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders of Notes pursuant to this Section 6.10.

 

Section 6.11         Undertaking
for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07, or a suit
by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 

ARTICLE VII

TRUSTEE

 

Section 7.01         Duties
of Trustee.

 

(a)            If
an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use in the conduct
of such person’s own affairs under the circumstances.

 

(b)            Except
during the continuance of an Event of Default:

 

(1)          the
duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those
duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

 

(2)          in
the absence of bad faith on its part, the Trustee may conclusively rely, without investigation, 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 need not verify the contents thereof. However, in the case of certificates or opinions
specifically required hereunder to be furnished to it the Trustee will examine the certificates and opinions 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 stated therein).

 

(c)            The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

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(1)          this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

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

 

(3)          the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.02, 6.04 or 6.05 hereof.

 

(d)            Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01 and Section 7.02.

 

(e)            No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be
under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder
has provided to the Trustee security and/or indemnity satisfactory to it against any loss, liability or expense which might be
incurred by it in compliance with such request or direction.

 

(f)            The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. The Trustee shall
not be required to give any bond or surety in respect of the performance of its powers or duties hereunder.

 

Section 7.02         Rights
of Trustee.

 

(a)            The
Trustee may conclusively rely upon any document (whether in its original or facsimile form) believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel. The Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel
will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon.

 

(c)            The
Trustee may act through its attorneys, accountants, experts and such other professionals as the Trustee deems necessary, advisable
or appropriate and will not be responsible for the misconduct or negligence of any attorney, accountant, expert or other such professional
appointed with due care.

 

(d)            The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture.

 

(e)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient
if signed by an Officer of the Company.

 

(f)            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.

 

(g)            The
Trustee shall not be deemed to have knowledge of any Default or Event of Default, or knowledge of any cure of any Default or Event
of Default, unless (1) a Responsible Officer of the Trustee has received written notice of default from the Company in accordance
with Section 4.04 or (2) other written notice of any event which is in fact any Default or Event of Default is received
by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Company or the Holders of at least
25% in aggregate principal amount of the then outstanding Notes, and such notice references the Notes and this Indenture.

 

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(h)           The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be compensated,
reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed by the Trustee to act hereunder pursuant to the terms of this Indenture.

 

(i)            The
Trustee may request that the Company deliver an Officer’s 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 Officer’s Certificate may
be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any
such certificate previously delivered by the Company and not superseded.

 

(j)            The
permissive rights of the Trustee set forth herein shall not be construed as duties of the Trustee.

 

Section 7.03     Individual
Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with
the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest
as defined in the TIA, it must eliminate such conflict within 90 days or resign.

 

Any Agent may do the same with like rights
and duties. The Trustee is also subject to Sections 7.10 and 7.11.

 

Section 7.04     Trustee’s
Disclaimer.

 

The Trustee will not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes or the Note Guarantees, it shall not
be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s
direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by
any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in
the Notes or in the Offering Memorandum or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication.

 

Neither the Trustee nor any Paying Agent
shall be responsible for determining whether any Asset Sale has occurred and whether any Asset Sale Offer with respect to the Notes
is required. Neither the Trustee nor any Paying Agent shall be responsible for determining whether any Change of Control has occurred
and whether any Change of Control Offer with respect to the Notes is required. Neither the Trustee nor any Paying Agent shall be
responsible for monitoring the Company’s rating status, making any request upon any Rating Agency, or determining whether
any rating event with respect to the Notes has occurred. The Trustee shall not be bound to ascertain or inquire as to the performance,
observance, or breach of any covenants, conditions, representations, warranties or agreements on the part of the Company or the
Guarantors. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the
Notes or the Note Guarantees. The Trustee shall have no obligation to pursue any action that is not in accordance with applicable
law.

 

Section 7.05     Notice
of Defaults.

 

If a Default or Event of Default occurs
and is continuing and if a Responsible Officer of the Trustee has received written notice thereof, the Trustee will send to Holders
of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of
Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long
as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders
of the Notes.

 

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Section 7.06     [Reserved].

 

Section 7.07     Compensation
and Indemnity.

 

(a)            The
Company will pay to the Trustee from time to time compensation for its acceptance of this Indenture and services hereunder which
shall have from time to time been separately agreed to by the Company and the Trustee in writing. The Trustee’s compensation
will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for
its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents,
attorneys, accountants, experts and other professionals as the Trustee deems necessary, advisable or appropriate.

 

(b)            The
Company and the Guarantors, jointly and severally, will indemnify the Trustee, and hold it harmless, against any and all losses,
claims, damages, liabilities, fees, costs or expenses incurred by it arising out of or in connection with this Indenture and the
acceptance or administration of its duties under this Indenture, including the costs and expenses, reasonable attorneys’
fees and expenses and court costs of enforcing this Indenture against the Company and the Guarantors (including this Section 7.07)
and defending itself against or investigating any claim (whether asserted by the Company, the Guarantors, any Holder or any other
Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent
any such loss, liability or expense is determined by a court of competent jurisdiction in a final non-appealable order to have
been caused by its own negligence or willful misconduct. The Trustee will notify the Company in writing promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company or any of the Guarantors
of their obligations hereunder. The Company or such Guarantor will defend the claim and the Trustee will cooperate in the defense.
The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company
nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. All indemnifications
and releases from liability granted hereunder to the Trustee shall extend to its officers, directors, employees, agents, attorneys,
custodians, successors and assigns.

 

(c)            The
obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this
Indenture and the resignation or removal of the Trustee.

 

(d)            To
secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien
prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest
on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture and the resignation or removal of
the Trustee.

 

(e)            When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(8) occurs, the expenses
and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any Bankruptcy Law.

 

(f)            “Trustee”
for the purposes of this Section 7.07 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder
and each agent, custodian and other person employed to act hereunder; provided, however, that the negligence or willful misconduct
of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

Section 7.08     Replacement
of Trustee.

 

(a)            (a) A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

(b)            The
Trustee may resign in writing at any time on 30 days’ prior written notice and be discharged from the trust hereby created
by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the
Trustee on 30 days’ prior written notice by so notifying the Trustee and the Company in writing. The Company may remove the
Trustee if:

 

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(1)            the
Trustee fails to comply with Section 7.10;

 

(2)            the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(3)            a
custodian or public officer takes charge of the Trustee or its property; or

 

(4)            the
Trustee becomes incapable of acting.

 

(c)            If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

(d)            If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee
at the expense of the Company, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding
Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(e)            If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)            (f) A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will send a notice of its succession to Holders. The retiring
Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07.

 

Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Company’s obligations under Section 7.07 will continue for the benefit of the
retiring Trustee.

 

Section 7.09     Successor
Trustee by Merger, etc.

 

If the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation
without any further act will be the successor Trustee.

 

Section 7.10     Eligibility;
Disqualification.

 

There will at all times be a Trustee hereunder
that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that
is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or
state authorities and that has (or, in the case of a Trustee included in a bank holding company system, the related bank holding
company has) a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of
condition.

 

ARTICLE VIII

LEGAL DEFEASANCE
AND COVENANT DEFEASANCE

 

Section 8.01     Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may at any time, at the option
of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate delivered to the Trustee, elect
to have either Section 8.02 or 8.03 be applied to all outstanding Notes and Note Guarantees upon compliance with the conditions
set forth below in this Article VIII.

 

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Section 8.02     Legal
Defeasance and Discharge.

 

Upon the Company’s exercise under
Section 8.01 of the option applicable to this Section 8.02, the Company and each of the Guarantors will, subject to the
satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect
to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will
be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees),
which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections
of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such
Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper
instruments acknowledging the same in form and substance reasonably satisfactory to the Trustee), except for the following provisions
which will survive until otherwise terminated or discharged hereunder:

 

(1)            the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on,
such Notes when such payments are due from the trust referred to in Section 8.04;

 

(2)            the
Company’s obligations with respect to such Notes under Article II and Section 4.02;

 

(3)            the
rights, powers, trusts, duties and immunities of the Trustee hereunder, and the Company’s and the Guarantors’ obligations
in connection therewith; and

 

(4)            this
Article VIII.

 

Subject to compliance with this Article VIII,
the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03.

 

Section 8.03     Covenant
Defeasance.

 

Upon the Company’s exercise under
Section 8.01 of the option applicable to this Section 8.03, the Company and each of the Guarantors will, subject to the
satisfaction of the conditions set forth in Section 8.04, be released from each of their obligations under the covenants contained
in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17, 4.18 and 4.19 and clause (4) of Section 5.01
with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the
purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01,
but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby.
In addition, upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject
to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(3) through 6.01(6) will not constitute
Events of Default.

 

Section 8.04     Conditions
to Legal or Covenant Defeasance.

 

In order to exercise either Legal Defeasance
or Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

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(1)            the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient,
in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the
principal of, or interest and premium, if any, on, the outstanding Notes on the stated date for payment thereof or on the applicable
redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date for
payment or to a particular redemption date;

 

(2)            in
the case of an election under Section 8.02, the Company must deliver to the Trustee an Opinion of Counsel reasonably satisfactory
to the Trustee confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service
a ruling or (B) since the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the beneficial owners of the outstanding
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will
be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if such Legal Defeasance had not occurred;

 

(3)            in
the case of an election under Section 8.03, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)            no
Default has occurred and is continuing on the date of such deposit (other than a Default resulting from the borrowing of funds
to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any
other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound;

 

(5)            such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound;

 

(6)            the
Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding any creditors of the Company or others; and

 

(7)            the
Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, reasonably satisfactory to the Trustee
each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05     Deposited
Money and Government Securities To Be Held in Trust; Other Miscellaneous Provisions.

 

(a)            Subject
to Section 8.06, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee
(or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant
to Section 8.04 in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company)
as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium,
if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 

(b)            The
Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.04 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 the outstanding Notes.

 

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(c)            Notwithstanding
anything in this Article VIII to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request
of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06     Repayment
to Company.

 

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, premium, if any, or interest on, any
Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall,
subject to compliance with applicable abandoned property law, be paid to the Company on its request or (if then held by the Company)
will be discharged from such trust; and the Holder of such Note will thereafter be permitted to 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, will thereupon cease.

 

Section 8.07     Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03, as the case may be,
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company’s and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees
will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided,
however, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following the
reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment
from the money held by the Trustee or Paying Agent.

 

ARTICLE IX

AMENDMENT, SUPPLEMENT
AND WAIVER

 

Section 9.01     Without
Consent of Holders of Notes.

 

Notwithstanding Section 9.02, the Company,
the Guarantors and the Trustee may amend or supplement this Indenture, the Notes or the Note Guarantees without the consent of
any Holder of Notes:

 

(1)            to
cure any ambiguity, omission, mistake, defect or inconsistency;

 

(2)            to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)            to
provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes and Note Guarantees
by a successor to the Company or such Guarantor pursuant to Article V or Article X hereof;

 

(4)            to
make any change that would provide any additional rights or benefits to the Holders of the Notes (including the addition of collateral
to secure the Notes and/or additional guarantees) or that does not adversely affect the legal rights hereunder of any such Holder;

 

(5)            to
conform the text of this Indenture, the Note Guarantees or the Notes to any provision of the “Description of Notes”
section of the Offering Memorandum to the extent that such provision of this Indenture, the Note Guarantees or the Notes was intended
to conform to the text of the “Description of Notes” section of the Offering Memorandum as evidenced by an Officer’s
Certificate;

 

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(6)            to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof;

 

(7)            to
allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes or to release any Guarantor
from its Note Guarantee if such release is in accordance with the terms of this Indenture; provided that any such supplemental
indenture may be signed by the Company, the Guarantor providing the Note Guarantee and the Trustee; or

 

(8)            to
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the requirements
of this Indenture.

 

Upon the request of the Company accompanied
by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt
by the Trustee of the documents described in Section 7.02, the Trustee will join with the Company and the Guarantors in the
execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such
amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.02     With
Consent of Holders of Notes.

 

Except as provided below in this Section 9.02,
the Company, the Guarantors, and the Trustee may amend or supplement this Indenture (including, without limitation, Sections 3.09,
4.10 and 4.15) or the Notes and the Note Guarantees with the consent of the Holders of at least a majority in aggregate principal
amount of the Notes then outstanding (including, without limitation, Additional Notes, if any) voting as a single class (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and,
subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment
of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has
been rescinded) or compliance with any provision of this Indenture or the Notes and the Note Guarantees may be waived with the
consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation,
Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, the Notes). Section 2.08 shall determine which Notes are considered to be “outstanding”
for purposes of this Section 9.02.

 

Upon the request of the Company accompanied
by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the
filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt
by the Trustee of the documents described in Section 7.02(b), the Trustee will join with the Company and the Guarantors in
the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not
be obligated to, enter into such amended or supplemental indenture.

 

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

 

After an amendment, supplement or waiver
under this Section 9.02 or under Section 9.01 becomes effective, the Company will deliver or cause to be delivered to
the Holders of Notes affected thereby a notice briefly describing such amendment, supplement or waiver. Any failure of the Company
to deliver such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended
or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07, the Holders of a majority in aggregate principal amount
of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision
of this Indenture or the Notes or the Note Guarantees. However, without the consent of each Holder of Notes affected, an amendment,
supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder):

 

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(1)            reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)            reduce
the principal of or change the fixed maturity of any Note or change the date on which any Note may be subject to redemption or
reduce the redemption price thereof as described in Section 3.07 (except as provided above with respect to Sections 3.09,
4.10 and 4.15);

 

(3)            reduce
the rate of or change the time for payment of interest on any Note;

 

(4)            waive
a Default or Event of Default in the payment of principal of, or interest or premium, if any, on, the Notes (except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes
and a waiver of the payment default that resulted from such acceleration);

 

(5)            make
any Note payable in money other than that stated in the Notes;

 

(6)            make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium, if any, on, the Notes;

 

(7)            amend,
change or modify the obligation of the Company to make and consummate an Asset Sale Offer with respect to any Asset Sale in accordance
with Section 3.09 after the obligation to make such Asset Sale Offer has arisen, or the obligation of the Company to make
and consummate a Change of Control Offer in the event of a Change of Control in accordance with Section 4.15 after such Change
of Control has occurred, including, in each case, amending, changing or modifying any definition relating thereto;

 

(8)            release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this
Indenture; or

 

(9)            make
any change in the preceding amendment and waiver provisions.

 

Section 9.03     Revocation
and Effect of Consents.

 

Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note
if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An
amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

Section 9.04     Notation
on or Exchange of Notes.

 

The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue
and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or
waiver.

 

 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

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Section 9.05     Trustee
to Sign Amendments, etc.

 

The Trustee will sign any amended or supplemental
indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors
of the Company has authorized or approved it, or delegated authority to authorize or approve it. In executing any amended or supplemental
indenture, the Trustee will be provided with and (subject to Section 7.01) will be fully protected in relying upon, in addition
to the documents required by Section 12.03, an Officer’s Certificate and an Opinion of Counsel stating that the execution
of such amended or supplemental indenture is authorized or permitted by this Indenture, and that it will be valid and binding upon
the Company and any Guarantor party thereto and enforceable in accordance with its terms.

 

ARTICLE X

NOTE GUARANTEES

 

Section 10.01     Guarantee.

 

(a)            Subject
to this Article X, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

 

(1)            the
principal of, premium, if any, and interest on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations
of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance
with the terms hereof and thereof; and

 

(2)            in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing payment when due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay
the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)            The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Subject to
Section 6.06, each Guarantor hereby waives diligence, presentment, demand of payment, 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, notice
and all demands whatsoever and covenants that this Note Guarantee will not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture.

 

(c)            If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

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(d)            Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article VI for the purposes of this Note Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of
any declaration of acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable)
will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right
to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders
under the Note Guarantee.

 

 Section 10.02     Limitation on Guarantor Liability.

 

Each Guarantor, and by its acceptance of
Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be
limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution
from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article X,
result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance.

 

Section 10.03     Execution
and Delivery of Note Guarantee.

 

To evidence its Note Guarantee set forth
in Section 10.01, each Guarantor hereby agrees that a supplemental indenture shall be executed on behalf of such Guarantor
by an Officer of such Guarantor.

 

Each Guarantor hereby agrees that its Note
Guarantee set forth in Section 10.01 will remain in full force and effect notwithstanding any failure to endorse on each Note
a notation of such Note Guarantee.

 

If an Officer whose signature is on this
Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee
is endorsed, the Note Guarantee will be valid nevertheless.

 

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

 

In the event that the Company or any of
its Restricted Subsidiaries creates or acquires any Domestic Subsidiary after the date of this Indenture, if required by Section 4.18,
the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.18 and this Article X, to
the extent applicable.

 

Section 10.04     Guarantors
May Consolidate, etc., on Certain Terms.

 

Except as otherwise provided in Section 10.05,
no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into,
or consummate a Division as the Dividing Person with (whether or not such Guarantor is the surviving Person or Division Successor,
as applicable) another Person, other than the Company or another Guarantor, unless:

 

(1)            immediately
after giving effect to such transaction, no Default or Event of Default exists; and

 

(2)            either:

 

(a)            such
Guarantor is the surviving Person in such merger or consolidation or the Person acquiring the property in any such sale or disposition
or the Person formed by or surviving any such consolidation or merger or the Division Successor in the case of a Division assumes
all the obligations of that Guarantor under this Indenture and its Note Guarantee on the terms set forth herein or therein, pursuant
to a supplemental indenture; or

 

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(b)            such
sale or other disposition or Division is permitted under this Indenture and the Net Proceeds of such sale or other disposition
are applied in accordance with the applicable provisions of this Indenture, including without limitation, Section 4.10.

 

The foregoing requirements of this paragraph shall not apply
to (1) a reincorporation of a Guarantor if, in the good faith determination of the Board of Directors of the Guarantor, whose
determination shall be evidenced by a board resolution delivered to the Trustee, the principal purpose of such transaction is to
change the state of incorporation of such Guarantor and any such transaction shall not have as one of its purposes the evasion
of the foregoing limitations, (2) a consolidation or merger with or into or winding up into or transfer of all or part of
a Guarantor’s properties and assets to the Company or any Guarantor, (3) conversion into a corporation, partnership,
limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization
of such Guarantor, or (4) a liquidation or dissolution of such Guarantor if the Company determines in good faith that such
action is in the best interests of the Company and is not materially disadvantageous to the Holders, in each case, without regard
to the requirements set forth in the preceding paragraph.

 

In case of any such consolidation, merger,
sale or conveyance and upon the assumption by the successor Person, by supplemental indenture executed and delivered to the Trustee,
of the Note Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed
by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had
been named herein as a Guarantor. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as
though all of such Note Guarantees had been issued at the date of the execution hereof.

 

Except as set forth in Articles IV and V
hereof, and notwithstanding clauses 2(a) and (b) above, nothing contained in this Indenture or in any of the Notes will
prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance
of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor.

 

Section 10.05     Releases

 

The Note Guarantee of a Guarantor shall
be automatically released upon:

 

(a)            any
sale or other disposition of all or substantially all of the assets of such Guarantor (including by way of merger or consolidation)
to a Person that is not (either before or after giving effect to such transactions) the Company or a Restricted Subsidiary of the
Company; provided that such sale or other disposition is permitted by Section 3.09, Section 4.10 or Section 5.01;

 

(b)            any
sale or other disposition of the Capital Stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted
Subsidiary, to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary of the Company;
provided that such sale or other disposition is permitted by Section 3.09, Section 4.10 or Section 5.01;

 

(c)            in
connection with the release or discharge of such Guarantor from all guarantee obligations of such Guarantor with respect to the
Credit Agreement or any other Credit Facility that gave rise to the obligation to provide such Note Guarantee, except a release
or discharge by or as a result of payment under such Guarantee or direct obligation;

 

(d)            the
designation of such Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with the terms of this
Indenture (including Section 4.19); or

 

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(e)            Legal
Defeasance in accordance with Article VIII or satisfaction and discharge of this Indenture in accordance with Article XI;
and

 

Upon request of the Company and upon delivering
to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for
in this Indenture relating to such transaction have been complied with, the Trustee shall execute an instrument acknowledging the
release of such Guarantor (in form and substance reasonably satisfactory to the Trustee).

 

Any Guarantor not released from its obligations
under its Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of and interest
and premium, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article X.

 

ARTICLE XI

SATISFACTION AND DISCHARGE

 

Section 11.01         Satisfaction
and Discharge

 

This Indenture will be discharged and will
cease to be of further effect as to all Notes issued hereunder, when:

 

(1)            either:

 

(a)            all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation;
or

 

(b)            all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivery of a notice
of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
in amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness
on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of
maturity or redemption;

 

(2)            no
Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of the deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the granting
of Liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under, any
other instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or any Guarantor
is bound;

 

(3)            the
Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)            the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Company must deliver an
Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied. Upon Company request and delivery to the Trustee of an Officer’s Certificate and an Opinion
of Counsel as described above, the Trustee shall acknowledge in writing the discharge of the obligations of the Company and the
Guarantors under this Indenture (except for those surviving rights, powers, trusts, duties and immunities of the Trustee hereunder
and the Company’s and Guarantors’ obligations in connection therewith).

 

    -88-

     

    

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 11.01,
the provisions of Sections 11.02 and 8.06 will survive. In addition, nothing in this Section 11.01 will be deemed to discharge
those provisions of Section 7.07, that, by their terms, survive the satisfaction and discharge of this Indenture.

 

Section 11.02         Application
of Trust Money.

 

Subject to the provisions of Section 8.06
hereof, all money deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium,
if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 11.01 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Company has made any payment
of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by
the Trustee or Paying Agent.

 

ARTICLE XII

MISCELLANEOUS

 

Section 12.01         Notices.

 

Any notice or communication by the Company,
any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered
or certified, return receipt requested), facsimile transmission or electronic transmission or overnight air courier guaranteeing
next day delivery, to the others’ address:

 

If to the Company and/or any Guarantor:

 

Emergent BioSolutions Inc.

400 Professional Drive, Suite 400

Gaithersburg, MD 21079

Phone: (240) 631-3200

Attention: Atul Saran, Esq.

 

With a copy to:

 

Wilmer Cutler Pickering Hale and Dorr LLP

7 World Trade Center

250 Greenwich Street

New York, NY 10007

Attention: Brian A. Johnson

Facsimile
No.: (212) 230-8888

 

If to the Trustee:

 

U.S. Bank National Association

Attention: Corporate Trust Dept

One Federal St, 10th floor

Boston, MA 02110

Laura.cawley@usbank.com

 

    -89-

     

    

 

The Company, any Guarantor or the Trustee,
by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications (other than
those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; three Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile or electronic
transmission; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery. Notice to the Trustee shall be effective only if such receipt is acknowledged. All notices, approvals, consents,
requests and any communications hereunder 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.  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.

 

Any notice or communication to a Holder
will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder
or any defect in it will not affect its sufficiency with respect to other Holders.

 

Notwithstanding any other provision of this
Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption or
repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the
Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic
mail in accordance with Applicable Procedures.

 

If a notice or communication is mailed in
the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

If the Company mails a notice or communication
to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 

Section 12.02         Communication
by Holders of Notes with Other Holders of Notes.

 

The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA §312(c).

 

Section 12.03          Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)            an
Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 12.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been satisfied; and

 

(2)            an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 12.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been
satisfied.

 

Section 12.04         Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture must include:

 

    -90-

     

    

 

(1)            a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

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

 

(3)            a
statement that, in the opinion of such Person, 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 satisfied; and

 

(4)            a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied; provided,
however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or a certificate
of a public official.

 

Section 12.05         Rules by
Trustee and Agents.

 

The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar and the Paying Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 12.06         No
Personal Liability of Directors, Officers, Employees and Stockholders.

 

No director, officer, employee, incorporator
or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors
under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities
laws.

 

Section 12.07         Governing
Law.

 

THIS INDENTURE AND THE NOTES, INCLUDING
ANY NOTE GUARANTEES, AND THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER AND THEREUNDER ARE AND SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 12.08         No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.

 

Section 12.09          Successors.

 

All agreements of the Company in this Indenture
and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements
of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05.

 

Section 12.10          Severability.

 

In case any provision in this Indenture
or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will
not in any way be affected or impaired thereby.

 

    -91-

     

    

 

Section 12.11          Counterpart
Originals.

 

The parties may sign any number of copies
of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. The exchange of
copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 12.12          Table
of Contents, Headings, etc.

 

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

 

Section 12.13         Waiver
of Jury Trial.

 

EACH OF THE COMPANY, THE GUARANTORS, THE
TRUSTEE AND THE HOLDERS OF THE NOTES BY ACCEPTANCE THEREOF HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE
GUARANTEES OR ANY TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section 12.14         Force
Majeure.

 

In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military
disturbances, and nuclear or natural catastrophes or acts of God, or other unavailability of the Federal Reserve Bank wire or facsimile
or other wire or communication facility, 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.

 

Section 12.15        Electronic
Delivery.

 

The Trustee agrees to accept and act upon
instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured
electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons
designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency
certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to
give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion
elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. 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 instructions conflict or are inconsistent with a subsequent written instruction.
The Company 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/or misuse by third parties. Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any
Note provides for notice of any event or any other communication (including any notice of redemption or repurchase) to a holder
of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee)
pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted
practices at the Depositary.

 

Section 12.16          Submission
to Jurisdiction.

 

The Company and each Guarantor hereby
irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York
or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising
out of or relating to this Indenture, the Guarantees and the Notes, and irrevocably accepts for itself and in respect of its property,
generally and unconditionally, jurisdiction of the aforesaid courts.

 

    -92-

     

    

 

Section 12.17         Foreign
Account Tax Compliance Act (FATCA).

 

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 Company agrees (i) to provide to the Trustee sufficient
information about Holders or other applicable parties and/or transactions (including any modification to the terms of such transactions)
so the Trustee can determine whether it has tax related obligations under Applicable Law, (ii) that the Trustee shall be entitled
to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law for
which the Trustee shall not have any liability, and (iii) to hold harmless the Trustee for any losses it may suffer due to
the actions it takes to comply with such Applicable Law. The terms of this section shall survive the termination of this Indenture.

 

Section 12.18          Concerning
the TIA.

 

Except with respect to specific provisions
of the TIA expressly referenced in the provisions of this Indenture, the TIA shall not be applicable to, and shall not govern,
this Indenture, the Notes and the Note Guarantees.

 

Section 12.19          Record
Date.

 

The record date for purposes of determining
the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture
may be determined as provided for in TIA Section 316(c).

 

Section 12.20          U.S.A.
Patriot Act

 

The parties hereto acknowledge that in accordance
with the Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, the Trustee,
in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties hereby
agree that they shall provide the Trustee with such information as it may request including, but not limited to, each party’s
name, physical address, tax identification number and other information that will help the Trustee identify and verify each party’s
identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying
information.

 

Section 12.21          Legal
Holidays

 

In any case where an interest payment date,
Change of Control Payment Date, Purchase Date, redemption date, or maturity date shall not be a Business Day, then each such payment
need not be made on such date, but shall be made on the next succeeding Business Day with the same force and effect as if made
on such interest payment date or Stated Maturity of such payment and no additional interest shall accrue as a result of such delay
in payment.

 

[Signatures on following pages]

 

    -93-

     

    

 

SIGNATURES

 

	Dated as of August 7, 2020	 
	 	 
	 
	 	The Company
	 
	 	EMERGENT BIOSOLUTIONS INC.
	 	 
	 	 
	 
	 	By:	/s/ Richard S. Lindahl
	 	 	Name:	Richard Lindahl
	 	 	Title:	Executive Vice President, Chief Financial Officer and Treasurer
	 
	 
	 
	 	The Guarantors
	 
	 	Emergent Devices Inc. (F/K/A ADAPT PHARMA INC.)
	 	CANGENE BIOPHARMA LLC
	 	EMERGENT BIODEFENSE OPERATIONS LANSING LLC
	 	EMERGENT INTERNATIONAL INC.
	 	EMERGENT MANUFACTURING OPERATIONS BALTIMORE LLC
	 	EMERGENT PRODUCT DEVELOPMENT GAITHERSBURG INC.
	 	EMERGENT TRAVEL HEALTH INC.
	 
	 	By:	/s/ Richard S. Lindahl
	 	 	Name:	Richard Lindahl
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

	 	U.S. Bank National Association, as Trustee
	 
	 	By:	/s/ Laura Cawley
	 	 	Name: 	Laura Cawley
	 	 	Title:	Vice President

 

[Signature
Page to Indenture]

 

    	 		 

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

[Insert the Global Note Legend, if applicable pursuant to
the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

[Insert the Regulation S Legend, if applicable pursuant to the provisions of the Indenture]

 

[Face of Note]

 

CUSIP No. [29089QAC9]1

[U29136AA3]2

 

ISIN No. [US29089QAC96]3

[USU29136AA31]4

 

3.875% Senior Unsecured Notes due 2028

 

	No.[●]	$[●]

 

EMERGENT BIOSOLUTIONS INC., a Delaware corporation, promises
to pay to CEDE & CO., or its registered assigns, the principal sum of [●] DOLLARS [, subject to adjustments listed
on the Schedule of Exchanges of Interests in the Global Note attached hereto,] on August 15, 2028.

 

Interest Payment Dates: February 15 and August 15,
commencing February 15, 20215

Record Dates: February 1 and August 1

Dated:

 

Additional provisions of this Note are set forth on the other
side of this Note.

 

[Signature Page Follows]

 

 

		1	For Notes sold in reliance on Rule 144A.

 

		2	For Notes sold in reliance on Regulation S.

 

		3	For Notes sold in reliance on Rule 144A.

 

		4	For Notes sold in reliance on Regulation S.

 

		5	With respect to Notes issued on the Issue Date.

 

    A-1

     

    

 

	 	EMERGENT BIOSOLUTIONS INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-2

     

    

 

(Trustee’s Certificate of Authentication)

 

This is one of the Notes referred to

in the within-mentioned Indenture:

 

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

 

    A-3

     

    

 

[Back of Note]

 

3.875% Senior Unsecured Notes due 2028

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)            Interest.
Emergent BioSolutions Inc, a Delaware corporation (the “Company”), promises to pay interest on the principal
amount of this Note at 3.875% per annum from August 7, 20206,
until maturity. The Company will pay interest, if any, semiannually in arrears on February 15 and August 15 of each year
(each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing
Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and
the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided,
further, that the first Interest Payment Date shall be February 15, 20217.
The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace period) at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day
year of twelve 30-day months.

 

(2)            Method
of Payment. The Company will pay interest on the Notes (except defaulted interest), if any, to the Persons who are registered
Holders of Notes at the close of business on the February 1 or August 1 next preceding the Interest Payment Date, even
if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12
of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at
the office or agency of the Company maintained for such purpose, or, at the option of the Company, payment of interest, if any,
may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment
by wire transfer of immediately available funds will be required with respect to principal of and interest, premium, if any, on,
all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying
Agent. Such payment will be 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. If any payment date is not a Business Day, payment will be made on the next succeeding
Business Day with the same force and effect and no interest shall accrue for the intervening period.

 

(3)            Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries
may act in any such capacity.

 

(4)            Indenture.
The Company issued the Notes under an Indenture dated as of August 7, 2020 (the “Indenture”) among
the Company, the Guarantors from time to time party thereto and the Trustee. The Notes are subject to all the terms and provisions
of the Indenture, and Holders are referred to the Indenture for a statement of such terms and provisions. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Notes are unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes that may
be issued thereunder.

 

(5)            Optional
Redemption.

 

(a)            Except
as set forth in subparagraphs (b) and (d) of this Paragraph 5, the Notes will not be redeemable at the Company’s
option prior to August 15, 2023. On or after August 15, 2023, the Company may redeem all or a part of the Notes upon
not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set
forth below plus accrued and unpaid interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during
the twelve-month period beginning on August 15 of the years indicated below, subject to the rights of Holders of Notes on
the relevant record date to receive interest on the relevant interest payment date:

 

 

		6	With respect to Notes issued on the Issue Date.

 

		7	With respect to Notes issued on the Issue Date.

 

 

    A-4

     

    

 

	Year	 	Percentage	 
	2023	 	 	101.938%	
	2024	 	 	100.969%	
	2025 and thereafter	 	 	100.000%	

 

Unless the Company defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on and after the
applicable redemption date.

 

(b)            Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior to August 15, 2023, the Company may on any
one or more occasions redeem up to 40% of the aggregate principal amount of Notes issued under the Indenture at a redemption price
of 103.875% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date with the net cash proceeds
of one or more Equity Offerings of the Company; provided that (1) at least 60% of the aggregate principal amount of
Notes originally issued under the Indenture (excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately
after the occurrence of such redemption, and (2) the redemption occurs within 180 days of the date of the closing of such
Equity Offering.

 

(c)            Notices
of any redemption of the notes may be subject to the satisfaction of one or more conditions precedent established by the Company,
in its sole discretion. If applicable, such notice shall state that, at the discretion of the Company, the redemption date may
be delayed until such time as any or all such conditions have been satisfied (or waived). In addition, any redemption or notice
of any redemption with the proceeds of an Equity Offering pursuant to the prior paragraph may, at the Company’s discretion,
be subject to one or more conditions precedent, including, but not limited to, completion of such Equity Offering and may be given
prior to the completion thereof.

 

(d)            At
any time prior to August 15, 2023, the Company may redeem all or a part of the notes upon notice as described in Section 3.03
of the Indenture at a redemption price equal to 100% of the principal amount of the notes redeemed plus the Applicable Premium
as of, and accrued and unpaid interest, if any, to, but excluding the redemption date, subject to the rights of Holders of record
on the relevant record date to receive interest due on the relevant interest payment date. Calculation of the Applicable Premium
will be made by the Company or on its behalf by such Person as the Company may designate; provided that such calculation
or the correctness thereof shall not be a duty or obligation of the Trustee.

 

(6)            Open
Market Purchases. For the avoidance of doubt, the Company may at any time and from time to time purchase the Notes in the open
market or otherwise.

 

(7)            Repurchase
at the Option of Holder.

 

Upon the occurrence of a Change of Control,
the Company will make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any
part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in
cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes
repurchased to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive interest
due on the relevant interest payment date (the “Change of Control Payment”). Within 30 days following
any Change of Control, the Company will send a notice to each Holder (with a copy to the Trustee) setting forth the procedures
governing the Change of Control Offer as required by the Indenture.

 

    A-5

     

    

 

If the Company or a Restricted Subsidiary
of the Company consummates any Asset Sales, within thirty days of each date on which the aggregate amount of Excess Proceeds exceeds
$100.0 million, unless waived or modified with the consent of the Holders of at least a majority in aggregate principal amount
of the Notes then outstanding, the Company will commence an offer to all Holders of Notes (with a copy to the Trustee) and all
holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the
Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (an “Asset Sale Offer”)
in accordance with Section 3.09 of the Indenture to purchase the maximum principal amount of Notes and such other pari
passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal
to 100% of the principal amount plus accrued and unpaid interest, if any, to the date of purchase, and will be payable in cash,
in accordance with the procedures set forth in the Indenture. If any Excess Proceeds remain after the consummation of an Asset
Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate
principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Company will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis.
Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related
purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase”
attached to the Notes.

 

(8)            Notice
of Redemption. Notice of redemption will be sent at least 15 days but not more than 60 days before the redemption date to each
Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60 days prior
to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the
Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 thereof, unless
all of the Notes held by a Holder are to be redeemed.

 

(9)            Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or
register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.

 

(10)          Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

(11)          Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees may be amended or supplemented
with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including,
without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection
with a tender offer or exchange offer for, or purchase of, the Notes), and any existing Default or Event of Default (other than
a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment
default resulting from an acceleration that has been rescinded) or compliance with any provision of the Indenture or the Notes
or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding
Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents
obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Without the consent of any Holder
of a Note, the Indenture or the Notes or the Note Guarantees may be amended or supplemented to cure any ambiguity, defect or inconsistency;
to provide for uncertificated Notes in addition to or in place of certificated Notes; to provide for the assumption of the Company’s
or a Guarantor’s obligations to Holders of the Notes and Note Guarantees by a successor to the Company or such Guarantor
pursuant to Article V or Article X of the Indenture; to make any change that would provide any additional rights or benefits
to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; to conform
the text of the Indenture, the Note Guarantees or the Notes to any provision of the “Description of Notes” section
of the Company’s Offering Memorandum dated August 4, 2020, relating to the initial offering of the Notes, to the extent
that such provision of the Indenture, the Note Guarantees or the Notes was intended to conform to the text of the “Description
of Notes” as evidenced by an Officer’s Certificate; to provide for the issuance of Additional Notes in accordance with
the limitations set forth in the Indenture; to allow any Guarantor to execute a supplemental indenture to the Indenture and/or
a Note Guarantee with respect to the Notes or to release any Guarantor from its Note Guarantee if such release is in accordance
with the terms of the Indenture, provided any such supplemental indenture may be signed by the Company, the Guarantor providing
the Note Guarantee and the Trustee; or to evidence and provide for the acceptance and appointment under the Indenture of a successor
Trustee pursuant to the requirements of the Indenture.

 

    A-6

     

    

 

(12)          Defaults
and Remedies. Events of Default include: (i) default for 30 days in the payment when due of interest on the Notes; (ii) default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes; (iii) failure
by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 5.01 of the Indenture; (iv) failure
by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 4.15 of the Indenture; (v) failure
by the Company or any of its Restricted Subsidiaries for 60 days after written notice to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class
to comply with any of the other agreements in the Indenture; provided that in the case of a failure to comply with Section 4.03
of the Indenture, such period of continuance of such default or breach shall be 90 days after a written notice described in this
clause (v) has been given; (vi) default under any mortgage, indenture or instrument under which there be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries
(or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the
Company or a Restricted Subsidiary, whether such Indebtedness or Guarantee now exists, or is created after the date of the Indenture,
if that default: (a) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness at
final maturity thereof, prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a
“Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its express
maturity; and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million
(or its foreign currency equivalent) or more; (vii) failure by the Company or any of its Restricted Subsidiaries to pay final
judgments entered by a court or courts of competent jurisdiction aggregating in excess of $50.0 million (or its foreign currency
equivalent) net of any amounts covered by independent third party insurance and as to which such insurer has not disputed coverage,
which judgments are not paid, discharged or stayed for a period of 60 consecutive days; (viii) except as permitted by the
Indenture, any Note Guarantee of a Significant Subsidiary is held in any judicial proceeding to be unenforceable or invalid or
ceases for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies
or disaffirms its obligations under its Note Guarantee; and (ix) certain events of bankruptcy or insolvency described in the
Indenture with respect to the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary. If any Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes
to be due and payable immediately; provided, that a notice of a Default or Event of Default may not be given with respect
to any action taken, and reported publicly or to Holders, more than two years prior to such notice of Default or Event of Default.
Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all
outstanding Notes will become due and payable immediately without further action or notice. Holders may not enforce the Indenture
or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee or exercising any trust or power conferred on it. Except in the case of a Default or Event of Default
in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice of Default or Event
of Default if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in
the interests of the Holders of the Notes. If certain conditions are satisfied, the Holders of at least a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind
an acceleration provided all amounts owing to the Trustee have been paid or waive any existing Default or Event of Default and
its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium, if
any, on, or the principal of, the Notes. The Indenture requires the Company to deliver to the Trustee annually within 90 days after
the end of each fiscal year a statement regarding compliance with the Indenture.

 

    A-7

     

    

 

(13)          Trustee
Dealings with Company. The Trustee or its affiliates, in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not the Trustee.

 

(14)          No
Recourse Against Others. A director, officer, employee, incorporator or stockholder of the Company or any of the Guarantors,
as such, will not have any liability for any obligations of the Company or the Guarantors under the Notes, the Note Guarantees
or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance
of the Notes.

 

(15)          Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

(16)           Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(17)          CUSIP
and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders. The Company has also caused ISINs to be printed on the Notes, and the Trustee may also use ISINs in
notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed
thereon.

 

(18)          GOVERNING
LAW. THE INDENTURE AND THIS NOTE, INCLUDING ANY NOTE GUARANTEES, AND THE RIGHTS AND DUTIES OF THE PARTIES HEREUNDER AND
THEREUNDER ARE AND SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

 

(19)          Copies
of Documents. The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests
may be made to:

 

Emergent BioSolutions Inc. 

Attn: Atul Saran, Esq.

400 Professional Drive, Suite 400

Gaithersburg, MD 21079

Phone: (240) 631-3200

 

    A-8

     

    

 

ASSIGNMENT FORM 

To assign this Note, fill in the form below:

 

	 	(I) or (we) assign and transfer this
Note to:

	 	 	 
	 	(Insert assignee’s legal name)	 
	 	 	 
	 	 	 
	 	(Insert assignee’s soc. sec. or tax I.D. no.)	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Print or type assignee’s name, address and zip code)	 

 

	and irrevocably appoint	 	 

 

	 	 	 
	to transfer this Note on the books of the Company. The agent
may substitute another to act for him.	 
	 	 	 
	Date:	                               	 	 

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)
	Signature Guarantee8:	 	 	 	 

 

 

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

 

    A-9

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

 

 ̈
Section 4.10   ̈   Section 4.15

 

If you want to elect to have only part of
the Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you elect
to have purchased:

 

	 	$	 	 

	Date:	 	 	Your Signature:	 
	 	 	 	 	 
	 	 	 	(Sign exactly as your name appears on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax Identification No.:
	 	 	 	 

 

	Signature Guarantee9:	 	 

 

 

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

 

    A-10

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTE10

 

The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive
Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	Amount of

 decrease in

 Principal

 Amount of this

 Global Note	 	Amount of

 increase in

 Principal

 Amount of this

 Global Note	 	Principal

 Amount of this 

Global Note

 following such decrease (or

 increase)	 	Signature of 

authorized

 officer of

 Trustee or

 Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

		10	This schedule should be included only if the Note is issued in global form.

 

    A-11

     

    

 

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Emergent BioSolutions Inc. 

400 Professional Drive, Suite 400 

Gaithersburg, MD 21079

 

U.S. Bank National Association 

Attention: Corporate Trust Dept 

One Federal St, 10th floor 

Boston, MA 02110 

Laura.cawley@usbank.com

 

Re: 3.875% Senior Unsecured Notes due 2028

 

Reference is hereby made to the Indenture,
dated as of August 7, 2020 (the “Indenture”), among Emergent BioSolutions Inc., as issuer (the “Company”),
the Guarantors from time to time party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

, (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $      
in such Note[s] or interests (the “Transfer”), to             
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.            ❑
Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive
Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes
is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which
such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer”
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in
the Indenture and the Securities Act.

 

2.            ❑
Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive
Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made
to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States
or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and
neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United
States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of B-1 the Restricted Period,
the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than the Initial Purchasers).
Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation
S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

 

    B-1

     

    

 

3.            ❑
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted
Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer
is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws
of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)            ❑
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; or

 

(b)            ❑
such Transfer is being effected to the Company or a subsidiary thereof; or

 

(c)            ❑
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act; or

 

(d)            ❑
such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further
certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the
Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive
Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the
Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of
Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy
of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities
Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI
Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act.

 

4. ❑
Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted
Definitive Note.

 

(a)            ❑
Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

 

(b)            ❑
Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with
Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes or Restricted Definitive Notes and in the Indenture.

 

    B-2

     

    

 

(c)            ❑
Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance
with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and
in the Indenture.

 

This certificate and the statements contained herein are made
for your benefit and the benefit of the Company.

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	Dated:___________	 

 

    B-3

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.             The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a)            ❑
beneficial interest in the:

 

(i)           ❑
144A Global Note (CUSIP           ), or

 

(ii)          ❑
Regulation S Global Note (CUSIP            ), or

 

(iii)         ❑
IAI Global Note (CUSIP             ); or

 

(b)            ❑
a Restricted Definitive Note.

 

2.             After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)            ❑
a beneficial interest in the:

 

(i)           ❑
144A Global Note (CUSIP           ), or

 

(ii)          ❑
Regulation S Global Note (CUSIP             ), or

 

(iii)         ❑
IAI Global Note (CUSIP            ); or

 

(iv)         ❑
Unrestricted Global Note (CUSIP            ); or

 

(b)            ❑
a Restricted Definitive Note; or

 

(c)            ❑
an Unrestricted Definitive Note,

 

in accordance with the terms of
the Indenture.

 

    B-4

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Emergent BioSolutions Inc. 

400 Professional Drive, Suite 400 

Gaithersburg, MD 21079

 

U.S. Bank National Association 

Attention: Corporate Trust Dept 

One Federal St, 10th floor 

Boston, MA 02110 

Laura.cawley@usbank.com

 

Re: 3.875% Senior Unsecured Notes due 2028

 

(CUSIP            )

 

Reference is hereby made to the Indenture,
dated as of August 7, 2020 (the “Indenture”), among Emergent BioSolutions Inc., as issuer (the “Company”),
the Guarantors from time to time party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

(the “Owner”) owns and
proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $      
in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1. Exchange of Restricted Definitive
Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted
Global Note

 

(a)            ❑
Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(b)            ❑
Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the
Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(c)            ❑
Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection
with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

    C-1

     

    

 

(d)            ❑
Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

2. Exchange of Restricted Definitive
Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes

 

(a)            ❑
Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive
Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Note and in the Indenture and the Securities Act.

 

(b)            ❑
Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with
the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ❑
144A Global Note, ❑ Regulation S Global Note, IAI Global
Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable
blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms
of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Company.

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	Dated:__________	 

 

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EXHIBIT D

 

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

Emergent BioSolutions Inc. 

400 Professional Drive, Suite 400 

Gaithersburg, MD 21079

 

U.S. Bank National Association 

Attention: Corporate Trust Dept 

One Federal St, 10th floor 

Boston, MA 02110 

Laura.cawley@usbank.com

 

Re: 3.875% Senior Unsecured Notes due 2028

 

Reference is hereby made to the Indenture,
dated as of August 7, 2020 (the “Indenture”), among Emergent BioSolutions Inc., as issuer (the “Company”),
the guarantors from time to time party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

In connection with our proposed purchase
of $        aggregate principal amount of:

 

(a)            ❑
a beneficial interest in a Global Note, or

 

(b)            ❑
a Definitive Note,

 

we confirm that:

 

1.              We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).

 

2.              We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do
so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act
to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor”
(as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and
to the Company a signed letter substantially in the form of this letter and, if such transfer is in respect of a principal amount
of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to
the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904
of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act
or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person
purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses
(A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.

 

3.              We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and
the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm
that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear
a legend to the foregoing effect.

 

    D -1

     

    

 

4.              We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation
D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the
economic risk of our or its investment.

 

5.              We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

 

You and the Company are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative
or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	[Insert Name of Accredited Investor]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	Dated:________	 

 

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EXHIBIT E

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

Supplemental Indenture (this “Supplemental
Indenture”), dated as of           , 20 , among          
(the “Guaranteeing Subsidiary”), a subsidiary of Emergent BioSolutions Inc. (or its permitted successor), a
Delaware corporation (the “Company”), the Company, and U.S. Bank National Association, as trustee under the
Indenture referred to herein (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company has heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of August 7, 2020 providing for the
issuance of 3.875% Senior Unsecured Notes due 2028 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the Guaranteeing
Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.            Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.            Agreement
to Guarantee. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such shall have all
of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. The Guaranteeing Subsidiary
hereby agrees, on a joint and several basis with all the existing Guarantors, to provide an unconditional Guarantee on the terms
and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article X
thereof.

 

3.            Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated
and delivered shall be bound hereby.

 

4.            No
Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the
Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under
the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.

 

5.            GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

    E -1

     

    

 

6.            Severability
Clause. In case any provision in this Supplemental Indenture 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 and such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability.

 

7.            Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

8.            Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

9.            The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture, the Note Guarantee of the Guaranteeing Subsidiary or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

 

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

 

	Dated:           ,
20	 
	 	[Guaranteeing Subsidiary]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	Emergent BioSolutions Inc.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	U.S. Bank National Association, as Trustee
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    E -2

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