Document:

Exhibit 4.1

 

ONE HUNDRED THIRTY-NINTH SUPPLEMENTAL
INDENTURE

Providing among other things for

 

FIRST MORTGAGE BONDS,

 

$575,000,000 3.50% Series due 2051

 

Dated as of March 26, 2020

 

 

 

CONSUMERS ENERGY COMPANY

 

TO

 

THE BANK OF NEW YORK MELLON,

 

TRUSTEE

  

Counterpart
_____ of 80

 

     

     

    

 

THIS ONE HUNDRED THIRTY-NINTH
SUPPLEMENTAL INDENTURE, dated as of March 26, 2020 (herein sometimes referred to as “this Supplemental Indenture”),
made and entered into by and between CONSUMERS ENERGY COMPANY, a corporation organized and existing under the laws of the State
of Michigan, with its principal executive office and place of business at One Energy Plaza, in Jackson, Jackson County, Michigan
49201, formerly known as Consumers Power Company (hereinafter sometimes referred to as the “Company”), and THE BANK
OF NEW YORK MELLON (formerly known as The Bank of New York), a New York banking corporation, with its corporate trust offices at
240 Greenwich Street, New York, New York 10286 (hereinafter sometimes referred to as the “Trustee”), as Trustee under
the Indenture dated as of September 1, 1945 between Consumers Power Company, a Maine corporation (hereinafter sometimes referred
to as the “Maine corporation”), and City Bank Farmers Trust Company (Citibank, N.A., successor, hereinafter sometimes
referred to as the “Predecessor Trustee”), securing bonds issued and to be issued as provided therein (hereinafter
sometimes referred to as the “Indenture”),

 

WHEREAS, at the close
of business on January 30, 1959, City Bank Farmers Trust Company was converted into a national banking association under the title
“First National City Trust Company”; and

 

WHEREAS, at the close
of business on January 15, 1963, First National City Trust Company was merged into First National City Bank; and

 

WHEREAS, at the close
of business on October 31, 1968, First National City Bank was merged into The City Bank of New York, National Association, the
name of which was thereupon changed to First National City Bank; and

 

WHEREAS, effective March
1, 1976, the name of First National City Bank was changed to Citibank, N.A.; and

 

WHEREAS, effective July
16, 1984, Manufacturers Hanover Trust Company succeeded Citibank, N.A. as Trustee under the Indenture; and

 

WHEREAS, effective June
19, 1992, Chemical Bank succeeded by merger to Manufacturers Hanover Trust Company as Trustee under the Indenture; and

 

WHEREAS, effective July
15, 1996, The Chase Manhattan Bank (National Association) merged with and into Chemical Bank which thereafter was renamed The Chase
Manhattan Bank; and

 

WHEREAS, effective November
11, 2001, The Chase Manhattan Bank merged with Morgan Guaranty Trust Company of New York and the surviving corporation was renamed
JPMorgan Chase Bank; and

 

WHEREAS, effective November
13, 2004, the name of JPMorgan Chase Bank was changed to JPMorgan Chase Bank, N.A.; and

 

WHEREAS, effective April
7, 2006, The Bank of New York succeeded JPMorgan Chase Bank, N.A. as Trustee under the Indenture; and

 

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WHEREAS, effective July
1, 2008, the name of The Bank of New York was changed to The Bank of New York Mellon; and

 

WHEREAS, the Indenture
was executed and delivered for the purpose of securing such bonds as may from time to time be issued under and in accordance with
the terms of the Indenture, the aggregate principal amount of bonds to be secured thereby being limited to $11,000,000,000 at any
one time outstanding (except as provided in Section 2.01 of the Indenture), and the Indenture describes and sets forth the property
conveyed thereby and is filed in the Office of the Secretary of State of the State of Michigan and is of record in the Office of
the Register of Deeds of each county in the State of Michigan in which this Supplemental Indenture is to be recorded; and

 

WHEREAS, the Indenture
has been supplemented and amended by various indentures supplemental thereto, each of which is filed in the Office of the Secretary
of State of the State of Michigan and is of record in the Office of the Register of Deeds of each county in the State of Michigan
in which this Supplemental Indenture is to be recorded; and

 

WHEREAS, the Company
and the Maine corporation entered into an Agreement of Merger and Consolidation, dated as of February 14, 1968, which provided
for the Maine corporation to merge into the Company; and

 

WHEREAS, the effective
date of such Agreement of Merger and Consolidation was June 6, 1968, upon which date the Maine corporation was merged into the
Company and the name of the Company was changed from “Consumers Power Company of Michigan” to “Consumers Power
Company”; and

 

WHEREAS, the Company
and the Predecessor Trustee entered into a Sixteenth Supplemental Indenture, dated as of June 4, 1968, which provided, among other
things, for the assumption of the Indenture by the Company; and

 

WHEREAS, said Sixteenth
Supplemental Indenture became effective on the effective date of such Agreement of Merger and Consolidation; and

 

WHEREAS, the Company
has succeeded to and has been substituted for the Maine corporation under the Indenture with the same effect as if it had been
named therein as the mortgagor corporation; and

 

WHEREAS, effective March
11, 1997, the name of Consumers Power Company was changed to Consumers Energy Company; and

 

WHEREAS, the Indenture
provides for the issuance of bonds thereunder in one or more series, and the Company, by appropriate corporate action in conformity
with the terms of the Indenture, has duly determined to create, and does hereby create, a new series of bonds under the Indenture
designated 3.50% Series due 2051, which bonds shall also bear the descriptive title “First Mortgage Bonds” (hereinafter
provided for and hereinafter sometimes referred to as the “2051 Bonds” or the “Bonds”), the bonds of which
series are to be issued as registered bonds without coupons and are to bear interest at the rate per annum specified in the title
thereof and are to mature on August 1, 2051; and

 

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WHEREAS, the Company
and Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and MUFG Securities Americas Inc., as representatives
of the several underwriters named therein (the “Underwriters”), have entered into an Underwriting Agreement dated March
17, 2020 (the “Underwriting Agreement”), pursuant to which the Company agreed to sell and the Underwriters agreed to
buy $575,000,000 in aggregate principal amount of 2051 Bonds; and

 

WHEREAS, the registered
bonds without coupons of the 2051 Bonds and the Trustee’s Authentication Certificate thereon are to be substantially in the
following form, to wit:

 

{FORM OF REGISTERED BOND OF THE 2051 BONDS}

 

THIS BOND IS A GLOBAL
BOND REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR THE INDIVIDUAL BONDS REPRESENTED HEREBY, THIS GLOBAL BOND 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 GLOBAL
BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), A NEW
YORK CORPORATION (THE “DEPOSITARY”), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CONSUMERS ENERGY COMPANY

FIRST MORTGAGE BOND

3.50% SERIES DUE 2051

 

		CUSIP:	210518 DH6	$

ISIN: US210518DH65

 

No.:

 

CONSUMERS ENERGY
COMPANY, a Michigan corporation (hereinafter called the “Company”), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of ($ ) on August 1, 2051 (the “Stated Maturity”), and
to pay to the registered holder hereof interest on said sum from and including the latest semi-annual interest payment date
to which interest has been paid or duly made available for payment on the bonds of this series preceding the date hereof,
unless the date hereof be an interest payment date to which interest is being paid, in which case from and including the date
hereof, or unless the date hereof is prior to August 1, 2020 in which case from and including March 26, 2020 (or if this bond
is dated between the record date for any interest payment date and such interest payment date, then from and including such
interest payment date, provided, however, that if the Company shall default in payment of the interest due on such interest
payment date, then from and including the next preceding semi-annual interest payment date to which interest has been paid or
duly made available for payment on the bonds of this series, or if such interest payment date is August 1, 2020, from and
including March 26, 2020), in each case to but excluding the next succeeding interest payment date or the date of maturity,
as the case may be, at the rate per annum, until the principal hereof is paid or duly made available for payment, specified
in the title of this bond, payable on February 1 and August 1 in each year. The provisions of this bond are continued below
and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

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This bond shall not be
valid or become obligatory for any purpose unless and until it shall have been authenticated by the execution by the Trustee or
its successor in trust under the Indenture of the certificate hereon.

 

IN WITNESS WHEREOF, Consumers
Energy Company has caused this bond to be executed in its name by its Chairman of the Board, its President or one of its Vice Presidents
by his or her signature or a facsimile thereof, and its corporate seal or a facsimile thereof to be affixed hereto or imprinted
hereon and attested by its Secretary or one of its Assistant Secretaries by his or her signature or a facsimile thereof.

 

	 	CONSUMERS ENERGY COMPANY
	 
	Dated:
	 	By:	/s/ Srikanth Maddipati
	 	Printed:	Srikanth Maddipati
	 	Title:	 Vice President and Treasurer
	 

 

	Attest:	/s/ Terry Christian	 
	 	Terry Christian
	 	Assistant Secretary

 

TRUSTEE’S AUTHENTICATION CERTIFICATE

 

This is one of the bonds,
of the series designated therein, described in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON, Trustee
	 
	 	By:	/s/ Laurence J. O’Brien
	 	 	Authorized Officer

 

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CONSUMERS ENERGY COMPANY

 

FIRST MORTGAGE BOND

3.50% SERIES DUE 2051

 

The interest payable
on any February 1 or August 1 will, subject to certain exceptions provided in the Indenture hereinafter mentioned, be paid to the
person in whose name this bond is registered at 5:00 p.m., New York City time, on the record date, which shall be the January 15
or July 15 (whether or not such January 15 or July 15 shall be a legal holiday or a day on which banking institutions in the Borough
of Manhattan, The City of New York, are authorized to close) preceding the relevant interest payment date, except that interest
payable at the Stated Maturity shall be paid to the person to whom the principal amount is paid. The initial interest payment date
will be August 1, 2020. The principal of and the premium, if any, and interest on this bond shall be payable at the office or agency
of the Company in the Borough of Manhattan, The City of New York, designated for that purpose, in any coin or currency of the United
States of America which at the time of payment is legal tender for public and private debts.

 

This bond is one of the
bonds of a series designated as First Mortgage Bonds, 3.50% Series due 2051 (sometimes herein referred to as the “2051 Bonds”
or the “Bonds”) issued under and in accordance with and secured by an indenture dated as of September 1, 1945, given
by the Company (or its predecessor, Consumers Power Company, a Maine corporation) to City Bank Farmers Trust Company (The Bank
of New York Mellon, successor) (hereinafter sometimes referred to as the “Trustee”), together with indentures supplemental
thereto, heretofore or hereafter executed, to which indenture and indentures supplemental thereto (hereinafter referred to collectively
as the “Indenture”) reference is hereby made for a description of the property mortgaged and pledged, the nature and
extent of the security and the rights, duties and immunities thereunder of the Trustee and the rights of the holders of said bonds
and of the Trustee and of the Company in respect of such security, and the limitations on such rights. By the terms of the Indenture,
the bonds to be secured thereby are issuable in series which may vary as to date, amount, date of maturity, rate of interest and
in other respects as provided in the Indenture.

 

Any or all of the 2051
Bonds may be redeemed by the Company at its option, in whole or in part, at any time and from time to time prior to maturity. The
redemption price for any such 2051 Bonds being redeemed on any redemption date prior to the Par Call Date (as defined below) shall
be equal to the greater of the following amounts: (i) 100% of the principal amount of such 2051 Bonds being redeemed on the redemption
date or (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on such 2051 Bonds
being redeemed on such redemption date that would be due if such 2051 Bonds matured on the Par Call Date (not including any portion
of any payments of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis at the Adjusted
Treasury Rate (as defined below), plus 30 basis points, as determined by a Reference Treasury Dealer (as defined below) appointed
by the Company for such purpose, plus, in each case of clauses (i) and (ii), accrued and unpaid interest, if any, on such 2051
Bonds being redeemed to, but not including, the redemption date. The redemption price for any such 2051 Bonds being redeemed on
any redemption date on or after the Par Call Date will be equal to 100% of the principal amount of such 2051 Bonds being redeemed
on the redemption date, plus accrued and unpaid interest, if any, on such 2051 Bonds being redeemed to, but not including, the
redemption date.

 

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“Adjusted Treasury
Rate” means, with respect to any applicable redemption date, the rate per annum equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such redemption date.

 

“Business Day”
means any day, other than a Saturday or Sunday, on which banks generally are open in New York, New York for the conduct of substantially
all of their commercial lending activities and on which interbank wire transfers can be made on the Fedwire system.

 

“Comparable Treasury
Issue” means the U.S. Treasury security selected by a Reference Treasury Dealer appointed by the Company for such purpose
as having a maturity comparable to the remaining term of such 2051 Bonds being redeemed (assuming for this purpose that such 2051
Bonds matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such 2051 Bonds (assuming
for this purpose that such 2051 Bonds matured on the Par Call Date).

 

“Comparable Treasury
Price” means, with respect to any applicable redemption date, (i) if the Company obtains three or more Reference Treasury
Dealer Quotations (as defined below), the average of such Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations, (ii) if the Company obtains two such Reference Treasury
Dealer Quotations, the average of such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received by the
Company, such quotation.

 

“Par Call Date”
means February 1, 2051.

 

“Primary Treasury
Dealer” means a primary U.S. Government securities dealer in the United States.

 

“Reference Treasury
Dealer” means (i) Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and a Primary Treasury
Dealer selected by MUFG Securities Americas Inc.; provided, however, that if any of the foregoing shall cease to be a Primary Treasury
Dealer, the Company shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer(s) selected
by the Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any applicable redemption date, the average
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day
preceding such redemption date.

 

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If less than all of
the 2051 Bonds are to be redeemed and (i) the 2051 Bonds are in global form, the interests in the 2051 Bonds to be redeemed
shall be selected for redemption by The Depository Trust Company in accordance with The Depository Trust Company’s
standard procedures therefor, or (ii) the 2051 Bonds are in definitive form, the Trustee shall select the 2051 Bonds to be
redeemed by lot, on a pro rata basis or by another method the Trustee deems appropriate and fair. Notice of redemption shall
be delivered not less than 10 nor more than 60 days prior to the date fixed for redemption to the holders of the 2051 Bonds
to be redeemed (which, as long as the 2051 Bonds are held in the book-entry only system, will be The Depository Trust Company
(or its nominee) or a successor depositary (or the successor’s nominee)); provided, however, that the failure to duly
deliver such notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2051
Bonds as to which there shall have been no such failure or defect. On and after the date fixed for redemption (unless the
Company shall default in the payment of the 2051 Bonds or portions thereof to be redeemed at the applicable redemption price,
together with accrued and unpaid interest, if any, thereon to, but not including, such date), interest on the 2051 Bonds or
the portions thereof so called for redemption shall cease to accrue.

 

This bond is not redeemable
by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released property or in
any other manner except as set forth above.

 

In case of certain defaults
as specified in the Indenture, the principal of this bond may be declared or may become due and payable on the conditions, at the
time, in the manner and with the effect provided in the Indenture. The holders of certain specified percentages of the bonds at
the time outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to
the extent and as provided in the Indenture, waive certain defaults thereunder and the consequences of such defaults.

 

The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the holders of not less than seventy-five per centum in
principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding,
including, if more than one series of bonds shall be at the time outstanding, not less than sixty per centum in principal amount
of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture
and of the rights and obligations of the Company and the rights of the holders of the bonds and coupons; provided, however, that
no such modification or alteration shall be made without the written approval or consent of the holder hereof which will (a) extend
the maturity of this bond or reduce the rate or extend the time of payment of interest hereon or reduce the amount of the principal
hereof or reduce any premium payable on the redemption hereof, (b) permit the creation of any lien, not otherwise permitted, prior
to or on a parity with the lien of the Indenture, or (c) reduce the aforesaid percentage of the principal amount of bonds the holders
of which are required to approve any such supplemental indenture.

 

The Company
reserves the right, without any consent, vote or other action by holders of the 2051 Bonds or any other series created after
the Sixty-eighth Supplemental Indenture, to amend the Indenture to reduce the percentage of the principal amount of bonds the
holders of which are required to approve any supplemental indenture (other than any supplemental indenture which is subject
to the proviso contained in the immediately preceding sentence) (a) from not less than seventy-five per centum (including
sixty per centum of each series affected) to not less than a majority in principal amount of the bonds at the time
outstanding or (b) in case fewer than all series are affected, not less than a majority in principal amount of the bonds of
all affected series, voting together.

 

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No recourse shall be
had for the payment of the principal of or premium, if any, or interest on this bond, or for any claim based hereon, or otherwise
in respect hereof or of the Indenture, to or against any incorporator, stockholder, director or officer, past, present or future,
as such, of the Company, or of any predecessor or successor company, either directly or through the Company, or such predecessor
or successor company, or otherwise, under any constitution or statute or rule of law, or by the enforcement of any assessment or
penalty, or otherwise, all such liability of incorporators, stockholders, directors and officers, as such, being waived and released
by the holder and owner hereof by the acceptance of this bond and being likewise waived and released by the terms of the Indenture.

 

{END OF FORM OF REGISTERED BOND OF THE 2051
BONDS}

  

 

 

AND WHEREAS, all acts
and things necessary to make the Bonds, when duly executed by the Company and authenticated by the Trustee or its agent and issued
as prescribed in the Indenture, as heretofore supplemented and amended, and this Supplemental Indenture, the valid, binding and
legal obligations of the Company, and to constitute the Indenture, as supplemented and amended as aforesaid, as well as by this
Supplemental Indenture, a valid, binding and legal instrument for the security thereof, have been done and performed, and the creation,
execution and delivery of this Supplemental Indenture and the creation, execution and issuance of bonds subject to the terms hereof
and of the Indenture, as so supplemented and amended, have in all respects been duly authorized;

 

NOW, THEREFORE, in
consideration of the premises, of the acceptance and purchase by the holders thereof of the bonds issued and to be issued
under the Indenture, as supplemented and amended as above set forth, duly paid by the Trustee to the Company, and of other
good and valuable considerations, the receipt whereof is hereby acknowledged, and for the purpose of securing the due and
punctual payment of the principal of and premium, if any, and interest on all bonds now outstanding under the Indenture and
the $575,000,000 principal amount of the 2051 Bonds, and all other bonds which shall be issued under the Indenture, as
supplemented and amended from time to time, and for the purpose of securing the faithful performance and observance of all
covenants and conditions therein, and in any indenture supplemental thereto, set forth, the Company has given, granted,
bargained, sold, released, transferred, assigned, hypothecated, pledged, mortgaged, confirmed, set over, warranted, alienated
and conveyed and by these presents does give, grant, bargain, sell, release, transfer, assign, hypothecate, pledge, mortgage,
confirm, set over, warrant, alienate and convey unto The Bank of New York Mellon, as Trustee, as provided in the Indenture,
and its successor or successors in the trust thereby and hereby created and to its or their assigns forever, all the right,
title and interest of the Company in and to all the property, described in Section 12 hereof, together (subject to the
provisions of Article X of the Indenture) with the tolls, rents, revenues, issues, earnings, income, products and profits
thereof, excepting, however, the property, interests and rights specifically excepted from the lien of the Indenture as set
forth in the Indenture;

 

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TOGETHER WITH all and
singular the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the premises, property, franchises
and rights, or any thereof, referred to in the foregoing granting clause, with the reversion and reversions, remainder and remainders
and (subject to the provisions of Article X of the Indenture) the tolls, rents, revenues, issues, earnings, income, products and
profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company
now has or may hereafter acquire in and to the aforesaid premises, property, franchises and rights and every part and parcel thereof;

 

SUBJECT, HOWEVER, with
respect to such premises, property, franchises and rights, to excepted encumbrances as said term is defined in Section 1.02 of
the Indenture, and subject also to all defects and limitations of title and to all encumbrances existing at the time of acquisition.

 

TO HAVE AND TO HOLD all
said premises, property, franchises and rights hereby conveyed, assigned, pledged or mortgaged, or intended so to be, unto the
Trustee, its successor or successors in trust and their assigns forever;

 

BUT IN TRUST, NEVERTHELESS,
with power of sale for the equal and proportionate benefit and security of the holders of all bonds now or hereafter authenticated
and delivered under and secured by the Indenture and interest coupons appurtenant thereto, pursuant to the provisions of the Indenture
and of any supplemental indenture, and for the enforcement of the payment of said bonds and coupons when payable and the performance
of and compliance with the covenants and conditions of the Indenture and of any supplemental indenture, without any preference,
distinction or priority as to lien or otherwise of any bond or bonds over others by reason of the difference in time of the actual
authentication, delivery, issue, sale or negotiation thereof or for any other reason whatsoever, except as otherwise expressly
provided in the Indenture; and so that each and every bond now or hereafter authenticated and delivered thereunder shall have the
same lien, and so that the principal of and premium, if any, and interest on every such bond shall, subject to the terms thereof,
be equally and proportionately secured, as if it had been made, executed, authenticated, delivered, sold and negotiated simultaneously
with the execution and delivery thereof;

 

AND IT IS EXPRESSLY DECLARED
by the Company that all bonds authenticated and delivered under and secured by the Indenture, as supplemented and amended as above
set forth, are to be issued, authenticated and delivered, and all said premises, property, franchises and rights hereby and by
the Indenture and indentures supplemental thereto conveyed, assigned, pledged or mortgaged, or intended so to be, are to be dealt
with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes
expressed in the Indenture, as supplemented and amended as above set forth, and the parties hereto mutually agree as follows:

 

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SECTION 1. There is
hereby created one series of bonds (the “2051 Bonds” or the “Bonds”) designated as hereinabove
provided, which shall also bear the descriptive title “First Mortgage Bond”, and the form thereof shall be
substantially as hereinbefore set forth. The 2051 Bonds shall be issued in the aggregate principal amount of $575,000,000,
shall mature on August 1, 2051 and shall be issued only as registered bonds without coupons in denominations of $2,000 and
any integral multiple of $1,000 in excess thereof. The serial numbers of the 2051 Bonds shall be such as may be approved by
any officer of the Company, the execution thereof by any such officer either manually or by facsimile signature to be
conclusive evidence of such approval. The 2051 Bonds shall bear interest at the rate per annum, until the principal thereof
is paid or duly made available for payment, specified in the title thereto, payable semi-annually in arrears on February 1
and August 1 in each year, commencing August 1, 2020. Interest on the Bonds will be computed on the basis of a 360-day year
consisting of twelve 30-day months. The principal of and the premium, if any, and the interest on said bonds shall be payable
in any coin or currency of the United States of America which at the time of payment is legal tender for public and private
debts, at the office or agency of the Company in the City of New York, designated for that purpose. Additional 2051 Bonds,
without limitation as to amount (except as provided in the Indenture), and without the consent of the holders of the then
outstanding 2051 Bonds, but with the same terms as such outstanding 2051 Bonds (except the issue price and the issue date
and, if applicable, the initial interest accrual date and the initial interest payment date), may be authenticated and
delivered in the manner provided in the Indenture, and any such additional 2051 Bonds would constitute a single series with
such outstanding 2051 Bonds.

 

SECTION 2.

 

SECTION 2.01. Form of Bonds.

 

The 2051 Bonds shall
be issued initially in the form of one or more permanent global Bonds in definitive, fully registered form without interest coupons
with the global securities legend appearing in the form of 2051 Bond hereinbefore set forth endorsed thereon (a “Global Bond”),
which shall be deposited on behalf of the purchasers of the Bonds represented thereby with the Trustee, at its corporate trust
office, as securities custodian (or with such other securities custodian as the Depository (as defined below) may direct), and
registered in the name of the Depository or a nominee of the Depository, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. The aggregate principal amount of the Global Bonds may from time to time be increased or decreased
by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided. The depository for
the Global Bonds shall be The Depository Trust Company, a New York corporation, or its duly appointed successor (the “Depository”).
This Section 2.01 shall apply only to a Global Bond deposited with or on behalf of the Depository.

 

The Company shall execute
and the Trustee shall, in the case of each of the 2051 Bonds in accordance with this Section 2.01, authenticate and deliver initially
one or more Global Bonds for the 2051 Bonds, which (a) shall be registered in the name of the Depository or the nominee of the
Depository and (b) shall be delivered by the Trustee to the Depository or pursuant to the Depository’s instructions or held
by the Trustee as securities custodian.

 

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Members of, or
participants in, the Depository (“Agent Members”) shall have no rights under this Supplemental Indenture with
respect to any Global Bond held on their behalf by the Depository or by the Trustee as the securities custodian or under such
Global Bond, and the Company, the Trustee and any agent of the Company or the Trustee shall be entitled to treat the
Depository as the absolute owner of such Global Bond for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company from giving effect to any written certification,
proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the
operation of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest
in any Global Bond.

 

Except as provided in
this Section 2.01, Section 2.02 or Section 2.03, owners of beneficial interests in Global Bonds shall not be entitled to receive
physical delivery of certificated Bonds.

 

SECTION 2.02. Transfer and
Exchange.

 

(a)              
Transfer and Exchange of Global Bonds.

 

(i)                            
The transfer and exchange of Global Bonds or beneficial interests therein shall be effected through the Depository, in accordance
with this Supplemental Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of
the Depository therefor.

 

(ii)                         
Notwithstanding any other provision of this Supplemental Indenture (other than the provisions set forth in Section 2.03),
a Global Bond may not be transferred as a whole or in part except by the Depository to a nominee of the Depository or by a nominee
of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor
Depository or a nominee of such successor Depository.

 

(b)              
Cancellation or Adjustment of Global Bond. At such time as all beneficial interests in a Global Bond have either
been exchanged for certificated Bonds, redeemed, purchased or canceled, such Global Bond shall be canceled by the Trustee. At any
time prior to such cancellation, if any beneficial interest in a Global Bond is exchanged for certificated Bonds, redeemed, purchased
or canceled, the principal amount of Bonds represented by such Global Bond shall be reduced and an adjustment shall be made on
the books and records of the securities custodian with respect to such Global Bond.

 

(c)              
Obligations with Respect to Transfers and Exchanges of Bonds.

 

(i)                            
To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate certificated
Bonds and Global Bonds at the security registrar’s request.

 

(ii)                         
No service charge shall be made for registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any transfer tax, assessments or similar governmental charge payable in connection therewith.

 

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(iii)                       
Prior to the due presentation for registration of transfer of any Bond, the Company, the Trustee, the paying agent or the
security registrar may deem and treat the person in whose name a Bond is registered as the absolute owner of such Bond for the
purpose of receiving payment of principal of and premium, if any, and (subject to the record date provisions of the Bonds) interest
on such Bond and for all other purposes whatsoever, whether or not such Bond is overdue, and none of the Company, the Trustee,
the paying agent or the security registrar shall be affected by notice to the contrary.

 

(iv)                        
All Bonds issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall
be entitled to the same benefits under the Indenture as the Bonds surrendered upon such transfer or exchange.

 

(d)              
No Obligation of Trustee.

 

(i)                            
The Trustee (whether in its capacity as Trustee or otherwise) shall have no responsibility or obligation to any beneficial
owner of a Global Bond, Agent Member or other person with respect to the accuracy of the records of the Depository or its nominee
or of any Agent Member, with respect to any ownership interest in the Bonds or with respect to the delivery to any Agent Member,
beneficial owner or other person (other than the Depository) of any notice (including any notice of redemption) or the payment
of any amount, under or with respect to such Bonds. All notices and communications to be given to the holders and all payments
to be made to holders under the Bonds shall be given or made only to or upon the order of the registered holders (which shall be
the Depository or its nominee in the case of a Global Bond). The rights of beneficial owners in any Global Bond shall be exercised
only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be
fully protected in relying upon information furnished by the Depository with respect to its Agent Members and any beneficial owners.

 

(ii)                         
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any
Bond (including any transfers between or among Agent Members or beneficial owners in any Global Bond) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of the Indenture.

 

SECTION 2.03. Certificated
Bonds.

 

(a)              
A Global Bond deposited with the Depository or with the Trustee as securities custodian pursuant to Section 2.01 shall be
transferred to the beneficial owners thereof in the form of certificated Bonds in an aggregate principal amount equal to the principal
amount of such Global Bond, in exchange for such Global Bond, only if such transfer complies with and is permitted by this Section
2.03 and complies with the conditions set forth in Article II of the Indenture.

 

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(b)              
Any Global Bond that is transferable to the beneficial owners thereof pursuant to this Section 2.03 shall be surrendered
by the Depository to the Trustee at its corporate trust office to be so transferred, in whole or from time to time in part, without
charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Bond, an equal aggregate
principal amount of certificated Bonds of authorized denominations. Any portion of a Global Bond transferred pursuant to this Section
2.03 shall be executed, authenticated and delivered only in denominations of $2,000 principal amount and any integral multiple
of $1,000 in excess thereof and registered in such names as the Depository shall direct.

 

(c)              
Subject to the provisions of Section 2.03(b), the registered holder of a Global Bond shall be entitled to grant proxies
and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take
any action which such holder is entitled to take under the Indenture or the Bonds.

 

(d)              
If the Depository at any time is unwilling or unable to continue as a depository, defaults in the performance of its duties
as depository or ceases to be a clearing agency registered under the Securities Exchange Act of 1934 or other applicable statute
or regulation, and a successor depository is not appointed by the Company within 90 days, the Company will issue Bonds in definitive
form in exchange for the global securities relating to the Bonds. In addition, the Company may at any time and in its sole discretion
and subject to the Depository’s procedures determine not to have the Bonds or portions of the Bonds represented by one or
more global securities and, in that event, will issue individual Bonds in exchange for the global security or securities representing
such Bonds. Further, if the Company so specifies with respect to the Bonds, an owner of a beneficial interest in a global security
representing the Bonds may, on terms acceptable to the Company and the depositary for the global security, receive individual Bonds
in exchange for the beneficial interest. In any such instance, an owner of a beneficial interest in a global security will be entitled
to physical delivery in definitive form of Bonds represented by the global security equal in principal amount to the beneficial
interest, and to have the Bonds registered in its name. Bonds so issued in definitive form will be issued as registered Bonds in
denominations of $2,000 and integral multiples of $1,000.

 

SECTION 3. Any or all
of the 2051 Bonds may be redeemed by the Company at its option, in whole or in part, at any time and from time to time prior to
maturity. The redemption price for any such 2051 Bonds being redeemed on any redemption date prior to the Par Call Date (as defined
below) shall be equal to the greater of the following amounts: (i) 100% of the principal amount of such 2051 Bonds being redeemed
on the redemption date or (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on
such 2051 Bonds being redeemed on such redemption date that would be due if such 2051 Bonds matured on the Par Call Date (not including
any portion of any payments of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis
at the Adjusted Treasury Rate (as defined below), plus 30 basis points, as determined by a Reference Treasury Dealer (as defined
below) appointed by the Company for such purpose, plus, in each case of clauses (i) and (ii), accrued and unpaid interest, if any,
on such 2051 Bonds being redeemed to, but not including, the redemption date. The redemption price for any such 2051 Bonds being
redeemed on any redemption date on or after the Par Call Date will be equal to 100% of the principal amount of such 2051 Bonds
being redeemed on the redemption date, plus accrued and unpaid interest, if any, on such 2051 Bonds being redeemed to, but not
including, the redemption date.

 

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“Adjusted Treasury
Rate” means, with respect to any applicable redemption date, the rate per annum equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such redemption date.

 

“Comparable Treasury
Issue” means the U.S. Treasury security selected by a Reference Treasury Dealer appointed by the Company for such purpose
as having a maturity comparable to the remaining term of such 2051 Bonds being redeemed (assuming for this purpose that such 2051
Bonds matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such 2051 Bonds (assuming
for this purpose that such 2051 Bonds matured on the Par Call Date).

 

“Comparable Treasury
Price” means, with respect to any applicable redemption date, (i) if the Company obtains three or more Reference Treasury
Dealer Quotations (as defined below), the average of such Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations, (ii) if the Company obtains two such Reference Treasury
Dealer Quotations, the average of such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received by the
Company, such quotation.

 

“Par Call Date”
means February 1, 2051.

 

“Primary Treasury
Dealer” means a primary U.S. Government securities dealer in the United States.

 

“Reference Treasury Dealer” means
(i) Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and a Primary Treasury Dealer selected by
MUFG Securities Americas Inc.; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the
Company shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer(s) selected by the
Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any applicable redemption date, the average
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day
preceding such redemption date.

 

In connection with any
redemption of the 2051 Bonds prior to the Par Call Date, the Company shall give the Trustee notice of the redemption price promptly
after the calculation thereof and the Trustee shall not be responsible for such calculation.

 

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If less than all of
the 2051 Bonds are to be redeemed and (i) the 2051 Bonds are in global form, the interests in the 2051 Bonds to be redeemed
shall be selected for redemption by The Depository Trust Company in accordance with The Depository Trust Company’s
standard procedures therefor, or (ii) the 2051 Bonds are in definitive form, the Trustee shall select the 2051 Bonds to be
redeemed by lot, on a pro rata basis or by another method the Trustee deems appropriate and fair. Notice of redemption shall
be delivered not less than 10 nor more than 60 days prior to the date fixed for redemption to the holders of the 2051 Bonds
to be redeemed (which, as long as the 2051 Bonds are held in the book-entry only system, will be The Depository Trust Company
(or its nominee) or a successor depositary (or the successor’s nominee)); provided, however, that the failure to duly
deliver such notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2051
Bonds as to which there shall have been no such failure or defect. On and after the date fixed for redemption (unless the
Company shall default in the payment of the 2051 Bonds or portions thereof to be redeemed at the applicable redemption price,
together with accrued and unpaid interest, if any, thereon to, but not including, such date), interest on the 2051 Bonds or
the portions thereof so called for redemption shall cease to accrue.

 

SECTION 4. The Bonds
are not redeemable by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released
property or in any other manner except as set forth in Section 3 hereof.

 

SECTION 5. The Company
reserves the right, without any consent, vote or other action by the holders of the Bonds or of any subsequent series of bonds
issued under the Indenture, to make such amendments to the Indenture, as supplemented, as shall be necessary in order to amend
Section 17.02 to read as follows:

 

SECTION 17.02. With the
consent of the holders of not less than a majority in principal amount of the bonds at the time outstanding or their
attorneys-in-fact duly authorized, or, if fewer than all series are affected, not less than a majority in principal amount of
the bonds at the time outstanding of each series the rights of the holders of which are affected, voting together, the
Company, when authorized by a resolution, and the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of any supplemental indenture or modifying the rights and obligations of the Company and
the rights of the holders of any of the bonds and coupons; provided, however, that no such supplemental indenture shall (1)
extend the maturity of any of the bonds or reduce the rate or extend the time of payment of interest thereon, or reduce the
amount of the principal thereof, or reduce any premium payable on the redemption thereof, without the consent of the holder
of each bond so affected, or (2) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the
lien of this Indenture, without the consent of the holders of all the bonds then outstanding, or (3) reduce the aforesaid
percentage of the principal amount of bonds the holders of which are required to approve any such supplemental indenture,
without the consent of the holders of all the bonds then outstanding. For the purposes of this Section, bonds shall be deemed
to be affected by a supplemental indenture if such supplemental indenture adversely affects or diminishes the rights of
holders thereof against the Company or against its property. The Trustee may in its discretion determine whether or not, in
accordance with the foregoing, bonds of any particular series would be affected by any supplemental indenture and any such
determination shall be conclusive upon the holders of bonds of such series and all other series. Subject to the provisions of
Sections 16.02 and 16.03 hereof, the Trustee shall not be liable for any determination made in good faith in connection
herewith.

 

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Upon the
written request of the Company, accompanied by a resolution authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of bondholders as aforesaid (the instrument or instruments evidencing such
consent to be dated within one year of such request), the Trustee shall join with the Company in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture.

 

It shall
not be necessary for the consent of the bondholders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

The Company
and the Trustee, if they so elect, and either before or after such consent has been obtained, may require the holder of any bond
consenting to the execution of any such supplemental indenture to submit his bond to the Trustee or to ask such bank, banker or
trust company as may be designated by the Trustee for the purpose, for the notation thereon of the fact that the holder of such
bond has consented to the execution of such supplemental indenture, and in such case such notation, in form satisfactory to the
Trustee, shall be made upon all bonds so submitted, and such bonds bearing such notation shall forthwith be returned to the persons
entitled thereto.

 

Prior to
the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company
shall publish a notice, setting forth in general terms the substance of such supplemental indenture, at least once in one daily
newspaper of general circulation in each city in which the principal of any of the bonds shall be payable, or, if all bonds outstanding
shall be registered bonds without coupons or coupon bonds registered as to principal, such notice shall be sufficiently given if
mailed, first class, postage prepaid, and registered if the Company so elects, to each registered holder of bonds at the last address
of such holder appearing on the registry books, such publication or mailing, as the case may be, to be made not less than thirty
days prior to such execution. Any failure of the Company to give such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

 

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SECTION 6. The Company
hereby appoints the Trustee as paying agent, registrar and transfer agent for the Bonds.

 

SECTION 7. As supplemented
and amended as above set forth, the Indenture is in all respects ratified and confirmed, and the Indenture and all indentures supplemental
thereto shall be read, taken and construed as one and the same instrument.

 

SECTION 8. The Trustee
assumes no responsibility for or in respect of the validity or sufficiency of this Supplemental Indenture or of the Indenture as
hereby supplemented or the due execution hereof by the Company or for or in respect of the recitals and statements contained herein
(other than those contained in the tenth and eleventh recitals hereof), all of which recitals and statements are made solely by
the Company.

 

SECTION 9. This Supplemental
Indenture may be simultaneously executed in several counterparts and all such counterparts executed and delivered, each as an original,
shall constitute but one and the same instrument.

 

SECTION 10. If any interest
payment date or redemption date for the Bonds or the Stated Maturity falls on a day that is not a Business Day, the interest or
principal payment will be made on the next succeeding Business Day (and without any interest or other payment in respect of any
such delay). In the event the date of any notice required or permitted hereunder shall not be a Business Day, then (notwithstanding
any other provision of the Indenture or of any supplemental indenture thereto) such notice need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if made on the date fixed for such notice. “Business
Day” means, with respect to Section 3 and this Section 10, any day, other than a Saturday or Sunday, on which banks generally
are open in New York, New York for the conduct of substantially all of their commercial lending activities and on which interbank
wire transfers can be made on the Fedwire system.

 

SECTION 11. This Supplemental
Indenture and the 2051 Bonds shall be governed by and deemed to be a contract under, and construed in accordance with, the laws
of the State of Michigan, and for all purposes shall be construed in accordance with the laws of such state, except as may otherwise
be required by mandatory provisions of law.

 

SECTION 12. Detailed Description of
Property Mortgaged:

 

I.

ELECTRIC GENERATING PLANTS AND DAMS

 

All the electric generating
plants and stations of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any
supplement thereto and not heretofore released from the lien of the Indenture, including all powerhouses, buildings, reservoirs,
dams, pipelines, flumes, structures and works and the land on which the same are situated and all water rights and all other lands
and easements, rights of way, permits, privileges, towers, poles, wires, machinery, equipment, appliances, appurtenances and supplies
and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with
such plants and stations or any of them, or adjacent thereto.

 

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II.

ELECTRIC TRANSMISSION LINES

 

All the electric transmission
lines of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto
and not heretofore released from the lien of the Indenture, including towers, poles, pole lines, wires, switches, switch racks,
switchboards, insulators and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining
to or used, occupied or enjoyed in connection with such transmission lines or any of them or adjacent thereto; together with all
real property, rights of way, easements, permits, privileges, franchises and rights for or relating to the construction, maintenance
or operation thereof, through, over, under or upon any private property or any public streets or highways, within as well as without
the corporate limits of any municipal corporation. Also all the real property, rights of way, easements, permits, privileges and
rights for or relating to the construction, maintenance or operation of certain transmission lines, the land and rights for which
are owned by the Company, which are either not built or now being constructed.

 

III.

ELECTRIC DISTRIBUTION SYSTEMS

 

All the electric distribution
systems of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement
thereto and not heretofore released from the lien of the Indenture, including substations, transformers, switchboards, towers,
poles, wires, insulators, subways, trenches, conduits, manholes, cables, meters and other appliances and equipment, and all other
property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such distribution
systems or any of them or adjacent thereto; together with all real property, rights of way, easements, permits, privileges, franchises,
grants and rights, for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private
property or any public streets or highways within as well as without the corporate limits of any municipal corporation.

 

IV.

ELECTRIC SUBSTATIONS, SWITCHING STATIONS AND SITES

 

All the substations,
switching stations and sites of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture
or any supplement thereto and not heretofore released from the lien of the Indenture, for transforming, regulating, converting
or distributing or otherwise controlling electric current at any of its plants and elsewhere, together with all buildings, transformers,
wires, insulators and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining
to or used, occupied or enjoyed in connection with any of such substations and switching stations, or adjacent thereto, with sites
to be used for such purposes.

 

    18

     

    

 

V.

GAS COMPRESSOR STATIONS, GAS PROCESSING PLANTS,

DESULPHURIZATION STATIONS, METERING STATIONS, ODORIZING STATIONS, REGULATORS AND SITES

 

All the compressor stations,
processing plants, desulphurization stations, metering stations, odorizing stations, regulators and sites of the Company, constructed
or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture, for compressing, processing, desulphurizing, metering, odorizing and regulating manufactured or
natural gas at any of its plants and elsewhere, together with all buildings, meters and other appliances and equipment, and all
other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with any of such
purposes, with sites to be used for such purposes.

 

VI.

GAS STORAGE FIELDS

 

The natural gas rights
and interests of the Company, including wells and well lines (but not including natural gas, oil and minerals), the gas gathering
system, the underground gas storage rights, the underground gas storage wells and injection and withdrawal system used in connection
therewith, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and
not heretofore released from the lien of the Indenture: In the Overisel Gas Storage Field, located in the Township of Overisel,
Allegan County, and in the Township of Zeeland, Ottawa County, Michigan; in the Northville Gas Storage Field located in the Township
of Salem, Washtenaw County, Township of Lyon, Oakland County, and the Townships of Northville and Plymouth and City of Plymouth,
Wayne County, Michigan; in the Salem Gas Storage Field, located in the Township of Salem, Allegan County, and in the Township of
Jamestown, Ottawa County, Michigan; in the Ray Gas Storage Field, located in the Townships of Ray and Armada, Macomb County, Michigan;
in the Lenox Gas Storage Field, located in the Townships of Lenox and Chesterfield, Macomb County, Michigan; in the Ira Gas Storage
Field, located in the Township of Ira, St. Clair County, Michigan; in the Puttygut Gas Storage Field, located in the Township of
Casco, St. Clair County, Michigan; in the Four Corners Gas Storage Field, located in the Townships of Casco, China, Cottrellville
and Ira, St. Clair County, Michigan; in the Swan Creek Gas Storage Field, located in the Townships of Casco and Ira, St. Clair
County, Michigan; and in the Hessen Gas Storage Field, located in the Townships of Casco and Columbus, St. Clair County, Michigan.

 

VII.

GAS TRANSMISSION LINES

 

All the gas
transmission lines of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or
any supplement thereto and not heretofore released from the lien of the Indenture, including gas mains, pipes, pipelines,
gates, valves, meters and other appliances and equipment, and all other property, real or personal, forming a part of or
appertaining to or used, occupied or enjoyed in connection with such transmission lines or any of them or adjacent thereto;
together with all real property, right of way, easements, permits, privileges, franchises and rights for or relating to the
construction, maintenance or operation thereof, through, over, under or upon any private property or any public streets or
highways, within as well as without the corporate limits of any municipal corporation.

 

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VIII.

GAS DISTRIBUTION SYSTEMS

 

All the gas distribution
systems of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement
thereto and not heretofore released from the lien of the Indenture, including tunnels, conduits, gas mains and pipes, service pipes,
fittings, gates, valves, connections, meters and other appliances and equipment, and all other property, real or personal, forming
a part of or appertaining to or used, occupied or enjoyed in connection with such distribution systems or any of them or adjacent
thereto; together with all real property, rights of way, easements, permits, privileges, franchises, grants and rights, for or
relating to the construction, maintenance or operation thereof, through, over, under or upon any private property or any public
streets or highways within as well as without the corporate limits of any municipal corporation.

 

IX.

OFFICE BUILDINGS, SERVICE BUILDINGS, GARAGES, ETC.

 

All office, garage, service
and other buildings of the Company, wherever located, in the State of Michigan, constructed or otherwise acquired by it and not
heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, together
with the land on which the same are situated and all easements, rights of way and appurtenances to said lands, together with all
furniture and fixtures located in said buildings.

X.

TELEPHONE PROPERTIES AND

RADIO COMMUNICATION EQUIPMENT

 

All telephone
lines, switchboards, systems and equipment of the Company, constructed or otherwise acquired by it and not heretofore
described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, used or
available for use in the operation of its properties, and all other property, real or personal, forming a part of or
appertaining to or used, occupied or enjoyed in connection with such telephone properties or any of them or adjacent thereto;
together with all real estate, rights of way, easements, permits, privileges, franchises, property, devices or rights related
to the dispatch, transmission, reception or reproduction of messages, communications, intelligence, signals, light, vision or
sound by electricity, wire or otherwise, including all telephone equipment installed in buildings used as general and
regional offices, substations and generating stations and all telephone lines erected on towers and poles; and all radio
communication equipment of the Company, together with all property, real or personal (except any in the Indenture expressly
excepted), fixed stations, towers, auxiliary radio buildings and equipment, and all appurtenances used in connection
therewith, wherever located, in the State of Michigan.

 

    20

     

    

 

XI.

OTHER REAL PROPERTY

 

All other real property
of the Company and all interests therein, of every nature and description (except any in the Indenture expressly excepted) wherever
located, in the State of Michigan, acquired by it and not heretofore described in the Indenture or any supplement thereto and not
heretofore released from the lien of the Indenture. Such real property includes but is not limited to the following described property,
such property is subject to any interests that were excepted or reserved in the conveyance to the Company:

 

ALCONA COUNTY

 

Certain land in Caledonia Township,
Alcona County, Michigan described as:

 

The East 330 feet
of the South 660 feet of the SW 1/4 of the SW 1/4 of Section 8, T28N, R8E, except the West 264 feet of the South 330 feet thereof;
said land being more particularly described as follows: To find the place of beginning of this description, commence at the Southwest
corner of said section, run thence East along the South line of said section 1243 feet to the place of beginning of this description,
thence continuing East along said South line of said section 66 feet to the West 1/8 line of said section, thence N 02 degrees
09’ 30” E along the said West 1/8 line of said section 660 feet, thence West 330 feet, thence S 02 degrees 09’
30” W, 330 feet, thence East 264 feet, thence S 02 degrees 09’ 30” W, 330 feet to the place of beginning.

 

ALLEGAN COUNTY

 

Certain land in Lee Township, Allegan
County, Michigan described as:

 

The NE 1/4 of the
NW 1/4 of Section 16, T1N, R15W.

 

ALPENA COUNTY

 

Certain land in Wilson and Green Townships,
Alpena County, Michigan described as:

 

All that part of
the S’ly 1/2 of the former Boyne City-Gaylord and Alpena Railroad right of way, being the Southerly 50 feet of a 100 foot
strip of land formerly occupied by said Railroad, running from the East line of Section 31, T31N, R7E, Southwesterly across said
Section 31 and Sections 5 and 6 of T30N, R7E and Sections 10, 11 and the E 1/2 of Section 9, except the West 1646 feet thereof,
all in T30N, R6E.

 

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ANTRIM COUNTY

 

Certain land in Mancelona Township,
Antrim County, Michigan described as:

 

The S 1/2 of the
NE 1/4 of Section 33, T29N, R6W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto
the State of Michigan in that certain deed running from the State of Michigan to August W. Schack and Emma H. Schack, his wife,
dated April 15, 1946 and recorded May 20, 1946 in Liber 97 of Deeds on page 682 of Antrim County Records.

 

ARENAC COUNTY

 

Certain land in Standish Township,
Arenac County, Michigan described as:

 

A parcel of land
in the SW 1/4 of the NW 1/4 of Section 12, T18N, R4E, described as follows: To find the place of beginning of said parcel of land,
commence at the Northwest corner of Section 12, T18N, R4E; run thence South along the West line of said section, said West line
of said section being also the center line of East City Limits Road 2642.15 feet to the W 1/4 post of said section and the place
of beginning of said parcel of land; running thence N 88 degrees 26’ 00” E along the East and West 1/4 line of said
section, 660.0 feet; thence North parallel with the West line of said section, 310.0 feet; thence S 88 degrees 26’ 00”
W, 330.0 feet; thence South parallel with the West line of said section, 260.0 feet; thence S 88 degrees 26’ 00” W,
330.0 feet to the West line of said section and the center line of East City Limits Road; thence South along the said West line
of said section, 50.0 feet to the place of beginning.

 

BARRY COUNTY

 

Certain land in Johnstown Township,
Barry County, Michigan described as:

 

A strip of land
311 feet in width across the SW 1/4 of the NE 1/4 of Section 31, T1N, R8W, described as follows: To find the place of beginning
of this description, commence at the E 1⁄4 post of said section; run thence N 00 degrees 55’ 00” E along the East
line of said section, 555.84 feet; thence N 59 degrees 36’ 20” W, 1375.64 feet; thence N 88 degrees 30’ 00”
W, 130 feet to a point on the East 1/8 line of said section and the place of beginning of this description; thence continuing N
88 degrees 30’ 00” W, 1327.46 feet to the North and South 1/4 line of said section; thence S 00 degrees 39’35”
W along said North and South 1/4 line of said section, 311.03 feet to a point, which said point is 952.72 feet distant N’ly
from the East and West 1/4 line of said section as measured along said North and South 1/4 line of said section; thence S 88 degrees
30’ 00” E, 1326.76 feet to the East 1/8 line of said section; thence N 00 degrees 47’ 20” E along said
East 1/8 line of said section, 311.02 feet to the place of beginning.

 

BAY COUNTY

 

Certain land in Frankenlust Township,
Bay County, Michigan described as:

 

    22

     

    

 

The South 250 feet
of the N 1/2 of the W 1/2 of the W 1/2 of the SE 1/4 of Section 9, T13N, R4E.

 

BENZIE COUNTY

 

Certain land in Benzonia Township,
Benzie County, Michigan described as:

 

A parcel of land
in the Northeast 1/4 of Section 7, Township 26 North, Range 14 West, described as beginning at a point on the East line of said
Section 7, said point being 320 feet North measured along the East line of said section from the East 1/4 post; running thence
West 165 feet; thence North parallel with the East line of said section 165 feet; thence East 165 feet to the East line of said
section; thence South 165 feet to the place of beginning.

 

BRANCH COUNTY

 

Certain land in Girard Township, Branch
County, Michigan described as:

 

A parcel of land
in the NE 1/4 of Section 23 T5S, R6W, described as beginning at a point on the North and South quarter line of said section at
a point 1278.27 feet distant South of the North quarter post of said section, said distance being measured along the North and
South quarter line of said section, running thence S89 degrees21’E 250 feet, thence North along a line parallel with the
said North and South quarter line of said section 200 feet, thence N89 degrees 21’W 250 feet to the North and South quarter
line of said section, thence South along said North and South quarter line of said section 200 feet to the place of beginning.

 

CALHOUN COUNTY

 

Certain land in Convis Township, Calhoun
County, Michigan described as:

 

A parcel of land
in the SE 1/4 of the SE 1/4 of Section 32, T1S, R6W, described as follows: To find the place of beginning of this description,
commence at the Southeast corner of said section; run thence North along the East line of said section 1034.32 feet to the place
of beginning of this description; running thence N 89 degrees 39’ 52” W, 333.0 feet; thence North 290.0 feet to the
South 1/8 line of said section; thence S 89 degrees 39’ 52” E along said South 1/8 line of said section 333.0 feet
to the East line of said section; thence South along said East line of said section 290.0 feet to the place of beginning. (Bearings
are based on the East line of Section 32, T1S, R6W, from the Southeast corner of said section to the Northeast corner of said section
assumed as North.)

 

CASS COUNTY

 

Certain easement rights located across
land in Marcellus Township, Cass County, Michigan described as:

 

The East 6 rods
of the SW 1/4 of the SE 1/4 of Section 4, T5S, R13W.

 

    23

     

    

 

CHARLEVOIX COUNTY

 

Certain land in South Arm Township,
Charlevoix County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 29, T32N, R7W, described as follows: Beginning at the Southwest corner of said section and running thence
North along the West line of said section 788.25 feet to a point which is 528 feet distant South of the South 1/8 line of said
section as measured along the said West line of said section; thence N 89 degrees 30’ 19” E, parallel with said South
1/8 line of said section 442.1 feet; thence South 788.15 feet to the South line of said section; thence S 89 degrees 29’
30” W, along said South line of said section 442.1 feet to the place of beginning.

 

CHEBOYGAN COUNTY

 

Certain land in Inverness Township,
Cheboygan County, Michigan described as:

 

A parcel of land
in the SW frl 1/4 of Section 31, T37N, R2W, described as beginning at the Northwest corner of the SW frl 1/4, running thence East
on the East and West quarter line of said Section, 40 rods, thence South parallel to the West line of said Section 40 rods, thence
West 40 rods to the West line of said Section, thence North 40 rods to the place of beginning.

 

CLARE COUNTY

 

Certain land in Frost Township, Clare
County, Michigan described as:

 

The East 150 feet
of the North 225 feet of the NW 1/4 of the NW 1/4 of Section 15, T20N, R4W.

 

CLINTON COUNTY

 

Certain land in Watertown Township,
Clinton County, Michigan described as:

 

The NE 1/4 of the
NE 1/4 of the SE 1/4 of Section 22, and the North 165 feet of the NW 1/4 of the NE 1/4 of the SE 1/4 of Section 22, T5N, R3W.

 

CRAWFORD COUNTY

 

Certain land in Lovells Township, Crawford
County, Michigan described as:

 

A parcel of
land in Section 1, T28N, R1W, described as: Commencing at NW corner said section; thence South 89 degrees53’30”
East along North section line 105.78 feet to point of beginning; thence South 89 degrees53’30” East along North
section line 649.64 feet; thence South 55 degrees 42’30” East 340.24 feet; thence South 55 degrees 44’
37”“ East 5,061.81 feet to the East section line; thence South 00 degrees 00’ 08”“ West along
East section line 441.59 feet; thence North 55 degrees 44’ 37” West 5,310.48 feet; thence North 55 degrees
42’30” West 877.76 feet to point of beginning.

 

    24

     

    

 

EATON COUNTY

 

Certain land in Eaton Township, Eaton
County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 6, T2N, R4W, described as follows: To find the place of beginning of this description commence at the
Southwest corner of said section; run thence N 89 degrees 51’ 30” E along the South line of said section 400 feet to
the place of beginning of this description; thence continuing N 89 degrees 51’ 30” E, 500 feet; thence N 00 degrees
50’ 00” W, 600 feet; thence S 89 degrees 51’ 30” W parallel with the South line of said section 500 feet;
thence S 00 degrees 50’ 00” E, 600 feet to the place of beginning.

 

EMMET COUNTY

 

Certain land in Wawatam Township, Emmet
County, Michigan described as:

 

The West 1/2 of
the Northeast 1/4 of the Northeast 1/4 of Section 23, T39N, R4W.

 

GENESEE COUNTY

 

Certain land in Argentine Township,
Genesee County, Michigan described as:

 

A parcel of land
of part of the SW 1/4 of Section 8, T5N, R5E, being more particularly described as follows:

 

Beginning at a
point of the West line of Duffield Road, 100 feet wide, (as now established) distant 829.46 feet measured N01 degrees 42’56”W
and 50 feet measured S88 degrees 14’04”W from the South quarter corner, Section 8, T5N, R5E; thence S88 degrees 14’04”W
a distance of 550 feet; thence N01 degrees 42’56”W a distance of 500 feet to a point on the North line of the South
half of the Southwest quarter of said Section 8; thence N88 degrees 14’04”E along the North line of South half of the
Southwest quarter of said Section 8 a distance 550 feet to a point on the West line of Duffield Road, 100 feet wide (as now
established); thence S01 degrees 42’56”E along the West line of said Duffield Road a distance of 500 feet to the point
of beginning.

 

GLADWIN COUNTY

 

Certain land in Secord Township, Gladwin
County, Michigan described as:

 

The East 400 feet
of the South 450 feet of Section 2, T19N, R1E.

 

    25

     

    

 

GRAND TRAVERSE COUNTY

 

Certain land in Mayfield Township,
Grand Traverse County, Michigan described as:

 

A parcel of land
in the Northwest 1/4 of Section 3, T25N, R11W, described as follows: Commencing at the Northwest corner of said section, running
thence S 89 degrees19’15” E along the North line of said section and the center line of Clouss Road 225 feet, thence
South 400 feet, thence N 89 degrees19’15” W 225 feet to the West line of said section and the center line of Hannah
Road, thence North along the West line of said section and the center line of Hannah Road 400 feet to the place of beginning for
this description.

 

GRATIOT COUNTY

 

Certain land in Fulton Township, Gratiot
County, Michigan described as:

 

A parcel of land
in the NE 1/4 of Section 7, Township 9 North, Range 3 West, described as beginning at a point on the North line of George Street
in the Village of Middleton, which is 542 feet East of the North and South one-quarter (1/4) line of said Section 7; thence North
100 feet; thence East 100 feet; thence South 100 feet to the North line of George Street; thence West along the North line of George
Street 100 feet to place of beginning.

 

HILLSDALE COUNTY

 

Certain land in Litchfield Village,
Hillsdale County, Michigan described as:

 

Lot 238 of Assessors
Plat of the Village of Litchfield.

 

HURON COUNTY

 

Certain easement rights located across
land in Sebewaing Township, Huron County, Michigan described as:

 

The North 1/2 of
the Northwest 1/4 of Section 15, T15N, R9E.

 

INGHAM COUNTY

 

Certain land in Vevay Township, Ingham
County, Michigan described as:

 

A parcel of
land 660 feet wide in the Southwest 1/4 of Section 7 lying South of the centerline of Sitts Road as extended to the
North-South 1/4 line of said Section 7, T2N, R1W, more particularly described as follows: Commence at the Southwest corner of
said Section 7, thence North along the West line of said Section 2502.71 feet to the centerline of Sitts Road; thence South
89 degrees54’45” East along said centerline 2282.38 feet to the place of beginning of this description; thence
continuing South 89 degrees54’45” East along said centerline and said centerline extended 660.00 feet to the
North-South 1/4 line of said section; thence South 00 degrees07’20” West 1461.71 feet; thence North 89
degrees34’58” West 660.00 feet; thence North 00 degrees07’20” East 1457.91 feet to the centerline of
Sitts Road and the place of beginning.

 

    26

     

    

 

IONIA COUNTY

 

Certain land in Sebewa Township, Ionia
County, Michigan described as:

 

A strip of land
280 feet wide across that part of the SW 1/4 of the NE 1/4 of Section 15, T5N, R6W, described as follows:

 

To find the place
of beginning of this description commence at the E 1/4 corner of said section; run thence N 00 degrees 05’ 38” W along
the East line of said section, 1218.43 feet; thence S 67 degrees 18’ 24” W, 1424.45 feet to the East 1/8 line of said
section and the place of beginning of this description; thence continuing S 67 degrees 18’ 24” W, 1426.28 feet to the
North and South 1/4 line of said section at a point which said point is 105.82 feet distant N’ly of the center of said section
as measured along said North and South 1/4 line of said section; thence N 00 degrees 04’ 47” E along said North and
South 1/4 line of said section, 303.67 feet; thence N 67 degrees 18’ 24” E, 1425.78 feet to the East 1/8 line of said
section; thence S 00 degrees 00’ 26” E along said East 1/8 line of said section, 303.48 feet to the place of beginning.
(Bearings are based on the East line of Section 15, T5N, R6W, from the E 1/4 corner of said section to the Northeast corner of
said section assumed as N 00 degrees 05’ 38” W.)

 

IOSCO COUNTY

 

Certain land in Alabaster Township,
Iosco County, Michigan described as:

 

A parcel of land
in the NW 1/4 of Section 34, T21N, R7E, described as follows: To find the place of beginning of this description commence at the
N 1/4 post of said section; run thence South along the North and South 1/4 line of said section, 1354.40 feet to the place of beginning
of this description; thence continuing South along the said North and South 1/4 line of said section, 165.00 feet to a point on
the said North and South 1/4 line of said section which said point is 1089.00 feet distant North of the center of said section;
thence West 440.00 feet; thence North 165.00 feet; thence East 440.00 feet to the said North and South 1/4 line of said section
and the place of beginning.

 

ISABELLA COUNTY

 

Certain land in Chippewa Township,
Isabella County, Michigan described as:

 

The North 8 rods
of the NE 1/4 of the SE 1/4 of Section 29, T14N, R3W.

 

    27

     

    

 

JACKSON COUNTY

 

Certain land in Waterloo Township,
Jackson County, Michigan described as:

 

A parcel of land
in the North fractional part of the N fractional 1/2 of Section 2, T1S, R2E, described as follows: To find the place of beginning
of this description commence at the E 1/4 post of said section; run thence N 01 degrees 03’ 40” E along the East line
of said section 1335.45 feet to the North 1/8 line of said section and the place of beginning of this description; thence N 89
degrees 32’ 00” W, 2677.7 feet to the North and South 1/4 line of said section; thence S 00 degrees 59’ 25”
W along the North and South 1/4 line of said section 22.38 feet to the North 1/8 line of said section; thence S 89 degrees 59’
10” W along the North 1/8 line of said section 2339.4 feet to the center line of State Trunkline Highway M-52; thence N 53
degrees 46’ 00” W along the center line of said State Trunkline Highway 414.22 feet to the West line of said section;
thence N 00 degrees 55’ 10” E along the West line of said section 74.35 feet; thence S 89 degrees 32’ 00”
E, 5356.02 feet to the East line of said section; thence S 01 degrees 03’ 40” W along the East line of said section
250 feet to the place of beginning.

 

KALAMAZOO COUNTY

 

Certain land in Alamo Township, Kalamazoo
County, Michigan described as:

 

The South 350 feet
of the NW 1/4 of the NW 1/4 of Section 16, T1S, R12W, being more particularly described as follows: To find the place of beginning
of this description, commence at the Northwest corner of said section; run thence S 00 degrees 36’ 55” W along the
West line of said section 971.02 feet to the place of beginning of this description; thence continuing S 00 degrees 36’ 55”
W along said West line of said section 350.18 feet to the North 1/8 line of said section; thence S 87 degrees 33’ 40”
E along the said North 1/8 line of said section 1325.1 feet to the West 1/8 line of said section; thence N 00 degrees 38’
25” E along the said West 1/8 line of said section 350.17 feet; thence N 87 degrees 33’ 40” W, 1325.25 feet to
the place of beginning.

 

KALKASKA COUNTY

 

Certain land in Kalkaska Township,
Kalkaska County, Michigan described as:

 

The NW 1/4 of the
SW 1/4 of Section 4, T27N, R7W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto
the State of Michigan in that certain deed running from the Department of Conservation for the State of Michigan to George Welker
and Mary Welker, his wife, dated October 9, 1934 and recorded December 28, 1934 in Liber 39 on page 291 of Kalkaska County Records,
and subject to easement for pipeline purposes as granted to Michigan Consolidated Gas Company by first party herein on April 4,
1963 and recorded June 21, 1963 in Liber 91 on page 631 of Kalkaska County Records.

 

    28

     

    

 

KENT COUNTY

 

Certain land in Caledonia Township,
Kent County, Michigan described as:

 

A parcel of land
in the Northwest fractional 1/4 of Section 15, T5N, R10W, described as follows: To find the place of beginning of this description
commence at the North 1/4 corner of said section, run thence S 0 degrees 59’ 26” E along the North and South 1/4 line
of said section 2046.25 feet to the place of beginning of this description, thence continuing S 0 degrees 59’ 26” E
along said North and South 1/4 line of said section 332.88 feet, thence S 88 degrees 58’ 30” W 2510.90 feet to a point
herein designated “Point A” on the East bank of the Thornapple River, thence continuing S 88 degrees 53’ 30”
W to the center thread of the Thornapple River, thence NW’ly along the center thread of said Thornapple River to a point
which said point is S 88 degrees 58’ 30” W of a point on the East bank of the Thornapple River herein designated “Point
B”, said “Point B” being N 23 degrees 41’ 35” W 360.75 feet from said above-described “Point
A”, thence N 88 degrees 58’ 30” E to said “Point B”, thence continuing N 88 degrees 58’ 30”
E 2650.13 feet to the place of beginning. (Bearings are based on the East line of Section 15, T5N, R10W between the East 1/4 corner
of said section and the Northeast corner of said section assumed as N 0 degrees 59’ 55” W.)

 

LAKE COUNTY

 

Certain land in Pinora and Cherry Valley
Townships, Lake County, Michigan described as:

 

A strip of land
50 feet wide East and West along and adjoining the West line of highway on the East side of the North 1/2 of Section 13 T18N, R12W.
Also a strip of land 100 feet wide East and West along and adjoining the East line of the highway on the West side of following
described land: The South 1/2 of NW 1/4, and the South 1/2 of the NW 1/4 of the SW 1/4, all in Section 6, T18N, R11W.

 

LAPEER COUNTY

 

Certain land in Hadley Township, Lapeer
County, Michigan described as:

 

The South 825 feet
of the W 1/2 of the SW 1/4 of Section 24, T6N, R9E, except the West 1064 feet thereof.

 

LEELANAU COUNTY

 

Certain land in Cleveland Township,
Leelanau County, Michigan described as:

 

The North 200 feet
of the West 180 feet of the SW 1/4 of the SE 1/4 of Section 35, T29N, R13W.

 

    29

     

    

 

LENAWEE COUNTY

 

Certain land in Madison Township, Lenawee
County, Michigan described as:

 

A strip of land
165 feet wide off the West side of the following described premises: The E 1/2 of the SE 1/4 of Section 12. The E 1/2 of the NE
1/4 and the NE 1/4 of the SE 1/4 of Section 13, being all in T7S, R3E, excepting therefrom a parcel of land in the E 1/2 of the
SE 1/4 of Section 12, T7S, R3E, beginning at the Northwest corner of said E 1/2 of the SE 1/4 of Section 12, running thence East
4 rods, thence South 6 rods, thence West 4 rods, thence North 6 rods to the place of beginning.

 

LIVINGSTON COUNTY

 

Certain land in Cohoctah Township,
Livingston County, Michigan described as:

 

Parcel 1

 

The East 390 feet
of the East 50 rods of the SW 1/4 of Section 30, T4N, R4E.

 

Parcel 2

 

A parcel of land
in the NW 1/4 of Section 31, T4N, R4E, described as follows: To find the place of beginning of this description commence at the
N 1/4 post of said section; run thence N 89 degrees 13’ 06” W along the North line of said section, 330 feet to the
place of beginning of this description; running thence S 00 degrees 52’ 49” W, 2167.87 feet; thence N 88 degrees 59’
49” W, 60 feet; thence N 00 degrees 52’ 49” E, 2167.66 feet to the North line of said section; thence S 89 degrees
13’ 06” E along said North line of said section, 60 feet to the place of beginning.

 

MACOMB COUNTY

 

Certain land in Macomb Township, Macomb
County, Michigan described as:

 

A parcel of land
commencing on the West line of the E 1/2 of the NW 1/4 of fractional Section 6, 20 chains South of the NW corner of said E 1/2
of the NW 1/4 of Section 6; thence South on said West line and the East line of A. Henry Kotner’s Hayes Road Subdivision
#15, according to the recorded plat thereof, as recorded in Liber 24 of Plats, on page 7, 24.36 chains to the East and West 1/4
line of said Section 6; thence East on said East and West 1/4 line 8.93 chains; thence North parallel with the said West line of
the E 1/2 of the NW 1/4 of Section 6, 24.36 chains; thence West 8.93 chains to the place of beginning, all in T3N, R13E.

 

    30

     

    

 

MANISTEE COUNTY

 

Certain land in Manistee Township,
Manistee County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 20, T22N, R16W, described as follows: To find the place of beginning of this description, commence at
the Southwest corner of said section; run thence East along the South line of said section 832.2 feet to the place of beginning
of this description; thence continuing East along said South line of said section 132 feet; thence North 198 feet; thence West
132 feet; thence South 198 feet to the place of beginning, excepting therefrom the South 2 rods thereof which was conveyed to Manistee
Township for highway purposes by a Quitclaim Deed dated June 13, 1919 and recorded July 11, 1919 in Liber 88 of Deeds on page 638
of Manistee County Records.

 

MASON COUNTY

 

Certain land in Riverton Township,
Mason County, Michigan described as:

 

Parcel 1:
The South 10 acres of the West 20 acres of the S 1/2 of the NE 1/4 of Section 22, T17N, R17W.

 

Parcel 2:
A parcel of land containing 4 acres of the West side of highway, said parcel of land being described as commencing 16 rods South
of the Northwest corner of the NW 1/4 of the SW 1⁄4 of Section 22, T17N, R17W, running thence South 64 rods, thence NE’ly
and N’ly and NW’ly along the W’ly line of said highway to the place of beginning, together with any and all right,
title, and interest of Howard C. Wicklund and Katherine E. Wicklund in and to that portion of the hereinbefore mentioned highway
lying adjacent to the E’ly line of said above described land.

 

MECOSTA COUNTY

 

Certain land in Wheatland Township,
Mecosta County, Michigan described as:

 

A parcel of land
in the SW 1/4 of the SW 1/4 of Section 16, T14N, R7W, described as beginning at the Southwest corner of said section; thence East
along the South line of Section 133 feet; thence North parallel to the West section line 133 feet; thence West 133 feet to the
West line of said Section; thence South 133 feet to the place of beginning.

 

MIDLAND COUNTY

 

Certain land in Ingersoll Township,
Midland County, Michigan described as:

 

The West 200 feet
of the W 1/2 of the NE 1/4 of Section 4, T13N, R2E.

 

MISSAUKEE COUNTY

 

Certain land in Norwich Township, Missaukee
County, Michigan described as:

 

A parcel of
land in the NW 1/4 of the NW 1/4 of Section 16, T24N, R6W, described as follows: Commencing at the Northwest corner of said
section, running thence N 89 degrees 01’ 45” E along the North line of said section 233.00 feet; thence South
233.00 feet; thence S 89 degrees 01’ 45” W, 233.00 feet to the West line of said section; thence North along said
West line of said section 233.00 feet to the place of beginning. (Bearings are based on the West line of Section 16, T24N,
R6W, between the Southwest and Northwest corners of said section assumed as North.)

 

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MONROE COUNTY

 

Certain land in Whiteford Township,
Monroe County, Michigan described as:

 

A parcel of land
in the SW1/4 of Section 20, T8S, R6E, described as follows: To find the place of beginning of this description commence at the
S 1/4 post of said section; run thence West along the South line of said section 1269.89 feet to the place of beginning of this
description; thence continuing West along said South line of said section 100 feet; thence N 00 degrees 50’ 35” E,
250 feet; thence East 100 feet; thence S 00 degrees 50’ 35” W parallel with and 16.5 feet distant W’ly of as
measured perpendicular to the West 1/8 line of said section, as occupied, a distance of 250 feet to the place of beginning.

 

MONTCALM COUNTY

 

Certain land in Crystal Township, Montcalm
County, Michigan described as:

 

The N 1/2 of the
S 1/2 of the SE 1/4 of Section 35, T10N, R5W.

 

MONTMORENCY COUNTY

 

Certain land in the Village of Hillman,
Montmorency County, Michigan described as:

 

Lot 14 of Hillman
Industrial Park, being a subdivision in the South 1/2 of the Northwest 1/4 of Section 24, T31N, R4E, according to the plat thereof
recorded in Liber 4 of Plats on Pages 32-34, Montmorency County Records.

 

MUSKEGON COUNTY

 

Certain land in Casnovia Township,
Muskegon County, Michigan described as:

 

The West 433 feet
of the North 180 feet of the South 425 feet of the SW 1/4 of Section 3, T10N, R13W.

 

NEWAYGO COUNTY

 

Certain land in Ashland Township, Newaygo
County, Michigan described as:

 

The West 250 feet
of the NE 1/4 of Section 23, T11N, R13W.

 

    32

     

    

 

OAKLAND COUNTY

 

Certain land in Wixcom City, Oakland
County, Michigan described as:

 

The E 75 feet of
the N 160 feet of the N 330 feet of the W 526.84 feet of the NW 1/4 of the NW 1/4 of Section 8, T1N, R8E, more particularly described
as follows: Commence at the NW corner of said Section 8, thence N 87 degrees 14’ 29” E along the North line of said
Section 8 a distance of 451.84 feet to the place of beginning for this description; thence continuing N 87 degrees 14’ 29”
E along said North section line a distance of 75.0 feet to the East line of the West 526.84 feet of the NW 1/4 of the NW 1/4 of
said Section 8; thence S 02 degrees 37’ 09” E along said East line a distance of 160.0 feet; thence S 87 degrees 14’
29” W a distance of 75.0 feet; thence N 02 degrees 37’ 09” W a distance of 160.0 feet to the place of beginning.

 

OCEANA COUNTY

 

Certain land in Crystal Township, Oceana
County, Michigan described as:

 

The East 290 feet
of the SE 1/4 of the NW 1/4 and the East 290 feet of the NE 1/4 of the SW 1/4, all in Section 20, T16N, R16W.

 

OGEMAW COUNTY

 

Certain land in West Branch Township,
Ogemaw County, Michigan described as:

 

The South 660 feet
of the East 660 feet of the NE 1/4 of the NE 1/4 of Section 33, T22N, R2E.

 

OSCEOLA COUNTY

 

Certain land in Hersey Township, Osceola
County, Michigan described as:

 

A parcel of land
in the North 1/2 of the Northeast 1/4 of Section 13, T17N, R9W, described as commencing at the Northeast corner of said Section;
thence West along the North Section line 999 feet to the point of beginning of this description; thence S 01 degrees 54’
20” E 1327.12 feet to the North 1/8 line; thence S 89 degrees 17’ 05” W along the North 1/8 line 330.89 feet;
thence N 01 degrees 54’ 20” W 1331.26 feet to the North Section line; thence East along the North Section line 331
feet to the point of beginning.

 

OSCODA COUNTY

 

Certain land in Comins Township, Oscoda
County, Michigan described as:

 

The East 400 feet
of the South 580 feet of the W 1/2 of the SW 1/4 of Section 15, T27N, R3E.

 

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OTSEGO COUNTY

 

Certain land in Corwith Township, Otsego
County, Michigan described as:

 

Part of the NW
1/4 of the NE 1/4 of Section 28, T32N, R3W, described as: Beginning at the N 1/4 corner of said section; running thence S 89 degrees
04’ 06” E along the North line of said section, 330.00 feet; thence S 00 degrees 28’ 43” E, 400.00 feet;
thence N 89 degrees 04’ 06” W, 330.00 feet to the North and South 1/4 line of said section; thence N 00 degrees 28’
43” W along the said North and South 1/4 line of said section, 400.00 feet to the point of beginning; subject to the use
of the N’ly 33.00 feet thereof for highway purposes.

 

OTTAWA COUNTY

 

Certain land in Robinson Township,
Ottawa County, Michigan described as:

 

The North 660 feet
of the West 660 feet of the NE 1/4 of the NW 1/4 of Section 26, T7N, R15W.

 

PRESQUE ISLE COUNTY

 

Certain land in Belknap and Pulawski
Townships, Presque Isle County, Michigan described as:

 

Part of the South
half of the Northeast quarter, Section 24, T34N, R5E, and part of the Northwest quarter, Section 19, T34N, R6E, more fully described
as: Commencing at the East 1⁄4 corner of said Section 24; thence N 00 degrees15’47” E, 507.42 feet, along the
East line of said Section 24 to the point of beginning; thence S 88 degrees15’36” W, 400.00 feet, parallel with the
North 1/8 line of said Section 24; thence N 00 degrees15’47” E, 800.00 feet, parallel with said East line of Section
24; thence N 88 degrees15’36”E, 800.00 feet, along said North 1/8 line of Section 24 and said line extended; thence
S 00 degrees15’47” W, 800.00 feet, parallel with said East line of Section 24; thence S 88 degrees15’36”
W, 400.00 feet, parallel with said North 1/8 line of Section 24 to the point of beginning.

 

Together with a
33 foot easement along the West 33 feet of the Northwest quarter lying North of the North 1/8 line of Section 24, Belknap Township,
extended, in Section 19, T34N, R6E.

 

ROSCOMMON COUNTY

 

Certain land in Gerrish Township, Roscommon
County, Michigan described as:

 

A parcel of
land in the NW 1/4 of Section 19, T24N, R3W, described as follows: To find the place of beginning of this description
commence at the Northwest corner of said section, run thence East along the North line of said section 1,163.2 feet to the
place of beginning of this description (said point also being the place of intersection of the West 1/8 line of said section
with the North line of said section), thence S 01 degrees 01’ E along said West 1/8 line 132 feet, thence West parallel
with the North line of said section 132 feet, thence N 01 degrees 01’ W parallel with said West 1/8 line of said
section 132 feet to the North line of said section, thence East along the North line of said section 132 feet to the place of
beginning.

 

    34

     

    

 

SAGINAW COUNTY

 

Certain land in Chapin Township, Saginaw
County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 13, T9N, R1E, described as follows: To find the place of beginning of this description commence at the
Southwest corner of said section; run thence North along the West line of said section 1581.4 feet to the place of beginning of
this description; thence continuing North along said West line of said section 230 feet to the center line of a creek; thence S
70 degrees 07’ 00” E along said center line of said creek 196.78 feet; thence South 163.13 feet; thence West 185 feet
to the West line of said section and the place of beginning.

 

SANILAC COUNTY

 

Certain easement rights located across
land in Minden Township, Sanilac County, Michigan described as:

 

The Southeast 1/4
of the Southeast 1/4 of Section 1, T14N, R14E, excepting therefrom the South 83 feet of the East 83 feet thereof.

 

SHIAWASSEE COUNTY

 

Certain land in Burns Township, Shiawassee
County, Michigan described as:

 

The South 330 feet
of the E 1/2 of the NE 1/4 of Section 36, T5N, R4E.

 

ST. CLAIR COUNTY

 

Certain land in Ira Township, St. Clair
County, Michigan described as:

 

The N 1/2 of the
NW 1/4 of the NE 1/4 of Section 6, T3N, R15E.

 

ST. JOSEPH COUNTY

 

Certain land in Mendon Township, St.
Joseph County, Michigan described as:

 

The North 660 feet
of the West 660 feet of the NW 1/4 of SW 1/4, Section 35, T5S, R10W.

 

    35

     

    

 

TUSCOLA COUNTY

 

Certain land in Millington Township,
Tuscola County, Michigan described as:

 

A strip of land
280 feet wide across the East 96 rods of the South 20 rods of the N 1/2 of the SE 1/4 of Section 34, T10N, R8E, more particularly
described as commencing at the Northeast corner of Section 3, T9N, R8E, thence S 89 degrees 55’ 35” W along the South
line of said Section 34 a distance of 329.65 feet, thence N 18 degrees 11’ 50” W a distance of 1398.67 feet to the
South 1/8 line of said Section 34 and the place of beginning for this description; thence continuing N 18 degrees 11’
50” W a distance of 349.91 feet; thence N 89 degrees 57’ 01” W a distance of 294.80 feet; thence S 18 degrees
11’ 50” E a distance of 350.04 feet to the South 1/8 line of said Section 34; thence S 89 degrees 58’ 29”
E along the South 1/8 line of said section a distance of 294.76 feet to the place of beginning.

 

VAN BUREN COUNTY

 

Certain land in Covert Township, Van
Buren County, Michigan described as:

 

All that part of
the West 20 acres of the N 1/2 of the NE fractional 1/4 of Section 1, T2S, R17W, except the West 17 rods of the North 80 rods,
being more particularly described as follows: To find the place of beginning of this description commence at the N 1/4 post of
said section; run thence N 89 degrees 29’ 20” E along the North line of said section 280.5 feet to the place of beginning
of this description; thence continuing N 89 degrees 29’ 20” E along said North line of said section 288.29 feet; thence
S 00 degrees 44’ 00” E, 1531.92 feet; thence S 89 degrees 33’ 30” W, 568.79 feet to the North and South
1/4 line of said section; thence N 00 degrees 44’ 00” W along said North and South 1/4 line of said section 211.4 feet;
thence N 89 degrees 29’ 20” E, 280.5 feet; thence N 00 degrees 44’ 00” W, 1320 feet to the North line of
said section and the place of beginning.

 

WASHTENAW COUNTY

 

Certain land in Manchester Township,
Washtenaw County, Michigan described as:

 

A parcel of land
in the NE 1/4 of the NW 1/4 of Section 1, T4S, R3E, described as follows: To find the place of beginning of this description commence
at the Northwest corner of said section; run thence East along the North line of said section 1355.07 feet to the West 1/8 line
of said section; thence S 00 degrees 22’ 20” E along said West 1/8 line of said section 927.66 feet to the place of
beginning of this description; thence continuing S 00 degrees 22’ 20” E along said West 1/8 line of said section 660
feet to the North 1/8 line of said section; thence N 86 degrees 36’ 57” E along said North 1/8 line of said section
660.91 feet; thence N 00 degrees22’ 20” W, 660 feet; thence S 86 degrees 36’ 57” W, 660.91 feet to the
place of beginning.

 

WAYNE COUNTY

 

Certain land in Livonia City, Wayne
County, Michigan described as:

 

Commencing at
the Southeast corner of Section 6, T1S, R9E; thence North along the East line of Section 6 a distance of 253 feet to the
point of beginning; thence continuing North along the East line of Section 6 a distance of 50 feet; thence Westerly parallel
to the South line of Section 6, a distance of 215 feet; thence Southerly parallel to the East line of Section 6 a
distance of 50 feet; thence easterly parallel with the South line of Section 6 a distance of 215 feet to the point of
beginning.

 

    36

     

    

 

WEXFORD COUNTY

 

Certain land in Selma Township, Wexford
County, Michigan described as:

 

A parcel of land
in the NW 1/4 of Section 7, T22N, R10W, described as beginning on the North line of said section at a point 200 feet East of the
West line of said section, running thence East along said North section line 450 feet, thence South parallel with said West section
line 350 feet, thence West parallel with said North section line 450 feet, thence North parallel with said West section line 350
feet to the place of beginning.

 

SECTION 13. The Company
is a transmitting utility under Section 9501(2) of the Michigan Uniform Commercial Code (M.C.L. 440.9501(2)) as defined in M.C.L.
440.9102(1)(aaaa).

 

IN WITNESS WHEREOF, said
Consumers Energy Company has caused this Supplemental Indenture to be executed in its corporate name by its Chairman of the Board,
President, a Vice President or its Treasurer and its corporate seal to be hereunto affixed and to be attested by its Secretary
or an Assistant Secretary, and said The Bank of New York Mellon, as Trustee as aforesaid, to evidence its acceptance hereof, has
caused this Supplemental Indenture to be executed in its corporate name by a Vice President and its corporate seal to be hereunto
affixed and to be attested by an authorized signatory, in several counterparts, all as of the day and year first above written.

 

    37

     

    

 

	 	CONSUMERS ENERGY COMPANY
	 
	(SEAL)	By:	/s/ Srikanth Maddipati
	 	 	Srikanth Maddipati
	 	 	Attest: Vice President and Treasurer

 

	/s/ Terry L. Christian	 
	Terry L. Christian
	Assistant Secretary

 

		STATE OF MICHIGAN	 )

		 	    ss.

		COUNTY OF JACKSON	)

		 	 

 

The foregoing instrument
was acknowledged before me this 26th day of March, 2020, by Srikanth Maddipati, Vice President and Treasurer of CONSUMERS ENERGY
COMPANY, a Michigan corporation, on behalf of the corporation.

 

	 	/s/ Margaret Hillman
	 	Margaret Hillman, Notary Public
	{Seal}	State of Michigan, County of Jackson
	 	My Commission Expires: June 14, 2022
	 	Acting in the County of Jackson

 

    S-1

     

    

 

THE BANK OF NEW YORK MELLON, 

AS
TRUSTEE

 

	(SEAL)	By:	 /s/ Laurence J. O’Brien
	 	 	Laurence J. O’Brien
	Attest:	 	 Vice President

 

	/s/ Ignazio Tamburello	 
	Ignazio Tamburello	 
	Vice President	 

 

	STATE OF NEW JERSEY	 )
	 	   ss.
	COUNTY OF PASSAIC	)

 

The foregoing instrument
was acknowledged before me this 26th day of March, 2020, by Laurence J. O’Brien, a Vice President of THE BANK OF NEW YORK
MELLON, as Trustee, a New York banking corporation, on behalf of the bank.

 

	 	/s/ Bret S. Derman
	 	Bret S. Derman
	 	Notary Public State of New York
	 	Qualified in Kings County
	 	Lie# 02DE6196933
	 	Certificate filed in New York County, New York
	 	My Commission: Expires November 17, 2020

 

	Prepared by:	When recorded, return to:
	Melissa M. Gleespen	Consumers Energy Company
	One Energy Plaza, EP12-246	Attn: Margaret Hillman, EP11-215
	Jackson, MI 49201	One Energy Plaza
	 	Jackson, MI 49201

 

    S-2Exhibit 10.1

		

			Exhibit 10.1

		

		
			VERU INC.
2018 EQUITY INCENTIVE PLAN
(as amended and restated effective March 24, 2020)
		

		
			﻿
		

		
			 
		

		

		

		 

		

			1

		

 

		

			 

		

		VERU INC.
2018 EQUITY INCENTIVE PLAN
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						Page

				
	
					
						1

					
					
						Purpose

					3 
				
	
					
						2

					
					
						Definitions

					3 
				
	
					
						3

					
					
						Administration

					8 
				
	
					
						4

					
					
						Shares Subject to Plan

					9 
				
	
					
						5

					
					
						Eligibility; Per‐Participant Limitations

					10 
				
	
					
						6

					
					
						Specific Terms of Awards

					10 
				
	
					
						7

					
					
						Certain Provisions Applicable to Awards

					16 
				
	
					
						8

					
					
						Change of Control

					18 
				
	
					
						9

					
					
						General Provisions

					21 
				

		
			﻿
		

		
			 
		

		

		

		 

		

			2

		

 

		

			 

		

		VERU INC.
2018 EQUITY INCENTIVE PLAN
(as amended and restated effective March 24, 2020)
		

			
	
			
				 1.
			Purpose.  The purpose of this VERU INC. 2018 EQUITY INCENTIVE PLAN (the "Plan") is to assist Veru Inc. (the "Company") and its Related Entities (as hereinafter defined) in attracting, motivating, retaining and rewarding high-quality executives and other employees, officers, directors, consultants and other persons who provide services  to the Company or its Related Entities by enabling such persons to acquire or increase a proprietary interest in the Company in order to strengthen the mutuality of interests between such persons and the Company's stockholders, and providing such persons with performance incentives to expend their maximum efforts in the creation of stockholder value.

			
	
			
				 2.
			Definitions.  For purposes of the Plan, the following terms shall be defined as set forth below, in addition to such terms defined in Section 1 hereof and elsewhere herein.

			
	
			
				 (a)
			"Award" means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Share granted as a bonus or in lieu of another Award, Dividend Equivalent, Other Stock‐Based Award or Performance Award, together with any other right or interest relating to Shares or other property (including cash), granted to a Participant under the Plan.

			
	
			
				 (b)
			"Award Agreement" means any written agreement, contract or other instrument or document evidencing any Award granted by the Committee hereunder.

			
	
			
				 (c)
			"Beneficiary" means the person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified  under the Plan upon such Participant's death or to which Awards or other rights are transferred if and to the extent permitted under Section 9(b) hereof.  If, upon a Participant's death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the person, persons, trust or trusts entitled by will or the laws of descent and distribution to receive such benefits.

			
	
			
				 (d)
			"Beneficial Owner"  and  "Beneficial Ownership" shall have the meaning ascribed to such term in Rule 13d‐3 under the Exchange Act and any successor to such Rule.

			
	
			
				 (e)
			"Board" means the Company's Board of Directors.

			
	
			
				 (f)
			"Cause" shall, with respect to any Participant, have the meaning specified in the Award Agreement.  In the absence of any definition in the Award Agreement, "Cause" shall have the equivalent meaning or the same meaning as "cause" or "for cause" set forth in any employment, consulting, or other agreement for the performance of services between the Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term shall mean (i) the failure by the Participant to perform, in a reasonable manner, his or her duties as assigned by the Company or a Related Entity, (ii) any violation or breach by the Participant of his or her employment, consulting or other similar agreement with the Company or a Related Entity, if any, (iii) any violation or breach by the Participant of any non‐competition, non‐solicitation, non‐disclosure and/or other 
		

		 

		

			3

		

 

			similar agreement with the Company or a Related Entity, (iv) any act by the Participant of dishonesty or bad faith with respect to the Company or a Related Entity, (v) use of alcohol, drugs or other similar substances in a manner that adversely affects the Participant's work performance, or (vi) the commission by the Participant of any act, misdemeanor or crime reflecting unfavorably upon the Participant or the Company or any Related Entity.  The good faith determination by the Committee of whether the Participant's Continuous Service was terminated by the Company for "Cause" shall be final and binding for all purposes hereunder.

			
	
			
				 (g)
			"Change of Control" means a Change of Control as defined in Section 8(b) of the Plan.

			
	
			
				 (h)
			"Code" means the Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions and regulations thereto.

			
	
			
				 (i)
			"Committee" means a committee designated by the Board to administer the Plan; provided, however, that if the Board fails to designate a committee or if there are no longer any members on the committee so designated by the Board, or for any other reason determined by the Board, then the Board shall serve as the Committee.  The Committee shall consist of at least two directors, each of whom shall be (i) a  "non‐employee director" within the meaning of Rule 16b‐3 (or any successor rule) under the Exchange Act, unless administration of the Plan by "non‐employee directors" is not then required in order for exemptions under Rule l6b‐3 to apply to transactions under the Plan and (ii) "Independent."

			
	
			
				 (j)
			"Consultant" means any consultant or advisor who is a natural person and who provides services to the Company or any Subsidiary, so long as such person (i) renders bona fide services that are not in connection with the offer and sale of the Company's securities in a capital‐raising transaction, (ii) does not directly or indirectly promote or maintain a market for the Company's securities and (iii) otherwise qualifies as a de facto employee or consultant under the applicable rules of the Securities and Exchange Commission for registration of shares of stock on a Form S‐8 registration statement.

			
	
			
				 (k)
			"Continuous Service" means the uninterrupted provision of services to the Company or any Related Entity in any capacity of Employee, Director, Consultant or other service provider.  Continuous Service shall not be considered to be interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entities or any successor entities, in any capacity of Employee, Director, Consultant or other service provider, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director, Consultant or other service provider (except as otherwise provided in the Award Agreement).  An approved leave of absence shall include sick leave, military leave or any other authorized personal leave.

			
	
			
				 (l)
			"Director" means a member of the Board or the board of directors of any Related Entity.

			
	
			
				 (m)
			"Disability" means a permanent and total disability, (within the meaning of Section 22(e) of the Code), as determined by a medical doctor satisfactory to the Committee.

		 

		

			4

		

 

			
	
			
				 (n)
			"Dividend Equivalent" means a right, granted to a Participant under Section 6(g) hereof, to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares.

			
	
			
				 (o)
			"Effective Date" means the effective date of the Plan, which shall be March 20, 2018.

			
	
			
				 (p)
			"Eligible Person" means each officer, Director, Employee, Consultant and other person who provides services to the Company or any Related Entity.  The foregoing notwithstanding, only Employees of the Company, or any parent corporation or subsidiary corporation  of the Company (as  those terms are defined in Sections 424(e) and (f) of the Code, respectively), shall be Eligible Persons for purposes of receiving any Incentive Stock Options.  An Employee on leave of absence may, in the discretion of the Committee, be considered as still in the employ of the Company or a Related Entity for purposes of eligibility for participation in the Plan.

			
	
			
				 (q)
			"Employee" means any person, including an officer or Director, who is an employee of the Company or any Subsidiary, or is a prospective employee of the Company or any Subsidiary (conditioned upon, and effective not earlier than, such person becoming an employee of the Company or any Subsidiary).  The payment of a director's fee by the Company or a Subsidiary shall not be sufficient to constitute "employment" by the Company.

			
	
			
				 (r)
			"Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor provisions and rules thereto.

			
	
			
				 (s)
			"Fair Market Value" means, as of any date, the value of a Share determined as follows: 

			
	
			
				 (i)
			if a Share is listed on any national securities exchange, including, without limitation, the NASDAQ Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange for the day of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

			
	
			
				 (ii)
			if a Share is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for such Share for the day of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

			
	
			
				 (iii)
			in the absence of an established market for a Share, the Fair Market Value shall be determined in good faith by the Committee.  

			
	
			
				 (t)
			"Incentive Stock Option" means any Option intended to be designated as an incentive stock option within the meaning of Section 422 of the Code or any successor provision thereto.

			
	
			
				 (u)
			"Independent", when referring to either the Board or members of the Committee, shall have the same meaning as used in the rules of the Listing Market.

		 

		

			5

		

 

			
	
			
				 (v)
			"Incumbent Board" means the Incumbent Board as defined in Section 8(b)(ii) hereof.

			
	
			
				 (w)
			"Listing Market" means the national securities exchange on which any securities of the Company are listed for trading, and if not listed for trading, by the rules of the Nasdaq Stock Market.

			
	
			
				 (x)
			"Option" means a right granted to a Participant under Section 6(b) hereof, to purchase Shares or other Awards at a specified price during specified time periods.

			
	
			
				 (y)
			"Optionee" means a person to whom an Option is granted under this Plan or any person who succeeds to the rights of such person under this Plan.

			
	
			
				 (z)
			"Other Stock‐Based Awards" means Awards granted to a Participant under Section 6(i) hereof.

			
	
			
				 (aa)
			"Participant" means a person who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an Eligible Person.

			
	
			
				 (bb)
			"Performance Award" means any Award of Performance Shares or Performance Units granted pursuant to Section 6(h) hereof.

			
	
			
				 (cc)
			"Performance Period" means that period established by the Committee at the time any Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are to be measured.

			
	
			
				 (dd)
			"Performance Share" means any grant pursuant to Section 6(h) hereof of a unit valued by reference to a designated number of Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter.

			
	
			
				 (ee)
			"Performance Unit" means any grant pursuant to Section 6(h) hereof of a unit valued by reference to a designated amount of property (including cash) other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including cash, Shares, other property or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter.

			
	
			
				 (ff)
			"Person" shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, and shall include a "group" as defined in Section 13(d) thereof.

			
	
			
				 (gg)
			"Related Entity" means any Subsidiary, and any business, corporation, partnership, limited liability company or other entity designated by the Board, in which the Company or a Subsidiary holds a substantial ownership interest, directly or indirectly.

		 

		

			6

		

 

			
	
			
				 (hh)
			"Restricted Stock" means any Share issued with such risks of forfeiture and other restrictions as the Committee, in its sole discretion, may impose (including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate.

			
	
			
				 (ii)
			"Restricted Stock Award" means an Award granted to a Participant under Section 6(d) hereof.

			
	
			
				 (jj)
			"Restricted Stock Unit" means a right to receive Shares, including Restricted Stock, cash measured based upon the value of Shares or a combination thereof, at the end of a specified deferral period.

			
	
			
				 (kk)
			"Restricted Stock Unit Award" means an Award of Restricted Stock Unit granted to a Participant under Section 6(e) hereof.

			
	
			
				 (ll)
			"Restriction Period" means the period of time specified by the Committee that Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose.

			
	
			
				 (mm)
			"Rule 16b‐3" means Rule 16b‐3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act.

			
	
			
				 (nn)
			"Shares" means the shares of common stock of the Company and such other securities as may be substituted (or resubstituted) for Shares pursuant to Section 9(c) hereof.

			
	
			
				 (oo)
			"Stock Appreciation Right" means  a right granted to a Participant under Section 6(c) hereof.

			
	
			
				 (pp)
			"Subsidiary" means any corporation or other  entity in which  the Company has a direct or indirect ownership interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election of directors or in which the company has the right to receive 50% or more of the distribution of profits or 50% or more of the assets, as that term is defined in Rule 405 of under the Securities Act of 1933, controlled by the Company directly, or indirectly, through one or more intermediaries.

			
	
			
				 (qq)
			"Substitute Awards" means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, Awards previously granted, or the right or obligation to make future Awards, by a company (i) acquired by the Company or any Related Entity; (ii) which becomes a Related Entity after the date hereof or (iii) with which the Company or any Related Entity combines.

		 

		

			7

		

 

			
	
			
				 3.
			Administration.

			
	
			
				 (a)
			Authority of the Committee.  The Plan shall be administered by the Committee; provided, however, that except as otherwise expressly provided in this Plan, the Board may exercise any power or authority granted to the Committee under this Plan and, in that case, references herein shall be deemed to include references to the Board.  The Committee shall have full and final authority, subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants;  grant Awards;  determine the type, number and other terms and conditions of, and all other matters relating to, Awards;  prescribe Award Agreements (which need not be identical for each Participant) and rules and regulations for the administration of the Plan; construe and interpret the Plan and Award Agreements and correct defects, supply omissions or reconcile inconsistencies therein;  and to make all other decisions and determinations as the Committee may deem necessary or advisable for the administration of the Plan.  In exercising any discretion granted to the Committee under the Plan or pursuant to any Award, the Committee shall not be required to follow past practices, act in a manner consistent with past practices, or treat any Eligible Person or Participant in a manner consistent with the treatment of any other Eligible Persons or Participants. Decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the Company, any Subsidiary or any Participant or Beneficiary, or any transferee under Section 9(b) hereof or any other person or entity claiming rights from or through any of the foregoing persons or entities.

			
	
			
				 (b)
			Manner of Exercise of Committee Authority.  

			
	
			
				 (i)
			The Committee, and not the Board, shall exercise sole and exclusive discretion on any matter relating to a Participant then subject to Section 16 of the Exchange Act with respect to the Company to the extent necessary in order that transactions by such Participant shall be exempt under Rule 16b-3 under the Exchange Act.  

			
	
			
				 (ii)
			Any action of the Committee shall be final, conclusive and binding on all Persons, including the Company, its Related Entities, Eligible Persons, Participants, Beneficiaries,  transferees under Section 9(b) hereof or other persons claiming rights from or through a Participant, and stockholders.  The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee.  The Committee may delegate to members of the Board, or officers or managers of the Company or any Related Entity, or committee thereof, the authority subject to such terms and conditions as the Committee shall determine, to perform such functions, including administrative functions, as the Committee may determine to the extent that such delegation will not result in the loss of an exemption under Rule 16b‐3(d)(1) of the Exchange Act for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company.  The Committee may appoint agents to assist it in administering the Plan.

			
	
			
				 (c)
			Limitation  of Liability.  The Committee and the Board and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or Employee, the Company's independent auditors, Consultants or any other agents assisting in the administration of the Plan.  Members of the Committee and the Board, and any officer or Employee acting at the direction or on behalf of the 
		

		 

		

			8

		

 

			Committee or the Board, shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination.

			
	
			
				 4.
			Shares Subject to Plan.

			
	
			
				 (a)
			Limitation on Overall Number of Shares Available for Delivery under the Plan.  Subject to adjustment as provided in Section 9(c) hereof, the total number of Shares reserved and available for delivery under the Plan shall be 11,000,000.    Any Shares delivered under the Plan may consist, in whole or in part, of authorized and unissued shares or treasury shares.

			
	
			
				 (b)
			Application of Limitation to Grants of Awards.  No Award may be granted if the number of Shares to be delivered in connection with such an Award exceeds the number of Shares remaining available for delivery under the Plan, minus the number of Shares deliverable in settlement of or relating to then outstanding Awards.  The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of Shares actually delivered differs from the number of Shares previously counted in connection with an Award.

			
	
			
				 (c)
			Availability of Shares Not Delivered under Awards and Adjustments to Limits.

			
	
			
				 (i)
			If any Shares subject to an Award, on or after the Effective Date, are forfeited, expire or otherwise terminate without issuance of such Shares, or any Award, on or after the Effective Date, is settled for cash, or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award, the Shares to which those Awards were subject shall, to the extent of such forfeiture, expiration, termination, non‐issuance or cash settlement, again be available for delivery with respect to Awards under the Plan, subject to Section 4(c)(iv) below.

			
	
			
				 (ii)
			Substitute Awards shall not reduce the Shares authorized for delivery under the Plan or authorized for delivery to a Participant in any period.

			
	
			
				 (iii)
			Any Share that again becomes available for delivery pursuant to this Section 4(c) shall be added back as one Share.

			
	
			
				 (iv)
			Notwithstanding anything to the contrary contained herein, Shares subject to an Award under the Plan shall not again be made available for issuance or delivery under the Plan if such Shares are (A) Shares tendered in payment of an Option, (B) Shares delivered or withheld by the Company to satisfy any tax withholding obligation or (C) Shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award.

			
	
			
				 (v)
			Notwithstanding anything in this Section 4(c) to the contrary, but subject to adjustment as provided in Section 9(c) hereof, the maximum aggregate number of Shares that may be delivered under the Plan as a result of the exercise of the Incentive Stock 
		

		 

		

			9

		

 

			Options shall be 2,000,000 Shares.  In no event shall any Incentive Stock Options be granted under the Plan after the tenth anniversary of the date on which the Board adopts the Plan.

			
	
			
				 5.
			Eligibility; Per‐Participant Limitations.  Awards may be granted under the Plan only to Eligible Persons.  Subject to adjustment as provided in Section 9(c) of this Plan, in any fiscal year of the Company during any part of which the Plan is in effect, no Participant may be granted Awards with respect to more than 400,000 Shares.  Subject to adjustment as provided in Section 9(c) of this Plan, in any fiscal year of the Company during any part of which the Plan is in effect, any Director who is not an Employee may not be granted Awards with respect to more than 100,000 Shares.

			
	
			
				 6.
			Specific Terms of Awards.

			
	
			
				 (a)
			General.    Awards may be granted on the terms and conditions set forth in this Section 6.   In addition, the Committee may impose on any Award, or the exercise thereof, at the date of grant or thereafter (subject to Section 9(e)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of the Participant's Continuous Service and terms permitting a Participant to make elections relating to his or her Award.  Except as otherwise expressly provided herein, the Committee shall retain full power and discretion to accelerate, waive or modify, at any time,  any term or condition of an Award that is not mandatory under the Plan.  Except in cases in which the Committee is authorized  to require other forms of consideration under the Plan, or to the extent  other forms of consideration must be paid to satisfy the requirements of applicable law,  no consideration other than services may be required for the grant (as opposed to the exercise) of any Award.

			
	
			
				 (b)
			Options.   The Committee is authorized to grant Options to any Eligible Person on the following terms and conditions:

			
	
			
				 (i)
			Exercise Price.  Other than in connection with Substitute Awards, the exercise price per Share purchasable under an Option shall be determined by the Committee, provided that such exercise price shall not be less than 100% of the Fair Market Value of a Share on the date of grant of the Option and shall not, in any event, be less than the par value of a Share on the date of grant of the Option.  If an Employee owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of  the Code, respectively) and an Incentive Stock Option is granted to such Employee, the exercise price of such Incentive Stock Option (to the extent required by the Code  at the time of grant) shall be no less than 110% of the Fair Market Value of a Share on the date such Incentive Stock Option is granted.  The Committee shall not be permitted to (A) lower the exercise price per Share of an Option after it is granted, (B) cancel an Option when the exercise price per Share exceeds the Fair Market Value of the underlying Shares in exchange for cash or another Award (other than in connection with Substitute Awards), (C) cancel an outstanding Option in exchange for an Option with an exercise price that is less than the exercise price of the original Options or (D) take any other action with respect to an Option that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without approval of the Company's stockholders.

		 

		

			10

		

 

			
	
			
				 (ii)
			Time and Method of Exercise.   The Committee shall determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method by which notice of exercise is to be given and the form of exercise notice to be used, the time or times at which Options shall cease to be or become exercisable following termination of Continuous Service or upon other conditions, the methods by which the exercise price may be paid or deemed to be paid (including in the discretion of the Committee a cashless exercise procedure), the form of such payment, including, without limitation, cash, Shares (including without limitation the withholding of Shares otherwise deliverable pursuant to the Award), other Awards or awards granted under other plans of the Company or a Related Entity,  or other  property  (including notes, or other contractual obligations of Participants to make payment on a deferred basis provided that such deferred payments are not in violation of Section 13(k) of the Exchange Act, any rule or regulation adopted thereunder or any other applicable law), and the methods by or forms in which Shares will be delivered or deemed to be delivered to Participants.

			
	
			
				 (iii)
			Form  of Settlement.   The Committee may, in its sole discretion, provide that the Shares to be issued upon exercise of an Option shall be in the form of Restricted Stock, or other similar securities.

			
	
			
				 (iv)
			Incentive Stock Options.   The terms of any Incentive Stock  Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code.   Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options (including any Stock Appreciation Right issued in tandem therewith) shall be interpreted, amended or altered, nor shall any discretionary authority granted under the Plan be exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section 422 of the Code, unless the Participant has first requested, or consents to, the change that will result in such disqualification.  Thus, if and to the extent required to comply with Section 422 of the Code, Options granted as Incentive Stock Options shall be subject to the following special terms and conditions:

			
	
			
				 (A)
			the Option shall not be exercisable for more than ten years after the date such Incentive Stock Option is granted; provided, however, that if a Participant owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code)  more than 10% of the combined voting power of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is granted to such Participant, the term of the Incentive Stock Option shall be (to the extent required by the Code at the time of the grant) for no more than five years from the date of grant;

			
	
			
				 (B)
			the aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares with respect to which Incentive Stock Options granted under the Plan and all other option plans of the Company (and any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) that become exercisable for the first time by the Participant during any calendar year shall not (to the extent required by the Code at the time of the grant) exceed $100,000; and

		 

		

			11

		

 

			
	
			
				 (C)
			if Shares acquired by exercise of an Incentive Stock Option are disposed of within two years following the date the Incentive Stock Option is granted or one year following the transfer of such Shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Company in writing of the date and terms of such disposition and provide such other information regarding the disposition as the Committee may reasonably  require.

			
	
			
				 (c)
			Stock Appreciation Rights.  The Committee may grant Stock Appreciation Rights to any Eligible Person in conjunction with all or part of any Option granted under the Plan or at any subsequent time during the term of such Option (a "Tandem Stock Appreciation  Right"),  or without regard to any Option (a "Freestanding Stock Appreciation Right"), in each case upon such terms and conditions as the Committee may establish in its sole discretion, not inconsistent with the provisions of the Plan, including the following:

			
	
			
				 (i)
			Right to Payment.  A  Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee.  The grant  price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value of a Share on the date of grant.  The Committee shall not be permitted to (A) lower the grant price per Share of a Stock Appreciation Right after it is granted, (B) cancel a Stock Appreciation Right when the grant price per  Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than in connection with Substitute Awards), (C) cancel an outstanding Stock Appreciation Right in exchange for a Stock Appreciation Right with a grant price that is less than the grant price of the original Stock Appreciation Right or (D) take any other action with respect to a Stock Appreciation Right that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without stockholder approval.

			
	
			
				 (ii)
			Other Terms.   The Committee shall determine the date of grant or thereafter the time or times at which and the circumstances under which a Stock Appreciation Right may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the time or times at which Stock Appreciation Rights shall cease to be or become exercisable following termination of Continuous Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to Participants, whether or not a Stock Appreciation Right shall be in tandem or in combination with any other Award and any other terms and conditions of any Stock Appreciation Right.

			
	
			
				 (iii)
			Tandem Stock Appreciation Rights.   Any Tandem Stock Appreciation Right may be granted at the same time as the related Option is granted or, for Options that are not Incentive Stock Options, at any time thereafter before exercise or expiration of such Option.  Any Tandem Stock Appreciation Right related to an Option may be exercised only when the related Option would be exercisable and the Fair Market Value of the Shares subject to the related Option exceeds the exercise price at which Shares can be acquired pursuant to the Option.  In addition, if a Tandem Stock Appreciation Right exists with respect to less than the full number of Shares covered by a related Option, then an exercise or termination of such Option shall not reduce the number of Shares to which the Tandem Stock Appreciation Right 
		

		 

		

			12

		

 

			applies until the number of Shares then exercisable under such Option equals the number of Shares to which the Tandem Stock Appreciation Right applies.   Any Option related to a Tandem Stock Appreciation Right shall no longer be exercisable to the extent the Tandem Stock Appreciation Right has been exercised, and any Tandem Stock Appreciation Right shall no longer be exercisable to the extent the related  Option has been exercised.

			
	
			
				 (d)
			Restricted Stock Awards.  The Committee is authorized to grant Restricted Stock Awards to any Eligible Person on the following terms and conditions:

			
	
			
				 (i)
			Grant and Restrictions.  Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan during the Restriction Period.  The terms of any Restricted Stock Award granted under the Plan shall be set forth in a written Award Agreement which shall contain provisions determined by the Committee and not inconsistent with the Plan.   The restriction  may lapse separately or in combination at such times, under such circumstances (including  based on achievement of performance goals and/or future service requirements),  in such installments  or otherwise, as the Committee may determine at the date of grant or thereafter.  Except to the extent restricted under the terms of the Plan and any Award Agreement relating to a Restricted Stock Award, a Participant granted  Restricted Stock shall have all of the rights of a stockholder, including the right to vote the Restricted Stock and the right to receive dividends thereon, provided that any dividends with respect to a Restricted Stock Award shall be withheld by the Company for the account of the Participant holding such Restricted Stock Award, and interest may be credited on the amount of the dividends withheld at a rate and subject to such terms as determined by the Committee.  The dividends so withheld by the Company and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be subject to the restrictions and a risk of forfeiture to the same extent as the share of Restricted Stock, shall be distributed to the Participant upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.  During the period that the Restricted Stock Award is subject to a risk of forfeiture, subject to Section 9(b) below and except as otherwise provided in the Award Agreement, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant or Beneficiary.

			
	
			
				 (ii)
			Forfeiture.  Except as otherwise determined by the Committee, upon termination of a Participant's Continuous Service during the applicable Restriction Period, the Participant's Restricted Stock that is at that time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited and reacquired by the Company; provided that the Committee may provide, by resolution or other action or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to Restricted Stock Awards shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock.

			
	
			
				 (iii)
			Certificates for Stock.  Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine.  If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions 
		

		 

		

			13

		

 

			applicable to such Restricted Stock, that the Company retain physical possession of the certificates and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock.

			
	
			
				 (e)
			Restricted Stock Unit Award.    The Committee is authorized to grant Restricted Stock  Unit Awards to any Eligible Person on the following terms and conditions:

			
	
			
				 (i)
			Award and Restrictions.  Satisfaction of a Restricted Stock Unit Award  shall occur upon expiration of the deferral period specified for such Restricted Stock  Unit Award by the Committee (or, if permitted by the Committee, as elected by the participant in a manner that does not violate the requirements of Section 409A of the Code).   In addition,  a  Restricted Stock Unit Award shall be subject to such restrictions (which  may include a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at other specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or  otherwise as the Committee may determine.  A Restricted Stock Unit Award may be satisfied by delivery of Shares, cash equal to the Fair Market Value of the specified number of Shares covered by the Restricted Stock Units, or a  combination thereof, as determined by the Committee at the date of grant or thereafter.  Prior to satisfaction of a Restricted Stock Unit Award, a Restricted Stock Unit Award carries no voting or dividend or other rights associated with Share ownership.  Prior to satisfaction of a Restricted Stock Unit Award, except as otherwise provided in an Award Agreement and as permitted under Section 409A of the Code, a Restricted Stock Unit Award may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant or any Beneficiary.

			
	
			
				 (ii)
			Forfeiture.  Except as otherwise determined by the Committee, upon termination of a Participant's Continuous Service during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Restricted Stock Unit Award), the Participant's Restricted Stock Unit Award that is at that time subject to a risk of forfeiture that has not lapsed or otherwise been satisfied shall be forfeited; provided that the Committee may provide, by resolution or other action or in any Award Agreement, or may determine in any individual case, that forfeiture conditions relating to a Restricted Stock Unit Award shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of any Restricted Stock Unit Award.

			
	
			
				 (f)
			Bonus Stock and Awards in Lieu of Obligations.   The Committee is authorized to grant Shares to any Eligible Persons as a bonus, or to grant Shares or other Awards in lieu of obligations to pay cash or deliver other property under  the Plan or under other plans or compensatory arrangements, provided that, in the  case of Eligible Persons subject to Section 16 of the Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Shares or other Awards are exempt from liability under Section 16(b) of the Exchange Act.  Shares or Awards granted hereunder shall be subject to such other terms as shall be determined by the Committee.

			
	
			
				 (g)
			Dividend Equivalents.  The Committee is authorized to grant Dividend Equivalents to any Eligible Person entitling the Eligible Person to receive cash, Shares, other 
		

		 

		

			14

		

 

			Awards or other property equal in value to the dividends paid with respect to a specified number of Shares.  Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award.  Notwithstanding anything in the Plan to the contrary, any cash, Shares, other Awards or other property otherwise payable with respect to Dividend Equivalents as to any Award to the extent such Award has not vested shall be withheld by the Company for the account of the Participant holding such Award, and interest may be credited on the amount withheld at a rate and subject to such terms as determined by the Committee.  The cash, Shares, other Awards or other property so withheld by the Company and attributable to any particular Award, and any interest thereon, shall be subject to the restrictions and a risk of forfeiture to the same extent as such Award, shall be distributed to the Participant upon the vesting of such Award and, if such Award is forfeited prior to its vesting, the Participant shall have no right to such cash, Shares, other Awards or other property or any interest thereon.

			
	
			
				 (h)
			Performance Awards.  The Committee is authorized to grant Performance Awards to any Eligible Person payable in cash, Shares or other Awards, on terms and conditions established by the Committee.  The performance criteria to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award; provided, however, that a Performance Period shall not be shorter than twelve (12) months nor longer than five (5) years.  Except as provided in Section 9 or as may be provided in an Award Agreement, Performance Awards will be distributed only after the end of the relevant Performance Period.  The performance goals to be achieved for each Performance Period shall be conclusively determined by the Committee and may be based upon any criteria that the Committee, in its sole discretion, shall determine should be used for that purpose.  The amount of the Award to be distributed shall be conclusively determined by the Committee.  Performance Awards may be paid in a lump sum or in installments following the close of the Performance Period or, in accordance with procedures established by the Committee, on a deferred basis in a manner that does not violate the requirements of Section 409A of the Code.

			
	
			
				 (i)
			Other Stock-Based Awards.   The Committee is authorized, subject to limitations under applicable law, to grant to any Eligible Person such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan.  Other Stock-Based Awards may be granted to Participants either alone or in addition to other Awards granted under the Plan, and such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the  Plan.  The Committee shall determine the terms and conditions of such Awards.  Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(i) shall be  purchased for such consideration, (including without limitation loans from the Company or a Related Entity provided that such loans are not in violation of the Sarbanes Oxley Act of 2002,  as amended, or any rule or regulation adopted thereunder or any other applicable law) paid for  at such times, by such methods, and in such forms, including, without limitation, cash, Shares, other Awards or other property, as the Committee shall determine.

		 

		

			15

		

 

			
	
			
				 7.
			Certain Provisions Applicable to Awards.

			
	
			
				 (a)
			Stand-Alone, Additional, Tandem and Substitute Awards.  Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Related Entity or any business entity to be acquired by the Company or a Related Entity, or any other right of a Participant to receive payment from the Company or any Related Entity.  Subject to compliance with the Code, such additional, tandem and substitute or exchange Awards may be granted at any time.  If an Award is granted in substitution or exchange for another Award or award, the Committee shall require the surrender of such other Award or award in consideration for the grant of the new Award.  In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Related Entity, in which the value of Shares subject to the Award is equivalent in value to the cash compensation (for example, Restricted Stock or Restricted Stock Units), or in which the exercise price, grant price or purchase price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Shares minus the value of the cash compensation surrendered (for example, Options or Stock Appreciation Right granted with an exercise price or grant price "discounted" by the amount of the cash compensation surrendered), provided that any such determination to grant an Award in lieu of cash compensation must be made in a manner intended to be exempt from or comply with Section 409A of the Code.

			
	
			
				 (b)
			Term of Awards.  The term of each Award shall be for such period as may be determined by the Committee provided that in no event shall the term of any Option or Stock Appreciation Right exceed a period of ten years (or in the case of an Incentive Stock Option such shorter term as maybe required under Section 422 of the Code).

			
	
			
				 (c)
			Form and Timing of Payment Under Awards; Deferrals.  Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or a Related Entity upon the exercise of an Option or other Award or settlement of an Award may be made in such form as the Committee shall determine, including, without limitation, cash, Shares, other Awards or other property, and may be made in a single payment or transfer, in installments or on a  deferred  basis, provided that any determination to pay in installments or on a deferred basis shall be made by the Committee at the date  of grant.  Any installment or deferral provided for in the preceding sentence shall, however, subject to the terms of the Plan, be subject to the Company's compliance with the provisions of the Sarbanes Oxley Act of 2002, as amended, the rules and regulations adopted by the Securities and Exchange Commission thereunder, all applicable rules of the Listing Market, and in a manner intended to be exempt from or  otherwise satisfy the requirements of Section 409A of the Code.  Subject to Section 7(e) of this Plan, any such settlement shall be at a value determined by the Committee in its sole discretion, which, without limitation, may in the case of an Option or Stock Appreciation Right be limited to the amount if any  by which the Fair Market Value of a Share on the settlement date exceeds the exercise or grant price.  Installment or deferred payments may be required by the Committee (subject to Section 7(e) of this Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted at the election of the Participant on terms and conditions established by the Committee.  The acceleration of the settlement of any Award, and the  payment of any Award in 
		

		 

		

			16

		

 

			installments or on an deferred basis, shall be done all in a manner that is intended to be exempt from or otherwise satisfy the requirements of Section 409A of the Code.  The Committee may, without limitation, make provision for the payment or crediting of a reasonable interest rate on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Shares.

			
	
			
				 (d)
			Exemptions from Section 16(b) Liability.  It is the intent of the Company that the grant of any Awards to, or other transaction by, a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant to an applicable exemption (except for transactions acknowledged in writing to be non-exempt by such Participant).  Accordingly, if any provision of this Plan or any Award Agreement does not comply with the requirements of Rule 16b‐3 then applicable to any such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b).

			
	
			
				 (e)
			Code Section 409A.

			
	
			
				 (i)
			The Award Agreement for any Award that the Committee reasonably determines to constitute a "nonqualified deferred compensation plan" under Section 409A of the Code (a "Section 409A Plan"), and the provisions of the Section 409A Plan applicable to that Award, shall be construed in a manner consistent with the applicable requirements of Section 409A of the Code, and the Committee, in its sole discretion and without the consent of any Participant,  may amend any Award Agreement  (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of Section 409A of the Code.

			
	
			
				 (ii)
			If any Award constitutes a Section 409A Plan, then the Award  shall be subject to the following additional requirements if, and  to the extent, required to comply with Section 409A of the Code.

			
	
			
				 (A)
			Payments  under the Section 409A Plan may be made only upon [i] the Participant's "separation from service", [ii] the date the Participant becomes "disabled", [iii] the Participant's death, [iv] a specified time (or pursuant to a fixed schedule) specified in the Award Agreement at the date of the deferral of such compensation, [v] a "change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets" of the Company or [vi] the occurrence of an "unforeseeable emergency";

			
	
			
				 (B)
			The time or schedule for any payment of the deferred  compensation may not be accelerated, except to the extent provided in applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service;

			
	
			
				 (C)
			Any elections, with respect to the deferral of such compensation or the time and form of distribution of such deferred compensation shall comply with the requirements of Section 409A(a)(4) of the Code; and

			
	
			
				 (D)
			In the case of any Participant who is "specified employee", a distribution on account of a "separation from service" may not be made before the date which 
		

		 

		

			17

		

 

			is six months after the date of the Participant's "separation from service" (or, if earlier, the date of the Participant's death).

		
			For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for purposes of Section 409A of the Code and the Treasury Regulations promulgated thereunder, and the limitations set forth herein shall, be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A of the Code that are applicable to the Award.
		

			
	
			
				 (iii)
			Notwithstanding the foregoing, or any provision of this Plan or any Award Agreement, the Company does not make any representation to any Participant or Beneficiary that any Awards made pursuant to this Plan are exempt from, or satisfy the requirements of, Section 409A of the Code, and the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any Beneficiary for any tax, additional tax, interest or penalties that the Participant or any Beneficiary may incur in the event that any provision of this Plan, or any Award Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A of the Code.

			
	
			
				 8.
			Change of Control.

			
	
			
				 (a)
			Effect of "Change of Control."  If, and only to the extent, determined by the Committee in its sole discretion and without any requirement that each Participant be treated consistently upon the occurrence of a "Change of Control," as defined in Section 8(b):

			
	
			
				 (i)
			Any Option or Stock Appreciation Right that was not previously vested and exercisable as of the time of the Change of Control, shall become immediately vested and exercisable, subject to applicable restrictions set forth in Section 9(a) hereof.

			
	
			
				 (ii)
			Any restrictions, deferral of settlement and forfeiture conditions applicable to a Restricted Stock Award, Restricted Stock Unit Award or an Other Stock‐Based Award subject only to future service requirements granted under the Plan shall lapse and such Awards shall be deemed fully vested as of the time of the Change of Control, except to the extent of any waiver by the Participant and subject to applicable restrictions set forth in Section 9(a) hereof.

			
	
			
				 (iii)
			With respect to any outstanding Award subject to achievement of performance goals and conditions under the Plan, the Committee may, in its discretion, consider such Awards to have been earned and payable based on achievement of performance goals or based upon target performance (either in full or pro‐rata based on the portion of the Performance Period completed as of the Change of Control).

		
			Notwithstanding the foregoing or any provision in any Award Agreement to the contrary, and unless the Committee otherwise determines in a specific instance, or as is provided in any employment or other agreement between the Participant and the Company any Subsidiary, and unless the Committee otherwise determines, in a specific instance, each outstanding Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Award or Other Stock‐Based Award shall not be accelerated as described in 
		

		 

		

			18

		

 

		Sections 8(a)(i), (ii)  and (iii), if either (A) the Company is the surviving entity in the Change of Control and the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Award or Other Stock‐Based Award continues to be outstanding after the Change of Control on substantially the same terms and conditions as were applicable immediately prior to the Change of Control or (B) the successor company or its parent company assumes or substitutes for the applicable Award, as determined in accordance with Section 9(c)(ii) hereof.  For the purposes of this Agreement, an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock‐Based Award shall be considered assumed or substituted for if, following the Change of Control, the Award confers the right to purchase or receive for each Share subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock‐Based Award immediately prior to the Change of Control, on substantially the same vesting and other terms and conditions as were applicable to the Award immediately prior to the Change of Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting a Change of Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a  Change of Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock‐Based Award, for each Share subject thereto, will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by holders of Shares in the transaction constituting a Change of Control.   The determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding.
		

			
	
			
				 (b)
			Definition of "Change of Control."  Unless otherwise specified in any employment or other agreement for services between the Participant and the Company or any Subsidiary, or in an Award Agreement, a "Change of Control" shall mean the occurrence of any of the following:

			
	
			
				 (i)
			The acquisition by any Person of Beneficial  Ownership (within the meaning of Rule 13d‐3 promulgated under the Exchange Act) of more than fifty percent (50%) of either (A) the value of then outstanding equity securities of the Company (the "Outstanding Company Stock")  or (B) the combined voting power  of the then  outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities") (the foregoing Beneficial Ownership hereinafter being referred to as a "Controlling Interest"); provided, however, that for purposes of this Section 8(b), the following acquisitions shall not constitute or result in a Change of Control:  (v) any acquisition directly from the Company; (w) any acquisition by the Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Entity; or (z) any acquisition by any entity pursuant  to a transaction which complies with clauses (A) or (B) of subsection (iii) below; or

		 

		

			19

		

 

			
	
			
				 (ii)
			During any period of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board on the Effective Date (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on  behalf of a Person other than the Board; or

			
	
			
				 (iii)
			Consummation of (A) a reorganization, merger, statutory share exchange or consolidation or similar transaction involving (x) the Company or (y) any of its Subsidiaries, but in the case of this clause (y) only if equity securities of the Company are issued or issuable in connection with the transaction (each of the events referred to in this clause (A) being hereinafter referred to as a "Business Reorganization"), or (B) a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or equity of another entity by the Company or any of its Subsidiaries (each an "Asset Sale"), in each case, unless, following such Business Reorganization or Asset Sale, (1) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Reorganization or Asset Sale beneficially own, directly or indirectly, more than fifty percent (50%) of the value of the then outstanding equity securities and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or comparable governing body of an entity that does not have such a board), as the case may be, of the entity resulting from such Business Reorganization or Asset Sale (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) (the "Continuing Entity") in substantially the same proportions as their ownership, immediately prior to such Business Reorganization or Asset Sale, of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be (excluding any outstanding equity or voting securities of the Continuing Entity that such Beneficial Owners hold immediately following the consummation of the Business Reorganization or Asset Sale as a result of their ownership, prior to such consummation, of equity or voting securities of any company or other entity involved in or forming part of such Business Reorganization or Asset Sale other than the Company); (2) no Person (excluding any employee benefit plan (or related trust) of the Company or any Continuing Entity, or any entity controlled by the Continuing Corporation or any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent (50%) or more of the value of the then outstanding equity securities of the Continuing Entity or the combined voting power of the then outstanding voting Securities  of the Continuing Entity except to the extent that such ownership existed prior to the Business Reorganization or Asset Sale and (3) at least a majority of the members of the Board of Directors or other governing body of the Continuing Entity were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Reorganization or Asset Sale; or

		 

		

			20

		

 

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

			
	
			
				 9.
			General Provisions.

			
	
			
				 (a)
			Compliance With Legal and Other Requirements.  The Company may, to the extent deemed necessary or advisable by the Committee, postpone the issuance or delivery of Shares or payment  of other benefits under any Award until completion of such registration or qualification of such Shares or other required action under any federal or state law, rule or regulation, listing or other required action with respect to the Listing Market, or compliance with any other obligation of the Company, as the Committee may consider appropriate, and may require any Participant to make such representations, furnish such information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of Shares or payment of other benefits in compliance with applicable laws, rules, regulations, listing requirements or other obligations.

			
	
			
				 (b)
			Limits on Transferability; Beneficiaries.  No Award or other right or interest granted under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party, or assigned or transferred by such Participant other than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant, and such Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant or his or her guardian or legal representative, except that Awards and other rights (other than Incentive Stock Options and Stock Appreciation Rights in tandem therewith) may be transferred to one or more Beneficiaries or other transferees during the lifetime of the Participant, and may be exercised by such transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted by the Committee pursuant to the express terms of an Award Agreement (subject to any terms and conditions which the Committee may impose thereon), are by gift or pursuant to a domestic relations order, and are to a "Permitted Assignee" that is a permissible transferee under the applicable rules of the Securities and Exchange Commission for registration of shares of stock on a Form S‐8 registration statement.  For this purpose, a Permitted Assignee shall mean (i) the Participant's spouse, children or grandchildren (including any adopted and step children or grandchildren), parents, grandparents or siblings, (ii) a trust for the benefit of one or more of the Participant or the persons referred to in clause (i), (iii) a partnership, limited liability company or corporation in which the Participant or the persons referred to in clause (i) are the only partners, members or stockholders or (iv) a foundation in which any person or entity designated in clauses (i), (ii) or (iii) above control the management of assets.  A Beneficiary, transferee or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and Conditions deemed necessary or appropriate by the Committee.

			
	
			
				 (c)
			Adjustments. 

			
	
			
				 (i)
			Adjustments to Awards.  In the event that any extraordinary dividend or other distribution (whether in the form of cash, Shares or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin‐off, 
		

		 

		

			21

		

 

			combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects the Shares and/or such other securities of the Company or any other  issuer, then the Committee shall, in such manner as it may deem appropriate and equitable (and subject to compliance with Section 409A of the Code), substitute, exchange or adjust any or all of (A) the number and kind of Shares which  may be delivered in connection with Awards granted thereafter, (B) the number and kind of Shares by which annual per person Award limitations are measured under Section 4 hereof, (C) the number and kind of Shares subject to or deliverable in respect of outstanding Awards, (D) the exercise price, grant price or purchase price relating to any Award and/or make provision for payment of cash or other property in respect of any outstanding Award and (E) any other aspect of any Award that the Committee determines to be appropriate.

			
	
			
				 (ii)
			Adjustments in Case of Certain Transactions.  In the event of any merger, consolidation or other reorganization which the Company does not survive, or in the event of any Change of Control (and subject to the provisions of Section 8 of this Plan relating to the vesting of Awards in the event of any Change of Control), any outstanding Awards may be dealt with in accordance with any of the following approaches, without the requirement of obtaining any consent or agreement of a Participant as such, as determined by the agreement effectuating the transaction or, if and to the extent not so determined, as determined by the Committee:  (A) the continuation of the outstanding Awards by the Company, if the Company is a surviving entity, (B) the assumption or substitution for, as those terms are defined below, the outstanding Awards by the surviving entity or its parent or subsidiary, (C) full exercisability or vesting and accelerated expiration of the outstanding Awards or (D) settlement of the value of the outstanding Awards in cash or cash equivalents or other property followed by cancellation of such Awards (which value, in the case of Options or Stock Appreciation Rights, shall be measured by the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or grant price of the Option or Stock Appreciation Right as of the effective date of the transaction).  For the purposes of this Plan, an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock‐Based Award shall be considered assumed or substituted for if, following the applicable transaction, the Award confers the right to purchase or receive, for each Share subject to the Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock‐Based Award immediately prior to the applicable transaction,  or substantially the same vesting and other terms and conditions as were applicable to the Award immediately prior to the applicable transaction, the consideration (whether stock, cash or other securities or property) received in the applicable transaction by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration,  the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however,  that if such consideration received in the applicable transaction is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company or its parent or subsidiary,  provide that the consideration to be received upon the exercise or vesting an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award or Other Stock‐Based Award, for each Share thereto, will be solely common stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by holders of Shares in the applicable transaction.  The determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be  conclusive and binding.  The Committee shall give 
		

		 

		

			22

		

 

			written notice of any proposed transaction referred to in this Section 9(c)(ii) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after the approval of such transaction), in order that Participants may have a reasonable period of time prior to the closing date of such transaction within which to exercise any Awards that are then exercisable (including any Awards that may become exercisable upon the closing date of such transaction).  A Participant may condition his or her exercise of any Awards upon the consummation of the transaction.

			
	
			
				 (iii)
			Other Adjustments.  Subject to compliance with the Code, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards (including Awards  subject to satisfaction of performance goals, or performance goals and conditions relating thereto) in recognition of unusual or nonrecurring events (including, without limitation, acquisitions and dispositions of businesses and assets) affecting the Company, any Related Entity or any business unit, or the financial statements of the Company or any Related Entity, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee's assessment of the business strategy of the Company, any Related Entity or business unit thereof, performance of comparable organizations, economic and business conditions, personal performance of a Participant and any other circumstances deemed relevant.  Adjustments permitted hereby may include, without limitation, increasing the exercise price of Options and Stock Appreciation Rights, increasing performance goals or other adjustments that may be adverse to the Participant.  

			
	
			
				 (d)
			Award Agreements.  Each Award Agreement shall either be (i) in writing in a form approved by the Committee and executed by the Company by an officer duly authorized to act on its behalf or (ii) an electronic notice in a form approved by the Committee and recorded by the Company (or its designee) in an electronic recordkeeping system used for the purpose of tracking one or more types of Awards as the Committee may provide; in each case and if required by the Committee, the Award Agreement shall be executed or otherwise electronically accepted by the recipient of the Award in such form and manner as the Committee may require.  The Committee  may authorize any officer of the Company to execute any or all Award Agreements on behalf of the Company.  The Award Agreement shall set forth the material terms and conditions of the Award as  established by the Committee consistent  with the provisions of the Plan.

			
	
			
				 (e)
			Taxes.  The Company and any Related Entity are authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company or any Related Entity and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award.   This authority  shall include authority to withhold or receive Shares or other property and to make cash payments in respect thereof in satisfaction of a Participant's tax obligations, either on a mandatory or elective basis in the discretion of the Committee.   The amount of withholding tax paid with respect to an Award by the withholding of Shares otherwise deliverable pursuant to the Award or by delivering 
		

		 

		

			23

		

 

			Shares already owned shall not exceed the minimum statutory withholding required with respect to that Award.

			
	
			
				 (f)
			Changes to the Plan and Awards.  The Board may amend, alter, suspend, discontinue or terminate the Plan, or the Committee's authority to grant Awards under the Plan, without the consent of stockholders or Participants, except that any amendment or alteration to the Plan shall be subject to the approval of the Company's stockholders not later than the annual meeting next following such Board action if such stockholder approval is required by any federal or state law or regulation (including, without limitation, Rule 16b‐3) or the rules of the Listing Market, and the Board may otherwise, in its discretion, determine to submit other such changes to the Plan to stockholders for approval; provided that, except as otherwise permitted by the Plan or Award Agreement, without the consent of an affected Participant, no such Board action may materially and adversely affect the rights of such Participant under the terms of any previously granted and outstanding Award.  The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award Agreement relating thereto, except as otherwise provided in the Plan; provided that, except as otherwise permitted by the Plan or Award Agreement, without the consent of an affected Participant, no such Committee or the Board action may materially and adversely affect the rights of such Participant under terms of such Award.

			
	
			
				 (g)
			Clawback of Benefits.    

			
	
			
				 (i)
			The Company may (A) cause the cancellation of any Award, (B) require reimbursement of any Award by a Participant or Beneficiary and (C) effect any other right of recoupment of equity or other compensation provided under this Plan or otherwise in accordance with any Company policies that currently exist or that may from time to time be adopted or modified in the future by the Company and/or applicable law (each, a "Clawback Policy"), provided that the following conditions are satisfied: (1) there is an accounting restatement of the Company's financial statements or results and (2) the restatement results from a noncompliance by the Company with any requirements  under or related to the federal securities laws.  In such an event, the clawback will be in an amount of up to the total economic gain from any stock‐based grants within the five‐year period preceding the restatement.  By accepting an Award, a Participant is also agreeing to be bound by any existing or future Clawback Policy adopted by the Company, or any amendments that may from time to time be made to the Clawback Policy in the future by the Company in its discretion (including without limitation any Clawback Policy adopted or amended to comply with applicable laws or stock exchange requirements) and is further agreeing that all of the Participant's Award Agreements may be unilaterally amended by the Company, without the Participant's consent, to the extent that  the Company, in its discretion, determines to be necessary or  appropriate to comply with any Clawback Policy.

		
			(ii)If the Participant, without the consent of the Company, while employed by or providing services to the Company or any Subsidiary or after termination of such employment or service, violates a non‐competition, non‐solicitation or non‐disclosure covenant or agreement or otherwise engages in activity that is in conflict with Company's Corporate Governance Guidelines, Code of Business Ethics or any other corporate governance materials specified by the SEC or exchange on which common stock of the Company is listed, 
		

		 

		

			24

		

 

		then (i) any outstanding, vested or unvested, earned or unearned portion of the Award may, at the Committee's discretion, be canceled and (ii) the Committee, in its discretion, may require the Participant or other person to whom any payment has been made or Shares or other property have been transferred in connection with the Award to forfeit and pay over to the Company, on demand, all or any portion of the gain (whether or not taxable) realized upon the exercise of any Option or Stock Appreciation Right and the value realized (whether or not taxable) on the vesting or payment of any other Award during the time period specified in the Award Agreement or otherwise specified by the Committee.
		

			
	
			
				 (h)
			Limitation on Rights Conferred Under Plan.  Neither the Plan nor any action taken hereunder or under any Award shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or a Related Entity, (ii) interfering in any way with the right of the Company or a Related Entity to terminate any Eligible Person's or Participant's Continuous Service at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and Employees or (iv) conferring on a Participant any of the rights of a stockholder of the Company or any Related Entity including, without limitation, any right to receive dividends or distributions, any right to vote or act by written consent, any right to attend meetings of stockholders or any right to receive any information concerning the Company's or any Related Entity's business, financial condition, results of operation or prospects, unless and until such time as the Participant is duly issued Shares on the stock books of the Company or any Related Entity in accordance with the terms of an Award.  None of the Company, its officers or its directors shall have any fiduciary obligation to the Participant with respect to any Awards unless and until the Participant is duly issued Shares pursuant to the Award on the stock books of the Company in accordance with the terms of an Award.  Neither the Company, nor any Related Entity, nor any of the their respective officers, directors, representatives or agents is granting any rights under the Plan to the Participant whatsoever, oral or written, express or implied, other than those rights expressly set forth in this Plan or the Award Agreement.

			
	
			
				 (i)
			Unfunded Status of Awards; Creation of Trusts.  The Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation.  With respect to any payments not yet made to a Participant or obligation to deliver Shares pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give any  such Participant any rights that are greater than those of a general creditor of the Company or Related Entity  that issues the Award; provided that the Committee may authorize the creation of trusts and deposit therein cash,  Shares, other Awards or other property, or make other arrangements to meet the obligations of the Company or Related Entity under the Plan.  Such trusts or other arrangements shall be consistent with the "unfunded" status of the Plan unless the Committee otherwise determines with the consent of each affected Participant.  The trustee of such trusts may be authorized to dispose of trust assets and reinvest the proceeds in alternative investments, subject to such terms and conditions as the Committee may specify and in accordance with applicable law.

			
	
			
				 (j)
			Nonexclusivity of the Plan.  Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable.

		 

		

			25

		

 

			
	
			
				 (k)
			Payments in the Event of Forfeitures; Fractional Shares.  Unless otherwise determined by the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid cash or other consideration, the Participant shall be repaid the amount of such cash or other consideration.  No fractional Shares shall be issued or delivered pursuant to the Plan or any Award.  The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

			
	
			
				 (l)
			Governing Law.  Except as otherwise provided in any Award Agreement, the validity, construction and effect of the Plan, any rules and regulations under the Plan and any Award Agreement shall be determined in accordance with the laws of the State of Wisconsin without giving effect to principles of conflict of laws, and applicable federal law.

			
	
			
				 (m)
			Non-U.S. Laws.  The Committee shall have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with provisions of the laws of foreign countries in which the Company or its Related Entities may operate to assure the viability of the benefits from Awards granted to Participants performing services in such countries and to meet the objectives of the Plan.

			
	
			
				 (n)
			Construction and Interpretation.  Whenever used herein, nouns in the singular shall include the plural and the masculine pronoun shall include the feminine gender.  Headings of Articles and Sections hereof are inserted for convenience and reference and constitute no part of the Plan. 

			
	
			
				 (o)
			Severability.    If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.

			
	
			
				 (p)
			Plan Effective Date and Stockholder Approval; Termination of Plan.    The Plan shall become effective on the Effective Date, subject to subsequent approval, within 12 months of its adoption by the Board,  by stockholders of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements of Code Section 422, Rule 16b‐3  under the Exchange Act (if applicable), applicable requirements under the rules of any stock exchange or automated quotation system on which the Shares may be listed or quoted and other laws, regulations and obligations of the Company applicable to the Plan.   Awards may be granted subject to stockholder approval, but may not be exercised or otherwise settled in the event the stockholder approval is not obtained.  The Plan shall terminate at the earliest of (i) such time as no Shares remain available for issuance under the Plan, (ii) termination of this Plan by the Board or (iii) the tenth anniversary of the Effective Date.   Awards outstanding upon expiration of the Plan shall remain in effect until they have been exercised or terminated, or have expired.

		 

		

			26

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