Document:

Exhibit
4.1

IMAGE
SENSING SYSTEMS, INC.

and

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

as Rights Agent

FIRST
AMENDMENT

TO

RIGHTS
AGREEMENT

This First Amendment to Rights Agreement
(the “Amendment”) is between Image Sensing Systems, Inc., a Minnesota corporation (the “Company”), and
Continental Stock Transfer & Trust Company, a New York limited-purpose trust company, as rights agent (the “Rights Agent”),
and shall be effective as the 23rd day of August, 2016.

WHEREAS, the Company and the Rights Agent
executed and entered into that certain Rights Agreement dated as of June 6, 2013 (the “Rights Agreement”);

WHEREAS, Section 27 of the Rights Agreement
(which is being redesignated by this Amendment as Section 28) provides that the Company may, and the Rights Agent shall, if the
Company so directs, supplement or amend any provision of the Rights Agreement without the approval of any holders of the Rights;

WHEREAS, the Company has determined that
it is necessary or desirable, in the interests of the Company and the holders of the Rights, to amend the Rights Agreement as provided
herein; and

WHEREAS, all acts and things necessary
to make this Amendment a valid agreement according to its terms have been done and performed, and the execution and delivery of
this Amendment by the Company and the Rights Agent have been in all respects authorized by the Company and the Rights Agent.

NOW, THEREFORE, in consideration of the
foregoing and mutual agreements set forth herein, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, and intending to be legally bound, the Company and the Rights Agent agree as follows:

	1.	Amendments. 

1.1          Section
1 of the Rights Agreement is hereby amended and restated in its entirety as follows:

“Section
1.Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

    	1 

     

    

 

 

(a)                
“Acquiring Person” means any Person who or which, together with all Affiliates
and Associates of such Person, shall be the Beneficial Owner of 4.99% or more of the Common Shares of the Company then outstanding,
but shall not include an “Exempt Person” (as hereinafter defined); provided, however, that no Person who Beneficially
Owns, as of the time of the public announcement of this Agreement, 4.99% or more of the Common Shares of the Company then outstanding
shall become an Acquiring Person unless such Person shall, after the time of the public announcement of this Agreement, increase
its Beneficial Ownership of the then outstanding Common Shares (other than as a result of an acquisition of Common Shares by the
Company) to an amount equal to or greater than the greater of (x) 4.99% of the outstanding Common Shares of the Company or (y)
the sum of (i) the lowest Beneficial Ownership of such Person as a percentage of the outstanding Common Shares as of any time from
and after the public announcement of this Agreement plus (ii) 1.00%. Notwithstanding the foregoing, no Person shall become an “Acquiring
Person” as the result of an acquisition of Common Shares by the Company which, by reducing the number of Common Shares of
the Company outstanding, increases the proportionate number of Common Shares of the Company Beneficially Owned by such Person to
4.99% or more of the Common Shares of the Company then outstanding; provided, however, that, if a Person shall become the Beneficial
Owner of 4.99% or more of the Common Shares of the Company then outstanding by reason of share purchases by the Company and shall,
after the public announcement of such share purchases by the Company, become the Beneficial Owner of any additional Common Shares
of the Company, then such Person shall be deemed to be an Acquiring Person. Notwithstanding the foregoing, if the Board determines
in good faith that a Person who would otherwise be an Acquiring Person, as defined pursuant to the foregoing provisions of this
paragraph (a), has become such inadvertently, and such Person divests as promptly as practicable a sufficient number of Common
Shares so that such Person would no longer be an Acquiring Person, as defined pursuant to the foregoing provisions of this paragraph
(a), then such Person shall not be deemed to be an Acquiring Person for any purposes of this Agreement. Notwithstanding the foregoing,
if a bona fide swaps dealer who would otherwise be an Acquiring Person has become so as a result of its actions in the ordinary
course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of evading or
assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence the
management or policies of the Company, then, and unless and until the Board shall otherwise determine, such Person shall not be
deemed to be an Acquiring Person for any purposes of this Agreement. Notwithstanding the foregoing, no Person shall become an “Acquiring
Person” by means of share purchases or issuances (including debt to equity exchanges), directly from the Company or indirectly
through an underwritten offering of the Company, in a transaction approved by the Board; provided, however, that a Person shall
be deemed to be an “Acquiring Person” if such Person (A) is or becomes the Beneficial Owner of 4.99% or more of the
shares of Common Stock then outstanding following such transaction and (B) following such transaction, becomes the Beneficial Owner
of any additional shares of Common Stock without the prior written consent of the Board and then Beneficially Owns 4.99% or more
of the shares of Common Stock then outstanding.

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(b)                
“Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act as in effect on the date of this Agreement.

(c)                
“Associate” shall have the meaning ascribed to such term in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act as in effect on the date of this Agreement.

(d)                
A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially
Own” any securities:

(i)                  
which such Person or any of such Person’s Affiliates or Associates beneficially owns,
directly or indirectly;

(ii)                
which such Person or any of such Person’s Affiliates or Associates has (A) the right
or the obligation to acquire (whether such right is exercisable, or such obligation is required to be performed, immediately or
only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and
between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise
of conversion rights, exchange rights, rights (other than these Rights), warrants or options, or otherwise, including, without
limitation, securities or other interests that would be treated as exercised under Section 1.382-4(d) or other applicable sections
of the Treasury Regulations; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own,
securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s Affiliates
or Associates until such tendered securities are accepted for purchase or exchange; or (B) the right to vote pursuant to any agreement,
arrangement or understanding; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially
Own, any security if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy
or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with,
the applicable rules and regulations promulgated under the Exchange Act and (2) is not also then reportable on Schedule 13D under
the Exchange Act (or any comparable or successor report);

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(iii)               
that such Person or any of such Person’s Affiliates or Associates (A) has any agreement,
arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect
to a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except to the extent contemplated
by the proviso to Section 1(d)(ii)(B) hereof) or disposing of any securities of the Company or (B) beneficially owns, directly
or indirectly, for purposes of Section 13(d) of the Exchange Act and Rule 13d-3 of the General Rules and Regulations under the
Exchange Act, including, with respect to both clause (A) and clause (B) of this Section 1(d)(iii), pursuant to any agreement, arrangement
or understanding (whether or not in writing), but only if the effect of such agreement, arrangement or understanding is to treat
such Persons as an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations; or

(iv)              
which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s
Affiliates or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any
other Derivatives Contract) to which such Person or any of such Person’s Affiliates or Associates is a Receiving Party (as
such terms are defined in the immediately following paragraph); provided, however, that the number of Common Shares of the Company
that a Person is deemed to Beneficially Own pursuant to this clause (iv) in connection with a particular Derivatives Contract shall
not exceed the number of Notional Common Shares with respect to such Derivatives Contract; provided, further, that the number of
securities beneficially owned by each Counterparty (including its Affiliates and Associates) under a Derivatives Contract shall
for purposes of this clause (iv) be deemed to include all securities that are beneficially owned, directly or indirectly, by any
other Counterparty (or any of such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to which
such first Counterparty (or any of such first Counterparty’s Affiliates or Associates) is a Receiving Party, with this proviso
being applied to successive Counterparties as appropriate.

Notwithstanding the foregoing, a
Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “beneficially own,” securities
if such Person would be deemed constructively to own such securities pursuant to Sections 1.382-2T(h) and 1.382-4(d) of the Treasury
Regulations, such Person owns such securities pursuant to a “coordinated acquisition” treated as a single “entity”
as defined in Section 1.382-3(a)(1) of the Treasury Regulations, or such securities are otherwise aggregated with securities owned
by such Person, pursuant to the provisions of Section 382 of the Code and the Treasury Regulations promulgated thereunder.

    	4 

     

    

 

A “Derivatives Contract”
is a contract between two parties (the “Receiving Party” and the “Counterparty”) that is designed to produce
economic benefits and risks to the Receiving Party that correspond substantially to the ownership by the Receiving Party of a
number of Common Shares specified or referenced in such contract (the number corresponding to such economic benefits and risks,
the “Notional Common Shares”), regardless of whether obligations under such contract are required or permitted to
be settled through the delivery of cash, Common Shares or other property, without regard to any short position under the same
or any other Derivative Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures
and broad-based publicly traded market baskets of stocks approved for trading by the appropriate federal governmental authority
shall not be deemed to be Derivatives Contracts.

Notwithstanding anything in this
definition of Beneficial Ownership to the contrary, the phrase “then outstanding,” when used with reference to a Person’s
Beneficial Ownership of securities of the Company, shall mean the number of such securities then issued and outstanding together
with the number of such securities not then actually issued and outstanding which are issuable by the Company and which such Person
would be deemed to Beneficially Own hereunder.

(e)                
“Board” shall have the meaning set forth in the recitals.

(f)                 
“Business Day” shall mean any day other than a Saturday, a Sunday, or a day on
which banking institutions in St. Paul, Minnesota are authorized or obligated by law or executive order to close.

(g)                
“Close of Business” on any given date shall mean 5:00 P.M., Eastern time, on such
date; provided, however, that, if such date is not a Business Day, it shall mean 5:00 P.M., Eastern time, on the next succeeding
Business Day.

(h)                
“Code” shall mean the Internal Revenue Code of 1986, as amended.

(i)                  
 “Common Shares” when used with reference to the Company shall mean the shares
of common stock, par value $0.01 per share, of the Company. “Common Shares” when used with reference to any Person
other than the Company shall mean the capital stock (or equity interest) with the greatest voting power of such other Person or,
if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person.

(j)                 
“Distribution Date” shall have the meaning set forth in Section 3(a) hereof.

(k)                
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

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(l)                  
“Exempt Person” means (i) the Company or any Subsidiary of the Company, in each
case including the officers and members of the Board thereof acting in their fiduciary capacities; (ii) any employee benefit plan
of the Company or of any Subsidiary of the Company or any entity or trustee holding (or acting in a fiduciary capacity in respect
of) Common Shares of the Company for or pursuant to the terms of any such plan, or for the purpose of funding other employee benefits
for employees of the Company or any Subsidiary of the Company; (iii) an underwriter or member of a banking or selling group that
becomes the Beneficial Owner of 4.99% or more of the then outstanding Common Shares as a result of an acquisition from the Company
in connection with a distribution of securities pursuant to a prospectus or by way of a private placement; or (iv) any Person deemed
to be an “Exempt Person” in accordance with Section 25(a) or (b).

(m)              
“Expiration Date” means the earliest to occur of (i) the Close of Business on
the Final Expiration Date; (ii) the Redemption Date; (iii) the time at which the Board orders the exchange of the Rights as provided
in Section 24; (iv) the close of business on the effective date of the repeal of Section 382 of the Code or any successor statute
or any other change if the Board, in its sole discretion, determines that this Rights Agreement is no longer necessary or desirable
for the preservation of the Tax Benefits; (v) the time at which the Board determines that the Tax Benefits are fully utilized or
no longer available pursuant to Section 382 of the Code or that an ownership change pursuant to Section 382 of the Code would not
adversely impact in any material respect the time period in which the Company could use the Tax Benefits, or materially impair
the amount of the Tax Benefits that could be used by the Company in any particular time period, for applicable tax purposes; or
(vi) a determination by the Board, in its sole discretion and prior to the Distribution Date, that this Rights Agreement and the
Rights are no longer in the best interests of the Company and its shareholders.

(n)                
“Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof.

(o)                
 “Final Expiration Date” means the date upon which the Rights expire and will
be the earlier of (i) 5:00 p.m., Eastern time, on the date of the Company’s regular meeting of shareholders to be held in
2017 (or any adjournment or postponement thereof), unless the continuation of the Rights is approved by the affirmative vote of
the majority of the Common Shares present in person or represented by proxy and voting on such matter at such regular meeting of
shareholders (or any adjournment or postponement thereof) duly held in accordance with the Company’s Bylaws and applicable
law (in which case the following clause (ii) will govern); or (ii) 5:00 p.m., Eastern time, on June 6, 2018.

(p)                
“NASDAQ” shall mean The NASDAQ Stock Market LLC.

(q)                
“Person” shall mean any individual, partnership, firm, corporation, limited liability
company, association, trust, unincorporated organization or other entity, and shall include any successor (by merger or otherwise)
of such entity, as well as any group under Rule 13d-5(b)(1) of the Exchange Act.

(r)                 
“Preferred Shares” shall mean shares of Series A Junior Participating Preferred
Stock, par value $0.01 per share, of the Company having the rights and preferences set forth in the Form of Designation of Series
A Junior Participating Preferred Stock attached to this Agreement as Exhibit A.

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(s)                 
“Purchase Price” shall have the meaning set forth in Section 4 hereof.

(t)                 
“Record Date” shall have the meaning set forth in the second paragraph hereof.

(u)                
“Redemption Date” shall have the meaning set forth in Section 7(a) hereof.

(v)                
“Redemption Price” shall have the meaning set forth in Section 23(a) hereof.

(w)               
“Right” shall have the meaning set forth in the second paragraph hereof.

(x)                
“Rights Certificate” shall have the meaning set forth in Section 3(a) hereof.

(y)                
“Shares Acquisition Date” shall mean the first date of public announcement by
the Company or an Acquiring Person that an Acquiring Person has become such.

(z)                
“Subsidiary” of any Person shall mean any corporation or other entity of which
a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person.

(aa)            
“Summary of Rights” shall have the meaning set forth in Section 3(b) hereof.

(bb)            
“Tax Benefits” means net operating losses, capital loss carryovers, general business
credit carryovers, alternative minimum tax credit carryovers, foreign tax credit carryovers or any loss or deduction attributable
to a “net unrealized built-in loss” within the meaning of Section 382 of the Code, in each case of the Company or any
of its Subsidiaries, and any other tax attribute the benefit of which is subject to possible limitation pursuant to Section 382
of the Code.

(cc)             
“Trading Day” shall have the meaning set forth in Section 11(d) hereof.

(dd)            
“Treasury Regulations” shall mean the final and temporary (but not proposed) tax
regulations promulgated under the Code, as such regulations may be amended from time to time.”

1.2               
Section 3(c) of the Rights Agreement is hereby amended and restated in its entirety as follows:

“(c)Certificates for Common Shares which become
outstanding (including, without limitation, reacquired Common Shares referred to in the last sentence of this paragraph (c)) after
the Record Date but before the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date shall have impressed
on, printed on, written on or otherwise affixed to them the following legend:

 

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THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE
HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN AN AGREEMENT DATED AS OF JUNE 6, 2013 BETWEEN IMAGE SENSING SYSTEMS INC. (THE “COMPANY”)
AND CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS RIGHTS AGENT,
AS THE SAME MAY BE AMENDED FROM TIME TO TIME (THE “RIGHTS AGREEMENT”), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN
BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY. UNDER CERTAIN CIRCUMSTANCES, AS
SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS (AS DEFINED IN THE RIGHTS AGREEMENT) MAY BE REDEEMED, MAY BECOME EXERCISABLE FOR
SECURITIES OR ASSETS OF THE COMPANY OR SECURITIES OF ANOTHER ENTITY, MAY BE EXCHANGED FOR SHARES OF COMMON STOCK OR OTHER SECURITIES
OR ASSETS OF THE COMPANY, MAY EXPIRE OR MAY BE EVIDENCED BY SEPARATE CERTIFICATES AND MAY NO LONGER BE EVIDENCED BY THIS CERTIFICATE.
THE COMPANY WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN
REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS THAT ARE OWNED BY, TRANSFERRED TO
OR HAVE BEEN OWNED BY AN ACQUIRING PERSON (AS DEFINED IN THE RIGHTS AGREEMENT) OR ANY OF ITS AFFILIATES (AS DEFINED IN THE RIGHTS
AGREEMENT) OR ASSOCIATES (AS DEFINED IN THE RIGHTS AGREEMENT) WILL BE NULL AND VOID AND WILL NO LONGER BE TRANSFERRABLE.

With respect to such certificates
containing the foregoing legend, until the Distribution Date, the Rights associated with the Common Shares of the Company represented
by such certificates shall be evidenced by such certificates alone, and the surrender for transfer of any such certificate shall
also constitute the transfer of the Rights associated with the Common Shares of the Company represented thereby. If the Company
purchases or acquires any Common Shares of the Company after the Record Date but before the Distribution Date, any Rights associated
with such Common Shares of the Company shall be deemed cancelled and retired so that the Company shall not be entitled to exercise
any Rights

 

    	8 

     

    

associated with the Common
Shares of the Company which are no longer outstanding. Notwithstanding this Section 3(c), the omission of a legend shall not affect
the enforceability of any part of this Rights Agreement or the rights of any holder of the Rights.”

1.3               
Section 24(a) of the Rights Agreement is hereby amended and revised in its entirety as follows:

“Section 24.Exchange. (a) The Board
may, at its option, at any time after any Person becomes an Acquiring Person, exchange all or part of the then outstanding and
exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of Section 11(a)(ii) hereof)
for Common Shares at an exchange ratio of two Common Shares per Right, appropriately adjusted to reflect any adjustment in the
number of Rights pursuant to Section 11(i) (such exchange ratio being hereinafter referred to as the “Exchange Ratio”).
Notwithstanding the foregoing, (i) the Board shall not be empowered to effect such exchange at any time after any Person (other
than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity
holding Common Shares for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person,
becomes the Beneficial Owner of 50% or more of the Common Shares of the Company then outstanding; and (ii) no exchange shall result
in a Person becoming an Acquiring Person, and the Company may, at its option, substitute for each Common Share that would otherwise
be issued to cause such Person to become an Acquiring Person cash via check or wire transfer, promissory notes or other property
having a value equal to the current market value of such Common Share determined in accordance with Section 11(d). The exchange
of the Rights by the Board may be made effective at such time, on such basis and with such conditions as the Board in its sole
discretion may establish.”

1.4               
The following is added as a new Section 25 of the Rights Agreement, and Sections 25 through
34 of the Rights Agreement (inclusive) are hereby redesignated as Sections 26 through 35, respectively:

“Section 25.Process to Seek Exemption or
Waiver.

(a)                
Any Person who desires to effect any acquisition of Common Shares that would, if consummated,
result in such Person beneficially owning 4.99% or more of the then outstanding Common Shares (a “Requesting Person”)
may, prior to the Shares Acquisition Date and in accordance with this Section 25(a), request that the Board grant an exemption
with respect to such acquisition under this Rights Agreement so that such Person would be deemed to be an “Exempt Person”
under Section 1(l) for purposes of this Rights Agreement (an “Exemption Request”). An Exemption Request shall be in
proper form and shall be delivered by overnight delivery service or first-class mail, postage prepaid, to the Secretary of the
Company at the principal executive office of the Company. The Exemption Request shall be deemed made upon receipt by the Secretary
of the Company.

 

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To be in proper form, an Exemption Request shall set forth (i) the name and address of the Requesting Person, (ii)
the number and percentage of Common Shares then Beneficially Owned by the Requesting Person, together with all Affiliates and Associates
of the Requesting Person, and (iii) a reasonably detailed description of the transaction or transactions by which the Requesting
Person would propose to acquire Beneficial Ownership of Common Shares aggregating 4.99% or more of the then outstanding Common
Shares and the maximum number and percentage of Common Shares that the Requesting Person proposes to acquire. The Board shall make
a determination whether to grant an exemption in response to an Exemption Request as promptly as practicable (and, in any event,
within ten (10) Business Days) after receipt thereof; provided, that the failure of the Board to make a determination within such
period shall be deemed to constitute the denial by the Board of the Exemption Request. The Requesting Person shall respond promptly
to reasonable and appropriate requests for additional information from the Board and its advisors to assist the Board in making
its determination. For purposes of considering the Exemption Request, any calculation of the number of Common Shares outstanding
at any particular time, including for purposes of determining the particular percentage of such outstanding Common Shares of which
any Person is the Beneficial Owner, shall be made pursuant to and in accordance with Section 382 of the Code. The Board shall grant
an exemption in response to an Exemption Request only if the Board determines in its sole discretion that the acquisition of Beneficial
Ownership of Common Shares by the Requesting Person (A) will not adversely impact in any material respect the time period in which
the Company could use the Tax Benefits or limit or impair the availability to the Company of the Tax Benefits or (B) is in the
best interests of the Company despite the fact that it may adversely impact in a material respect the time period in which the
Company could use the Tax Benefits or limit or impair the availability to the Company of the Tax Benefits. Any exemption granted
hereunder may be granted in whole or in part, and may be subject to limitations or conditions (including a requirement that the
Requesting Person agree that it will not acquire Beneficial Ownership of Common Shares in excess of the maximum number and percentage
of shares approved by the Board), in each case as and to the extent the Board shall determine necessary or desirable to provide
for the protection of the Tax Benefits. Any Exemption Request may be submitted on a confidential basis and, except to the extent
required by applicable law, the Company shall maintain the confidentiality of such Exemption Request and the Board’s determination
with respect thereto, unless the information contained in the Exemption Request or the Board’s determination with respect
thereto otherwise becomes publicly available. The Exemption Request shall be considered and evaluated by directors serving on the
Board, or a duly constituted committee thereof, who are independent of the Company and the Requesting Person and disinterested
with respect to the Exemption Request, and the action of a majority of such independent and disinterested directors shall be deemed
to be the determination of the Board for purposes of such Exemption Request.

 

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(b)                
The Board may, of its own accord or upon the request of a shareholder (a “Waiver Request”),
subsequent to a Shares Acquisition Date and prior to the Distribution Date, and in accordance with this Section 25(b), grant an
exemption with respect to any Acquiring Person under this Rights Agreement so that such Acquiring Person would be deemed to be
an “Exempt Person” under Section 1(l) for purposes of this Rights Agreement. A Waiver Request shall be in proper form
and shall be delivered by overnight delivery service or first-class mail, postage prepaid, to the Secretary of the Company at
the principal executive office of the Company. The Waiver Request shall be deemed made upon receipt by the Secretary of the Company.
To be in proper form, a Waiver Request shall set forth (i) the name and address of the Acquiring Person, (ii) the number and percentage
of Common Shares then Beneficially Owned by the Acquiring Person, together with all Affiliates and Associates of the Acquiring
Person, and (iii) a reasonably detailed description of the transaction or transactions by which the Acquiring Person acquired
Beneficial Ownership of Common Shares aggregating 4.99% or more of the then outstanding Common Shares and the maximum number and
percentage of Common Shares that the Acquiring Person proposes to acquire. The Board shall make a determination whether to grant
an exemption in response to a Waiver Request as promptly as practicable (and, in any event, within 10 Business Days) after receipt
thereof; provided, that the failure of the Board to make a determination within such period shall be deemed to constitute the
denial by the Board of the Waiver Request. The Acquiring Person shall respond promptly to reasonable and appropriate requests
for additional information from the Board and its advisors to assist the Board in making its determination. For purposes of considering
the Waiver Request, any calculation of the number of Common Shares outstanding at any particular time, including for purposes
of determining the particular percentage of such outstanding Common Shares of which any Person is the Beneficial Owner, shall
be made pursuant to and in accordance with Section 382 of the Code. The Board shall only grant an exemption for an Acquiring Person
if the Board determines in its sole discretion that the acquisition of Beneficial Ownership of Common Shares by such Acquiring
Person does not adversely impact in any material respect the time period in which the Company could use the Tax Benefits or limit
or impair the availability to the Company of the Tax Benefits. Any exemption granted hereunder may be granted in whole or in part,
and may be subject to limitations or conditions (including a requirement that such Acquiring Person agree that it will not acquire
Beneficial Ownership of Common Shares in excess of the maximum number and percentage of shares approved by the Board), in each
case as and to the extent the Board shall determine necessary or desirable to provide for the protection of the Tax Benefits.
The facts and circumstances with respect to the Waiver Request, including whether to grant an exemption, shall be considered and
evaluated by directors serving on the Board, or a duly constituted committee thereof, who are independent of the Company and such
Acquiring Person and disinterested with respect to the Waiver Request, and the action of a majority of such independent and disinterested
directors shall be deemed to be the determination of the Board for purposes of any exemption granted pursuant to this Section
25(b).”

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1.5               
The following is added as a new Section 36 of the Rights Agreement:

“Section 36.Determinations and Actions by
the Board. Except as otherwise expressly provided herein, the Board has the exclusive power and authority to administer this
Rights Agreement and to exercise all rights and powers specifically granted to the Board or to the Company hereunder, or as may
be necessary or advisable in the administration of this Rights Agreement, including, without limitation, the right and power (a)
to interpret the provisions of this Rights Agreement, and (b) to make all determinations deemed necessary or advisable for the
administration of this Rights Agreement (including, without limitation, a determination to redeem or not redeem the Rights in accordance
with Section 23 hereof, to exchange or not exchange the Rights in accordance with Section 24 hereof, and to amend or not amend
this Rights Agreement in accordance with Section 27 hereof). All such actions, calculations, interpretations and determinations
(including, for purposes of clause (ii) below, all omissions with respect to the foregoing) that are done or made by the Board
shall be (i) be final, conclusive, and binding on the Company, the Rights Agent, the holders of the Rights and all other parties;
and (ii) not subject the Board or any member thereof to any liability to the holders of the Rights.”

		2.	Capitalized Terms. Capitalized terms used but not defined in this Amendment shall have
the respective meanings given to them in the Rights Agreement.

	3.	Effect of Amendment. It is the intent of the Company and the Rights Agent that this Amendment
constitutes an amendment of the Rights Agreement as contemplated by Section 27 thereof (which is being redesignated by this Amendment
as Section 28). Except as expressly provided in this Amendment, the terms of the Rights Agreement remain in full force and effect.
Unless the context clearly provides otherwise, any reference to this “Agreement” or the “Rights Agreement”
shall be deemed to be a reference to the Rights Agreement as amended hereby.

	4.	Benefits of this Amendment. Nothing in this Amendment shall be construed to give to any
Person other than the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution
Date, the Common Shares) any legal or equitable right, remedy or claim under this Amendment; and this Amendment shall be for the
sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to
the Distribution Date, the Common Shares).

	5.	Severability. If any term, provision, covenant or restriction of this Amendment is held
by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or
invalidated. 

	6.	Governing Law. This Amendment shall be deemed to be a contract made under the laws of
the State of New York (other than its conflicts of law provisions) and shall be governed by and construed in accordance with the
laws of such State applicable to contracts made and performed entirely within such State.

    	12 

     

    

 

 

	7.	Counterparts. This Amendment may be executed in any number of counterparts, and each of
such counterpart shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument. A signature to this Amendment transmitted electronically shall have the same authority, effect and enforceability
as an original signature.

		8.	Descriptive Headings. Descriptive headings of the several Sections of this Amendment are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

[Signature page follows.]

 

    	13 

     

    

[Signature Page to First
Amendment to Rights Agreement

Dated as of August 23,
2016

by and between Image
Sensing Systems, Inc. and

Continental Stock
Transfer & Trust Company]

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

 

	
        Attest:

         

        By/s/ Todd C. Slawson

        Name: Todd C. Slawson

        Title: Director of Finance and Business Development

         

         
	
        Image Sensing Systems, Inc.

         

        By:/s/ Richard A. Ehrich

        Name: Richard A. Ehrich

        Title: Interim Chief Financial Officer

	
        Attest:

         

        By:/s/ Margaret Villani

        Name:Margaret Villani

        Title:Vice President and Director of Client
        Administration
	
        Continental Stock Transfer & Trust Company:

         

        By:/s/ Stacy Aqui

        Name:Stacy Aqui

        Title:Vice President and Account Administrator

 

 

 

 

 

 

 

[Signature Page to First Amendment to Rights
Agreement.]

 

 

    	S-1Exhibit

Exhibit 4-A-1

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York Corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL insomuch as the registered owner hereof, Cede & Co., has an interest herein.

EXCEPT AS OTHERWISE PROVIDED HEREIN, 
THIS GLOBAL SECURITY MAY BE TRANSFERRED, IN WHOLE BUT 
NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE DEPOSITORY
OR TO A SUCCESSOR DEPOSITORY OR TO A NOMINEE
OF SUCH SUCCESSOR DEPOSITORY
FORD MOTOR CREDIT COMPANY LLC
FIXED RATE 
NOTES DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE - SERIES B

    
No. R-__________________    

FORD MOTOR CREDIT COMPANY LLC, a limited liability company organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., as nominee for the Depository, or registered assigns, the principal sum outstanding hereunder up to an aggregate of $5,000,000,000 United States Dollars less the principal amount outstanding under the Ford Motor Credit Company LLC Floating Rate Note Due Nine Months or More from the Date of Issue - Series B dated as of even date herewith and to pay interest on the principal amount outstanding hereunder at the rate per annum in accordance with the terms of the Pricing Supplements attached hereto commencing on the date specified in the attached Pricing Supplements (each such date an “Interest Payment Date”) at the rate specified in the attached Pricing Supplements, until the principal hereof is paid or made available for payment.  If the Interest Payment Date is not a Business Day, the Interest Payment Date will be postponed to the next Business Day.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th day next preceding such Interest Payment Date (whether or not a Business Day) unless otherwise specified in a Pricing Supplement.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered

2

at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this global Security not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities evidenced by this global Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.  As used herein, the term “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in The City of New York.  As used herein, the term “Depository” shall mean The Depository Trust Company, New York, New York, another clearing agency or any successor registered under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, which in each case, shall be designated by the Company pursuant to the Indenture.  Payment of the principal of and any interest on this global Security will be made at the corporate trust office of the Trustee or at such other office in The City of New York as the Company may designate, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.
This global Security is a global security evidencing a portion of a duly authorized issuance of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 16, 2015 (herein called the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This global Security represents a portion of the series designated as the Company’s Notes Due Nine Months or More from the Date of Issue - Series B (herein called the “Notes”). 
This global Security is subject to redemption, as set forth hereunder and in the Pricing Supplements.
This global Security is only subject to redemption in accordance with the attached Pricing Supplements, upon not less than 30 nor more than 60 days’ prior notice given in the manner provided in the Indenture, at a redemption price specified in such Pricing Supplement, together with any accrued and unpaid interest to such redemption date.
Unless otherwise specified in a Pricing Supplement, the Company agrees with the owner of a beneficial interest in Notes to repurchase such beneficial interest, in whole or in part, if requested, upon the death of that beneficial owner; provided that the deceased beneficial owner acquired such beneficial ownership at least six months prior to the date of the request for repayment under this provision (the “Survivor’s Option”).  If a Survivor’s Option is exercised, the Company will repay a beneficial interest in Notes that is properly tendered for repayment by or on behalf of the person that has authority to act on behalf of the deceased owner of such beneficial interest under the laws of the appropriate jurisdiction at a price equal to 100% of the

3

unpaid principal amount of the beneficial interest to be repaid, together with unpaid interest accrued thereon to the date of repayment.  
The Company shall have the discretionary right to limit the aggregate principal amount of Notes repurchased under the Survivor’s Option in any calendar year (the “Annual Option Limitation”) to an amount equal to the greater of (i) $2,000,000 or (ii) 2% of the outstanding principal amount of all Notes outstanding as of the end of the most recent calendar year.  The Company shall also have the discretionary right to limit the aggregate principal amount of Notes subject to a Survivor’s Option that may be exercised in any calendar year on behalf of any individual deceased owner of a beneficial interest in Notes to $250,000 (the “Individual Option Limitation”).  In addition, the Company shall not permit the exercise of a Survivor’s Option for an amount that is less than $1,000 or that will result in a beneficial interest in Notes of less than $1,000 to remain outstanding.
An otherwise valid election to exercise the Survivor’s Option may not be withdrawn.  Each election to exercise a Survivor’s Option shall be accepted, in the order received, except for any beneficial interest in Notes the acceptance of which would contravene the Annual Option Limitation or the Individual Option Limitation.  A beneficial interest in this global Security accepted for repayment pursuant to exercise of the Survivor’s Option shall be repaid no later than the first Interest Payment Date that occurs 20 or more calendar days after the date of the acceptance.  Each beneficial interest in this global Security submitted for repurchase that is not accepted in any calendar year due to the application of the Annual Option Limitation or the Individual Option Limitation shall be deemed to be tendered on the first day of the following calendar year in the order in which all such beneficial interests were originally tendered.  If a valid election of the Survivor’s Option cannot be honored, the Trustee shall deliver a written notice by first-class mail to the applicable Participant (as hereinafter defined), stating the reason that the election was not honored.
With respect to Notes represented by this global Security, the Depositary or its nominee shall be treated as the registered holder of such Notes and shall be the only entity that can exercise the Survivor’s Option for such Notes by delivery of the Option to Elect Repayment Pursuant to Survivor’s Option, the form of which is attached hereto.  To obtain repayment pursuant to exercise of the Survivor’s Option for a beneficial interest in this global Security through the Depository, the deceased owner’s authorized person must provide the following items to each Depositary’s participant (the “Participant”) through which the related beneficial interest is owned.
		
	•
	a written instruction to the Participant to notify the Depositary of the authorized person’s desire to obtain repayment pursuant to exercise of the Survivor’s Option;

		
	•
	appropriate evidence that (a) the deceased was the owner of a beneficial interest in this global Security at the time of death and the deceased beneficial owner acquired his or her interest in this global Security at least six months prior to the request for repayment, (b) the death of the owner has occurred and (c) the person has authority to act on behalf of the deceased owner;

4

		
	•
	if the beneficial interest in this global Security is held by a nominee of the deceased owner, a certificate from the nominee attesting to the deceased owner’s ownership of a beneficial interest in this global Security;

		
	•
	a written request for repayment signed by the authorized person for the deceased owner with signature guaranteed by a member firm of a registered national securities exchange or of the National Association of Securities Dealers, Inc. or a commercial bank or trust company having an office or correspondent in the United States;

		
	•
	if applicable, a properly executed assignment or endorsement;

		
	•
	tax waivers and any other instruments or documents reasonably required in order to establish the validity of the ownership of the beneficial interest in this global Security and the claimant’s entitlement to payment; and

		
	•
	any additional information reasonably required to document the ownership or authority to exercise the Survivor’s Option and to cause the repayment of the beneficial interest in this global Security.

In turn, the applicable Participant shall deliver each of these items to the Trustee, together with evidence satisfactory to the Trustee from the Participant stating that it represents the deceased owner of the beneficial interest in this global Security.
Apart from the Company’s discretionary right to limit the aggregate principal amount of Notes subject to a Survivor’s Option that may be exercised in any one calendar year as described above, all other questions regarding the eligibility or validity of any exercise of the Survivor’s Option shall be determined by the Trustee, in its sole discretion, which determination shall be final and binding on all parties.
The death of a person owning a beneficial interest in this global Security in joint tenancy or tenancy by the entirety with another or others shall be deemed the death of the owner of such beneficial interest, and the entire principal amount of such beneficial interest so owned shall be subject to repayment upon duly honored election of the Survivor’s Option.  The death of a person owning a beneficial interest in this global Security by tenancy in common shall be deemed the death of an owner of such beneficial interest only with respect to the deceased owner’s interest in such beneficial interest.  However, if a beneficial interest in this global Security is held by husband and wife as tenants in common, the death of either spouse shall be deemed the death of the owner of such beneficial interest, and the entire principal amount of such beneficial interest so owned shall be subject to repayment.  
The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial interests of ownership of a beneficial interest in this global Security shall be deemed the death of the owner of such beneficial interest if the beneficial interests of ownership can be established to the satisfaction of the Trustee.  The beneficial interests of ownership shall be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act, community property or other joint ownership arrangements between a husband and wife and custodial and trust arrangements where one person has substantially all of 

5

the beneficial interests of ownership in a beneficial interest in this global Security during his or her lifetime.
The applicable Participant shall be responsible for disbursing payments received from the Trustee to the authorized person for the deceased owner.
If an Event of Default with respect to Securities of this series shall occur and, be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of the particular series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this global Security shall be conclusive and binding upon such Holder and upon all future Holders of this global Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this global Security.
No reference herein to the Indenture and no provision of this global Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this global Security at the times, place and rate, and in the coin or currency, herein prescribed.
If at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Securities evidenced hereby or if at any time the Depository shall no longer be registered or in good standing under the Securities Exchange Act of 1934, as amended; or other applicable statute or regulation and a successor Depository is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, the Company shall execute, and the Trustee shall authenticate and deliver, Securities in definitive registered form without coupons, in denominations of $1,000 or any amount in excess thereof which is an integral multiple of $1,000 (such denominations referred to herein as “authorized denominations”), of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  In addition, the Company may at any time determine that the Securities evidenced hereby shall no longer be represented by a global security.  In such event the Company shall execute and the Trustee, upon receipt of an Officers' Certificate evidencing such determination by the Company, shall authenticate and deliver Securities in definitive registered form without coupons, in authorized denominations, and of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  Upon the exchange of this global Security for such Securities in definitive registered form without coupons, in authorized denominations, this global Security shall be cancelled by the Trustee.  Securities in 

6

definitive registered form issued in exchange for this global Security shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered.
As provided in the Indenture and subject to certain limitations set forth therein, the transfer of a Security may be registered on the Security Register upon surrender of such Security for registration of transfer at the corporate trust office of the Trustee or at such other office in The City of New York as the Company may designate where the principal of and interest on such Security are payable, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Securities of authorized denominations, and of like tenor and in the same aggregate principal amount shall be issued to the designated transferee or transferees.  No service charge shall be charged for any registration of transfer or exchange of a Security, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange; provided, however, that for so long as any Securities are evidenced by this global Security, this global Security may be transferred in whole but not in part, only to another nominee of the Depository or to a successor Depository selected or approved by the Company or to a nominee of such successor Depository.
Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner hereof for all purposes, whether or not such Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this global Security that are defined in the Indenture and not herein otherwise defined shall have the meanings assigned to them therein.
Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

7

IN WITNESS WHEREOF, Ford Motor Credit Company LLC has caused this instrument to be signed by its Chairman of the Board, or its President, or one of its Vice Presidents, and by its Treasurer or one of its Assistant Treasurers, manually or in facsimile, and its corporate seal to be imprinted hereon.

Dated:  March 27, 2015            FORD MOTOR CREDIT COMPANY LLC
                        

By:   /s/ Bernard B. Silverstone
       Chairman of the Board

[COMPANY SEAL]

By:  /s/ Michael L. Seneski
       Chief Financial Officer and
       Treasurer

Attest: 

By:  ___/s/ David J. Witten____
        Assistant Secretary

8

 TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the global Securities of the series designated herein referred to in the within-mentioned Indenture.
THE BANK OF NEW YORK MELLON, 
   As Trustee,

By: __/s/ The Bank Of New York Mellon_______
      Authorized Officer
Dated:  March 27, 2015

9

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE ______________________________________________________________________________
______________________________________________________________________________
(Print or Type Name and Address including Zip Code of Assignee)
the within global Security, and all rights thereunder, hereby irrevocably constituting and 
appointing _________________________________________________________________ attorney to transfer said global Security on the books of the Company, with full power of substitution in the premises.
Dated: _________________________
NOTE: The signature to this assignment must correspond with the name as written upon the face of the within global Security in every particular without alteration or enlargement or any change whatsoever and must be guaranteed by a commercial bank or trust company having its principal office or correspondent in The City of New York or by a member of the New York Stock Exchange.
NOTE: Medallion Guarantee Stamp - We cannot complete the transfer if this stamp is not affixed to this assignment.  This stamp can be obtained from a financial institution that is a member of the Securities Transfer Association Medallion Program, New York Exchange Medallion Program or Global Note Exchange Medallion Program.

10

[If applicable, insert --
OPTION TO ELECT REPAYMENT
PURSUANT TO SURVIVOR'S OPTION
The undersigned hereby irrevocably requests and instructs the Company to repay the within Security (or the portion thereof specified below), pursuant to its terms, on the “Repayment Date”, which shall be no later than the first Interest Payment Date that occurs 20 or more calendar days after the date of the acceptance by the Company of this Option, at a Repayment Price equal to 100% of the principal amount thereof, together with interest thereon accrued to the Repayment Date, to the undersigned at:
    
    
(Please Print or Type Name and Address of the Undersigned.)
For this Option to Elect Repayment Pursuant to Survivor's Option to be effective, this Security with the Option to Elect Repayment Pursuant to Survivor's Option duly completed must be received by the Company at its office or agency in the Borough of Manhattan, the City and State of New York (which will be located initially at the office of the Trustee at The Bank of New York Mellon, Corporate Trust Administration, 101 Barclay Street - 8W, New York, NY  10286).
[If less than the entire principal amount of the within Security is to be repaid, specify the portion thereof (which shall be $1,000 or an integral multiple thereof) which is to be repaid:  $___________.  The Principal amount of this Security may not be repaid in part if, following such repayment, the unpaid principal amount of this Security would be less than $1,000.]
[If less than the entire principal amount of the within Security is to be repaid, specify the denomination(s) of the Securit(ies) to be issued for the unpaid amount ($__________ or any integral multiple of $____________); $____________.]

Dated:
___________________________________
Note:  The signature to this Option to Elect Repayment Pursuant to Survivor's Option must correspond with the name as written upon the face of the within Security in every particular without alterations or enlargement or any change whatsoever.]

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