Document:

Exhibit
10.1

 

 

July 31,
2015

 

Robert N.
Bertrand

Kiosk Concepts,
Inc./Soupman, Inc.

1110 South
Ave. Suite 100

Staten Island,
NY 10314

 

Dear Robert:

 

The purpose
of this letter is to confirm the binding agreement between Soupman, Inc. and The Grilled Cheese Truck, Inc. with respect to the
Master Franchise Agreement, a copy of which is attached. Subject to Soupman’s receipt of $100,000 under the agreed-upon
Bridge Note by August 7, 2015, the Master Franchise Agreement shall become effective immediately upon the approval of the State
of New York and both The Grilled Cheese Truck, Inc. and Kiosk Concepts, Inc./Soupman, Inc. agree that no further negotiations
shall take place.

 

Thank you,

 

 

Robbie Lee

Executive
Chairman

The Grilled
Cheese Truck, Inc.

	 
	AGREED:
	 
	 
	 
	Robert Bertrand, President

 

151
North Nob Hill Road, Suite 321

Fort Lauderdale, FL 33324

 

    	 

    	 

    

 

KIOSK
CONCEPTS, INC. 

 

MASTER
FRANCHISE AGREEMENT  

	 	 	 
	 	 	THE GRILLED CHEESE TRUCK, INC.__________
	 	 	 
	 	 	MASTER FRANCHISEE
	 	 	 
	 	 	DATE OF AGREEMENT

 

    	 

    	 

    

 

	 	 	 	 	 
	TABLE OF CONTENTS
	 	 	 	 	 
	1.	GRANT OF FRANCHISE	1
	 	 	 
	 	1.1	Rights Granted to You	1
	 	1.2	Non-Exclusive Grant	2
	 	1.3	Our Reserved Rights	2
	 	 	 	 
	2.	OPERATION OF THE FRANCHISED
    BUSINESS	2
	 	 	 
	 	2.1	Name of Franchised Business	2
	 	2.2	Full Time, Attention and Best Efforts	2
	 	2.3	Modifications to System and Manuals	3
	 	 	 	 
	3.	INITIAL AND EXTENDED TERMS	3
	 	 	 
	 	3.1	Initial Term	3
	 	3.2	Options to Renew	3
	 	3.3	Renewal of Existing Agreement	4
	 	3.4	Continued Compliance	4
	 	3.5	Termination at End of Term	4
	 	 	 	 
	4.	PAYMENT OF FEES	4
	 	 	 
	 	4.1	Initial Franchise Fee	4
	 	4.2	Continuing Fees Payable to Us	4
	 	4.3	Manner of Payment	5
	 	4.4	Interest on Overdue Amounts	5
	 	4.5	Late Fee; Insufficient Funds Fee	6
	 	4.6	Unit Franchise Agreements and Revenue Reports	6
	 	4.7	Security Interest	6
	 	4.8	Reimbursement of Monies	7
	 	4.9	Application of Fees	7
	 	 	 	 
	5.	YOUR OBLIGATIONS	7
	 	 	 
	 	5.1	Sale of Unit Franchises; Minimum Development Quota	8
	 	5.2	Initial Training and Services for Unit Franchisees	9
	 	5.3	Use of Proprietary Marks	10
	 	5.4	Place of Business	10
	 	5.5	Insurance	10
	 	5.6	Computer Hardware and Software	11
	 	5.7	Payment of Taxes	12
	 	5.8	Enforcement of Unit Franchise Agreements	12
	 	5.9	Master Franchisee Training Program	12
	 	5.10	Additional Training; Master Franchisee Meetings	13
	 	5.11	Supplies and Equipment	13
	 	5.12	Compliance with Governmental Regulations and Applicable
    Law	13
	 	5.13	Office Location	13
	 	5.14	Solicitation Advertising	14
	 	5.15	Policies and Procedures	14
	 	5.16	Changes to the System	14
	 	5.17	Developments are Our Property	15
	 	5.18	Financial Statements and Updated Unit Franchise Disclosure
    Document	15
	 	5.19	Our Website	15

 

    	i

    	 

    

 

	 	 	 	 	 
	6.	PROPRIETARY MARKS	17
	 	 	 
	 	6.1	Our Representations	17
	 	6.2	Your Representations	17
	 	6.3	Your Acknowledgments	18
	 	6.4	Changes in Law Affecting Proprietary Marks	19
	 	 	 	 
	7.	NON-COMPETITION	20
	 	 	 
	 	7.1	Restrictions	20
	 	7.2	Independent Covenants	20
	 	7.3	Reduction of Scope	20
	 	7.4	No Defense	20
	 	7.5	Irreparable Injury	20
	 	7.6	Additional Parties	20
	 	 	 	 
	8.	MANUALS AND CONFIDENTIAL
    INFORMATION	21
	 	 	 
	 	8.1	Use of Manuals	21
	 	8.2	Confidentiality of Information	21
	 	8.3	Irreparable Injury from Disclosure of Confidential Information	21
	 	8.4	Confidentiality Covenants from Individuals Associated
    with You	21
	 	 	 	 
	9.	OUR OBLIGATIONS	22
	 	 	 
	 	9.1	Manuals and Assistance	22
	 	9.2	Training Program	22
	 	9.3	Advice and Assistance	22
	 	9.4	Proprietary Marks	22
	 	9.5	Advice	22
	 	 	 	 
	10.	DEFAULT AND TERMINATION	22
	 	 	 
	 	10.1	Termination in the Event of Bankruptcy or Insolvency	22
	 	10.2	Termination with Notice and Without Opportunity to Cure	23
	 	10.3	Termination with Notice and Opportunity to Cure	24
	 	10.4	Cross-Default	24
	 	10.5	Our Right to Discontinue Services to You	25
	 	10.6	Termination of This Agreement by You	25
	 	10.7	Without Prejudice	25
	 	10.8	Amendment Pursuant to Applicable Law	25
	 	 	 	 
	11.	OBLIGATIONS UPON TERMINATION
    OR EXPIRATION	26
	 	 	 
	 	11.1	Cessation of Business	26
	 	11.2	Cessation of Use of Confidential Information and Proprietary
    Marks	26
	 	11.3	Cancellation of Assumed Name Registration	26
	 	11.4	Payment of Monies Due; Liquidated Damages	26
	 	11.5	Costs to Secure Compliance	27
	 	11.6	Return of Manuals and Other Confidential Information	27
	 	11.7	Irreparable Injury to Us	27
	 	11.8	Compliance with Post-Term Covenants	27
	 	 	 	 
	12.	TRANSFER OF INTEREST	27
	 	 	 
	 	12.1	Transfer by Us	27
	 	12.2	Transfer by You	28
	 	12.3	Granting of a Security Interest by You	28

 

    	ii

    	 

    

 

	 	 	 	 	 
	 	12.4	Transfer Upon Death or Disability	28
	 	12.5	Non-waiver of Claims	29
	 	12.6	Transfer by You in Bankruptcy
    – Right of First Refusal	29
	 	 	 	 
	13.	 	UNIT FRANCHISEES	29
	 	 	 	 
	 	13.1	Form of Unit Franchise Disclosure
    Document and Unit Franchise Agreement	29
	 	13.2	Unit Franchise Disclosure Document
    and Unit Franchise Agreement Amendments	30
	 	13.3	Use of Proprietary Marks	30
	 	13.4	Effect of Termination of This
    Agreement	30
	 	13.5	Unit Franchise Refund Policy	30
	 	 	 	 
	14.	 	INDEPENDENT CONTRACTOR AND INDEMNIFICATION	30
	 	 	 	 
	 	14.1	No Fiduciary Relationship	30
	 	14.2	Public Notice of Independent
    Status	31
	 	14.3	Independent Contractor	31
	 	14.4	Indemnification	31
	 	 	 	 
	15.	 	APPROVALS, WAIVERS AND NOTICES	32
	 	 	 	 
	 	15.1	Obtaining Approvals	32
	 	15.2	No Waiver	32
	 	15.3	Notices	32
	 	 	 	 
	16.	 	ENTIRE AGREEMENT; SEVERABILITY AND CONSTRUCTION	33
	 	 	 	 
	 	16.1	Entire Agreement	33
	 	16.2	Severability and Construction	33
	 	16.3	Survival of Obligations After
    Expiration or Termination of Agreement	34
	 	16.4	Survival of Modified Provisions	34
	 	16.5	Captions	34
	 	16.6	Responsibility	34
	 	16.7	Corporation, Partnership or
    Limited Liability Company	35
	 	 	 	 
	17.	 	APPLICABLE LAW	35
	 	 	 	 
	 	17.1	Choice of Law	35
	 	17.2	Non-Binding Mediation	36
	 	17.3	Venue	36
	 	17.4	Non-exclusivity of Remedy	36
	 	17.5	Right to Injunctive Relief	36
	 	17.6	Incorporation of Recitals	36
	 	 	 	 
	18.	 	SECURITY INTEREST	37
	 	 	 	 
	 	18.1	Collateral	37
	 	18.2	Indebtedness Secured	37
	 	18.3	Additional Documents	37
	 	18.4	Possession of Collateral	37
	 	18.5	Our Remedies in Event of Default	37
	 	18.6	Special Filing as Financing
    Statement	38
	 	 	 	 
	19.	 	ACKNOWLEDGMENTS	38
	 	 	 	 
	 	19.1	Recognition of Business Risks	38
	 	19.2	Receipt of Franchise Disclosure
    Document	38

 

    	iii

    	 

    

 

	 	 	 	 
	 	19.3	Review of Agreement	38
	 	19.4	Attorneys’ Fees	38
	 	19.5	Atypical Arrangements	38
	 	19.6	Limitation of Adjudicative Proceedings	39
	 	19.7	Trial by Jury	39
	 	19.8	Punitive or Exemplary Damages	39
	 	19.9	Additional Documents	39
	 	19.10	Counterparts	39

 

	ATTACHMENTS:
	A – Master Territory and Commencement Date
	B – Guarantees of Master Franchise Agreement
	C – Multi-State Addendum
	D – Confidentiality and Non-Competition Agreement
	E – Minimum Development Quota

 

    	iv

    	 

    

 

KIOSK
CONCEPTS, INC.

 

MASTER
FRANCHISE AGREEMENT

 

AGREEMENT
made as of the _____ day of __________________, 2015 (the “Effective Date”) by and between Kiosk Concepts, Inc., a
New York corporation having its principal place of business at 1110 South Avenue, Staten Island, New York 10314 (“we”,
“us” or “our”), and The Grilled Cheese Truck, Inc., a Nevada corporation having its principal address
at 151 North Nob Hill Road, Suite 321, Fort Lauderdale, FL 33324 (“you” or “your”), with reference to
the following facts:

 

A.          We
are in the business of franchising outlets that sell proprietary gourmet soups, chilis, stews, desserts, wraps and non-proprietary
products like salads, sandwiches, specialty coffees, soft drinks and other beverages under the name and trademark “The Original
Soupman”, together with any trademarks, trade names, service marks, slogans and logos which may be authorized in writing
by us from time to time (collectively the “Proprietary Marks”). We have developed and used, and continue to use and
control, the Proprietary Marks so as to impart to the public superior standards of quality and service.

 

B.          You
desire us to grant you a license to use the methods, procedures and products developed by us and our parent (the “System”)
to operate an independent business (the “Franchised Business”) that sells and services The Original Soupman franchises
(“Unit Franchises”) to qualified individuals and business entities (“Unit Franchisees”) who will sell
proprietary gourmet soups, chilis, stews, desserts, wraps and non-proprietary products like salads, sandwiches, specialty coffees,
soft drinks and other beverages in the territory described in Section 1 of this Agreement, and you agree that your operation of
the Franchised Business shall be governed by the terms, covenants and conditions contained in this Agreement. Our System includes
a method of offering and selling Unit Franchises, management methods, marketing programs, financial reporting, Unit Franchisee
performance reporting, and providing services to Unit Franchisees, all of which we may modify and/or update from time to time
during the term of this Agreement.

 

C.          You
represent and warrant to us, as an inducement to our execution of this Agreement, that all statements made by you and all materials
provided to us by you in connection with the grant of this franchise to you are true, accurate and complete and that you have
made no misrepresentations or material omissions in connection with obtaining this franchise. We grant this franchise in reliance
upon each and all of your representations.

 

NOW,
THEREFORE, IT IS AGREED:

 

1.            GRANT
OF FRANCHISE

 

1.1          Rights
Granted to You

 

We
grant to you, upon the terms and conditions contained in this Agreement, the exclusive right to establish and operate a Franchised
Business and a license to use the methods, procedures and products developed by us in the business of selling and servicing Unit
Franchises in the territory described on Attachment A attached to this Agreement and incorporated into this Agreement by reference
(the “Master Territory”). You shall operate the Franchised Business at or from a location of your choice within the
Master Territory upon the terms and conditions set forth in this Agreement. The Proprietary Marks, any Internet domain names,
URLs, copyrights, toll-free “1-800”, “1-888” and “1-877” telephone numbers or other like toll-free
telephone numbers which may be utilized by us or our affiliates, and their mnemonics, and other identifying marks constituting
a part of the System, now or in the future, shall be used by you only in connection with the operation of the Franchised Business.
The rights granted herein include the limited right to sublicense the use of the Proprietary Marks to Unit Franchisees in the
Master Territory.

 

    	 

    	 

    

 

1.2          Non-Exclusive
Grant

 

You
acknowledge and agree that the franchise granted to you hereunder is non-exclusive and is only for one (1) Master Territory; that
you are not granted any area, market, or protected territorial rights other than as expressly provided in Section 1.1 of this
Agreement; and that you shall not have the right to sublicense, sublease, subcontract or enter into any management agreement providing
for the right to operate the Franchised Business or to use the System granted pursuant to this Agreement, except in the manner
expressly provided for in Section 5.1 of this Agreement.

 

1.3          Our
Reserved Rights

 

We
and our affiliates retain the right, among others, in any manner and on any terms and conditions that we deem advisable, and without
granting you any rights therein:

 

1.3.1
To own, acquire, establish, and/or operate, and license others to establish and operate, other Franchised Businesses at any
location outside of the Master Territory.

 

1.3.2
To own, acquire, establish and/or operate, and license others to establish and operate, businesses under other proprietary
marks or other systems, whether such businesses are the same, similar, or different from the Franchised Business, at any
location within or outside of the Master Territory.

 

1.3.3
To license others to sell or distribute any products or services which bear any proprietary marks, including the Proprietary
Marks, at any location outside of the Master Territory.

 

2.          OPERATION
OF THE FRANCHISED BUSINESS

 

You
acknowledge and agree that:

 

2.1          Name
of Franchised Business

 

You
shall operate the Franchised Business in the United States of America Territory using the assumed trade name “The Original
Soupman”, “The Original Soupman of [City]” and/or any other trade name we designate in conjunction with your
formal business name. You shall not use the Proprietary Marks, or any part thereof, as part of your corporate name or other legal
name, nor shall your corporate or other legal name include any other service name. The name of your corporate entity and any trade
or assumed names or other legal names used by you in the operation of the Franchised Business shall be approved by us prior to
any use by you.

 

2.2          Full
Time, Attention and Best Efforts

 

You
shall devote all of your time, attention and best efforts to the Franchised Business pursuant to this Agreement and all work and
services performed and/or supervised by you under this Agreement shall be performed and/or supervised by you or by your authorized
employees. You shall adhere to all current established policies, practices and procedures of the System, and as the same may be
amended from time to time, and shall not deviate therefrom without our prior written consent.

 

    	2

    	 

    

 

2.3          Modifications
to System and Manuals

 

The
System, our Operations Manual, and any other manuals loaned to you by us pursuant to this Agreement (collectively the “Manuals”),
and the products and services offered by the Franchised Business may be modified by us at any time and from time to time, including,
without limitation, by the addition, deletion and/or modification of operating procedures, products and services. You shall comply,
at your expense, with all such additions, deletions and/or modifications, including, without limitation, all requirements to implement
the addition, deletion and/or modification. You shall implement any System changes upon receipt of notice thereof from us and
shall complete their implementation within such time as we may specify. You shall ensure that each Unit Franchisee in your Master
Territory also complies with any System changes, as such changes may affect the Unit Franchisees.

 

3.            INITIAL
AND EXTENDED TERMS

 

3.1          Initial
Term

 

The
initial term of this Agreement shall commence upon the Effective Date and shall expire ten
(10) years from the Effective Date, unless sooner terminated under the terms of this Agreement. You shall have no right
or option to extend or renew the term of this Agreement except as provided in Section 3.2 of this Agreement.

 

3.2          Options
to Renew

 

You
shall have the option to renew the term of this Agreement, on the terms and conditions set forth in this Agreement, for four (4)
additional ten (10) year terms, upon written notice given by you to us not less than six (6) months nor more than twelve (12)
months prior to the scheduled expiration date of the term then in effect, provided that each of the following conditions are satisfied:

 

3.2.1 You
shall not be in default of any provision of this Agreement, or any other agreement between you and us or our affiliates, or any
standards set forth in the Manuals, and you shall have complied with all the terms and conditions of this Agreement, the Manuals
and any other agreements during the term of this Agreement.

 

3.2.2 You
shall have satisfied all monetary obligations owed by you to us and our affiliates, and shall have timely met those obligations
throughout the term of this Agreement.

 

3.2.3 You
shall, at our option, execute our then-current form of Master Franchise Agreement and any addenda thereto for the renewal term,
which renewal agreement shall supersede this Agreement in all respects, and the terms of which, including, without limitation,
continuing fees payable to us, may differ materially and be less advantageous to you than the terms of this Agreement.

 

3.2.4 You
shall comply with our then-current qualification and training requirements.

 

3.2.5 You
shall pay us a renewal fee in the sum of Ten Thousand Dollars ($10,000) for the right to renew this Agreement.

 

3.2.6 You
shall execute a general release, in a form prescribed by us, of any and all claims which you may have or believe to have against
us and/or our affiliates and our respective officers, directors, agents and employees, whether the claims are known or unknown,
which are based on, arise from or relate to this Agreement or the Franchised Business, as well as claims, known or unknown, which
are not based on, do not arise from or do not relate to this Agreement or the Franchised Business, but which relate to other franchise
agreements, Franchised Businesses and other agreements between us or our affiliates and you which arose on or before the date
of the general release, including, without limitation, all obligations, liabilities, demands, costs, expenses, damages, claims,
actions and causes of action, of whatever nature, character or description, arising under federal, state and local laws, rules
and ordinances (provided, however, that all rights enjoyed by you and any causes of action arising in your favor from the provisions
of Article 33 of the New York General Business Law (“GBL”) and the regulations issued thereunder shall remain in force;
it being the intent of this provision that the non-waiver provisions of GBL Sections 687.4 and 687.5 be satisfied).

 

    	3

    	 

    

 

3.3          Renewal
of Existing Agreement

 

If
we are not offering new master franchises, are in the process of revising, amending or renewing our form of Master Franchise Agreement
or Master Franchise Disclosure Document or are not lawfully able to offer our then-current form of Master Franchise Agreement
at the time you exercise an option to extend the term of this Agreement, we may offer to renew this Agreement upon the terms and
conditions set forth in this Agreement for the extended term, or may offer to extend the term of this Agreement on a month-to-month
basis following the expiration of the term of this Agreement for as long as we deem necessary or appropriate so that we may subsequently
lawfully offer and utilize our then-current form of Master Franchise Agreement.

 

3.4          Continued
Compliance

 

Your
right to extend the term of this Agreement shall be subject to your continued compliance with the terms and conditions in this
Agreement as well as your compliance with the conditions set forth in Section 3.2 of this Agreement.

 

3.5          Termination
at End of Term

 

If
you do not elect to extend the term of this Agreement, this Agreement shall terminate at the end of the term then in effect.

 

4.           PAYMENT
OF FEES

 

4.1          Continuing
Fees Payable to Us

 

You
shall pay the following continuing fees to us each month during the term of this Agreement:

 

4.2.1
You shall pay to us a royalty fee based on revenue generated by Unit Franchisees (the “Unit Franchise Performance
Royalty Fee”) equal to twenty-five percent (25%) of aggregate royalty fees paid to you by Unit Franchisees in the
Master Territory pursuant to their Unit Franchise Agreements. The Unit Franchise Performance Royalty Fee shall be paid by you
to us in the manner provided in Section 4.3 of this Agreement by the fifteenth(15th) day of each calendar month
based on royalty fees generated and received during the previous calendar month.

 

4.2.2
You shall pay to us a franchise sales royalty fee (the “Franchise Sales Royalty Fee”) for each Unit Franchise you
sell in the Master Territory as follows: twenty-five percent (25%) of the initial franchise fee collected from each Unit
Franchisee upon execution of the Unit Franchisee’s Franchise Agreement (a “Unit Franchise Agreement”);
provided, however, that if you elect to discount or reduce an initial franchise fee for any reason, the Franchise Sales
Royalty Fee shall be payable to us as if the full initial franchise fee had been paid. The Franchise Sales Royalty Fee shall
be paid by you to us at the same time and in the same manner as the Unit Franchise Performance Royalty Fee provided in
Section 4.2.1 above. Any Royalty Fee you collect from the Franchisee shall be immediately paid to Us, but no later than the
fifteen (15th) day of each calendar month. A Unit Franchise shall be deemed to be sold to a Unit Franchisee on the
date that you and the Unit Franchisee execute the Unit Franchise Agreement, irrespective of when the Unit Franchise begins
operation. Fees and Royalties cannot be increased or decreased without our prior written consent.

 

    	4

    	 

    

 

4.2.3
In addition to the Unit Franchise Performance Royalty Fee and Franchise Sales Royalty Fee described above, you shall collect
from each Unit Franchisee in your Master Territory a “National Advertising Fund Contribution” to be contributed
to our “National Advertising Fund” pursuant to the terms of the individual Unit Franchise Agreements. For each
Unit Franchise you own and operate, you shall pay the National Advertising Fund Contribution on the same basis as Unit
Franchisees. The National Advertising Fund Contribution shall be collected by you from each Unit Franchisee and spent by you
in accordance with the agreement on behalf of the franchisor and Franchisees.

 

4.3          Manner
of Payment

 

You
shall pay us all Unit Franchise Performance Royalty Fees and Franchise Sales Royalty Fees, due under this Section 4 by electronic
funds transfer by us against a bank account maintained by you. You agree to execute the documents required by us, our bank and/or
your bank in order to permit us to conduct electronic funds transfers to and from your account, and you shall not close your account
without our prior consent. Your failure to comply with the terms of this Section 4.3 shall be deemed to be a breach of this Agreement.
You hereby authorize us to initiate debit entries and/or credit collection entries to your bank account for the payment of Unit
Franchise Performance Royalty Fees, Franchise Sales Royalty Fees, National Advertising Fund Contributions, and all other sums
that may become due to us or our affiliates from you. You shall make funds available for withdrawal by us by electronic transfer
on such dates of each month as we shall designate throughout the term of this Agreement.

 

If
you fail to provide the revenue reports described in Section 4.6 below, then in addition to the late fee described in such Section,
we may debit your account for one hundred forty percent (140%) of the last Unit Franchise Performance Royalty Fee, Franchise Sales
Royalty Fee and/or National Advertising Fund Contribution (as applicable) that we debited. If the Unit Franchise Performance Royalty
Fee, Franchise Sales Royalty Fee and/or National Advertising Fund Contribution we debit are less than the fees you actually owe
us, once we have been able to determine the true and correct revenue amounts, we will debit your account for the balance on a
day we specify. If the Unit Franchise Performance Royalty Fee, Franchise Sales Royalty Fee and/or National Advertising Fund Contribution
we debit are greater than the fees you actually owe us, we will credit the excess against the amount we otherwise would debit
from your account for the next payment due.

 

4.4          Interest
on Overdue Amounts

 

Any
payment not actually received by us on or before the Fifteen (15th) day of each month (or the next business day if
the Fifteen(15th) of any month is not a business day) shall be deemed overdue and you shall pay to us, in addition
to the overdue payment, interest on such overdue amount at the rate of one and one-half percent (1.5%) per month or the maximum
rate permitted by law, whichever is less. Interest shall accrue from the original due date until payment is received in full.
Our right to such interest shall be in addition to any other remedies we may have, including, without limitation, the right of
set-off to withdraw or retain, from time to time and without notice to you, any amounts due and unpaid by us to you. You shall
not be entitled to set-off any payments required to be made under this Section 4 against any monetary claim you may have against
us.

 

    	5

    	 

    

 

4.5          Late
Fee; Insufficient Funds Fee

 

In
the event you fail to provide us with any report we require on or before the date we require it, you agree to pay to us a late
fee in the amount of Two Hundred Fifty Dollars ($250). In addition, if, for any reason, any payment owed by you to us is denied
by your bank due to insufficient funds in your account, then you shall, in addition to applicable interest as described in Section
4.4 above, pay us an insufficient funds fee in the amount of Two Hundred Fifty Dollars ($250). If you incur three (3) late fees
or insufficient funds fees within any twelve (12) month period, we will have the right to terminate this Agreement without providing
you an opportunity to cure the default.

 

4.6          Unit
Franchise Agreements and Revenue Reports

 

You
shall submit to us copies of all Unit Franchise Agreements executed with Unit Franchisees within ten (10) days of the date of
their execution, together with a copy of all checks presented to you at closing. You shall prepare and submit to us a monthly
report, not later than the first (1st) day of each month, of Franchise Sales Revenue generated by you during the previous
calendar month. Contemporaneously with the submission of the Franchise Sales Revenue report, you shall prepare and submit to us
a monthly report, in such form and including such detail as we require, reflecting royalty fees paid and owed to you by your Unit
Franchisees for the previous calendar month. Any report not actually received by us when due shall be deemed overdue and you shall
pay us a late charge as described above.

 

4.7          Security
Interest

 

In
order to secure payment of all Unit Franchise Performance Royalty Fees, Franchise Sales Royalty Fees, National Advertising Fund
Contributions, and all other sums that may become due to us or our affiliates from you under this Agreement, and to secure your
performance of all obligations of any kind, whenever and however incurred, in favor of us or our affiliates:

 

4.7.1
You hereby grant us a security interest in and to all equipment, furniture, fixtures, inventory, supplies and vehicles used
in connection with the Franchised Business, now or hereafter acquired by you, together with all accounts, payment
intangibles, attachments, accessories, additions, substitutions and replacements, all cash and non-cash proceeds derived from
insurance or the disposition of such assets, all of your rights to use the Proprietary Marks, patents, copyrights and their
registrations, trade secret information and other proprietary rights, and all rights granted, owned or licensed to you under
this Agreement for the use of the Proprietary Marks, trade names, trade styles, patents, copyrights, trade secret information
and other proprietary rights. You hereby authorize us to prepare and file all Uniform Commercial Code (“UCC”)
financing statements and other documents necessary or desirable to evidence, perfect and continue the priority of this
security interest under the UCC.

 

4.7.2
If you are and remain in good standing under this Agreement and all other agreements with us and our affiliates, we will
consent to your grant of an additional security interest in the Franchised Business or in any of the assets of the Franchised
Business if the conditions set forth in Section 12.4 of this Agreement are met.

 

4.7.3
If you are in default of any of the terms and conditions of this Agreement or any other agreements between us and our
affiliates and you, we may, in our sole and absolute discretion, exercise our rights with respect to our security interest.
In such event, you shall be and remain liable for any deficiency remaining due to us and shall be entitled to recover any
surplus which results after application of the proceeds derived from the enforcement of our security interest.

 

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4.8          Reimbursement
of Monies

 

You
shall pay to us, within fifteen (15) days of any written request by us accompanied by reasonable substantiating material, any
monies which we have paid, or have become obligated to pay, on your behalf by consent or otherwise under this Agreement.

 

4.9          Application
of Fees

 

Notwithstanding
any designation by you, we shall have the sole discretion to apply any payments made by you to any past due indebtedness of yours
for Unit Franchise Performance Royalty Fees, Franchise Sales Royalty Fees, National Advertising Fund Contributions, or any other
indebtedness, in such amounts and in such order as we shall determine.

 

5.           YOUR
OBLIGATIONS

 

You
understand and acknowledge that every detail of the System is essential to you and us in order to develop and maintain quality
operating standards, to increase the demand for the products and services sold by all master franchisees operating under the System
and to protect the Proprietary Marks and our reputation and goodwill. You shall comply with our standards with respect to services,
products and operations and shall operate the Franchised Business in strict conformity with such methods, standards, and specifications
as we may from time to time prescribe in the Manuals or otherwise. You shall refrain from deviating from such standards, specifications
and procedures without our prior written consent and from otherwise operating in any manner which reflects adversely on the Proprietary
Marks or the System. Without limiting the generality of the foregoing, you agree that:

 

(a)  
You shall only use and serve soups that are approved by us and must be purchased from suppliers designated or approved in writing
by us and you acknowledge that all soups approved shall not be those of Al Yeganeh. We will use our best efforts to have all soups
produced to Al Yeganeh’s standards. Any deviation from the above shall result in default of the Agreement and grounds for
immediate termination without opportunity to cure.

 

(b)  
Soups shall be cost plus 25% FOB the supplier.

 

(c)   You hereby agree that you shall serve three (3) soups daily, in any format approved in writing by us, inside the kettles located
in the front line of the restaurant. We prefer you serve daily six (6) soups in any format, approved in writing by us.

 

(d)  
In order to keep your exclusivity, you agree to purchase a minimum of the following:

 

•        
$170,000.00 of soup from us in 2015

•        
$1,600,00.00 of soup from us in 2016

•        
$3,200,000.00 of soup from us in 2017

•        
$5,000,000.00 of soup from us in 2018 and shall increase 10% each year thereafter.

 

(e)   
We maintain the right to open and operate new company units and to sell franchises to our existing franchisees.

 

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(f)   We shall be permitted to sell branded products to national accounts without any money due to you or your parent company. Once
you have units open and operating in the trade area where a National Account is located, we will remit to you 25% of the profits
derived from the sales in that specific trade area.

 

(g)   
We will continue to collect the royalties from franchisees and service existing franchisee in the Master Territory.

 

5.1          Sale
of Unit Franchises; Minimum Development Quota

 

You
shall have the right and obligation to market and sell independent Unit Franchises to qualified Unit Franchisees who shall operate
a The Original Soupman business as granted in the Unit Franchise Agreement. The rights granted to you hereunder do not include
the right to sub-franchise others to sell franchises. You may not grant any such right to a Unit Franchisee, and Unit Franchisees
shall not have the right to sub-franchise or sell Unit Franchises. You shall commence operation of the Franchised Business no
later than the “Commencement Date” set forth on Attachment A hereto.

 

5.1.1 In
addition to The Original Soupman business you must own and continuously operate, you must sell and have open the minimum number
of The Original Soupman businesses as set forth on Attachment E hereto (the “Minimum Development Quota”) by the dates
set forth on such Attachment. We will not grant other franchises nor establish our own Unit Franchises within the Master Territory
during the term of this Agreement unless you do not meet the Minimum Development Quota. If you do not meet the Minimum Development
Quota, we may cancel your exclusive right to market and sell Unit Franchises in your Master Territory and may sell additional
Master Franchises within your Master Territory, or we may begin operations of our own in your Master Territory, or we may terminate
this Agreement.

 

5.1.2 You
shall prepare and present to each applicant for the purchase of a Unit Franchise (an “Applicant”) a Franchise Disclosure
Document and all other related documents in accordance with the requirements of all federal and state regulatory agencies which
now or hereafter may have jurisdiction over the sale of franchises in the Master Territory (a “Unit Franchise Disclosure
Document”). You may not present a Unit Franchise Disclosure Document to any Applicant until such Unit Franchise Disclosure
Document has been submitted to and approved by us or our counsel in accordance with Section 13 of this Agreement and, if applicable,
the Unit Franchise Disclosure Document has been registered with the appropriate state authority. You agree to make any changes
to the Unit Franchise Disclosure Document (including its exhibits) as may be requested by us or our counsel. We shall have
no responsibility whatsoever for the accuracy or legal compliance of your Unit Franchise Disclosure Document or your compliance
with the requirements of any regulatory agencies which now or hereafter may have jurisdiction over the sale of franchises. You
acknowledge and understand that you are solely and exclusively responsible for complying with all federal and state franchise
registration and disclosure laws and the payment of all franchise registration and filing fees. To prepare your Unit Franchise
Disclosure Document and comply with applicable franchise registration and disclosure laws as just discussed, you may require the
services of a franchise attorney, who would be retained at your expense.

 

5.1.3 You
must charge your Unit Franchisees the initial franchise fee, royalty fee, National Advertising Fund Contribution and any other
continuing fees that we designate or require, within the limits established by all regulatory agencies which now or hereafter
may have jurisdiction over the sale of franchises and the requirements imposed by this Agreement. Any deviations from these amounts
must be pre-approved by us.

 

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5.1.4 You
shall not make any misleading or untrue statements or any representations inconsistent with the Unit Franchise Disclosure Document
in connection with the sale of Unit Franchises within the Master Territory. Further, you shall not provide any Applicant with
any document or information in connection with the sale of Unit Franchises within the Master Territory other than documents and
information included within the Unit Franchise Disclosure Document. You shall make no promises, representations or commitments
to any Applicant in connection with the sale of Unit Franchises within the Master Territory, including representations concerning
potential profit or income, other than promises, representations or commitments specifically included within the Unit Franchise
Disclosure Document.

 

5.1.5 You
shall defend at your expense (with legal counsel reasonably satisfactory to us) and shall indemnify and hold harmless us and our
affiliates, and our respective officers, directors, shareholders, agents and employees, from and against any and all claims, losses,
damages, liabilities, costs and expenses (including, without limitation, actual attorneys’, accountants’ and consultants’
fees and other expenses, including any such expenses incurred in connection with investigating, defending against or settling
any such claims sustained or incurred by us), however caused, resulting directly or indirectly from or pertaining to any acts,
omissions to act and/or performance by you of your obligations and responsibilities under this Section 5.1, including, but not
limited to, unauthorized disclosures to Applicants, any claims of Applicants or Unit Franchisees whose Unit Franchises were sold
by you and/or any claims of any regulatory agencies which now or hereafter may have jurisdiction over the sale of franchises in
connection with your sales of Unit Franchises.

 

5.2          Initial
Training and Services for Unit Franchisees

 

5.2.1 In
order to ensure that the integrity of the Proprietary Marks and our goodwill are preserved, you shall provide a comprehensive
initial training program for each Unit Franchisee in the Master Territory according to our specifications, including classroom
and on-site training and assistance. Each Unit Franchisee must complete the initial training program satisfactorily, according
to the parameters we specify.

 

5.2.2 You
shall thereafter provide sessions of on-location assistance in operations and business management.

 

5.2.3 You
will further support and assist each Unit Franchisee by:

 

(a)
Making available to each Unit Franchisee in the Master Territory all applicable Manuals, training aids and any pertinent
information concerning the System.

 

(b)
Providing assistance and guidance to each Unit Franchisee in the Master Territory.

 

(c)
Having personnel available for each Unit Franchisee in the Master Territory on an ongoing basis during normal business hours
to provide technical assistance, consultation, and advice on marketing and operations procedures and by providing training
and support for to each Unit Franchisee in the Master Territory at reasonable rates as established by us.

 

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5.2.4 You
shall be solely responsible for ensuring that all The Original Soupman businesses in the Master Territory, including such businesses
owned and operated by you, shall (a) purchase all proprietary products we require and maintain an inventory of such proprietary
products as we specify for The Original Soupman businesses; and (b) offer and sell the mix of products, including proprietary
products, that we designate for The Original Soupman businesses.

 

5.2.5 If
you fail to insure and/or enforce the proper performance of the obligations described in Section 5.2.4, and any other obligations
contained in a Unit Franchise Agreement and/or the Manuals, we shall have the right, in our sole and absolute discretion, to enforce
any provision of any Unit Franchise Agreement if you fail to do so following receipt of a written request by us to enforce the
terms of such Unit Franchise Agreement.

 

5.2.6 You
shall indemnify, defend and hold us, our parent and our affiliates, and our respective officers, directors, shareholders, employees,
agents and attorneys, and their respective heirs, successors and assigns, and each of them, harmless from and against any and
all claims arising from any action or omissions to act by you or Unit Franchisees in the Master Territory.

 

5.3          Use
of Proprietary Marks

 

You
shall supervise the use of all Proprietary Marks by Unit Franchisees in the Master Territory. If you fail to exercise the proper
diligence in enforcing the terms of any Unit Franchise Agreement to insure that the Proprietary Marks are being properly used
by Unit Franchisees, such failure shall constitute a default under the terms of this Agreement and may result in termination of
this Agreement.

 

5.4          Place
of Business

 

You
shall maintain a safe and reasonably clean place of business in compliance with all governmental and industry standards and conduct
the Franchised Business in a manner that generates goodwill and public approval of you and us.

 

5.5          Insurance

 

During
the term of this Agreement, you shall maintain in force under policies of insurance issued by licensed insurers approved by us
insurance coverage as we from time to time require. You must maintain insurance related to your operation of the Franchised Business.
Such insurance coverage will include:

 

5.5.1 As
it relates to the operation of your Franchised Business: broad form comprehensive general liability coverage against claims for
employment practices coverage, bodily and personal injury, death and property damage caused by or occurring in conjunction with
the conduct of business by you pursuant to this Agreement and broad form contractual liability coverage, including errors and
omissions coverage, under one or more policies of insurance containing minimum liability coverage prescribed by us from time to
time, but in no event in an amount less than Two Million Dollars ($2,000,000) aggregate. Such insurance shall not have a deductible
or self-insured retention in excess of Five Thousand Dollars ($5,000);

 

5.5.2 As
it relates to the operation of your Franchised Business: automobile liability insurance coverage, including owned and non-owned
vehicles, with limits of not less than One Million Dollars ($1,000,000) per occurrence;

 

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5.5.3 As
it relates to the operation of your Franchised Business: worker’s compensation and employer’s liability insurance
in statutory amounts, unemployment insurance and state disability insurance as required by governing law for your employees;

 

5.5.4 As
it relates to the Unit Franchisees’ operation in the Master Territory, and if you elect to obtain such coverage: general
liability insurance, which insurance is in addition to any general liability insurance the Unit Franchisees are required to maintain
under their Unit Franchise Agreements.

 

You
shall also maintain such additional insurance as is necessary to comply with all legal requirements concerning insurance. We may
periodically increase the amounts of coverage required under such insurance policies and require different or additional kinds
of insurance at any time including excess liability insurance to reflect inflation, identification of new risks, changes in law
or standards of liability, higher damage awards, or other relevant changes in circumstances.

 

The
insurance policies required herein shall: (a) name us as an additional named insured and contain a waiver of all subrogation rights
against us, our affiliates, and our and their successors and assigns; (b) provide for thirty (30) days’ prior written notice
to us of any material modification, cancellation, or expiration of such policy; (c) provide that the coverage applies separately
to each insured against whom a claim is brought as though a separate policy had been issued to each insured; (d) contain no provision
which in any way limits or reduces coverage for you in the event of a claim by any one or more of the parties indemnified under
this Agreement; (e) be primary to and without right of contribution from any other insurance purchased by the parties indemnified
under this Agreement; and (f) extend to and provide indemnity for all obligations assumed by you hereunder and all other items
for which you are required to indemnify us under this Agreement.

 

You
shall provide us with evidence of the insurance required hereunder not later than ten (10) days before you begin operating as
a Master Franchisee, and with a complete copy of each insurance policy no more than thirty (30) days after delivery of the original
proof of insurance. Thereafter, prior to the expiration of the term of each insurance policy, you shall furnish us with a copy
of each renewal or replacement insurance policy to be maintained by you for the immediately following term and evidence of the
payment of the premium therefor. Should you, for any reason, fail to procure or maintain the insurance required by this Agreement,
as such requirements may be revised from time to time by us in writing, we shall have the right and authority (without, however,
any obligation to do so) immediately to procure such insurance and to charge same to you, which charges shall be payable by you
immediately upon notice together with a ten percent (10%) administrative fee. The foregoing remedies shall be in addition to any
other remedies we may have at law or in equity.

 

The
maintenance of sufficient insurance coverage shall be your responsibility. Your obligations to maintain insurance coverage as
herein described shall not be affected in any manner by reason of any separate insurance maintained by us nor shall the maintenance
of such insurance relieve you of any indemnification obligations under this Agreement.

 

5.6          Computer
Hardware and Software

 

5.6.1 You
shall, in accordance with any specifications that we may prescribe and from any suppliers we may designate (which may include
us or an affiliate), purchase, lease or license all computer hardware and software designated by us for the Franchised Business,
whether in this Agreement, the Manuals or otherwise during the term of this Agreement. You shall likewise procure and install
printers and other computer-related accessories or peripheral equipment as we may require. You shall at all times have a high
speed internet connection for your computer system. All computer hardware and software specified by us shall be purchased, leased
or licensed by you and your sole expense. You shall utilize all software programs that we may specify in connection with the operation
of the Franchised Business. We reserve the right to develop proprietary software programs and, if we elect to do so, you shall
execute our standard form of software license agreement for such proprietary software programs upon demand by us, and shall input
and maintain in your computer system all software programs, data and information as we prescribe. You shall purchase, lease or
license all software programs and materials whenever we elect to use new or upgraded programs and materials, either from us or
from an approved distributor, if any, and, if from an approved distributor, upon terms determined by such distributor. During
the term of this Agreement, you shall maintain and update all computer hardware and software as required by us.

 

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5.6.2 You
shall also purchase all computer-related services (including, without limitation, e-mail services) from suppliers (which may include
us or our affiliate) that we may require and designate from time to time.

 

5.7          Payment
of Taxes

 

You
shall pay all personal property, sales, excise, use, and other taxes, regardless of type or nature, which may be imposed, levied,
assessed or charged, on, against, or in connection with the Franchised Business and any products, services or equipment sold or
furnished hereunder, whether those taxes are imposed by any federal, state, municipality, county or parish, or other governmental
unity or agency, which may have jurisdiction over such products, services and equipment. It shall be your sole responsibility
to insure that any Unit Franchisee operating in the Master Territory shall also comply with this Section 5.7 as it may apply to
the operation of the Unit Franchisee’s business.

 

5.8          Enforcement
of Unit Franchise Agreements

 

You
shall take all necessary steps to enforce the terms and condition of all Unit Franchise Agreements and shall be bound by the terms
thereof in all dealings with your Unit Franchisees and shall maintain normal office hours, provide adequate communication and
support and otherwise maintain and operate your Franchised Business in a manner that will promote the efficiency and success of
each Unit Franchisee. You shall not terminate the Unit Franchise Agreement of any Unit Franchisee without our prior written consent.

 

5.9          Master
Franchisee Training Program

 

Prior
to the Commencement Date, you (or, if you are a corporation, partnership, or limited liability company, a principal of yours acceptable
to us and who owns at least a twenty-five percent (25%) equity interest in you) and those of your managers who are approved by
us, shall attend and complete to our satisfaction the initial training program (or segments thereof at our discretion) for master
franchisees offered by us. We shall provide such training, instructors, a training manual, and other materials without charge
to ,five_(5) persons, but if you request to send additional attendees to our master franchisee training program you shall pay
our then-current training fee for each additional attendee sent to such training program by you. Except as stated in the preceding
sentence, you shall be responsible for any and all other expenses incurred in connection with sending your managers to such training
including, without limitation, the costs of transportation, lodging, meals, and any wages. We shall, in our sole discretion, select
the time and location of the initial training program. We shall have the right to terminate this Agreement if, at any time during
the initial training program, we conclude (in our sole judgment) that you or your principal do not appear to possess the skills
necessary to properly fulfill and discharge the demands and responsibilities required by the System or this Agreement.

 

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5.10          Additional
Training; Master Franchisee Meetings

 

  5.10.1 You
and your employees shall also attend such additional courses, seminars, and other training programs as we may reasonably require
from time to time. We shall not charge any fees for those attending these additional courses, seminars, or other training programs,
but you shall be responsible for any and all other expenses incurred in connection with attending and sending your employees to
such training programs including, without limitation, the costs of transportation, lodging, meals, training materials and any
wages. We shall, in our sole discretion, select the time and location of all additional training programs.

 

  5.10.2 If
you request that we provide additional training or assistance on-site at your Franchised Business, you must pay our then-current
per diem fee for each representative we send to you to provide training or assistance, and you must reimburse each representative’s
travel, lodging and meals expenses while providing the additional on-site training or assistance.

 

  5.10.3 When
we believe it is beneficial to do so, we will hold an annual meeting of our master franchisees to conduct additional training,
announce new products and/or services or discuss any other matters of interest. The annual meeting will be mandatory for all master
franchisees, unless your absence is excused by us. You will bear all costs related to attending the annual meeting, including
travel, lodging, meals, wages and a nominal fee for the meeting for each person attending such meeting.

 

5.11          Supplies
and Equipment

 

You
shall require your Unit Franchisees in the Master Territory to purchase supplies and equipment used in the operation of its Unit
Franchise business from only designated and approved suppliers to insure quality and uniformity and to take advantage of quantity
purchasing discounts, if any. We shall provide you with a list of approved and designated suppliers for supplies and equipment
prior to the Commencement Date.

 

5.12          Compliance
with Governmental Regulations and Applicable Law

 

You
shall, as an independent business owner, timely obtain any and all permits, certificates, or licenses necessary for the lawful
operation of the Franchised Business including, without limitation, licenses to do business, fictitious name registrations, sales
tax permits, and the like.

 

You
and your principals agree to comply, and to assist us to the fullest extent possible in our efforts to comply, with Anti-Terrorism
Laws (defined below). In connection with that compliance, you and your principals certify, represent, and warrant that none of
your property or interests is subject to being blocked under, and that you and your principals otherwise are not in violation
of, any of the Anti-Terrorism Laws. “Anti-Terrorism Laws” mean Executive Order 13224 issued by the President
of the United States, the USA PATRIOT Act, and all other present and future federal, state, and local laws, ordinances, regulations,
policies, lists, and other requirements of any governmental authority addressing or in any way relating to terrorist acts and
acts of war. Any violation of the Anti-Terrorism Laws by you or your principals, or any blocking of your or your principals’
assets under the Anti-Terrorism Laws, shall constitute good cause for immediate termination of this Agreement.

 

5.13          Office
Location

 

You
shall be solely responsible for any leases of real or personal property in connection with the operation of your Franchised Business.
We reserve the right, but are not required to, approve your office location and any leasehold improvements to such location to
protect our image, reputation and goodwill. You may elect to operate the Franchised Business from The Original Soupman business
you must own and operate, once such business is open and operating.

 

    	13

    	 

    

 

You
shall at all times during the term of this Agreement maintain your office and all fixtures, furnishing, signs and equipment located
therein in good order and condition, and in conformity with the System image as may be prescribed by us from time to time. You
shall, within a reasonable time specified by us, make all necessary reasonable additions, alterations, repairs and replacements
to your office as required by us to conform to our quality standards, but no others without our prior written consent, including,
without limitation, periodic repainting or replacement of signs, furnishings, or equipment. No other business venture shall operate
out of the premises utilized by you for your Franchised Business without our prior written consent.

 

5.14          Solicitation
Advertising

 

You
shall conduct advertising to solicit Applicants for the purchase of Unit Franchisees in the Master Territory (“Solicitation
Advertising”). You shall expend not less than $5,000 each month on such Solicitation Advertising. To protect the Proprietary
Marks and our goodwill in the industry, you must submit samples of all proposed Solicitation Advertising materials to us at least
fifteen (15) days before any use of the same. If we do not disapprove the proposed Solicitation Advertising materials within fifteen
(15) days after receipt of the same, you may use the proposed Solicitation Advertising materials as submitted to us; provided,
however, that if such Solicitation Advertising is required to be submitted to a government agency, you shall so submit such materials
to the applicable government agency and shall not use such materials until the materials are approved or disapproved or if the
use of the materials otherwise become permissible under law, such as if notice of disapproval is not received from a governmental
agency within a stated period of time prescribed by law. We may, at any time after you begin to use the Solicitation Advertising
materials, prohibit further use of the same, effective upon your receipt of written notice from us to do so.

 

5.15          Policies
and Procedures

 

You
shall not have the right to establish policies and/or procedures pertaining to the operation of the Franchised Business to protect
the Proprietary Marks and our goodwill in the industry outside of the policies and/or procedures that we designate. You and all
Unit Franchisees subject to the license granted under this Agreement shall be bound by our policies and/or procedures upon receipt
of the same.

 

5.16          Changes
to the System

 

You
acknowledge and agree that the System must continue to evolve in order to reflect the changing market and to meet new and changing
customer demands and that, accordingly, variations and additions to the System may be required from time to time in order to preserve
and enhance the public image of the System and to insure the continuing operation efficiency of Unit Franchisees generally. Accordingly,
you acknowledge and agree that we may from time to time change the System, including, without limitation, the adoption and use
of new or modified trademarks, products, services, equipment and furnishings and new techniques and methodologies relating to
the preparation, sale, promotion and marketing of services and supplies. You shall promptly accept, implement, use and display
all such additions, modifications and changes at your sole cost and expense, and you shall ensure that all Unit Franchisees in
your Master Territory promptly accept, implement, use and display all such additions, modifications and changes.

 

You
further acknowledge and agree that we may inspect your Franchised Business and any Unit Franchise in the Master Territory to verify
that your Franchised Business and/or such Unit Franchise is operating in compliance with our System, as it may be modified from
time to time.

 

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5.17          Developments
are Our Property

 

You
acknowledge and agree that, in consideration for the right to use the System and our expertise in the field, if you, any of your
employees or any Unit Franchisees in the Master Territory develop any new concept, process or improvement in the operation or
promotion of the Franchised Business, you will promptly notify us and provide us with all necessary information concerning same,
without any compensation to you, your employee or Unit Franchisee. You acknowledge and agree that any such concept, process or
improvement shall become our property and we may utilize or disclose such information to other master franchisees and unit franchisees
as we determine to be appropriate.

 

5.18          Financial
Statements and Updated Unit Franchise Disclosure Document

 

You
shall, at your sole cost and expense, prepare and submit to us within one hundred twenty (120) days after each fiscal year end,
a complete, audited financial statement for the preceding fiscal year prepared by an independent certified public accountant in
accordance with generally accepted accounting principles. Each audited financial statement shall include a balance sheet and a
profit and loss statement. If you own, directly or beneficially, a controlling financial interest in any other business, the financial
statements required to be submitted by you must reflect your financial condition and your other business operations on a consolidated
basis. You understand and acknowledge that the Federal Trade Commission’s disclosure requirements for franchising (16 CFR
Part 436) require you to include audited financial statements each year after your fiscal year end. You further understand and
acknowledge that, as with your initial Unit Franchise Disclosure Document, all annual updates to your Unit Franchise Disclosure
Document shall be submitted to us or our counsel for review within one hundred twenty (120) days after each fiscal year end.

 

Notwithstanding
the foregoing, we reserve the right to inspect or examine your accounts, books, records and tax returns, at any reasonable time,
with or without prior notice to you.

 

5.19          Our
Website

 

We
or one or more of our designees may establish a website or series of websites for the System to advertise, market and promote
The Original Soupman businesses and the products and services they offer, the Unit Franchise and/or master franchise opportunity,
and/or for any other purposes that we determine are appropriate for The Original Soupman businesses (collectively, the “System
Website”). If we include information about your Franchised Business on the System Website, you agree to give us the information
and materials that we periodically request concerning the Franchised Business and otherwise participate in the System Website
in the manner that we periodically specify. By posting or submitting to us information or materials for the System Website, you
are representing to us that the information and materials are accurate and not misleading and do not infringe upon any third party’s
rights.

 

We
shall own all intellectual property and other rights in the System Website and all information it contains, including the domain
name or uniform resource locator (“URL”) for the System Website, the log of “hits” by visitors, and any
personal or business data that visitors (including you and your personnel) supply. We may implement and periodically modify System
standards relating to the System Website and, at our option, may discontinue the System Website, or any services offered through
the System Website, at any time.

 

All
advertising, marketing and promotional materials that you develop for your Franchised Business must contain notices of the URL
of the System Website in the manner that we periodically designate. You may not develop, maintain or authorize any other website,
other online presence or other electronic medium that mentions or describes the Franchised Business, the System or displays any
of the Marks without our prior approval. We do not restrict the use of internet or web page advertising within or outside of your
Master Territory, but the advertising content must be approved by us before it is used.

 

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Nothing
in the Franchise Agreement shall limit our right to maintain websites other than the System Website or to offer and sell products
and services under the Marks from the System Website, another website or otherwise over the Internet without payment or obligation
of any kind to you.

 

You
are strictly prohibited from establishing your own website related to the Proprietary Marks or our System without our prior written
consent, which we do not have to provide. You are also prohibited from promoting your Franchised Business on social and networking
websites, including Facebook, LinkedIn, MySpace Twitter and/or other social media sites or platforms, without our prior written
consent. We will control all social media initiatives. You must comply with our System standards regarding the use of social media
in the operation of your Franchised Business, including prohibitions on your and your employees posting or blogging comments about
the Franchised Business or the System, other than on a website established or authorized by us (“social media” includes
personal blogs, common social networks like Facebook and MySpace, professional networks like LinkedIn, live-blogging tools like
Twitter, virtual worlds, file, audio and video-sharing sites, and other similar social networking or media sites or tools). We
will provide access to branded social media pages/handles/assets, and you must update these regularly. We reserve the right to
conduct collective/national campaigns via local social media on your behalf.

 

We
alone will be, and at all times will remain, the sole owner of the copyrights to all material which appears on any System Website
we establish and maintain, including any and all material you may furnish to us as provided above.

 

5.20        Our
Intranet

 

5.20.1 We
may, at our sole discretion and option, establish and maintain a private method of communication for use only by employees and
master franchisees of ours, as well as Unit Franchisees in the System (an “Intranet”), through which we, master franchisees,
our employees and Unit Franchisees may communicate with each other, and through which we may disseminate the Manuals, updates
thereto and other confidential information. We shall have sole discretion and control over all aspects of the Intranet, including
the content and functionality thereof. We will have no obligation to maintain the Intranet indefinitely, and may dismantle it
at any time without liability to you.

 

5.20.2 If
we establish an Intranet, you shall have the privilege to use the Intranet, subject to your strict compliance with the standards
and specifications, protocols and restrictions that we may establish from time to time. Such standards and specifications, protocols
and restrictions may relate to, among other things, (a) the use of abusive, slanderous or otherwise offensive language in electronic
communications; (b) communications between or among master franchisees that endorse or encourage breach of any master franchisee’s
agreement with us; (c) confidential treatment of materials that we transmit via the Intranet; (e) password protocols and other
security precautions; (f) grounds and procedures for our suspending or revoking a master franchisee’s access to the
Intranet; and (g) a privacy policy governing our access to and use of electronic communications that master franchisees post to
the Intranet. We may establish similar standards and protocols related to Unit Franchises. You acknowledge that, as administrator
of the Intranet, we can technically access and shall be entitled to view any communication that any person posts on the Intranet.
You further acknowledge that the Intranet facility and all communications that are posted to it will become our property, free
of any claims of privacy or privilege that you or any other person may assert.

 

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5.20.3 Upon receipt of notice
from us that we have established the Intranet, you shall establish and continually maintain (during all times that the Intranet
shall be established and until the termination of this Agreement) an electronic connection (the specifications of which shall be
specified in the Manuals) with the Intranet that allows us to send messages to and receive messages from you, subject to our standards
and specifications.

 

5.20.4 If you fail to pay when
due any fees or other amounts payable to us under this Agreement, or any other agreement with us or our affiliates, or otherwise
fail to perform your obligations under this Agreement or any other agreement with us or our affiliates, we may, without prior notice
and without any liability or recourse as against us or our affiliates, temporarily disable or terminate your access to the Intranet
until such time as you pay and/or perform your outstanding obligation in full.

  

5.20.5 You shall, at our option
and request, and without any additional consideration, assign to us all rights to all e-mail addresses, URLs, domain names, Internet
listings, and Internet accounts related to the Franchised Business following demand by us upon your misuse of the same and/or the
termination or expiration of this Agreement. Furthermore, you hereby appoint us as your attorney-in-fact with full power and authority
for the sole purpose of assigning these rights to us. This appointment shall be deemed to be coupled with an interest and shall
continue in full force and effect until and following the termination or expiration of this Agreement.

 

6.            PROPRIETARY MARKS

          

6.1          Our Representations

 

We represent with respect
to the Proprietary Marks that:

  

6.1.1 We are the owner or the
licensee of the owner of the Proprietary Marks with a license to use, and to license others to use, the Proprietary Marks. All
references herein to our right, title and interest in and to the Proprietary Marks shall include the owner’s right, title
and interest in and to the Proprietary Marks.

 

6.1.2 All steps reasonably necessary
to preserve and protect the validity of the Proprietary Marks, and our right to use and license others to use, the Proprietary
Marks will be taken.

 

6.1.3 We will use and permit
you and other master franchisees to use the Proprietary Marks only in accordance with the System and the standards and specifications
attendant thereto which underlie the goodwill associated with and symbolized by the Proprietary Marks.

 

6.2          Your Representations

 

You represent with
respect to the Proprietary Marks that:

 

6.2.1 You shall use only the
Proprietary Marks designated by us, and shall use them only in the manner authorized and permitted by us.

 

6.2.2 You shall use the Proprietary
Marks only for the operation of the Franchised Business, in connection with approved advertising for the Franchised Business and
with the authorized sub-license of the Proprietary Marks to your Unit Franchisees.

  

6.2.3 You shall identify yourself
as an independent franchisee-owner of ours in conjunction with any use of the Proprietary Marks and the operation of the Franchised
Business, including, but not limited to, such use on invoices, order forms, receipts, business stationery and contracts, as we
may designate in writing. The form and content of the identification of the Franchised Business as being independently owned and
operated shall comply with standards set forth in the Manuals.

 

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6.2.4  Your right to use the
Proprietary Marks is limited to such uses as are authorized under this Agreement, and any unauthorized use thereof shall constitute
an infringement.

  

6.2.5  You shall not use the
Proprietary Marks to incur any obligation or indebtedness on our behalf.

 

6.2.6  You
shall execute any documents deemed necessary by us or our affiliates to obtain protection for the Proprietary Marks or to
maintain their continued validity and enforceability.

  

6.2.7  You
shall not use the Proprietary Marks as part of your corporate or other legal name.

 

6.2.8 You
shall promptly notify us of any suspected unauthorized use of or any challenge to the validity of the Proprietary Marks, or
any challenge to our or our affiliate’s ownership of, our license to use and to license others to use, or your right to
use, the Proprietary Marks licensed under this Agreement. You acknowledge that we or our affiliate have the right to direct
and control any administrative proceeding or litigation, or other adjudicative proceeding involving the Proprietary Marks,
including any settlement thereof. We or our affiliate have the right, but not the obligation, to take action against uses by
others that may constitute infringement of the Proprietary Marks. We shall defend you against any third-party claim, suit, or
demand arising out of your use of the Proprietary Marks; provided, however, that your use of the Proprietary Marks is in
compliance with this Agreement. If we, in our sole discretion, determine that you have used the Proprietary Marks in
accordance with this Agreement, the cost of such defense, including the cost of any judgment or settlement, shall be borne by
us. If we, in our sole discretion, determine that you have not used the Proprietary Marks in accordance with this Agreement,
the cost of such defense, including the cost of any judgment or settlement, shall be borne by you. In the event of any
litigation relating to your use of the Proprietary Marks, you shall execute any and all documents and do such acts as may, in
our opinion, be necessary to carry out such defense or prosecution, including, but not limited to, becoming a nominal party
to any legal action. Except to the extent that such litigation is the result of your use of the Proprietary Marks in a manner
inconsistent with the terms of this Agreement, we agree to reimburse you for your out-of-pocket litigation costs in doing
such acts.

 

6.3          Your Acknowledgments

 

You acknowledge and
agree that:

 

6.3.1 As between you and us,
we are the owner of all right, title, and interest in and to the Proprietary Marks and the goodwill associated with and symbolized
by them and we have the right to use, and license others to use, the Proprietary Marks.

 

6.3.2 The Proprietary Marks
are valid and serve to identify the System and those who are franchised under the System.

 

6.3.3 During the term of this
Agreement and after its expiration or termination, you shall not directly or indirectly contest the validity of, or our ownership
of the Proprietary Marks, nor take any other action which may tend to jeopardize our or our affiliate’s interest therein,
or our right to use and to license others to use the Proprietary Marks.

 

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6.3.4 Your use of the Proprietary
Marks pursuant to this Agreement does not give you any ownership interest or other interest in or to the Proprietary Marks other
than the limited license granted by this Agreement.

  

6.3.5 Any and all goodwill arising
from your use of the Proprietary Marks shall inure solely and exclusively to the benefit of us or our affiliate, and upon expiration
or termination of this Agreement and the license herein granted no monetary amount shall be assigned as attributable to any goodwill
associated with your use.

 

6.3.6 The right and license
of the Proprietary Marks granted under this Agreement to you is non-exclusive, and we and our affiliates have and retain the rights
described in Section 1.3 of this Agreement.

  

6.3.7 We reserve the right to
change, revise, or substitute different proprietary marks for use in identifying the System and the Franchised Business, if the
Proprietary Marks no longer can be used or if we, in our sole discretion, determine that substitution of different proprietary
marks will be beneficial to the System. In such circumstances, the use of the substituted proprietary marks shall be governed by
the terms of this Agreement, and we shall not compensate you for such substitution. If our currently licensed Proprietary Marks
can no longer be used, you shall implement promptly any such substitution at your expense.

  

6.3.8 We shall have the right,
at all reasonable times, to inspect the products and services on which the Proprietary Marks shall be used as we consider necessary
to carry out the purposes of inspection as part of appropriate quality control. Upon request, you shall submit to us all packages,
labels, advertising, advertising brochures and other materials bearing the Proprietary Marks and you specifically undertake to
amend to our satisfaction any such packages, labels, advertising, advertising brochures and other materials which are not approved
by us.

  

6.4          Changes
in Law Affecting Proprietary Marks

 

If trademark law is
amended so as to render inapplicable any of the provisions of this Section 6, you shall execute any documents, and do such acts
and things as in our opinion may be necessary to effect the intent and purpose of the provisions of this Agreement.

  

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7.          NON-COMPETITION

          

7.1          Restrictions

 

You acknowledge and
agree that pursuant to this Agreement, you and your principals and employees will receive valuable specialized training, trade
secrets and confidential information, including, without limitation, information regarding the operational, sales, promotional
and marketing methods and techniques of us and the System, over and above the ordinary skills and experience possessed by you or
your principals and employees prior to execution of this Agreement. In consideration for such training, trade secrets and confidential
information, you and your principals agree that during the term of this Agreement, and for a continuous uninterrupted period commencing
upon expiration or termination of this Agreement, regardless of the cause for termination, and continuing for a period of three
(3) years thereafter, neither you nor your principals shall, directly or indirectly, for themselves, or through, on behalf of,
or in conjunction with any person, persons, partnership, limited liability company or corporation:

  

7.1.1 Divert or attempt to divert
any business or customer of the Franchised Business or any Unit Franchisee anywhere, by direct or indirect inducement or otherwise,
or do or perform, directly or indirectly, any other act injurious or prejudicial to the goodwill associated with our Proprietary
Marks or the System.

 

7.1.2 Employ or seek to employ
any person who is at that time employed by us or by any other master franchisee or unit franchisee in the System, or otherwise
directly or indirectly induce such person to leave his or her employment without our written consent.

 

7.1.3 Own, maintain, operate,
engage in, or have any interest in any business which is the same as or similar to the Franchised Business, or any other business
which performs any type of child tutoring services, anywhere.

 

7.2          Independent
Covenants

 

Each of the foregoing
covenants shall be construed as independent of any other covenant or provision of this Agreement. If all or any portion of any
covenant in this Section 7 is held unreasonable or unenforceable by a court having valid jurisdiction in any unappealed final decision
to which we are a party, you and your principals shall be bound by any lesser covenant subsumed within the terms of such covenant
that imposes the maximum duty permitted by law, as if the resulting covenant were separately stated in and made a part of this
Section 7.

 

7.3          Reduction
of Scope

 

You acknowledge and
agree that we shall have the right, in our sole and absolute discretion, to reduce the scope of any covenant set forth in this
Section 7, or any portion thereof, without your consent, effective immediately upon written notice to you, and you further acknowledge
and agree that you shall comply forthwith with any covenant as so modified, which shall be fully enforceable notwithstanding the
provisions of any other provision of this Agreement.

 

7.4          No
Defense

 

You acknowledge and
agree that the existence of any claims you may have against us, whether or not arising from this Agreement, shall not constitute
a defense to our enforcement of the covenants in this Section 7. You shall pay all costs and expenses (including reasonable attorneys’
fees) incurred by us in the enforcement of this Section 7.

 

7.5          Irreparable Injury

 

You acknowledge and
agree that any violation of the terms of this Section 7 would result in irreparable injury to us, for which no adequate remedy
at law may be available, and you consent that we may apply for the issuance of an injunction prohibiting any conduct by you in
violation of this Section 7, without the posting of any bond.

 

7.6          Additional
Parties

 

At our request, you
shall require and obtain execution of covenants similar to those set forth in this Section 7 (including covenants applicable upon
the termination of a person’s relationship with you) from any or all principals of yours and other personnel employed by
you who have received or will receive training from us or from you. Every covenant required by this Section 7.6 shall be in a form
satisfactory to us, including, without limitation, specific identification of us as a third party beneficiary of such covenants
with an independent right to enforce them. Your failure to obtain execution of any covenant required by this Section 7 shall constitute
a material default under the terms of this Agreement.

 

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8.            MANUALS AND CONFIDENTIAL INFORMATION

 

8.1          Use of Manuals

 

We shall provide the
Manuals to you, on loan, for the term of this Agreement and any renewals hereof. You shall operate the Franchised Business in accordance
with the standards, methods, policies, and procedures specified in the Manuals to ensure compliance with quality standards to protect
the Proprietary Marks and our goodwill in the industry. You shall treat the Manuals, any other manuals created for or approved
for use in the operation of the Franchised Business, and the information contained therein as confidential, and shall maintain
such information as secret and confidential. You shall not at any time copy, duplicate, record, or otherwise reproduce the foregoing
materials, in whole or in part, or otherwise make the same available to any unauthorized person. The Manuals shall at all times
remain our sole property and shall be kept in a secure place at your office. You shall ensure that your copy of the Manuals is
kept current at all times, and in the event of any dispute as to the contents of the Manuals, the terms of the master copy of the
Manuals maintained by us shall be controlling. If you require or request additional copies of any of the Manuals, you agree to
pay our then-current fee for each replacement volume of the Manuals required or requested.

 

8.2          Confidentiality of Information

 

You shall not, during
the term of this Agreement or thereafter, communicate, divulge, or use for the benefit of anyone else, any confidential information,
knowledge, or know-how concerning the methods of operation of the Franchised Business which may be communicated to you, or of which
you may be apprised, by virtue of your operation under the terms of this Agreement. You shall divulge such confidential information
only to such of your employees as must have access to it in order to perform their employment responsibilities. Any and all matters,
information, knowledge, know-how, techniques and other data which we designate as confidential shall be deemed confidential for
purposes of this Agreement.

  

8.3          Irreparable
Injury from Disclosure of Confidential Information

 

You acknowledge that
failure to comply with the requirements of this Section 8 will result in irreparable injury to us for which no adequate remedy
at law may be available, and you consent to the issuance of, and agree to pay all court costs and reasonable attorneys’ fees
incurred by us in obtaining, without the posting of any bond, an ex parte or other order for injunctive or other legal or
equitable relief with respect to the requirements of this Section 8.

  

8.4          Confidentiality
Covenants from Individuals Associated with You

 

You shall require any
employee who may have access to any confidential information of ours to execute covenants that they will maintain the confidentiality
of information they receive in connection with their association with you. Such covenants shall be in a form satisfactory to us,
including, without limitation, specific identification of us as a third party beneficiary of such covenants with the independent
right to enforce them.

  

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9.            OUR OBLIGATIONS

 

During the term of
this Agreement, we shall provide you with the following:

  

9.1          Manuals
and Assistance

 

We will make the Manuals,
training aids, and other pertinent information concerning our methods and practices available to you. You understand and acknowledge
that such materials are provided to you on loan, and that such materials remain our property at all times.

  

9.2          Training
Program

 

We will provide you
or one of your principals and up to five (5) additional persons with a comprehensive initial training program and additional training
programs from time to time. Any additional training shall be at your expense. The group of trainees must include management level
employees and the principal owner of at least 25% interest in the location, if it’s a franchisee or the franchisee is a corporate
entity.

  

9.3          Advice
and Assistance

 

We will have personnel
available on an ongoing basis during normal business hours to provide technical assistance, consultation, and advice on marketing
and operations procedures for the Franchised Business by telephone and e-mail. If you request additional on-site assistance and/or
training at your Franchised Business location, you agree to pay our then-current per diem fee for each representative we send to
your location, and you shall reimburse each representative’s expenses while providing such on-site training or assistance,
including, but not limited to, travel, lodging and meals.

 

9.4          Proprietary
Marks

 

We will allow you to
use the Proprietary Marks in the Master Territory, subject to the limitations and restrictions set forth in this Agreement, and
to use the processes, methods, materials, equipment and promotional plans developed by us.

  

9.5          Advice

 

We will advise you
on all appropriate facets of the System and all pertinent new developments in the operation of a The Original Soupman business
and/or master franchise business.

 

10.          DEFAULT AND TERMINATION

 

10.1          Termination in the Event
of Bankruptcy or Insolvency

 

You shall be in default
under this Agreement, and all rights granted to you herein shall automatically terminate without notice to you, if you, or any
of your partners, if you are a partnership, or any of your officers, directors, shareholders, or members, if you are a corporation
or limited liability company, shall become insolvent or make a general assignment for the benefit of creditors; if a petition in
bankruptcy is filed by you or such a petition is filed against and not opposed by you; if you are adjudicated a bankrupt or insolvent;
if a bill in equity or other proceeding for the appointment of a receiver or other custodian for you or your business or assets
is filed and consented to by you; if a receiver or other custodian (permanent or temporary) of your assets or property, or any
part thereof, is appointed by any court of competent jurisdiction; if proceedings for a composition with creditors under any state
or federal law should be instituted by or against you; if a final judgment remains unsatisfied or of record for thirty (30) days
or longer (unless a supersedeas bond is filed); if you are dissolved; if execution is levied against your business or property;
if suit to foreclose any lien or mortgage against the premises or equipment of the Franchised Business is instituted against you
and not dismissed within thirty (30) days; or if the real or personal property of the Franchised Business shall be sold after levy
thereupon by any sheriff, marshal, or constable.

 

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10.2          Termination with Notice
and without Opportunity to Cure

 

You shall be in default
under this Agreement, and we may, at our option, terminate this Agreement and all rights granted under this Agreement, without
affording you any opportunity to cure the default, effective immediately upon receipt of notice by you upon the occurrence of any
of the following events:

  

10.2.1 If you at any time cease
to operate or otherwise abandon the Franchised Business without our consent, or otherwise forfeit the right to do or transact business
in the Master Territory.

  

10.2.2 If you (or an officer
or director of or a shareholder in you, if you are a corporation, or a general or limited partner of you, if you are a partnership,
or a member, if you are a limited liability company) are convicted of a felony, a crime involving moral turpitude, a crime against
a child, or any other crime or offense that we believe is reasonably likely to have an adverse effect on the System, the Proprietary
Marks, the goodwill associated therewith, or our interest therein.

 

10.2.3 If any purported assignment
or transfer of any direct or indirect interest in this Agreement, in you, or in all or substantially all of the assets of the Franchised
Business is made to any third party without our prior written consent, contrary to the terms of Section 12 of this Agreement.

 

 10.2.4 If
an approved transfer, as required by Section 12.6 of this Agreement, is not effected within the time provided following a death
or permanent incapacity (mental or physical).

  

10.2.5 If you fail to comply
with the covenants in Section 7 of this Agreement or fail to deliver to us the executed covenants required under Section 7.6 or
Section 8.4 of this Agreement.

 

10.2.6 If, contrary to the terms
of Section 8 of this Agreement, you or any principal or employee of yours disclose or divulge the contents of the Manuals or other
confidential information provided to you by us.

 

10.2.7 If you or any principal
of yours has made any material misrepresentations in connection with your application to us for the franchise granted herein.

 

10.2.8 If you, after curing
a default pursuant to Section 10.3 of this Agreement, commit the same, similar, or different default again, whether or not cured
after notice, or if you incur three (3) late fees or insufficient funds fees in any twelve (12) month period.

 

10.2.9 If you lose, through
revocation, forfeiture, failure to renew, or otherwise, any license required with respect to the operation of the Franchised Business.

 

10.2.10 If you fail to successfully
complete our initial training program.

 

10.2.11 If you understate any
payment to us by two percent (2%) or more, or understate any such payment in any amount twice in any two (2) year period.

 

    	23

    	 

    

 

10.2.12 If you knowingly maintain
false books or records or submit any false reports or statements to us.

  

10.2.13 If you fail to obtain
or maintain required insurance coverage and do not obtain such coverage within ten (10) days after written notice from us.

  

10.2.14 If, within ten (10)
days after receipt of written notice from us that any required payment is overdue, you do not make such payment to us, our affiliates,
or to your suppliers or creditors unless, with respect to your suppliers or creditors, you notify us of the existence on a bona
fide dispute and takes immediate action to resolve it.

  

10.2.15 If you fail to make
timely payments of any obligation of yours upon which we have advanced any funds for you or on your behalf.

  

10.2.16 If you (or any guarantor,
officer or director of or a shareholder in you, if you are a corporation, or a general or limited partner of you, if you are a
partnership, or a member, if you are a limited liability company) or any other franchisee of ours which controls, is controlled
by, or is under common control with you fail to comply with any or all of the terms of this Agreement or any other agreement between
us or our affiliates and you within ten (10) days after receipt of written notice from us to do so.

 

10.2.17 If you default in the
repayment or performance of any obligation or financing transaction with third parties under which any asset of the Franchised
Business is pledged as security for your performance.

  

10.2.18 If you fail to comply
with all applicable laws and ordinances relating to the Franchised Business, including Anti-Terrorism Laws, or if your or any of
your owners’ assets, property, or interests are blocked under any law, ordinance, or regulation relating to terrorist activities,
or you or any of your owners otherwise violate any such law, ordinance, or regulation.

  

10.2.19 If you fail to register
the Unit Franchise Disclosure Document with any registration state applicable to the Master Territory or if you violate any requirements
of applicable federal or state law related to the disclosure and sale of franchises.

  

10.2.20 If you fail to comply
with the Minimum Development Quota.

  

10.3        Termination with Notice
and Opportunity to Cure

 

Except as otherwise
provided in Sections 10.1 and 10.2 of this Agreement, you shall have thirty (30) days after your receipt from us of a written notice
of default within which to remedy any default under this Agreement and to provide evidence thereof to us. If any such default is
not cured within the specified time, or such longer period as applicable law may require, we shall have the right to terminate
this Agreement by providing written notice of termination to you. You shall be in default pursuant to this Section 10.3 for failure
to substantially comply with any of the requirements imposed by this Agreement, as it may from time to time reasonably be modified
or supplemented by the Manuals, or your failure to carry out the terms of this Agreement in good faith.

  

10.4        Cross-Default

 

Any default by you
(or any person/company affiliated with you) under this Agreement may be regarded as a default under any other agreement between
us (or any of our affiliates) and you (or any of your affiliates). Any default by you (or any person/company affiliated with you)
under any other agreement, including, but not limited to, any lease and/or sublease, between us (or any of our affiliates) and
you (or any person/company affiliated with you), and any default by you (or any person/company affiliated with you) under any obligation
to us (or any of our affiliates) may be regarded as a default under this Agreement. Any default by you (or any person/company affiliated
with you) under any lease, sublease, loan agreement, security interest or otherwise, whether with us, any of our affiliates and/or
any third party may be regarded as a default under this Agreement and/or any other agreement between us (or any of our affiliates)
and you (or any of your affiliates).

 

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In each of the foregoing
cases, we (and any of our affiliates) will have all remedies allowed at law, including termination of your rights (and/or those
of any person/company affiliated with you) and our (and/or our affiliates’) obligations. No right or remedy which we may
have (including termination) is exclusive of any other right or remedy provided under law or equity and we may pursue any rights
and/or remedies available. 

 

10.5        Our Right to Discontinue
Services to You

 

If you are in breach
of any obligation under this Agreement, and we deliver to you a notice of termination as provided herein, we have the right to
suspend our performance of any of our obligations under this Agreement including, without limitation, the sale or supply of any
services or products for which we are an approved supplier to you and/or suspension of your webpage and/or listing on the System
Website, until such time as you correct the breach.

  

10.6        Termination of this Agreement
by You

 

You shall have no right
to terminate this Agreement.

 

10.7        Without Prejudice

 

The termination of
this Agreement shall be without prejudice to any remedy or cause of action which we may have against you for the recovery of any
monies due us or any equipment or other property of ours, or any other right of ours to recover damages for any breach hereof.

 

10.8        Amendment Pursuant to Applicable
Law

 

Notwithstanding anything
to the contrary contained in this Article, if any valid, applicable law or regulation of a competent governmental authority having
jurisdiction over this franchise and the parties hereto shall limit our rights of termination under this Agreement or shall require
longer notice periods than those set forth above, this Agreement is deemed amended to satisfy the minimum notice periods or restrictions
upon such termination required by such laws and regulations; provided, however, that such constructive amendment shall not be deemed
a concession by us that the grounds for termination set forth in this Agreement do not constitute “good cause“ for
termination within the meaning ascribed to that term by any applicable law or regulation. We shall not be precluded from contesting
the validity, enforceability or application of such laws or regulations in any action, hearing or proceeding relating to this Agreement
or the termination of this Agreement.

 

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11.          OBLIGATIONS UPON TERMINATION
OR EXPIRATION

 

Upon termination or
expiration of this Agreement, all rights granted under this Agreement to you shall forthwith terminate and:

 

11.1        Cessation of Business

 

You shall immediately
cease to operate the Franchised Business, and shall not thereafter, directly or indirectly, represent to the public or hold yourself
out as a present or former master franchisee of ours.

 

11.2        Cessation of Use of Confidential
Information and Proprietary Marks

 

You shall immediately
and permanently cease to use, by advertising or in any other manner whatsoever, any confidential methods, procedures, and techniques
associated with the System, and all Proprietary Marks and distinctive forms, slogans, signs, symbols, and devices associated with
the System.

 

11.3        Cancellation of Assumed
Name Registration

 

You shall take such
action as may be necessary to cancel any assumed name registration or equivalent registration obtained by you which contains the
Proprietary Marks; and you shall furnish us with evidence satisfactory to us of compliance with this obligation within thirty (30)
days after termination or expiration of this Agreement.

 

11.4        Payment of Monies Due; Liquidated
Damages

 

11.4.1 You shall
promptly pay all sums owing to us and our affiliates. In the event of termination for any default of yours, such sums shall
include all damages, costs, and expenses, including reasonable attorneys’ fees, incurred by us as a result of the
default, which obligation shall give rise to and remain, until paid in full, a lien in our favor against any and all
leasehold improvements, fixtures, furnishings and equipment, inventory, supplies and vehicles located at or used in
connection with the Franchised Business, together with all accounts, payment intangibles, attachments, accessories,
additions, substitutions and replacements, all cash and non-cash proceeds derived from insurance or the disposition of such
assets, all your rights to use the Proprietary Marks, patents, copyrights and their registrations, trade secret information
and other proprietary rights, and all rights granted, owned or licensed to you under this Agreement for the use of the
Proprietary Marks, trade names, trade styles, patents, copyrights, trade secret information and other proprietary rights. We
shall have full power and authority to file such documents as are necessary to obtain and perfect such lien. We shall have
the right to set off any amounts which we deem are payable to us by you.

  

11.4.2 In addition
to the foregoing, upon termination of this Agreement by us for cause as described in Section 10, you agree to pay to us within
fifteen (15) days after the effective date of this Agreement’s termination, in addition to the amounts owed hereunder, liquidated
damages equal to the average monthly Unit Franchise Performance Royalty Fee and Franchise Sales Royalty Fee you paid during the
twelve (12) months of operation preceding the effective date of termination multiplied by (a) twenty-four (24) (being the
number of months in two (2) full years), or (b) the number of months remaining in the Agreement had it not been terminated, whichever
is lower. 

 

11.4.3 The parties hereto acknowledge
and agree that it would be impracticable to determine precisely the damages we would incur from this Agreement’s termination
and the loss of cash flow from Royalty Fees due to, among other things, the complications of determining what costs, if any, we
might have saved and how much the Royalty Fees would have grown over what would have been this Agreement’s remaining term.
The parties hereto consider this liquidated damages provision to be a reasonable, good faith pre-estimate of those damages.

  

11.4.4 The liquidated damages
provision only covers our damages from the loss of cash flow from the Royalty Fees. It does not cover any other damages, including
damages to our reputation with the public and landlords and damages arising from a violation of any provision of this Agreement
other than the Royalty Fee sections. You and each of your principals agree that the liquidated damages provision does not give
us an adequate remedy at law for any default under, or for the enforcement of, any provision of this Agreement other than the Royalty
Fee sections.

 

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11.5        Costs to Secure Compliance

 

You shall pay to us
all damages, costs, and expenses, including reasonable attorneys’ fees, incurred by us prior or subsequent to the termination
or expiration of the franchise herein granted in obtaining injunctive or other relief for the enforcement of any provisions of
this Section 11.

 

11.6        Return of Manuals and Other
Confidential Information

 

You shall immediately
deliver to us the Manuals and all other records, correspondence, files, and any instructions containing confidential information
relating to the operation of the Franchised Business which are in your possession, and all copies thereof, all of which are acknowledged
to be our property.

 

11.7        Irreparable Injury to Us

 

You agree and acknowledge
that your failure to comply with the provisions of this Section 11 will result in irreparable harm to us and to the Proprietary
Marks, and you agree to pay all damages, expenses, court costs and reasonable attorneys’ fees incurred by us in obtaining
specific performance of, or an injunction against violation of, and/or damages resulting from a violation of, the requirements
of this Section 11.

 

11.8        Compliance with Post-Term
Covenants

 

All of your covenants,
obligations, and agreements which by their terms or by reasonable implication are to be performed, in whole or in part, after the
termination or expiration of this Agreement, shall survive such termination or expiration.

 

12.          TRANSFER
OF INTEREST

 

12.1        Transfer by Us

 

We shall have the right
to assign this Agreement and all of our attendant rights and privileges to any person, firm, corporation or other entity provided
that, with respect to any assignment resulting in the subsequent performance by the assignee of our functions: (i) the assignee
shall, at the time of such assignment, be financially responsible and economically capable of performing our obligations; and (ii) the
assignee shall expressly assume and agree to perform such obligations.

 

You expressly affirm
and agree that we may sell our assets, our rights to the Proprietary Marks or to the System outright to a third party; may go public;
may engage in a private placement of some or all of our securities; may merge, acquire other corporations, or be acquired by another
corporation; may undertake a refinancing, recapitalization, leveraged buyout or other economic or financial restructuring; and,
with regard to any or all of the above sales, assignments and dispositions, you expressly and specifically waive any claims, demands
or damages arising from or related to the loss of said Proprietary Marks (or any variation thereof) and/or the loss of association
with or identification of “Kiosk Concepts, Inc.“ as Franchisor. Nothing contained in this Agreement shall require us
to remain in the same business or to offer the same products and services, whether or not bearing the Proprietary Marks, in the
event that we exercise our right to assign our rights in this Agreement.

 

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12.2        Transfer by You

 

You understand and
acknowledge that the rights and duties set forth in this Agreement are personal to you, and that we have granted this franchise
in reliance on your (or, if you are a corporation, partnership, or limited liability company, your principals’) business
skill, financial capacity, and personal character. Accordingly, neither you nor any immediate or remote successor to any part of
your interest in this Agreement, nor any individual, partnership, corporation, or other legal entity which directly or indirectly
owns any interest in you shall not sell, encumber, assign, transfer, convey, pledge, merge, or give away any direct or indirect
interest in this Agreement, in you, or in all or substantially all of the assets of the Franchised Business. Any change in the
control of you shall be deemed a transfer for purposes of this Agreement. Any purported assignment or transfer shall be null and
void and shall constitute a material breach of this Agreement, for which we may immediately terminate without opportunity to cure
pursuant to Section 10.2.3 of this Agreement.

 

12.3        Granting of a Security Interest
by You

 

You shall not grant
a security interest in the Franchised Business or in any of the assets of the Franchised Business without first obtaining our prior
written consent. Our consent or refusal to consent may be based upon whatever factors we, in our sole discretion, deem economically
and commercially reasonable in protecting our interests and security interest under this Agreement and the relationship created
under this Agreement; however, if you are in good standing under this Agreement and all other agreements between us or our affiliates
and you, we shall, upon your written request, execute a written subordination of our security interest to lenders and/or lessors
providing financing for the Franchised Business. Under any circumstances however, we shall not consent to any such granting of
a security interest unless all of the following conditions are met:

 

12.3.1 Such security is granted
only for the purpose of securing a loan in your favor, which loan shall only be for the benefit of the Franchised Business.

 

12.3.2 In the event of any default
by you under any documents in any way relating to the security interest or the loan to which it relates, we shall have the right
at our sole option (but not the obligation) to cure any such default and/or to be substituted as obligor to the lender whose interests
are secured by such security interest.

 

12.3.3 In the event of any such
default, and if we choose to be substituted as obligor, we shall be so substituted in all respects on the same terms and conditions
to which you were subject, except that any acceleration of the obligations secured, due to your default, shall be void upon cure
by us.

 

12.3.4 Such other conditions
and terms as we shall deem necessary and/or prudent to protect our interests under this Agreement.

 

12.4        Transfer Upon Death or Disability

 

Upon the death or permanent
disability (mental or physical) of any person with an interest in this Agreement, in you, or in all or substantially all of the
assets of the Franchised Business, the executor, administrator, or personal representative of such person shall transfer such interest
to a third party approved by us within twelve (12) months after such death or disability. Such transfers, including, without limitation,
transfers by devise or inheritance, shall be subject to the same conditions as any inter vivos transfer, except that the
transfer fee shall be waived. In the case of transfer by devise or inheritance, however, if the heirs or beneficiaries of any such
person are unable to meet the conditions of this Section 12, the executor, administrator, or personal representative of the decedent
shall transfer the decedent’s interest to another party approved by us within twelve (12) months, which disposition shall
be subject to all the terms and conditions for transfers contained in this Agreement. We may, at our option, assume management
and control of the Franchised Business during such twelve (12) month period and shall be paid a reasonable monthly management fee
for our services as determined by us. If the interest is not disposed of within such period, we may, at our option, terminate this
Agreement pursuant to Section 10.2.4 of this Agreement.

 

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12.5        Non-Waiver of Claims

 

Our consent to a transfer
shall not constitute a waiver of any claims we may have against the transferring party, nor shall it be deemed a waiver of our
right to demand exact compliance with any of the terms of this Agreement by the transferor or transferee.

 

12.6        Transfer by You in Bankruptcy
– Right of First Refusal

 

If, for any reason,
this Agreement is not terminated pursuant to Section 10.1 and this Agreement is assumed, or assignment of the same to any person
or entity who has made a bona fide offer to accept an assignment of this Agreement is contemplated pursuant to the United
States Bankruptcy Code, then notice of such proposed assignment or assumption setting forth: (a) the name and address of the proposed
assignee, and (b) all of the terms and conditions of the proposed assignment and assumption shall be given to us within twenty
(20) days after receipt of such proposed assignee’s offer to accept assignment of this Agreement, and, in any event, within
ten (10) days prior to the date application is made to a court of competent jurisdiction for authority and approval to enter into
such assignment and assumption, and we shall thereupon have the prior right and option, to be exercised by notice given at any
time prior to the effective date of such proposed assignment and assumption, to accept an assignment of this Agreement to us upon
the same terms and conditions and for the same consideration, if any, as in the bona fide offer made by the proposed assignee,
less any brokerage commissions which may be payable by you out of the consideration to be paid by such assignee for the assignment
of this Agreement.

 

13.          UNIT FRANCHISEES

 

13.1        Form of Unit Franchise Disclosure
Document and Unit Franchise Agreement

 

All Unit Franchise
Disclosure Documents and Unit Franchise Agreements utilized by you with Unit Franchisees in the Master Territory shall be in substantially
the form of our then-current Unit Franchise Disclosure Document and Unit Franchise Agreement, which shall be prepared by you in
accordance with the provisions of this Section and those of Section 5.1, and shall be reviewed and approved by us or our counsel.
You shall not use any Unit Franchise Disclosure Document or Unit Franchise Agreement that we or our counsel have disapproved. You
shall not use any Unit Franchise Disclosure Document that has not been registered in any registration state applicable to the Master
Territory.

 

You and we acknowledge
and agree that we are a third-party beneficiary to all Unit Franchise Agreements between you and Unit Franchisees in the Master
Territory, and that we shall have the right to assume any of your responsibilities, duties or functions under such Unit Franchise
Agreements in the event that this Agreement expires or is terminated for any reason. You shall include in the standard Unit Franchise
Agreement used by you a provision which states that we are a third-party beneficiary to the Unit Franchise Agreement and are entitled
to the rights granted in this Section 13. We shall have the right, but not the obligation, to enforce any provision of any Unit
Franchise Agreement if you fail to properly and promptly do so. You shall not terminate any Unit Franchisee without our prior written
consent.

 

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13.2        Unit Franchise Disclosure
Document and Unit Franchise Agreement Amendments

 

If you desire to change,
modify, adjust or amend the terms of our form of the Unit Franchise Disclosure Document and/or Unit Franchise Agreement for the
purpose of adapting the Unit Franchise Disclosure Document and/or Unit Franchise Agreement to reflect any terms or conditions which
are peculiar to your circumstances or to reflect legal requirements which are peculiar to the Master Territory, or which are required
by federal or state law and including, but not limited to, your obligation to update the Unit Franchise Disclosure Document annually
as required by applicable law, you shall submit copies of the revised Unit Franchise Disclosure Document and/or Unit Franchise
Agreement which include the requested changes to us and/or our counsel no less than thirty (30) days prior to the date said change,
modification, adjustment or amendment is to be implemented. We reserve the right to deny the change, modification, adjustment or
amendment and/or may recommend additional changes or modifications. No such change shall materially affect the terms and condition
of this Agreement.

 

You understand and
acknowledge that you are solely responsible for ensuring that any material changes you make to the Unit Franchise Disclosure Document,
once approved by us or our counsel, shall be submitted as an amendment to any registration state applicable to the Master Territory
at your expense. You further understand and acknowledge that you shall renew the Unit Franchise Disclosure Document with such registration
state(s) according to the rules of such registration state(s), but not less frequently than annually, at your expense.

 

13.3        Use of Proprietary Marks

 

You shall have the
responsibility and duty to properly supervise the use of the Proprietary Marks in the Master Territory. Your failure to exercise
the proper diligence in enforcing the terms of any Unit Franchise Agreement and to insure the appropriate monitoring and use of
the Proprietary Marks shall constitute a default under the terms of this Agreement which may result in termination of this Agreement.

 

13.4        Effect of Termination of
this Agreement

 

In the event this Agreement
is terminated or expires prior to the end of the term of this Agreement, those portions of this Agreement which pertain to and
apply to any Unit Franchise Agreement will continue in full force and effect, but only with regard to those Unit Franchise Agreements
which have been entered into and were in effect prior to the date of termination or expiration of this Agreement.

 

13.5        Unit Franchise Refund Policy

 

You shall comply with
our requirements related to a Unit Franchisee’s right to terminate its Unit Franchise Agreement according to the terms of
such Unit Franchise Agreement, if any, as well as our policy regarding refunds of initial franchise fees to Unit Franchisees, if
any.

 

14.          INDEPENDENT CONTRACTOR AND INDEMNIFICATION

 

14.1        No Fiduciary Relationship

 

This Agreement does
not create a fiduciary relationship between the parties hereto. You shall be an independent contractor; and nothing in this Agreement
is intended to constitute or appoint either party an agent, legal representative, subsidiary, joint venturer, partner, employee,
or servant of the other for any purpose whatsoever.

 

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14.2        Public Notice of Independent
Status

 

You shall conspicuously
identify yourself and the Franchised Business in all dealings with your customers, contractors, suppliers, public officials, and
others, as an independent master franchisee of ours, and shall place such notice of independent ownership in your Franchised Business
and on all forms. We shall have the right to specify the language of any such notice.

 

14.3        Independent Contractor

 

You acknowledge and
agree that you are not authorized to make any contract, agreement, warranty, or representation on our behalf, or to incur any debt
or other obligations in our name; and that we shall in no event assume liability for, or be deemed liable under this Agreement
as a result of, any such action; nor shall we be liable by reason of any act or omission of yours in your conduct of the Franchised
Business or for any claim or judgment arising therefrom against you or us.

 

14.4        Indemnification

 

You shall indemnify
and hold harmless to the fullest extent by law us, our affiliates and our respective directors, officers, employees, shareholders,
and agents, (collectively the “Indemnitees“) from any and all losses and expenses (as hereinafter defined) incurred
in connection with any litigation or other form of adjudicatory procedure, claim, demand, investigation, or formal or informal
inquiry (regardless of whether same is reduced to judgment) or any settlement thereof which arises directly or indirectly from,
as a result of, or in connection with your operation of the Franchised Business including, but not limited to, claims arising as
a result of the maintenance and operation of vehicles (collectively an “event“), and regardless of whether same resulted
from any strict or vicarious liability imposed by law on the Indemnitees; provided, however, that this indemnity shall not apply
to any liability arising from the gross negligence of the Indemnitees (except to the extent that joint liability is involved, in
which event the indemnification provided herein shall extend to any finding of comparative negligence or contributory negligence
attributable to you). For the purpose of this Section 14.4, the term “losses and expenses“ shall be deemed to include
compensatory, exemplary, or punitive damages; fines and penalties; attorneys’ fees; experts’ fees; court costs; costs
associated with investigating and defending against claims; settlement amounts; judgments; compensation for damages to our reputation
and goodwill; and all other costs associated with any of the foregoing losses and expenses. You shall give us prompt notice of
any event of which you are aware for which indemnification is required and, at your expense and risk, we may elect to assume (but
under no circumstance are obligated to undertake) the defense and/or settlement thereof, provided that we will seek your advice
and counsel. Any assumption of ours shall not modify your indemnification obligation. We may, in our sole judgment, take such actions
as we deem necessary and appropriate to investigate, defend, or settle any event or take other remedial or corrective actions with
respect thereto as may be, in our sole judgment, necessary for the protection of the Indemnitees or the System. You shall defend
us and each of our affiliates, officers, directors, shareholders, agents, and employees named in any lawsuit based on such loss
or expenses and shall pay all costs and reasonable attorneys’ fees associated with such defense. If we wish to retain our
own counsel to defend any such action, you shall reimburse us for all reasonable costs and legal fees incurred by us for such defense.
Said reimbursement shall be made to us in a timely manner upon demand as such fees are incurred by us and billed to you.

 

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15.         APPROVALS, WAIVERS AND
NOTICES

 

15.1        Obtaining Approvals

 

Whenever this Agreement
requires our prior approval or consent, you shall make a timely written request to us therefor, and such approval or consent must
be obtained in writing. We make no warranties or guarantees upon which you may rely, and assume no liability or obligation to you
by providing any waiver, approval, consent, or suggestion to you in connection with this Agreement, or by reason of any neglect,
delay, or denial of any request therefor.

  

15.2        No Waiver

 

No delay, waiver, omission,
or forbearance on our part to exercise any right, option, duty, or power arising out of any breach or default by you, or by any
other franchisee, of any of the terms, provisions, or covenants thereof, and no custom or practice by the parties at variance with
the terms of this Agreement, shall constitute our waiver to enforce any such right, option, or power as against you, or as to a
subsequent breach or default by you. Subsequent acceptance by us of any payments due to us under this Agreement shall not be deemed
to be our waiver of any preceding or succeeding breach by you of any terms, covenants, or conditions of this Agreement.

 

15.3        Notices

 

All notices or demands
shall be in writing and shall be served in person, by Express Mail, by certified mail; by private overnight delivery; or by facsimile.
Service shall be deemed conclusively made (a) at the time of service, if personally served; (b) twenty-four (24) hours (exclusive
of weekends and national holidays) after deposit in the United States mail, properly addressed and postage prepaid, if served
by Express Mail; (c) upon the earlier of actual receipt or three (3) calendar days after deposit in the United States mail, properly
addressed and postage prepaid, return receipt requested, if served by certified mail; (d) twenty-four (24) hours after delivery
by the party giving the notice, statement or demand if by private overnight delivery; and (e) at the time of transmission by facsimile,
if such transmission occurs prior to 5:00 p.m. on a business day and a copy of such notice is mailed within twenty-four (24) hours
after the transmission. Notices and demands shall be given to the respective parties at the following addresses, unless and until
a different address has been designated by written notice to the other party: 

	 	 	 	 	 
	 	To Franchisor:	Kiosk Concepts, Inc.	 
	 	 	1110 South Avenue	 
	 	 	Staten Island, New York 10314
	 	 	Attention: President	 
	 	 	Fax:	 
	 	 	 	 
	 	With a copy to:	Harold L. Kestenbaum, Esq.
	 	 	90 Merrick Avenue, Suite 601
	 	 	East Meadow, New York 11554
	 	 	Fax: (516) 745-0293	 
	 	 	 	 
	 	To Master Franchisee:	The Grilled Cheese Truck, Inc.
	 	 	151 North Nob Hill Road, Suite 321
	 	 	Fort Lauderdale, FL. 33324	 
	 	 	Fax:	 	 

 

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	 	With a copy to:	Martin J. Brill, Esq.	 
	 	 	Levene, Neale, Bender, Yoo & Brill, LLP _________
	 	 	10250 Constellation Blvd., Suite 1700
	 	 	Los Angeles, CA 90067	 
	 	 	Fax: (310 229-1244	 

   

Either party may change
its address for the purpose of receiving notices, demands and other communications as herein provided by a written notice given
in the manner aforesaid to the other party.

 

16.          ENTIRE AGREEMENT; SEVERABILITY
AND CONSTRUCTION

 

16.1        Entire Agreement

 

This Agreement, any
attachments hereto, and any ancillary agreements between you and us or any affiliate which are executed contemporaneously with
this Agreement, constitute the entire and complete Agreement between us (and, if applicable, any affiliate) and you concerning
the subject matter thereof, and supersede all prior agreements. You acknowledge that you are entering into this Agreement, and
any ancillary agreements executed contemporaneously herewith, as a result of your own independent investigation of the business
franchised hereby and not as a result of any representation made by us or persons associated with us, or other franchisees, which
are contrary to the terms herein set forth or which are contrary to the terms of any Franchise Disclosure Document or other similar
document required or permitted to be given to you pursuant to applicable law. Except for those permitted under this Agreement to
be made unilaterally by us, no amendment, change, or variation from this Agreement shall be binding on either party unless mutually
agreed to by the parties and executed by their authorized officers or agents in writing. Nothing in this Section 16.1 is intended
to disclaim, or require you to waive reliance on, any representation made in the Franchise Disclosure Document (the “FDD”)
that we have provided to you, except with respect to specific contract terms and conditions set forth in the FDD that you have
voluntarily waived during the course of franchise-sale negotiations.

 

16.2        Severability and
Construction

 

Except as expressly
provided to the contrary herein, each section, paragraph, part, term, and provision of this Agreement shall be considered severable;
and if, for any reason, any section, paragraph, part, term, provision, and/or covenant herein is determined to be invalid and
contrary to, or in conflict with, any existing or future law or regulation by a court or agency having valid jurisdiction, such
shall not impair the operation of, or have any other effect upon, such other portions, sections, paragraphs, parts, terms, provisions,
and/or covenants of this Agreement as may remain otherwise intelligible; and the latter shall continue to be given full force
and effect and bind the parties hereto; and the invalid portions, sections, paragraphs, parts, terms, provisions, and/or covenants
shall be deemed not to be a part of this Agreement. Neither this Agreement or any uncertainty or ambiguity in this Agreement shall
be construed or resolved against the drafter of this Agreement, whether under any rule of construction or otherwise. On the contrary,
this Agreement has been review by all parties and shall be construed and interpreted according to the ordinary meaning of the
words used to fairly accomplish the purposes and intentions of all parties to this Agreement. We and you intend that if any provision
of this Agreement is susceptible to two or more constructions, one of which would render the provision enforceable and the other
or others of which would render the provision unenforceable, the provision shall be given the meaning that renders it enforceable. 

 

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16.3        Survival of Obligations
After Expiration or Termination of Agreement

 

Any provision or covenant
of this Agreement which expressly or by its nature imposes obligations beyond the expiration or termination of this Agreement shall
survive such expiration or termination.

  

16.4        Survival of Modified
Provisions

 

You expressly agree
to be bound by any promise or covenant imposing the maximum duty permitted by law which is subsumed within the terms of any provision
of this Agreement, as though it were separately articulated in and made a part of this Agreement, that may result from striking
from any of the provisions of this Agreement any portion or portions which a court or agency having valid jurisdiction may hold
to be unreasonable and unenforceable in an unappealed final decision to which we are a party, or from reducing the scope of any
promise or covenant to the extent required to comply with such a court or agency order.

 

16.5        Captions

 

All captions in this
Agreement are intended for the convenience of the parties, and none shall be deemed to affect the meaning or construction of any
provision of this Agreement.

 

16.6        Responsibility

 

The term “Master
Franchisee” or “you” as used in this Agreement shall refer to each person executing this Agreement as Master
Franchisee/you, whether such person is one of the spouses, partners, shareholders, members, trustees, trustors or beneficiaries
or persons named as included in Master Franchisee/you, and shall apply to each such person as if he were the only named Master
Franchisee in this Agreement.

 

16.6.1If
Master Franchisee is a married couple, both husband and wife executing this Agreement shall be liable for all obligations and
duties of Master Franchisee under this Agreement as if such spouse were the sole Master Franchisee under this Agreement.

 

16.6.2If
Master Franchisee is a partnership or if more than one person executes this Agreement as Master Franchisee, each partner or person
executing this Agreement shall be liable for all the obligations and duties of Master Franchisee under this Agreement.

 

16.6.3If
Master Franchisee is a trust, each trustee, trustor and beneficiary signing this Agreement shall be liable for all of the obligations
and duties of Master Franchisee under this Agreement.

 

16.6.4If
Master Franchisee is a corporation or limited liability company, all shareholders or members executing this Agreement shall be
liable for all obligations and duties of Master Franchisee under this Agreement as if each such shareholder or member were the
sole Master Franchisee under this Agreement.

 

16.6.5If
you are in breach or default under this Agreement, we may proceed directly against each such spouse, partner, signatory to this
Agreement, shareholder, member, trustee, trustor or beneficiary without first proceeding against you and without proceeding against
or naming in such suit any other Master Franchisee, partner, signatory to this Agreement, shareholder, member, trustee, trustor
or beneficiary. The obligations of you and each such spouse, partner, person executing this Agreement, shareholder, member, trustee,
trustor and beneficiary shall be joint and several.

 

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16.6.6Notice
to or demand upon one spouse, partner, person signing this Agreement, shareholder, member, trustee, trustor or beneficiary shall
be deemed notice to or demand upon you and all such spouses, partners, persons signing this Agreement, shareholders, members,
trustees, trustors and beneficiaries, and no notice or demand need be made to or upon all such Master Franchisee’s spouses,
partners, persons executing this Agreement, shareholders, members, trustees, trustors or beneficiaries.

 

16.6.7The
cessation of or release from liability of you, or any such spouse, partner, person executing this Agreement, shareholder, member,
trustee, trustor or beneficiary shall not relieve any other Master Franchisee, spouse, partner, person executing this Agreement,
shareholder, member, trustee, trustor or beneficiary from liability under this Agreement, except to the extent that the breach
or default has been remedied or monies owed have been paid.

 

16.7       Corporation, Partnership
or Limited Liability Company

 

16.7.1Except
as otherwise approved in writing by us, if you are a corporation, you shall: (a) confine your activities, and your governing documents
shall at all times provide that your activities are confined, exclusively to operating the Franchised Business; (b) maintain stop
transfer instructions on your records against the transfer of any equity securities and shall only issue securities upon the face
of which a legend, in a form satisfactory to us, appears which references the transfer restrictions imposed by this Agreement;
(c) not issue any non-voting securities convertible into voting securities; (d) maintain a Schedule of Principals with a current
list of all owners of record and all beneficial owners of any class of voting stock of you and furnish the list to us upon request.
In addition, each present and future shareholder of yours shall jointly and severally guarantee your performance of each and every
provision of this Agreement by executing a Guarantee in the form attached to this Agreement as Attachment B.

 

16.7.2If
you are a partnership you shall: (a) furnish us with your partnership agreement as well as such other documents as we may reasonably
request, and any amendments thereto; and (b) prepare and furnish to us a Schedule of Principals with a current list of all
general and limited partners in you. In addition, each present and future general partner of yours shall jointly and severally
guarantee your performance of each and every provision of this Agreement by executing a Guarantee in the form attached to this
Agreement as Attachment B.

 

16.7.3If
you are a limited liability company, you shall: (a) furnish us with a copy of your articles of organization and operating agreement,
as well as such other documents as we may reasonably request, and any amendments thereto; (b) prepare and furnish to us a Schedule
of Principals with a current list of all members and managers in you; and (c) maintain stop transfer instructions on your records
against the transfer of equity securities and shall only issue securities upon the face of which bear a legend, in a form satisfactory
to us. In addition, each present and future member of yours shall jointly and severally guarantee your performance of each and
every provision of this Agreement by executing a Guarantee in the form attached to this Agreement as Attachment B.

 

17.         APPLICABLE LAW

 

17.1        Choice of Law

 

This Agreement shall
be interpreted and construed under the laws of the State of New York. In the event of any conflict of law, the laws of New York
shall prevail, without regard to the application of such state’s conflict of law rules. If, however, any provision of this
Agreement would not be enforceable under the laws of New York, and if the Franchised Business is located outside of New York and
such provision would be enforceable under the laws of the state in which the Franchised Business is located, then such provision
shall be interpreted and construed under the laws of that other state. Nothing in this Section 17.1 is intended by the parties
to subject this Agreement to laws, rules, or regulation of any state to which it would not otherwise be subject.

 

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17.2        Non-Binding Mediation

 

17.2.1Franchisor
and Franchisee acknowledge that during the term of this Agreement disputes may arise between the parties that may be resolvable
through mediation. To facilitate such resolution, Franchisor and Franchisee agree that each party shall submit the dispute between
them for non-binding mediation at a mutually agreeable location before commencing litigation proceedings If Franchisor and Franchisee
cannot agree on a location, the mediation will be conducted in Staten Island, New York. The mediation will be conducted by one
(1) mediator who is appointed under the American Arbitration Association’s Commercial Mediation Rules and who shall conduct
the mediation in accordance with such rules. Franchisor and Franchisee agree that statements made by Franchisor, Franchisee or
any other party in any such mediation proceeding will not be admissible in any other legal proceeding. Each party shall bear its
own costs and expenses of conducting the mediation and share equally the costs of any third parties who are required to participate
in the mediation.

 

17.2.2If
any dispute between the parties cannot be resolved through mediation within forty-five (45) days following the appointment of
the mediator, the parties agree to resolve such dispute pursuant to litigation in the County of New York, State of New York

 

17.3       Venue

 

The parties agree that
any action brought by either party against the other in any court, whether federal or state, shall be brought within the County
of New York, State of New York at the time the action is initiated, and the parties hereby waive all questions of personal jurisdiction
or venue for the purpose of carrying out this provision.

 

17.4        Non-exclusivity of
Remedy

 

No right or remedy
conferred upon or reserved to us or you by this Agreement is intended to be, nor shall be deemed, exclusive of any other right
or remedy herein or by law or equity provided or permitted, but each shall be cumulative of every other right or remedy.

 

17.5        Right
to Injunctive Relief

 

Nothing herein contained
shall bar the right of either party to seek and obtain temporary and permanent injunctive relief from a court of competent jurisdiction
consistent with this Section 17 in accordance with applicable law against threatened conduct that will in all probability cause
loss or damage to you or us.

 

17.6        Incorporation of
Recitals

 

The recitals set forth
in Paragraphs A through C of this Agreement are true and correct and are hereby incorporated by reference into the body of this
Agreement.

 

    	36

    	 

    

 

18.         SECURITY INTEREST

 

18.1        Collateral

 

You grant to us a security
interest (“Security Interest”) in all of the furniture, fixtures, equipment, signage, and realty (including your interests
under all real property and personal property leases) of the Franchised Business, together with all similar property now owned
or hereafter acquired, additions, substitutions, replacements, proceeds, and products thereof, wherever located, used in connection
with the Franchised Business. All items in which a security interest is granted are referred to as the “Collateral”.

 

18.2        Indebtedness Secured

 

The Security Interest
is to secure payment of the following (the “Indebtedness”):

  

18.2.1All
amounts due under this Agreement or otherwise by you;

  

18.2.2All
sums which we may, at our option, expend or advance for the maintenance, preservation, and protection of the Collateral, including,
without limitation, payment of rent, taxes, levies, assessments, insurance premiums, and discharge of liens, together with interest,
or any other property given as security for payment of the Indebtedness;

 

18.2.3All
expenses, including reasonable attorneys’ fees, which we incur in connection with collecting any or all Indebtedness secured
hereby or in enforcing or protecting our rights under the Security Interest and this Agreement; and

 

18.2.4All
other present or future, direct or indirect, absolute or contingent, liabilities, obligations, and indebtedness of you to us or
third parties under this Agreement, however created, and specifically including all or part of any renewal or extension of this
Agreement, whether or not you execute any extension agreement or renewal instruments.

 

Our security interest,
as described herein, shall be subordinated to any financing related to your operation of the Franchised Business, including, but
not limited to, a real property mortgage and equipment leases.

 

18.3        Additional Documents

 

You will from time
to time as required by us join with us in executing any additional documents and one or more financing statements pursuant to the
Uniform Commercial Code (and any assignments, extensions, or modifications thereof) in form satisfactory to us.

 

18.4        Possession of Collateral

 

Upon default and termination
of your rights under this Agreement, we shall have the immediate right to possession and use of the Collateral.

 

18.5        Our Remedies in Event
of Default

 

You agree that, upon
the occurrence of any default set forth above, the full amount remaining unpaid on the Indebtedness secured shall, at our option
and without notice, become due and payable immediately, and we shall then have the rights, options, duties, and remedies of a secured
party under, and you shall have the rights and duties of a debtor under, the Uniform Commercial Code of New York (or other applicable
law), including, without limitation, our right to take possession of the Collateral and without legal process to enter any premises
where the Collateral may be found. Any sale of the Collateral may be conducted by us in a commercially reasonable manner. Reasonable
notification of the time and place of any sale shall be satisfied by mailing to you pursuant to the notice provisions set forth
above.

 

    	37

    	 

    

 

18.6        Special Filing as
Financing Statement

 

This Agreement shall
be deemed a Security Agreement and a Financing Statement. This Agreement may be filed for record in the real estate records of
each county in which the Collateral, or any part thereof, is situated and may also be filed as a Financing Statement in the counties
or in the office of the Secretary of State, as appropriate, in respect of those items of Collateral of a kind or character defined
in or subject to the applicable provisions of the Uniform Commercial Code as in effect in the appropriate jurisdiction.

 

19.          ACKNOWLEDGMENTS

 

19.1        Recognition of Business
Risks

 

You acknowledge that
you have conducted an independent investigation of the proposed franchise, and recognize that the business venture contemplated
by this Agreement involves business risks and that your success will be largely dependent upon your ability as an independent business
person. We expressly disclaim the making of, and you acknowledge that you have not received, any warranty or guarantee, express
or implied, as to the potential sales, income, profits, or success of the business venture contemplated by this Agreement, or of
other Franchised Businesses.

 

19.2        Receipt of Franchise
Disclosure Document

 

You acknowledge that
you have received a copy of our complete FDD for Master Franchised Businesses at least (14) calendar days prior to the date on
which this Agreement was executed or any payment was made to us or any of our affiliates. You acknowledge and agree that we have
made no promises, representations, warranties or assurances to you which are inconsistent with the terms of this Agreement or our
FDD concerning the profitability or likelihood of success of the Franchised Business, that you have been informed by us that there
can be no guaranty of success in the Franchised Business, and that your business ability and aptitude is primary in determining
your success.

 

19.3        Review of Agreement

 

You acknowledge that
you have read and understood this Agreement, the attachments hereto, and agreements relating thereto, if any, and that we have
accorded you ample time and opportunity to consult with advisors and counsel of your own choosing about the potential benefits
and risks of entering into this Agreement.

 

19.4        Attorneys’
Fees

 

If we become a party
to any legal proceedings concerning this Agreement or the Franchised Business by reason of any act or omission of you or your authorized
representatives, you shall be liable to us for the reasonable attorneys’ fees and court costs incurred by us in the legal
proceedings. If either party commences a legal action against the other party arising out of or in connection with this Agreement,
the prevailing party shall be entitled to have and recover from the other party its reasonable attorneys’ fees and costs
of suit.

 

19.5        Atypical Arrangements

 

You acknowledge and
agree that we may modify the offer of our franchises to other franchisees in any manner and at any time, which offers have or may
have terms, conditions, and obligations which may differ from the terms, conditions, and obligations in this Agreement. You further
acknowledge and agree that we have made no warranty or representation that all Master Franchise Agreements previously issued or
issued after this Master Franchise Agreement by us do or will contain terms substantially similar to those contained in this Master
Franchise Agreement. We may, in our reasonable business judgment and our sole and absolute discretion, due to local business conditions
or otherwise, waive or modify comparable provisions of other Master Franchise Agreements executed before or after the date of this
Master Franchise Agreement with other Master Franchisees in a non-uniform manner.

 

    	38

    	 

    

 

19.6        Limitation of Adjudicative
Proceedings

 

Any and all claims
and actions arising out of or relating to this Agreement, the relationship of you and us, or your operation of the Franchised Business,
brought by any party hereto against the other, shall be commenced within two (2) years from the occurrence of the facts giving
rise to such claim or action, or such claim or action shall be barred.

 

19.7        Trial by Jury

 

We
and you each hereby waive our respective right to trial by jury of any cause of action, claim, counterclaim or cross-complaint
in any action, proceeding and/or hearing brought by either us or you on any matter whatsoever arising out of, or in any way connected
with, this Agreement, the relationship of the parties, the use of the Proprietary Marks or System by you, or any claim of injury
or damage, or the enforcement of any remedy under any law, statute, regulation, emergency or otherwise, now or hereafter in effect,
to the fullest extent permitted under law.

 

19.8        Punitive or Exemplary
Damages

 

We and you, and our
respective directors, officers, shareholders and guarantors, as applicable, each hereby waive to the fullest extent permitted by
law, any right to, or claim for, punitive or exemplary damages against the other and agree that, in the event of a dispute between
them, each is limited to recovering only the actual damages proven to have been sustained by it.

 

19.9        Additional Documents

 

Each of the parties
agrees to execute, acknowledge and deliver to the other party and to procure the execution, acknowledgment and delivery to the
other party of any additional documents or instruments which either party may reasonably require to fully effectuate and carry
out the provisions of this Agreement.

 

19.10      Counterparts

 

This Agreement may
be executed by the parties in one or more counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute one and the same instrument.

 

    	39

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on the date first shown above. 

	 	 	 	 	 	 	 
	 	 	KIOSK CONCEPTS, INC.:	 
	 	 	 	 	 	 	 
	 	 	By:	 	 	 	 
	Witness	 	Name:	 	 
	 	 	Title:	 	 	 
	 	 	 	 	 	 	 
	 	 	MASTER FRANCHISEE:	 
	 	 	THE GRILLED CHEESE TRUCK, INC.	 
	 	 	 	 	 	 	 
	 	 	By:	 	 	 	 
	Witness	 	Name:	 	 
	 	 	Title:	 	 	 

 

    	40

    	 

    
 

SCHEDULE OF PRINCIPALS (Not Applicable) 

 

ANY OTHER PERSON NOT
LISTED IN THIS AGREEMENT WHO IS A SPOUSE, PARTNER, AN OFFICER, DIRECTOR, SHAREHOLDER, GENERAL PARTNER OR MEMBER OF MASTER FRANCHISEE: 

	 	 	 	 	 	 
	Name:	 	 	 	 
	Address:	 	 	 
	Telephone:	 	Relationship:	 

 

	 	 	 	 	 	 
	Name:	 	 	 	 
	Address:	 	 	 
	Telephone:	 	Relationship:	 

  

	 	 	 	 	 	 
	Name:	 	 	 	 
	Address:	 	 	 
	Telephone:	 	Relationship:	 

  

	 	 	 	 	 	 
	Name:	 	 	 	 
	Address:	 	 	 
	Telephone:	 	Relationship:	 

  

	 	 	 	 	 	 
	Name:	 	 	 	 
	Address:	 	 	 
	Telephone:	 	Relationship:	 

  

	 	 	 	 	 	 
	Name:	 	 	 	 
	Address:	 	 	 
	Telephone:	 	Relationship:	 

  

    	 

    	 

    

 

Attachment A to 

Master Franchise Agreement 

 

MASTER TERRITORY AND COMMENCEMENT DATE  

	 	 	 
	           MASTER
    TERRITORY:	               North America	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

COMMENCEMENT DATE:
Upon approval of the State of New York. 

	 	 	 	 	 	 	 	 	 
	KIOSK CONCEPTS, INC.	 	MASTER FRANCHISEE
	 	 	 	 	 	THE GRILLED CHEESE TRUCK, INC.
	 	 	 	 	 	 	 	 	 
	By:	 	 	 	 	By:	 	 	 
	Name:	 	 	Name:	 
	Title:	 	 	 	Title:	 	 

 

    	 

    	 

    

 

Attachment
B to

Master
Franchise Agreement

 

GUARANTEES
OF MASTER FRANCHISE AGREEMENT

 

As
an inducement to Kiosk Concepts, Inc. (“Franchisor”) to enter into a Master Franchise Agreement with __N/A____________________
(“Master Franchisee”) dated __________________, 20____ (the “ Master Franchise Agreement”), ___________________________________
(“Guarantors”), jointly and severally agree as follows:

 

A.          Guarantors
shall pay or cause to be paid to Franchisor all monies payable by Master Franchisee under the Master Franchise Agreement on the
days and times and in the manner therein appointed for payment thereof.

 

B.          Guarantors
shall unconditionally guarantee full performance and discharge by Master Franchisee of all the obligations of Master Franchisee
under the Master Franchise Agreement at the times and in the manner therein provided.

 

C.          Guarantors
shall indemnify and save harmless Franchisor and its affiliates against and from all losses, damages, costs, and expenses which
Franchisor and its affiliates may sustain, incur, or become liable for by reason of: (1) the failure for any reason whatsoever
of Master Franchisee to pay the monies payable pursuant to the Master Franchise Agreement or to do and perform any other act,
matter or thing pursuant to the provisions of the Master Franchise Agreement; or (2) any act, action, or proceeding of or
by Franchisor for or in connection with the recovery of monies or the obtaining of performance by Master Franchisee of any other
act, matter or thing pursuant to the provisions of the Master Franchise Agreement.

 

D.          Franchisor
shall not be obligated to proceed against Master Franchisee or exhaust any security from Master Franchisee or pursue or exhaust
any remedy, including any legal or equitable relief against Master Franchisee, before proceeding to enforce the obligations of
the Guarantors under this Guarantee, and the enforcement of such obligations may take place before, after, or contemporaneously
with, enforcement of any debt or obligation of Master Franchisee under the Master Franchise Agreement.

 

E.          Without
affecting the Guarantors’ obligations under this Guarantee, Franchisor, without notice to the Guarantors, may extend, modify,
or release any indebtedness or obligation of Master Franchisee, or settle, adjust, or compromise any claims against Master Franchisee.
Guarantors waive notice of amendment of the Master Franchise Agreement and notice of demand for payment or performance by Master
Franchisee.

 

F.          Guarantors’
obligations under this Guarantee shall remain in full force and effect, and shall be unaffected by: (1) the unenforceability of
the Master Franchise Agreement against Master Franchisee; (2) the termination of any obligations of Master Franchisee under the
Master Franchise Agreement by operation of law or otherwise; (3) the bankruptcy, insolvency, dissolution, or other liquidation
of Master Franchisee, including, without limitation, any surrender or disclaimer of the Franchise Agreement by the trustee in
bankruptcy of Master Franchisee; (4) Franchisor’s consent or acquiescence to any bankruptcy, receivership, insolvency, or
any other creditor’s proceedings of or against Master Franchisee, or by the winding-up or dissolution of Master Franchisee,
or any other event or occurrence which would have the effect at law of terminating the existence of Master Franchisee’s
obligations prior to the termination of the Master Franchise Agreement; or (5) by any other agreements or other dealings between
Franchisor and Master Franchisee having the effect of amending or altering the Master Franchise Agreement or Master Franchisee’s
obligations under this Guarantee, or by any want of notice by Franchisor to Master Franchisee of any default of Master Franchisee
or by any other matter, thing, act, or omission of Franchisor whatsoever.

 

    	 

    	 

    

 

G.          Notice
to Guarantors shall be given as follows:

 

Names
and addresses: 

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

H.          This
Guarantee shall be interpreted and construed under the laws of the state in which Franchisor has its principal place of business
at the time the action is initiated. In the event of any conflict of law, the laws of such state shall prevail, without regard
to the application of such state’s conflict of law rules. If, however, any provision of this Guarantee would not be enforceable
under the laws of the state in which Franchisor has its principal place of business at the time the action is initiated, and if
the Master Franchisee’s franchised business is located outside of such state and such provision would be enforceable under
the laws of the state in which the Master Franchisee’s franchised business is located, then such provision shall be interpreted
and construed under the laws of that state. Any action brought to enforce or interpret this Guarantee in any court, whether federal
or state, shall be brought within the county and state in which Franchisor has its principal place of business at the time the
action is initiated, and Guarantors hereby waive all questions of personal jurisdiction or venue for the purpose of carrying out
this provision.

 

IN
WITNESS WHEREOF, each of the undersigned has signed this Guarantee as of the day and year set forth below.

 

GUARANTORS: 

	 	 	 	 	 
	 	 	 	 	 
	Date:	 	 	Date:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    	2

    	 

    

  

Attachment
C to

Master
Franchise Agreement

 

MULTI-STATE
ADDENDUM

 

CALIFORNIA
APPENDIX

 

		1.	California
                                         Business and Professions Code Sections 20000 through 20043 provide rights to you concerning
                                         termination or non-renewal of a franchise. If the Master Franchise Agreement contains
                                         provisions that are inconsistent with the law, the law will control.

 

		2.	The
                                         Master Franchise Agreement provides for termination upon bankruptcy. This provision may
                                         not be enforceable under Federal Bankruptcy Law (11 U.S.C.A. Sec. 101 et seq.).

 

		3.	The
                                         Master Franchise Agreement contains covenants not to compete which extend beyond the
                                         termination of the agreement. These provisions may not be enforceable under California
                                         law.

 

		4.	Section
                                         31125 of the California Corporation Code requires the franchisor to provide you with
                                         a disclosure document before asking you to agree to a material modification of an existing
                                         franchise.

 

		5.	Neither
                                         the franchisor, any person or franchise broker in Item 2 of the Disclosure Document is
                                         subject to any currently effective order of any national securities association or national
                                         securities exchange, as defined in the Securities Exchange Act of 1934, 15 U.S.C.A. 79a
                                         et seq., suspending or expelling such persons from membership in such association or
                                         exchange.

 

		6.	The
                                         Master Franchise Agreement requires non-binding mediation. The mediation will occur in
                                         New York with the costs being borne by equally by the parties. Prospective franchisees
                                         are encouraged to consult private legal counsel to determine the applicability of California
                                         and federal laws (such as Business and Professions Code Section 20040.5 and Code of Civil
                                         Procedure Section 1281) to any provisions of a franchise agreement restricting venue
                                         to a forum outside the State of California.

 

		7.	The
                                         Master Franchise Agreement requires application of the laws of New York. This provision
                                         may not be enforceable under California law.

 

		8.	You
                                         must sign a general release if you renew or transfer your franchise. California Corporation
                                         Code 31512 voids a waiver of your rights under the Franchise Investment Law (California
                                         Corporations Code 31000 through 31516). Business and Professions Code 20010 voids a waiver
                                         of your rights under the Franchise Relations Act (Business and Professions Code 20000
                                         through 20043).

 

		9.	THE
                                         CALIFORNIA FRANCHISE INVESTMENT LAW REQUIRES THAT A COPY OF ALL PROPOSED AGREEMENTS RELATING
                                         TO THE SALE OF THE FRANCHISE BE DELIVERED TOGETHER WITH THE DISCLOSURE DOCUMENT.

 

		10.	The
                                         Master Franchise Agreement contains a liquidated damages clause. Under California Civil
                                         Code Section 1671, certain liquidated damages clauses are unenforceable.

 

		11.	OUR
                                         WEBSITE, www.originalsoupman.com, HAS NOT BEEN REVIEWED OR APPROVED BY THE CALIFORNIA
                                         DEPARTMENT OF BUSINESS OVERSIGHT. ANY COMPLAINTS CONCERNING THE CONTENT OF THIS WEBSITE
                                         MAY BE DIRECTED TO THE CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT at www.dbo.ca.gov.

 

    	 

    	 

    

 

ADDENDUM
REQUIRED BY THE DEPARTMENT OF LAW OF THE STATE OF NEW YORK

 

The
following Items are required to be included within the Disclosure Document and shall be deemed to supersede the language in the
Disclosure Document itself:

 

3.            LITIGATION

 

Neither
the Franchisor, its Predecessor nor any person listed under Item 2 or an affiliate offering franchises under Franchisor’s
principal trademark:

 

		(A)	has
                                         an administrative, criminal or civil action pending against that person alleging: a felony;
                                         a violation of a franchise, antitrust or securities law; fraud; embezzlement; fraudulent
                                         conversion; misappropriation of property; unfair or deceptive practices; or comparable
                                         civil or misdemeanor allegations.

 

		(B)	has
                                         been convicted of a felony or pleaded nolo contendere to a felony charge or, within the
                                         ten year period immediately preceding the application for registration, has been convicted
                                         of or pleaded nolo contendere to a misdemeanor charge or has been the subject of a civil
                                         action alleging: violation of a franchise; anti-fraud or securities law; fraud; embezzlement;
                                         fraudulent conversion or misappropriation of property; unfair or deceptive practices;
                                         or comparable allegations.

 

		(C)	is
                                         subject to a currently effective injunctive or restrictive order or decree relating to
                                         the franchise, or under a Federal, State or Canadian franchise, securities, antitrust,
                                         trade regulation or trade practice law, resulting from a concluded or pending action
                                         or proceeding brought by a public agency; or is subject to any currently effective order
                                         of any national securities association or national securities exchange, as defined in
                                         the Securities and Exchange Act of 1934, suspending or expelling such person from membership
                                         in such association or exchange; or is subject to a currently effective injunctive or
                                         restrictive order relating to any other business activity as a result of an action brought
                                         by a public agency or department, including, without limitation, actions affecting a
                                         license as a real estate broker or sales agent.

 

4.            BANKRUPTCY

 

Neither
the Franchisor, its affiliate, its predecessor, officers, or general partner during the ten year period immediately before the
date of the disclosure document: (a) filed as debtor (or had filed against it) a petition to start an action under the U.S. Bankruptcy
Code (or any comparable foreign law); (b) obtained a discharge of its debts under the bankruptcy code; or (c) was a principal
officer of a company or a general partner in a partnership that either filed as a debtor (or had filed against it) a petition
to start an action under the U.S. Bankruptcy Code or that obtained a discharge of its debts under the U.S. Bankruptcy Code during
or within one year after the officer or general partner of the Franchisor held this position in the company or partnership. 

 

IN
WITNESS WHEREOF, the parties hereto have duly executed, sealed and delivered this Addendum dated this ______ day of ______________,
2015.

 

    	2

    	 

    

           

	 	 	 	 	 	 
	ATTEST	 	KIOSK CONCEPTS, INC.:
	 	 	 	 	 	 
	 	 	By:	 	 	 
	Witness	 	Name:	 
	 	 	Title:	 	 

	 	 	 	 	 	 
		 	MASTER
                    FRANCHISEE:

THE
GRILLED CHEESE TRUCK, INC.

	 	 	 	 	 	 
	 	 	By:	 	 	 
	 	 	Name:	 
	 	 	Title:	 	 
	 	 	 	 	 
	Witness	 	 	 	 

  

    	3

    	 

    

 

 Attachment D to

Master
Franchise Agreement

 

CONFIDENTIALITY
AND NON-COMPETITION AGREEMENT

(for
trained employees, shareholders, officers, directors,

general
partners, members and managers of Master Franchisee) 

 

In
consideration of my being a _________________________ of ____________________ (“Master Franchisee”), and other good
and valuable consideration, the receipt and sufficiency of which is acknowledged, I hereby acknowledge and agree that:

 

1.          Pursuant
to a Master Franchise Agreement dated _______________, 20___ (the “Master Franchise Agreement”), Master Franchisee
has acquired the right and franchise from Kiosk Concepts, Inc. (the “Company”) to establish and operate a The Original
Soupman master franchised business (the “Franchised Business”) and the right to use in the operation of the Franchised
Business the Company’s trade names, service marks, trademarks, logos, emblems, and indicia of origin (the “Proprietary
Marks”), as they may be changed, improved and further developed from time to time in the Company’s sole discretion,
only within the Master Territory, as defined in the Master Franchise Agreement.

 

2.          The
Company, as the result of the expenditure of time, skill, effort and resources has developed and owns a distinctive format and
system (the “System”) relating to the establishment and operation of Franchised Businesses under the Proprietary Marks.
The Company possesses certain proprietary and confidential information relating to the operation of the System, which includes
certain proprietary trade secrets, methods, techniques, formats, specifications, systems, procedures, methods of business practices
and management, sales and promotional techniques and knowledge of, and experience in, the operation of the Franchised Business
(the “Confidential Information”).

 

3.          Any
and all information, knowledge, know-how, and techniques which the Company specifically designates as confidential shall be deemed
to be Confidential Information for purposes of this Agreement.

 

4.          As
________ of the Master Franchisee, the Company and Master Franchisee will disclose the Confidential Information to me in furnishing
to me training programs, the Company’s Confidential Operations Manuals (the “Manuals”), and other general assistance
during the term of the Master Franchise Agreement.

 

5.          I
will not acquire any interest in the Confidential Information, other than the right to utilize it in the operation of the Franchised
Business during the term of the Master Franchise Agreement, and the use or duplication of the Confidential Information for any
use outside the System would constitute an unfair method of competition.

 

6.          The
Confidential Information is proprietary, involves trade secrets of the Company, and is disclosed to me solely on the condition
that I agree, and I do hereby agree, that I shall hold in strict confidence all Confidential Information and all other information
designated by the Company as confidential. Unless the Company otherwise agrees in writing, I will disclose and/or use the Confidential
Information only in connection with my duties as ________________ of the Master Franchisee, and will continue not to disclose
any such information even after I cease to be in that position and will not use any such information even after I cease to be
in that position unless I can demonstrate that such information has become generally known or easily accessible other than by
the breach of an obligation of Master Franchisee under the Master Franchise Agreement.

 

    	 

    	 

    

 

7.          Except
as otherwise approved in writing by the Company, I shall not, while in my position with the Master Franchisee, either directly
or indirectly for myself, or through, on behalf of, or in conjunction with any person, persons, partnership, or corporation, own,
maintain, operate, engage in, act as a consultant for, perform services for, or have any interest in any retail business or e-commerce
business which is the same as, or substantially similar to, a Franchised Business (a “Competitive Business”); and
for a continuous uninterrupted period commencing upon the cessation or termination of my position with Master Franchisee, regardless
of the cause for termination, or upon the expiration, termination, transfer, or assignment of the Master Franchise Agreement,
whichever occurs first, and continuing for two (2) years thereafter, either directly or indirectly, for myself, or through, on
behalf of, or in conjunction with any person, persons, partnership, or corporation, own, maintain, operate, engage in, act as
a consultant for, perform services for, or have any interest in any Competitive Business anywhere.

 

The
prohibitions in this Paragraph 7 do not apply to my interests in or activities performed in connection with a Franchised Business.
This restriction does not apply to my ownership of less than five percent (5%) beneficial interest in the outstanding securities
of any publicly held corporation.

 

8.          I
agree that each of the foregoing covenants shall be construed as independent of any other covenant or provision of this Agreement.
If all or any portion of a covenant in this Agreement is held unreasonable or unenforceable by a court or agency having valid
jurisdiction in an unappealed final decision to which the Company is a party, I expressly agree to be bound by any lesser covenant
subsumed within the terms of such covenant that imposes the maximum duty permitted by law, as if the resulting covenant were separately
stated in and made a part of this Agreement.

 

9.          I
understand and acknowledge that the Company shall have the right, in its sole discretion, to reduce the scope of any covenant
set forth in this Agreement, or any portion thereof, without my consent, effective immediately upon receipt by me of written notice
thereof; and I agree to comply forthwith with any covenant as so modified.

 

10.          The
Company is a third-party beneficiary of this Agreement and may enforce it, solely and/or jointly with the Master Franchisee. I
am aware that my violation of this Agreement will cause the Company and the Master Franchisee irreparable harm; therefore, I acknowledge
and agree that the Master Franchisee and/or the Company may apply for the issuance of an injunction preventing me from violating
this Agreement, and I agree to pay the Master Franchisee and the Company all the costs it/they incur(s), including, without limitation,
legal fees and expenses, if this Agreement is enforced against me. Due to the importance of this Agreement to the Master Franchisee
and the Company, any claim I have against the Master Franchisee or the Company is a separate matter and does not entitle me to
violate, or justify any violation of this Agreement.

 

11.          This
Agreement shall be construed under the laws of the State of New York. The only way this Agreement can be changed is in writing
signed by both the Master Franchisee and me.

 

    	2

    	 

    

 

	 	 
	 	Signature
	 	 
	 	 
	 	 Name
	 	 
	 	 
	 	Address
	 	 
	 	 
	 	Title

                                    

ACKNOWLEDGED
BY MASTER FRANCHISEE

THE
GRILLED CHEESE TRUCK, INC. 

	 	 	 	 	 
	
	By:	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 
	 	 	 
	Title:			

 

    	3

    	 

    

  

Attachment
E to

Master
Franchise Agreement

 

MINIMUM
DEVELOPMENT QUOTA

 

Master
Franchisee shall develop a minimum of ___NOT APPLICABLE_____________ (__) Restaurants during the first ______________ (__) years
of this Agreement, to be opened as follows:

	 	 	 	 	 
	Year One of this Agreement	—	____________	(____)	Restaurants;
	Year Two of this Agreement  	—	____________	(____)	Restaurants;
	Year Three of this Agreement  	—	____________	(____)	Restaurants;
	Year Four of this Agreement  	—	____________	(____)	Restaurants;
	Year Five of this Agreement  	—	____________	(____)	Restaurants;
	Year Six of this Agreement  	—	____________	(         )	Restaurants.
	Year Seven of this Agreement  	—	____________	(____)	Restaurants;
	Year Eight of this Agreement  	—	____________	(____)	Restaurants;
	Year Nine of this Agreement  	—	____________	(____)	Restaurants.
	Year Ten of this Agreement	—	____________	(         )	Restaurants.

 

APPROVED:                     

	 	 	 	 	 	 	 	 	 
	KIOSK CONCEPTS, INC.	 	MASTER FRANCHISEE
	 	 	 	 	 	 	 	 	 
	By:	 	 	 	 	By:	 	 	 
	Name:	 	 	Name:	 
	Title:	 	 	 	Title:EX-4.1

 Exhibit 4.1 
  

 
  

GLOBAL INDEMNITY PLC 
 as Issuer

 WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Trustee 
 INDENTURE 

Dated as of August 12, 2015 
 Debt
Securities 
  
  

 

 Reconciliation and tie between Trust Indenture Act of 1939 and Indenture. 

 

			
	 TRUST INDENTURE ACT SECTION
	 	 INDENTURE SECTION

		
	ss.310(a)	 	6.09
	(b)	 	6.08, 6.10
	(c)	 	Not Applicable
	ss.311(a)	 	6.13
	(b)	 	6.13
	(c)	 	Not Applicable
	ss.312(a)	 	7.01, 7.02(a)
	(b)	 	7.02(b)
	(c)	 	7.02(c)
	ss.313(a)	 	7.03(a)
	(b)	 	7.03(b)
	(c)	 	7.03(b)
	(d)	 	7.03(c)
	ss.314(a)	 	7.04
	(b)	 	Not Applicable
	(c)	 	1.02
	(d)	 	Not Applicable
	(e)	 	1.02
	(f)	 	Not Applicable
	ss.315(a)	 	6.01
	(b)	 	6.02, 7.03(b)
	(c)	 	6.01(b)
	(d)	 	6.01(c)
	(e)	 	5.14
	ss.316(a)(1)	 	5.12, 5.13
	(b)	 	5.08
	(c)	 	1.04(d)
	ss.317(a)(1)	 	5.03
	(b)	 	5.04
	(c)	 	10.03
	ss.318(a)	 	1.07

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I

	
	 DEFINITIONS AND OTHER PROVISIONS OF

GENERAL APPLICATION

			
	Section 1.01	  	Definitions	  	1
	Section 1.02	  	Compliance Certificates and Opinions	  	5
	Section 1.03	  	Form of Documents Delivered to Trustee	  	6
	Section 1.04	  	Acts of Holders	  	6
	Section 1.05	  	Notices, Etc., to Trustee and the Company	  	7
	Section 1.06	  	Notice to Holders; Waiver	  	7
	Section 1.07	  	Conflict with Trust Indenture Act	  	7
	Section 1.08	  	Effect of Headings and Table of Contents	  	8
	Section 1.09	  	Successors and Assigns	  	8
	Section 1.10	  	Separability Clause	  	8
	Section 1.11	  	Benefits of Indenture	  	8
	Section 1.12	  	Governing Law; Waiver of Jury Trial	  	8
	Section 1.13	  	Legal Holidays	  	8
	Section 1.14	  	References to Currency	  	8
	Section 1.15	  	Agreement to Subordinate	  	8
	Section 1.16	  	Force Majeure	  	8
	Section 1.17	  	USA PATRIOT Act	  	8
	
	ARTICLE II
	
	SECURITY FORMS
			
	Section 2.01	  	Forms Generally	  	9
	Section 2.02	  	Form of Trustee’s Certificate of Authentication	  	9
	Section 2.03	  	Securities Issuable in the Form of a Global Security	  	9
	
	ARTICLE III
	
	THE SECURITIES
			
	Section 3.01	  	Amount Unlimited; Issuable in Series	  	11
	Section 3.02	  	Denominations	  	13
	Section 3.03	  	Execution, Authentication, Delivery and Dating	  	13
	Section 3.04	  	Temporary Securities	  	14
	Section 3.05	  	Registration, Registration of Transfer and Exchange	  	14
	Section 3.06	  	Mutilated, Destroyed, Lost and Stolen Securities	  	15
	Section 3.07	  	Payment of Interest; Interest Rights Preserved	  	15
	Section 3.08	  	Persons Deemed Owners	  	16
	Section 3.09	  	Cancellation	  	16
	Section 3.10	  	Computation of Interest	  	16
	Section 3.11	  	CUSIP Numbers	  	16
	
	ARTICLE IV
	
	SATISFACTION AND DISCHARGE
			
	Section 4.01	  	Satisfaction and Discharge of Indenture	  	17

  
 i 

					
	Section 4.02	  	Application of Trust Funds; Indemnification	  	18
	Section 4.03	  	Defeasance and Discharge of Indenture	  	18
	Section 4.04	  	Defeasance of Certain Obligations	  	19
	Section 4.05	  	Effect of Subordination Provisions	  	20
	
	ARTICLE V
	
	REMEDIES
			
	Section 5.01	  	Events of Default	  	20
	Section 5.02	  	Acceleration of Maturity; Rescission and Annulment	  	21
	Section 5.03	  	Collection of Indebtedness and Suits For Enforcement By Trustee	  	22
	Section 5.04	  	Trustee May File Proofs of Claim	  	22
	Section 5.05	  	Trustee May Enforce Claims Without Possession of Securities	  	23
	Section 5.06	  	Application of Money Collected	  	23
	Section 5.07	  	Limitation on Suits	  	23
	Section 5.08	  	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	24
	Section 5.09	  	Restoration of Rights and Remedies	  	24
	Section 5.10	  	Rights and Remedies Cumulative	  	24
	Section 5.11	  	Delay or Omission Not Waiver	  	24
	Section 5.12	  	Control by Holders	  	24
	Section 5.13	  	Waiver of Past Defaults	  	25
	Section 5.14	  	Undertaking for Costs	  	25
	Section 5.15	  	Waiver of Stay or Extension Laws	  	25
	
	ARTICLE VI
	
	THE TRUSTEE
	Section 6.01	  	Certain Duties and Responsibilities	  	25
	Section 6.02	  	Notice of Defaults	  	26
	Section 6.03	  	Certain Rights of Trustee	  	26
	Section 6.04	  	Not Responsible for Recitals or Issuance of Securities	  	28
	Section 6.05	  	May Hold Securities	  	28
	Section 6.06	  	Money Held in Trust	  	28
	Section 6.07	  	Compensation, Reimbursement and Indemnification	  	28
	Section 6.08	  	Individual Rights; Disqualification; Conflicting Interests	  	29
	Section 6.09	  	Corporate Trustee Required; Eligibility	  	29
	Section 6.10	  	Resignation and Removal; Appointment of Successor	  	29
	Section 6.11	  	Acceptance of Appointment by Successor	  	30
	Section 6.12	  	Merger, Conversion, Consolidation or Succession to Business	  	31
	Section 6.13	  	Preferential Collection of Claims Against Company	  	31
	
	ARTICLE VII
	
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
			
	Section 7.01	  	Company to Furnish Trustee Names and Addresses of Holders	  	31
	Section 7.02	  	Preservation of Information; Communications to Holders	  	31
	Section 7.03	  	Reports by Trustee	  	33
	Section 7.04	  	Reports	  	33

  
 ii 

					
	ARTICLE VIII
	
	SUCCESSOR CORPORATION
			
	Section 8.01	  	When Company May Merge or Transfer Assets	  	34
	
	ARTICLE IX
	
	AMENDMENTS & SUPPLEMENTAL INDENTURES
			
	Section 9.01	  	Amendments or Supplemental Indentures Without Consent of Holders	  	34
	Section 9.02	  	Amendments or Supplemental Indentures with Consent of Holders	  	35
	Section 9.03	  	Execution of Supplemental Indentures	  	36
	Section 9.04	  	Effect of Supplemental Indentures	  	36
	Section 9.05	  	Conformity with Trust Indenture Act	  	36
	Section 9.06	  	Reference in Securities to Supplemental Indentures	  	36
	
	ARTICLE X
	
	COVENANTS
			
	Section 10.01	  	Payment of Principal, Premium and Interest	  	37
	Section 10.02	  	Maintenance of Office or Agency	  	37
	Section 10.03	  	Money for Securities; Payments to Be Held in Trust	  	37
	Section 10.04	  	Corporate Existence	  	38
	Section 10.05	  	Maintenance of Properties	  	38
	Section 10.06	  	Statement by Officers as to Default	  	38
	Section 10.07	  	Waiver of Certain Covenants	  	38
	Section 10.08	  	Calculation of Original Issue Discount	  	38
	
	ARTICLE XI
	
	REDEMPTION OF SECURITIES
			
	Section 11.01	  	Applicability of Article	  	39
	Section 11.02	  	Election to Redeem; Notice to Trustee	  	39
	Section 11.03	  	Selection by Trustee of Securities to Be Redeemed	  	39
	Section 11.04	  	Notice of Redemption	  	39
	Section 11.05	  	Deposit of Redemption Price	  	40
	Section 11.06	  	Securities Payable on Redemption Date	  	40
	Section 11.07	  	Securities Redeemed in Part	  	40
	
	ARTICLE XII
	
	SINKING FUNDS
			
	Section 12.01	  	Applicability of Article	  	41
	Section 12.02	  	Satisfaction of Sinking Fund Payments with Securities	  	41
	Section 12.03	  	Redemption of Securities for Sinking Fund	  	41

  
 iii 

 INDENTURE, dated as of August 12, 2015, between Global Indemnity plc, an Irish public limited
company (herein called the “Company”), having its principal office at 25/28 North Wall Quay, Dublin 1, Ireland, and Wells Fargo Bank, National Association, as trustee hereunder (herein called the “Trustee”), a
national banking association organized under the laws of the United States of America. 
 RECITALS OF THE COMPANY 

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

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF 

GENERAL APPLICATION 

Section 1.01 Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise
requires: 
 (1) the terms defined in this article have the meanings assigned to them in this article and include the plural
as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or
by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to
any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation; 

(4) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular article, section or other subdivision; and 
 (5) all references used herein
to the male gender shall include the female gender. 
 “Act” when used with respect to any Holder, has the meaning
specified in Section 1.04. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

 “Board of Directors” when used with reference to the Company means either the
board of directors of the Company or any duly authorized committee of such board to act on its behalf. 
 “Board
Resolution” means a copy of one or more resolutions, certified by the secretary or an assistant secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such
certification, delivered to the Trustee. 
 “Business Day” means, with respect to any Securities, a day that in the City of
New York or in any Place of Payment is not a day on which banking institutions are authorized by law or regulation to close. 

“Capital Stock” for any entity means any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) shares issued by that entity. 
 “Certificated Securities” means
Securities that are in registered definitive form. 
 “Commission” means the Securities and Exchange Commission, as from
time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time. 
 “Company” means the Person named as the “Company” in
the first paragraph of this instrument until a successor entity shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor entity. 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by
its chairman of the board, a vice chairman, its president or any vice president or its treasurer, and delivered to the Trustee. 

“Corporate Trust Office” means the principal office of the Trustee at which at any particular time the trust created by this
Indenture shall be administered, which office, at the time of the execution of this Indenture, is located at 333 S. Grand Avenue, 5th Floor Suite 5A, Los Angeles, CA 90071 MAC E2064-05A, or any
office of Trustee or any successor Trustee as may be designated in writing. With respect to presentation of Securities at maturity, registration of transfer or exchange, such office shall be 608
2nd Avenue South, Minneapolis, MN 55402, Attention: Bondholder Communications. 

“Covenant Defeasance” has the meaning specified in Section 4.04. 

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

“Depositary” means, unless otherwise specified by the Company pursuant to either Section 2.03 or 3.01, with respect to
Securities of any series issuable or issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation.

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

“Global Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the
Company and authenticated and delivered by the Trustee to the Depositary or its custodian or pursuant to the Depositary’s instruction, all in accordance with this Indenture and pursuant to a Company Order, which shall be registered in the name
of the Depositary or its nominee. 
 “Holder” means a Person in whose name a Security is registered in the Security
Register. 
 “Holder Action” has the meaning specified in Section 7.02(d). 

  
 2 

 “Indenture” means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more amendments or indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities established as contemplated by
Section 3.01. 
 “Interest,” when used with respect to an Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to
any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Issuer” means the Person named
as the “Issuer” in the first paragraph of this instrument until a successor entity shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor entity. 

“Mandatory Sinking Fund Payment” has the meaning specified in Section 12.01. 

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

“Officers’ Certificate” means a certificate signed by any two of the following: the chairman of the board, the chief
executive officer, the president, any vice president, the treasurer, an assistant treasurer, the secretary or an assistant secretary of the Company. 

“Opinion of Counsel” means a written opinion of counsel in a form reasonably acceptable to the Trustee, who may be counsel
for the Company and who shall be acceptable to the Trustee. 
 “Optional Sinking Fund Payment” has the meaning specified in
Section 12.01. 
 “Original Issue Discount Security” means any Security which provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore cancelled by the Trustee or delivered
to the Trustee for cancellation; 
 (ii) Securities for whose payment or redemption money or evidences of indebtedness in the
necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 

(iii) Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities
have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in
whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the
requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other 

  
 3 

 
obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such
other obligor. In case of a dispute as to such right, any decision by the Trustee shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and
identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described persons; and, subject to Section 6.01, the Trustee shall be entitled to accept such Officers’ Certificate as
conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purposes of any such determination. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any
Securities on behalf of the Company. 
 “Person” means any individual, corporation, exempted limited company, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

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

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed
to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date,” when used with
respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption
Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date
specified for that purpose as contemplated by Section 3.01. 
 “Responsible Officer” shall mean, when used with
respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the administration of this Indenture. 
 “Securities” has
the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 

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

 “Senior Indebtedness”, when used with respect to the Subordinated Securities of any series, shall have the meaning
established pursuant to Section 3.01(9) with respect to the Subordinated Securities of such series. 
 “Senior
Securities” means Securities other than Subordinated Securities. 

  
 4 

 “Special Record Date” for the payment of any Defaulted Interest means a date
fixed by the Trustee pursuant to Section 3.07. 
 “Stated Maturity,” when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subordinated Securities” means Securities that by the terms established pursuant to Section 3.01(9) are subordinated in
right of payment to Senior Indebtedness of the Company. 
 “Subordination Provisions”, when used with respect to the
Subordinated Securities of any series, shall have the meaning established pursuant to Section 3.01(9) with respect to the Subordinated Securities of such series. 

“Subsidiary” means, with respect to any Person: 

(1) any corporation or company a majority of whose Capital Stock with voting power, under ordinary circumstances, to elect
directors is, at the date of determination, directly or indirectly, owned by such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person; 

(2) a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of
such partnership; or 
 (3) any partnership, limited liability company or other Person in which such Person, a subsidiary of
such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination, has (x) at least a majority ownership interest or (y) the power to elect or appoint or direct the election or
appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing body of such Person. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and in force at the date as of which this instrument
was executed, except as provided in Section 9.05. 
 “Trustee” means the Person named as the “Trustee” in
the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder,
and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“U.S. Government Obligations” means securities which are (i) direct obligations of the United States of America for the
payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as
to the timely payment of principal and interest as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company which is a member of the Federal Reserve System and having a combined capital and surplus of at least $50,000,000 as custodian with respect to any such obligation evidenced by such depository receipt or a
specific payment of interest on or principal of any such obligation held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the obligation set forth in (i) or (ii) above or the specific payment of interest on or principal of such obligation
evidenced by such depository receipt. 
 Section 1.02 Compliance Certificates and Opinions. Upon any application or request by the
Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and, an Opinion of Counsel stating that in the opinion of such counsel all such conditions 

  
 5 

 
precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 
 Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include a: 

(1) a statement that the Person signing such certificate or opinion has read such covenant or condition and the definitions
herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which
the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of
each such Person, such Person has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4) a statement as to whether, in the opinion of each such Person, such condition or covenant has been complied with. 

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

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

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.04 Acts of
Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are received by the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.04. 

(b) The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may be proved in
accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in any reasonable manner which the Trustee deems sufficient. 

  
 6 

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

(d) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the
Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so. Notwithstanding Trust Indenture Act Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to
the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may
be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding
Securities shall be computed as of such record date; provided, however, that no such authorization, agreement or consent by such Holders on such record date shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than eleven months after the record date. 
 (e) Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

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

(1) the Trustee by any Holder or the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing (including an electronic transmission in pdf) to or with the Trustee at its Corporate Trust Office, or 
 (2) the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing (including a facsimile transmission) and mailed, first-class postage prepaid, to the Company,
addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company, to the attention of the secretary of the Company. 

Section 1.06 Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at its address as it appears in the Security Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice hereunder. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture or any Note provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Note (whether by mail or
otherwise), such notice shall be sufficiently given if given to Depositary (or its designee) pursuant to the standing instructions from Depositary or its designee, including by electronic mail in accordance with Depositary operational arrangements
or other applicable Depositary procedures. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

Section 1.07 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision which is
required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. 

  
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 Section 1.08 Effect of Headings and Table of Contents. The article and section headings
herein and the table of contents are for convenience only and shall not affect the construction hereof. 
 Section 1.09 Successors and
Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

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

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

Section 1.12 Governing Law; Waiver of Jury Trial. This Indenture and the Securities shall be governed by and construed in accordance
with the laws of the State of New York, and for all purposes will be construed in accordance with the laws of said State without giving effect to principles of conflicts of laws of such State. 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 1.13 Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not
be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period from and
after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 
 Section 1.14 References to Currency. All
references in this Indenture to “dollars” or “$” are to the currency of the United States of America. 
 Section 1.15
Agreement to Subordinate. The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of Subordinated Securities of any series by its acceptance thereof, likewise covenants and agrees, that the payment of the
principal of (and premium, if any) and interest, if any, on, and Mandatory Sinking Fund Payments, if any, in respect of each and all of the Subordinated Securities of such series shall be expressly subordinated, to the extent and in the manner
provided in the Subordination Provisions established with respect to the Subordinated Securities of such series pursuant to Section 3.01(9) hereof, in right of payment to the prior payment in full of all Senior Indebtedness with respect to such
series. 
 Section 1.16 Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, any provision of any law or regulation or any act of any governmental authority, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, sabotage, epidemics, and interruptions, loss or malfunctions of utilities, communications or computer (software and/or
hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 1.17 USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the
Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or
opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 

  
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 ARTICLE II 

SECURITY FORMS 

Section 2.01 Forms Generally. The Securities of each series shall be in substantially the forms established in one or more indentures
supplemental hereto or approved from time to time by or pursuant to a Board Resolution (as set forth in a Board Resolution or, to the extent established pursuant to but not set forth in a Board Resolution, an Officers’ Certificate detailing
such establishment) in accordance with Section 3.01, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and any indenture supplemental hereto, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or securities regulatory authority or as may, consistently herewith, be
determined by the officer executing such Securities, as evidenced by his or her execution of the Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such
Securities. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the officer executing such Securities, as evidenced by his or her execution of such Securities. 

Section 2.02 Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication required by this
article shall be in substantially the form set forth below: 
 This is one of the Securities of the series designated therein referred to in
the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Trustee
		
	By:		 
			Authorized Signatory

 Section 2.03 Securities Issuable in the Form of a Global Security. 

(a) If the Company shall establish pursuant to Sections 2.01 and 3.01 that the Securities of a particular series are to be issued in whole or
in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with Section 3.03 and the Company Order delivered to the Trustee thereunder, authenticate and deliver, such Global
Security or Securities, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Securities of such series to be represented by such Global Security or Securities,
(ii) shall be registered in the name of the Depositary for such Global Security or Securities or its nominee, (iii) shall be delivered by the Trustee to the Depositary or its custodian or pursuant to the Depositary’s instruction and
(iv) shall bear a legend substantially to the following effect: “UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
(I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND 

  
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ANY PAYMENT IS MADE TO CEDE & CO., 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.” 
 (b) Notwithstanding any other provision of this Section 2.03 or of Section 3.05, unless the terms
of a Global Security expressly permit such Global Security to be exchanged in whole or in part for individual Securities, a Global Security may be transferred, in whole but not in part and in the manner provided in Section 3.05, only to another
nominee of the Depositary for such Global Security, or to a successor Depositary for such Global Security selected or approved by the Company or to a nominee of such successor Depositary. 

(c)(i) If at any time the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Security or if at any time the Depositary for the Securities for such series shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation,
the Company shall appoint a successor Depositary with respect to such Global Security. If a successor Depositary for such Global Security is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company will execute a Company Order for the authentication and delivery of individual Securities of such series in exchange for such Global Security, and the Trustee, upon receipt of such Company Order, will authenticate and
deliver individual Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security in exchange for such Global Security. 

(ii) If an Event of Default shall have occurred and be continuing or an event shall have occurred which with the giving of
notice or lapse of time or both would constitute an Event of Default with respect to the Securities represented by such Global Security, the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of
such series in exchange for such Global Security, will authenticate and deliver individual Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security in
exchange for such Global Security. 
 (iii) If specified by the Company pursuant to Section 3.01 with respect to
Securities issued or issuable in the form of a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Securities of such series of like tenor and terms in definitive
form on such terms as are acceptable to the Company and such Depositary. Thereupon the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, (1) to each Person specified by such Depositary a new Security
or Securities of the same series of like tenor and terms in definitive form and of any authorized denomination of $2,000 and any integral multiple of $1,000 in excess thereof as requested by such Person in aggregate principal amount equal to and in
exchange for such Person’s beneficial interest in the Global Security; and (2) to such Depositary a new Global Security of like tenor and terms and in a denomination equal to the difference, if any, between the principal amount of the
surrendered Global Security and the aggregate principal amount of individual Securities delivered to Holders thereof. 

(iv) In any exchange provided for in any of the preceding three paragraphs, the Company will execute and the Trustee will
authenticate and deliver individual Securities in definitive registered form in authorized denominations of $2,000 and any integral multiple of $1,000 in excess thereof. Upon the exchange of a Global Security for individual Securities, such Global
Security shall be cancelled by the Trustee. Securities issued in exchange for a Global Security pursuant to this Section 2.03 shall be registered in such names and in such authorized denominations as the Depositary for such Global Security,
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. 

  
 10 

 ARTICLE III 

THE SECURITIES 

Section 3.01 Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established in or
pursuant to a Board Resolution of the Company (and to the extent established pursuant to but not set forth in a Board Resolution, in an Officers’ Certificate detailing such establishment), or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, 
 (1) the title of the Securities of the series (which shall
distinguish the Securities of the series from Securities of any other series); 
 (2) any limit upon the aggregate principal
amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the
series pursuant to Section 2.03, 3.04, 3.05, 3.06, 9.06 or 12.07); 
 (3) the issue price or prices, which may be
expressed as a percentage of the aggregate principal amount; 
 (4) the date or dates on which the principal of the
Securities of the series is payable; 
 (5) the rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on the Interest Payment Date; 

(6) the obligation, if any, of the Company to redeem, repay or repurchase Securities of the series pursuant to any sinking fund
or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed, repaid or repurchased, in whole or
in part, pursuant to such obligation; 
 (7) the period of periods within which, the price or prices or ratios at which and
the terms and conditions upon which Securities of the series may be redeemed, converted or exchanged, in whole or in part; 

(8) if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which
Securities of the series shall be issuable; 
 (9) if the Securities of such series are Subordinated Securities, the terms
pursuant to which the Securities of such series will be made subordinate in right of payment to Senior Indebtedness and the definition of such Senior Indebtedness with respect to such series (in the absence of an express statement to the effect that
the Securities of such series are subordinate in right of payment to all such Senior Indebtedness, the Securities of such series shall not be subordinate to Senior Indebtedness and shall not constitute Subordinated Securities); and, in the event
that the Securities of such series are Subordinated Securities, such Board Resolution, Officers’ Certificate or supplemental indenture, as the case may be, establishing the terms of such series shall expressly state which articles, sections or
other provisions thereof constitute the “Subordination Provisions” with respect to the Securities of such series; 

(10) if other than the full principal amount, the portion of the principal amount of Securities of the series which will be
payable upon declaration of acceleration or provable in bankruptcy; 

  
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 (11) any events of default not set forth in this Indenture; 

(12) the currency or currencies, including composite currencies, in which payment of the principal of (and premium, if any) and
interest, if any, on such Securities shall be payable (if other than the currency of the United States of America), which unless otherwise specified shall be the currency of the United States of America as at the time of payment is legal tender for
payment of public or private debts; 
 (13) if the principal of (and premium, if any), or interest, if any, on such
Securities are to be payable, at the election of the Company or any Holder thereof, in a coin or currency other than that in which such Securities are stated to be payable, then the period or periods within which, and the terms and conditions upon
which, such election may be made; 
 (14) whether interest will be payable in cash or additional Securities at the
Company’s or the Holders’ option and the terms and conditions upon which the election may be made; 
 (15) if such
Securities are to be denominated in a currency or currencies, including composite currencies, other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of determining
the voting rights of Holders of such Securities as Outstanding Securities under this Indenture; 
 (16) if the amount of
payments of principal of (and premium, if any), or portions thereof, or interest, if any, on such Securities may be determined with reference to an index, formula or other method based on a coin or currency other than that in which such Securities
are stated to be payable, the manner in which such amounts shall be determined; 
 (17) any restrictive covenants or other
material terms relating to the offered debt securities, which covenants and terms shall not be inconsistent with the provisions of this Indenture; 

(18) whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities;
the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities; 

(19) whether and under what circumstances the Company will pay additional amounts on the Securities of the series held by a
person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option to redeem the Securities of the series rather than pay such additional amounts; 

(20) any listing of such Securities on any securities exchange; 

(21) additional or alternative provisions, if any, related to defeasance and discharge of the offered debt securities; 

(22) the applicability of any guarantees; 

(23) if convertible or exchangeable for other securities, the terms on which such Securities are convertible or exchangeable,
including the initial conversion or exchange price, the conversion or exchange period, any events requiring an adjustment of the applicable conversion or exchange price and any requirements relating to the reservation of securities for purposes of
conversion in the case of convertible securities; 
 (24) provisions, if any, granting special rights to the Holders of
Securities of the series upon the occurrence of such events as may be specified; 
 (25) each initial Place of Payment; and

  
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 (26) any other terms of the series, which terms shall not be inconsistent with
the provisions of this Indenture, except as permitted by Section 9.01. 
 All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution or such Officers’ Certificate or in any such indenture supplemental hereto. All Securities of any one series need not be issued
at the same time and may be issued from time to time without consent of any Holder, consistent with the terms of this Indenture, if so provided by or pursuant to such Board Resolution, such Officers’ Certificate or in any indenture supplemental
hereto. 
 Section 3.02 Denominations. The Securities of each series shall be issuable in registered form without coupons in such
denominations as shall be specified as contemplated by Section 3.01. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $2,000 and any integral
multiple of $1,000 in excess thereof. 
 Section 3.03 Execution, Authentication, Delivery and Dating. The Securities shall be
executed on behalf of the Company by any of the following individuals: any member of its Board of Directors, its president, treasurer, any of its corporate secretaries, assistant secretary or any of its vice presidents. The signature of any of these
individuals on the Securities may be manual, facsimile or electronic (including “.pdf” format). 
 Securities bearing the manual,
facsimile or electronic (including “.pdf” format) signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
 At any
time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee, in accordance with the Company Order, shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board
Resolutions or Officers’ Certificate as permitted by Sections 2.01 and 3.01, or by one or more indentures supplemental hereto as provided by Section 9.01, in authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating, 

(a) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization and other
laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles; and 

(b) the items set forth in Section 1.02 hereof and such other matters as the Trustee may reasonably request. 

If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

Each Security shall be dated the date of its authentication unless otherwise provided by the terms established and contemplated by
Section 3.01. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless
there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence,
that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

  
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 Section 3.04 Temporary Securities. Pending the preparation of definitive Securities of any
series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officer executing such Securities may determine, as evidenced by his or her
execution of such Securities. 
 If temporary Securities of any series are issued, the Company will cause definitive Securities of that
series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary
Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of such series. 
 Section 3.05 Registration, Registration of
Transfer and Exchange. The Company shall cause to be kept at one of its offices or agencies maintained pursuant to Section 10.02 or at the office of the Security Registrar a register (the register maintained in such office and in any other
office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to Section 2.03 and to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Securities and of transfers of Securities. The Trustee initially is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. The
Company may act as Security Registrar and may change or appoint a Security Registrar without prior notice to Holders or to the Trustee. 

Subject to Section 2.03, upon surrender for registration of transfer of any Security of any series at the office or agency in a Place of
Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor. 
 Subject to Section 2.03, at the option of the Holder, Securities of any series may be
exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

Subject to Section 2.03, all Securities issued upon any registration of transfer or exchange of Securities shall be valid obligations of
the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

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

No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 2.03, 3.04, 9.06 or 12.07 not involving any
transfer. 
 The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a
period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption (under Section 12.03) and ending at the close of business on the day of such
mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

  
 14 

 Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability
that may result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States federal or state securities law. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 Neither the Trustee nor any agent shall have any responsibility for any actions taken or not taken by
the Depositary. 
 Section 3.06 Mutilated, Destroyed, Lost and Stolen Securities. If there shall be delivered to the Company and the
Trustee (i)(A) any mutilated Security or (B) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to hold each of them and any agent of either of
them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and deliver, in lieu of
any such destroyed, lost or stolen Security or in exchange for such mutilated Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section 3.06, the
Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee, which shall include any attorney’s
fees and expenses) connected therewith. 
 Every new Security of any series issued pursuant to this Section 3.06 in lieu of any
destroyed, lost or stolen Security or in exchange for such mutilated Security, shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 

The provisions of this Section 3.06 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 Section 3.07 Payment of Interest; Interest Rights
Preserved. Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest. 
 Any interest on any Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the 

  
 15 

 
proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at its address as it appears in the Security Register, not less than 10 days prior to such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 

(2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this
Section 3.07, each Security lawfully delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by
such other Security. 
 Section 3.08 Persons Deemed Owners. Subject to Section 2.03, 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 of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 3.07) interest on such
Security and for all other purposes whatsoever, whether or not such Security be overdue, and none of the Company , the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Section 3.09 Cancellation. All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit
against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange
for any Securities cancelled as provided in this Section 3.09, except as expressly permitted by this Indenture. The Trustee shall dispose of cancelled Securities in accordance with its customary procedures. 

Section 3.10 Computation of Interest. Except as otherwise specified as contemplated by Section 3.01 for the Securities of any
series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 Section 3.11
CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that
any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

  
 16 

 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.01 Satisfaction and Discharge of Indenture. This Indenture shall upon Company Request cease to be of further effect with
respect to any series of Securities (except as to (i) any surviving rights of registration of transfer or exchange of Securities herein expressly provided for, (ii) rights hereunder of Holders to receive payments of principal of, and
premium, if any, and interest on, Securities, and other rights, duties and obligations of the Holders as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee, (iii) remaining obligations of the Company to make
Mandatory Sinking Fund Payments and (iv) the rights, obligations and immunities of the Trustee hereunder), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to any series of Securities, when: 
 (1) either 

 

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

  

	 	(b)	all such Securities not theretofore delivered to the Trustee for cancellation 

(i) have become due and payable, 

(ii) will become due and payable at their Stated Maturity within one year, or 

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust (i) money in dollars in an amount (or if the Securities are denominated in any currency other than dollars, an amount of the
applicable currency), (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment referred to in
this subparagraph, money in an amount, or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized investment banking firm or firm of independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) if all
series of Securities are being discharged, the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

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

  
 17 

 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 6.07, and, if money shall have been deposited with the Trustee pursuant to Subclause (1)(b) of this Section 4.01, the obligations of the Trustee under Section 4.02 and the next to last paragraph of
Section 10.03, shall survive. 
 Section 4.02 Application of Trust Funds; Indemnification. (a) Subject to the provisions of
the next to last paragraph of Section 10.03, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section 4.01, 4.03 or 4.04 and all money received by the Trustee in respect of U.S. Government Obligations
deposited with the Trustee pursuant to Section 4.01, 4.03 or 4.04 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent), to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with or received by the Trustee or to make Mandatory Sinking
Fund Payments or analogous payments as contemplated by Section 4.03 or 4.04, but such money need not be segregated from other funds except to the extent required by law. 

(b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations deposited pursuant to Section 4.01, 4.03 or 4.04, or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders. 

(c) The Trustee shall deliver or pay to the Company from time to time upon Company Request, any U.S. Government Obligations or money held by
it as provided in Section 4.01, 4.03 or 4.04 which, in the opinion of a nationally recognized investment banking firm or firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, are
then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such obligations or money were deposited or received. 

Section 4.03 Defeasance and Discharge of Indenture. The Company shall be deemed to have paid and discharged the entire indebtedness on
all the Outstanding Securities on the 91st day after the date of the deposit referred to in subparagraph (d) of this Section 4.03, and the provisions of this Indenture, as it relates to such Outstanding Securities, shall no longer be in
effect (and the Trustee, at the expense of the Company, shall at Company Request, execute proper instruments acknowledging the same), except as to: 

(a) the rights of Holders of Securities to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the
principal of (and premium, if any) and each installment of principal of (and premium, if any) or interest on the Outstanding Securities on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any
Mandatory Sinking Fund Payments applicable to the Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities; 

(b) the Company’s obligations with respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03; and 

(c) the obligations of the Company to the Trustee under Section 6.07; 

provided that the following conditions shall have been satisfied: 

(d) the Company has or caused to be irrevocably deposited (except as provided in Section 4.02) with the Trustee as trust funds in trust,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities, (i) money in dollars in an amount (or if the Securities are denominated in any currency other than dollars, an amount of the applicable
currency), (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment referred to in clause
(A) or (B) of this subparagraph, money in an amount, or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized investment banking firm or firm of independent certified public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge (A) the principal of (and premium, if any) and each installment of principal of (and premium, if any) and interest on the Outstanding Securities on the Stated Maturity
of such principal or installment of principal or interest or on the applicable Redemption Date and (B) any Mandatory Sinking Fund Payments applicable to the Securities on the day on which such payments are due and payable in accordance with the
terms of this Indenture and of the Securities; 

  
 18 

 (e) such deposit shall not cause the Trustee with respect to the Securities to have a conflicting
interest for purposes of the Trust Indenture Act with respect to the Securities; 
 (f) such deposit will not result in a breach or violation
of, or constitute a default under, any applicable laws, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

(g) no Event of Default or event which with notice or lapse of time would become an Event of Default with respect to the Securities shall have
occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 
 (h) the Company has
delivered to the Trustee an Officers’ Certificate as to solvency and the absence of any intent of preferring the Holders over any other creditors of the Company; and 

(i) if the deposit referred to in subparagraph (d) of this Section 4.03 is to be made on or prior to one year from the Stated
Maturity for payment of principal of the Outstanding Securities, the Company has delivered to the Trustee an Opinion of Counsel with no material qualifications, or a favorable ruling of the Internal Revenue Service, in either case to the effect that
Holders of the Securities will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and at the
same times, as would have been the case if such deposit, defeasance and discharge had not occurred. 
 Section 4.04 Defeasance of Certain
Obligations. If this Section 4.04 is specified to be applicable to Securities of any series, the Company may omit to comply with any term, provision or condition set forth in the sections of this Indenture or such Security with respect to
the Securities of that series (“Covenant Defeasance”) if: 
 (1) with reference to this Section 4.04, the
Company has deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of that series, (i) money in
dollars in an amount (or if the Securities are denominated in any currency other than dollars, an amount of the applicable currency), or (ii) U.S. Government Obligations which through the payment of interest and principal in respect thereof in
accordance with their terms will provide not later than one day before the due date of any payment referred to in clause (A) or (B) of this subparagraph money in an amount, or (iii) a combination thereof, sufficient, in the opinion of
a nationally recognized investment banking firm or firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge (A) the principal of (and premium, if any) and each
installment of principal (and premium, if any) and interest on the Outstanding Securities of that series on the Stated Maturity of such principal or installment of principal or interest and (B) any Mandatory Sinking Fund Payments or analogous
payments applicable to Securities of such series on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities; 

(2) such deposit shall not cause the Trustee with respect to the Securities of that series to have a conflicting interest for
purposes of the Trust Indenture Act with respect to the Securities of any series; 
 (3) such deposit will not result in a
breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

(4) the Company has delivered to the Trustee an Officers’ Certificate as to solvency and the absence of any intent of
preferring the Holders over any other creditors of the Company; 

  
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 (5) if the deposit referred to in subparagraph (1) of this Section 4.04
is to be made on or prior to one year from the Stated Maturity for payment of principal of the Outstanding Securities, the Company has delivered to the Trustee an Opinion of Counsel with no material qualifications, or a favorable ruling of the
Internal Revenue Service, in either case to the effect that Holders of the Securities will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance of certain obligations and will be subject to
federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit and defeasance had not occurred; and 

(6) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the defeasance contemplated by this Section 4.04 have been complied with. 
 In
the event the Company effects Covenant Defeasance with respect to any Securities and such Securities are declared due and payable because of the occurrence of any Event of Default, other than an Event of Default with respect to any covenant as to
which there has been Covenant Defeasance, the U.S. Government Obligations on deposit with the Trustee will be sufficient to pay amounts due on such Securities at the time of the Stated Maturity but may not be sufficient to pay amounts due on such
Securities at the time of the acceleration resulting from such Event of Default. 
 Section 4.05 Effect of Subordination Provisions.
Unless otherwise expressly established pursuant to Section 3.01 with respect to the Subordinated Securities of any series, the provisions of Section 1.15 hereof, insofar as they pertain to the Subordinated Securities of such series, and
the Subordination Provisions established pursuant to Section 3.01(9) with respect to such series, are hereby expressly made subject to the provisions for satisfaction and discharge and defeasance and covenant defeasance set forth in Sections
4.01, 4.03 and 4.04 hereof and, anything herein to the contrary notwithstanding, upon the effectiveness of such satisfaction and discharge and defeasance and covenant defeasance pursuant to Section 4.01, 4.03 and 4.04 with respect to the
Securities of such series, such Securities shall thereupon cease to be so subordinated and shall no longer be subject to the provisions of Section 1.15 or the Subordination Provisions established pursuant to Section 3.01(9) with respect to
such series and, without limitation to the foregoing, all moneys, U.S. Government Obligations and other securities or property deposited with the Trustee (or other qualifying trustee) in trust in connection with such satisfaction and discharge,
defeasance or covenant defeasance, as the case may be, and all proceeds therefrom may be applied to pay the principal of, premium, if any, and interest, if any, on, and Mandatory Sinking Fund Payments, if any, with respect to the Securities of such
series as and when the same shall become due and payable notwithstanding the provisions of Section 1.15 or such Subordination Provisions. 

ARTICLE V 
 REMEDIES

 Section 5.01 Events of Default. 

“Event of Default” (except as otherwise specified or contemplated by Section 3.01 for Securities of any series) wherever
used herein with respect to Securities of any series, means any one of the following events: 
 (1) default in the payment of
any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; 

(2) default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; 

(3) default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; 

(4) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant
or warranty a default in whose performance or whose 

  
 20 

 
breach is elsewhere in this Section 5.01 specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series)
and continuance of such for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(5) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company
in an involuntary case or proceeding under any applicable bankruptcy, insolvency, examinership, reorganization or other similar law or (B) a decree or order adjudging the Company as bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, examinership, arrangement, adjustment or composition of or in respect of the Company under any applicable law, or appointing a custodian, receiver, liquidator, examiner, assignee, trustee, sequestrator or other
similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect
for a period of 60 consecutive days; 
 (6) the commencement by the Company of a voluntary case or proceeding under any
applicable bankruptcy, insolvency, examinership, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the
Company in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization, examinership or other similar law or to the commencement of any bankruptcy or insolvency or examinership case or proceeding against it, or the
filing by it of a petition or answer or consent seeking reorganization, examinership or relief under any applicable law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator examiner, assignee, trustee, sequestrator or similar official of the Company of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to
pay its debts generally as they become due and its willingness to have a case commenced against it or to seek an order for relief under any applicable bankruptcy, insolvency or other similar law or the taking of corporate action by the Company in
furtherance of any such action; or 
 (7) any other Event of Default expressly provided with respect to Securities of that
series. 
 Section 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default (other than an Event of Default
resulting from bankruptcy, insolvency or reorganization) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series may declare the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all of the
Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and
payable. 
 In the case of an Event of Default resulting from bankruptcy, insolvency, examinership or reorganization, which occurs and is
continuing with respect to Securities of any series at the time Outstanding, then all unpaid principal of and accrued interest on all such Outstanding Securities of that series shall become immediately due and payable without any notice or other
action on the part of the Trustee or the Holders of any Securities of such series. 
 At any time after such a declaration of acceleration
with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this article provided, the Holders of a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 

(1) the Company has paid or deposited with the Trustee a sum sufficient to pay 

  
 21 

	 	(a)	all overdue interest (including Defaulted Interest) on all Securities of that series, 

  

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

  

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

 

	 	(d)	all sums paid or advanced by the Trustee hereunder and all sums due the Trustee under Section 6.07; and 

(2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities
of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 

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

Section 5.03 Collection of Indebtedness and Suits For Enforcement By Trustee. The Company covenants that if 

(1) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days, or 
 (2) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof, 
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal (and premium, if any) and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue
interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including all amounts due the Trustee under Section 6.07.

 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, at the expense of Company, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such
Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If any Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such series by appropriate judicial proceedings necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 5.04 Trustee May File
Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, examinership, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon
the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered by intervention in such proceeding or otherwise: 

  
 22 

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

(2) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same
after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings; 
 and
any custodian, receiver, assignee, trustee, liquidator, examiner, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee hereunder. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 Section 5.05 Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or
the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the
Holders of the Securities in respect of which such judgment has been recovered. 
 Section 5.06 Application of Money Collected. Any
money collected by the Trustee pursuant to this article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, upon
presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee (including its agents and counsel); 

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

Section 5.07 Limitation on Suits. No Holder of any Security of any series shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of that series; 

  
 23 

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

(3) such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the loss, costs, expenses and
liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders (it being further understood that the Trustee does not have an affirmative duty
to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders), or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all such Holders, or to expose the Trustee to personal liability. 
 Section
5.08 Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of
the principal of (and premium, if any) and (subject to Section 3.07) interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 Section 5.09 Restoration of
Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the
Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 Section 5.10
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by this article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 5.12 Control by Holders. The Holders of a majority in principal amount of the Outstanding Securities of any series (or if more
than one series is affected thereby, of all series so affected, voting as a single class) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee, with respect to the Securities of such series, provided that: 
 (1) such direction shall not
be in conflict with any rule of law or with this Indenture, expose the Trustee to personal liability or be unduly prejudicial to Holders not joining therein, and 

  
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 (2) the Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction. 
 Nothing in this Indenture shall impair the right of the Trustee to take any other action which is
not inconsistent with such direction. 
 Section 5.13 Waiver of Past Defaults. The Holders of not less than a majority in principal
amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default 

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

(2) in respect of a covenant or provision hereof which under this Indenture cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by its acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company, to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of
the principal of (or premium, if any) or interest on any Securities on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). This Section 5.14 shall be in lieu of
Section 315(e) of the Trust Indenture Act and such Section 315(e) is hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act. 

Section 5.15 Waiver of Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE VI 

THE TRUSTEE 

Section 6.01 Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default with respect to the Securities of any series, 

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

  
 25 

 (2) in the absence of bad faith on its part, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or
opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 

(b) In case an Event of Default has occurred with respect to Securities of any series and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture with respect to such series of Securities, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or
her own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this subsection shall not
be construed to limit the effect of Subsection (a) of this Section 6.01; 
 (2) the Trustee shall not be liable for
any error or judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, determined as provided in Section 5.12 relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.01. 
 Section
6.02 Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit to all Holders of Securities of such series, as their names and addresses appear in
the Security Register, notice of such default hereunder actually known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the
principal of (or premium, if any) or interest on any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if the Trustee in
good faith determines that the withholding of such notice is in the interest of the Holders of Securities of such series; and provided, further, that in the case of any default of the character specified in Section 5.01(4) with respect to
Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section 6.02, the term “default” means any event which is, or after notice or lapse of
time or both would become, an Event of Default with respect to Securities of such series. 
 Section 6.03 Certain Rights of Trustee.
Subject to the provisions of Section 6.01: 
 (a) the Trustee may conclusively rely and shall be protected in acting or refraining from
acting upon any Board Resolution, resolution, Officers’ Certificate, certificate, statement, instrument, Opinion of Counsel, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

  
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 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a
Company Request or Company Order, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (c)
whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate and/or Opinion of Counsel; 

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

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against any costs, expenses and liabilities which might be incurred by it in compliance with such
request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or
attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 
 (g) the Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder; 
 (h) in no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

(i) the Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; 

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

(k) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded; 
 (l) the Trustee shall not be required to give any bond or surety in respect
of the performance of its powers and duties hereunder; 

  
 27 

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

(n) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture. 
 (o) under no circumstances shall the Trustee be liable in its
individual capacity for the obligations evidenced by the Securities. 
 Section 6.04 Not Responsible for Recitals or Issuance of
Securities. The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 

Section 6.05 May Hold Securities. The Trustee, any Paying Agent, any Security Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.12, may otherwise deal with, and collect obligations owed to it by, the Company with the same rights it would have if it were not
Trustee, Paying Agent, Security Registrar or such other agent. 
 Section 6.06 Money Held in Trust. Money held by the Trustee in
trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 

Section 6.07 Compensation, Reimbursement and Indemnification. The Company agrees: 

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

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by it in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or
advance as may be attributable to its own negligence or willful misconduct; and 
 (3) to indemnify the Trustee for, and to
hold it harmless against, any and all loss, liability, damage, costs or expense, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of its duties hereunder, including the costs
and expenses of defending itself against any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, liability or expense is due to its own negligence or willful misconduct. 
 To ensure the performance of the obligations of the
Company hereunder, the Trustee shall have a senior claim to which the Securities are hereby made subordinate upon all property and funds held or collected by the Trustee as such, except property and funds held in trust for the payment of principal
of, premium, if any, or interest on particular Securities. 
 When the Trustee incurs expenses or renders services in connection with an
Event of Default specified in Section 5.01, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or
state bankruptcy, insolvency or other similar law. 

  
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 The provisions of this Section 6.07 shall survive the termination of this Indenture and the
resignation or removal of the Trustee. 
 Section 6.08 Individual Rights; Disqualification; Conflicting Interests. The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities and may make loans to, accept deposits from, perform services for or otherwise deal with the Company or any Affiliate thereof with the same rights it would have if it
were not Trustee; however, the Trustee shall comply with the terms of Section 310(b) of the Trust Indenture Act. 
 Section 6.09
Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia,
authorized under such laws to exercise corporate trust powers having (or, in the case of the subsidiary of a bank holding company that guarantees the obligations of the Trustee under this Indenture, such holding company’s parent shall have) a
combined capital and surplus of at least $50,000,000 subject to supervision or examination by federal or state authority. If such corporation or holding company parent publishes reports of condition at least annually, pursuant to law or the
requirements of said supervising or examining authority, then for the purposes of this Section 6.09, the combined capital and surplus of such corporation or holding company parent shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.09, it shall resign immediately in the manner and with the effect hereinafter
specified in this article. 
 Section 6.10 Resignation and Removal; Appointment of Successor. (a) No resignation or removal of
the Trustee and no appointment of a successor Trustee pursuant to this article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the
Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice
called for by the first sentence of this subsection may be combined with the instrument called for by Section 6.11. 
 (c) The Trustee,
upon 30 days’ notice, may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Trustee and to the Company. 

(d) If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such
notice of removal, the Trustee being removed may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(e) If at any time: 

(1) the Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who
has been a bona fide Holder of a Security for at least six months, 
 (2) the Trustee shall cease to be eligible under
Section 6.09 and shall fail to resign after written request therefor by the Company or by any such Holder, or 
 (3) the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation, 

  
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 then, in any such case, upon 30 days’ notice, (i) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(f) The Company also may remove the Trustee with or without cause if the Company so notifies the Trustee 30 days in advance and if no Default
occurs or is continuing during the 30-day period. 
 (g) If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or
those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any
particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of
any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security
of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(h) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear in the
Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. The Trustee shall have no liability or responsibility for the actions or
inaction of any successor Trustee. 
 Section 6.11 Acceptance of Appointment by Successor. (a) In case of the appointment
hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall
duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 (b) In case
of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute
and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor
Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which
the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder 

  
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administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent
provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall, at the expense of the Company, duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

(c) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 6.11, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this article. 
 (e) Prior to the effect of the appointment of a Successor Trustee, the Company shall pay the Trustee all
outstanding fees and expenses. 
 Section 6.12 Merger, Conversion, Consolidation or Succession to Business. Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 6.13 Preferential Collection of Claims Against Company. If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). A trustee who has resigned or been removed
shall be subject to the Trust Indenture Act Section 311(a) to the extent provided therein. 
 ARTICLE VII 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.01 Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the
Trustee and Security Registrar (if not the Trustee) with respect to the Securities of each series: 
 (a) semi-annually, not more than 15
days after each Regular Record Date, or, in the case of any series of Securities on which semi-annual interest is not payable, not more than fifteen days after such semi-annual dates as may be specified by the Trustee, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders as of such Regular Record Date or such semi-annual date, as the case may be, and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 provided, however, that so long as
the Trustee is the Security Registrar, no such list need be furnished. 
 Section 7.02 Preservation of Information; Communications to
Holders. 

  
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 (a) The Security Registrar shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished by the Company as provided in Section 7.01. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.

 (b) If three or more Holders (herein referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee
reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such application states that the applicants’ desire to communicate with other Holders with respect to
their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such
application, at its election, either 
 (i) afford such applicants access to the information preserved at the time by the
Trustee in accordance with Section 7.02(a), or 
 (ii) inform such applicants as to the approximate number of Holders
whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as to the approximate cost of mailing or sending to such Holders the form of proxy or other communication, if any,
specified in such application. 
 If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall,
upon the written request of such applicants, send to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a) a copy of the form of proxy or other communication which
is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment by such requesting Holders, or provision for the payment, of the reasonable expenses of mailing, unless within five
days after such tender the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary
to the best interest of the Holders or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement
so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so
sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be
relieved of any obligation or duty to such applicants respecting their application. 
 (c) Every Holder of Securities, by receiving and
holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee or any agent thereof shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in
accordance with Section 7.02(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b). 

(d) Subject to Sections 6.01, 7.02(a), 7.02(b) and 7.02(c), if the Company or any other person (other than the Trustee) shall desire to
communicate with Holders of Securities to solicit or obtain from them any proxy, consent, authorization, waiver, approval of a plan of reorganization, arrangement or readjustment or other action (“Holder Action”), the Trustee shall
have no duty to participate in such communication or solicitation or the processing of responses in any manner except (i) to furnish the rules and regulations and to perform the functions referred to in Section 1.04 and (ii) to
receive (A) the instruments evidencing the Holder Action together with (B) the Officers’ Certificate and Opinion of Counsel referred to below. The Company hereby covenants that any and all communications and solicitations distributed
by it in connection with any Holder Action will comply in all material respects with applicable law, including, without limitation, applicable law concerning adequacy of disclosure. The Trustee shall have no responsibility for the accuracy or
completeness of any materials circulated to solicit any Holder Action or for any related communications or for the compliance thereof with applicable law. No Holder Action shall become effective until the Trustee shall have received from the Company
or other person who solicited the Holder Action the instruments evidencing such Holder Action (x) (in the case of Holder Action solicited by the Company or the representative of the Company’s estate if the Company is the debtor in any
bankruptcy or other insolvency proceeding) an Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each specifying the 

  
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Holder Action taken and stating that such Holder Action has been duly and validly taken in compliance with this Indenture in all material respects. Such Officers’ Certificate, if any, shall
also certify that (after giving effect to such Holder Action) no Event of Default or event or condition which, with notice or lapse of time or both, would become an Event of Default has occurred and is continuing or has not been waived. 

(e) The Depositary may grant proxies and otherwise authorize its participants which own the Global Securities to give or take any Act which a
Holder is entitled to take under this Indenture; provided, however, that the Depositary has delivered a list of such participants to the Trustee. 

Section 7.03 Reports by Trustee. 

(a) Within 60 days after September 30 of each year commencing with the first September 30 following the date of this Indenture, the
Trustee shall transmit by mail to all Holders, as their names and addresses appear in the Security Register, a brief report dated as of such September 30, to the extent required by Section 313(a) of the Trust Indenture Act. 

(b) The Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act. 

(c) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with the Commission and with the
Company. The Company will promptly notify the Trustee in writing when any Securities are listed on any stock exchange, or of any delisting thereof. 

Section 7.04 Reports. 

The Company shall: 

(1) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (provided that availability of such reports on a website maintained by the Commission shall be deemed to fulfill this requirement); or,
if the Company is not required to file information, documents or reports pursuant to either of said sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules and regulations; and 
 (2) file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture
as may be required from time to time by such rules and regulations. 
 Delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any
of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). The Trustee will not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with
the covenants or with respect to any reports or other documents filed with the Commission or the Commission’s EDGAR system or any website under this Indenture, or participate in any conference calls. 

  
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 ARTICLE VIII 

SUCCESSOR CORPORATION 

Section 8.01 When Company May Merge or Transfer Assets. (a) The Company shall not (1) consolidate with or merge with or into
any other Person or convey, transfer, sell or lease its properties and assets substantially as an entirety to any Person, (2) permit any Person to consolidate with or merge into the Company, or (3) permit any Person to convey, transfer,
sell or lease that Person’s properties and assets substantially as an entirety to the Company, unless: 
 (i) in the
case of (1) and (2) above, either (x) the Company shall be the surviving person or (y) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by
conveyance, transfer or lease the properties and assets of the Company substantially as an entirety is an entity organized and existing under the laws of the United States of America (including any State thereof or the District of Columbia), the
United Kingdom, Ireland, the Cayman Islands, Bermuda or any country which is a member of the Organisation for Economic Co-operation and Development or the European Union and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee in form reasonably satisfactory to the Trustee, all of the obligations of the Company under the Securities and this Indenture; 

(ii) immediately after giving effect to such transaction, no Event of Default, and no event that, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing; and 
 (iii) the Company shall have
delivered to the Trustee an Officers’ Certificate stating that such consolidation, merger, conveyance, transfer, sale or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply
with this Section 8.01 and that all conditions precedent herein provided for relating to such transaction have been satisfied. 
 (b)
The successor Person formed by such consolidation or into which the Company is merged or the successor Person to which such conveyance, transfer, sale or lease is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor had been named as the Company herein; and thereafter, the Company shall be discharged from all obligations and covenants under this Indenture and the Securities. Subject
to Section 9.03, the Company, the Trustee and the successor Person shall enter into a supplemental indenture to evidence the succession and substitution of such successor Person and such discharge and release of the Company. 

ARTICLE IX 

AMENDMENTS & SUPPLEMENTAL INDENTURES 

Section 9.01 Amendments or Supplemental Indentures Without Consent of Holders. The Company and the Trustee, at any time and from time
to time, may amend or supplement this Indenture or the Securities or waive any provision of this Indenture or the Securities without the consent of any Holder: 

(1) to cure any ambiguity, mistake, omission, defect or inconsistency as set forth in an Officers’ Certificate; 

(2) to make any modifications or amendments that do not, in the good faith opinion of the Company, adversely affect the
interests of the Holders in any material respect, provided that any amendment or supplement conforming this Indenture, as applied to a series of Securities, to the terms described in the prospectus (including any prospectus supplement) pursuant to
which the Securities were initially sold shall be deemed not to adversely affect the interest of Holders; 

  
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 (3) to provide for the assumption of the Company’s obligations under this
Indenture by a successor upon any merger, consolidation or asset transfer as permitted by and in compliance with Article VIII of this Indenture; 

(4) to provide any security for or guarantees of the Securities; 

(5) to add Events of Default with respect to the Securities; 

(6) to add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Company by this
Indenture; 
 (7) to make any change necessary to comply with the Trust Indenture Act, or any amendment thereto, or to comply
with any requirement of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act; 

(8) to provide for uncertificated Securities in addition to or in place of certificated Securities or to provide for bearer
Securities; 
 (9) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit
or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons; 

(10) to change or eliminate any of the provisions of this Indenture, provided, however, that any such change or elimination
shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; 

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

(12) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 6.11(b). 
 Section 9.02 Amendments or Supplemental Indentures with Consent of Holders. With the written consent of the
Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such amendment or supplement (taken together as one class), the Company and the Trustee, at any time and from time
to time, may amend or supplement this Indenture or the Securities. However, without the consent of each Holder affected, an amendment of or a supplement to this Indenture or the Securities may not: 

(1) change the Stated Maturity of the principal of, or premium, if any, or any installment of interest with respect to the
Securities; 
 (2) reduce the principal amount of, or the rate of interest on, or any premium payable upon the redemption of,
the Securities; 
 (3) change the currency of payment of principal of or interest on the Securities; 

(4) change the redemption provisions, if any, of any Securities in any manner adverse to the Holders of such Securities; 

(5) impair the right to institute suit for the enforcement of any payment on or with respect to the Securities; 

  
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 (6) reduce the above-stated percentage of Holders of the Securities of any series
necessary to modify or amend this Indenture; 
 (7) if the Securities are convertible or exchangeable, adversely affect the
right to convert or exchange the Securities in accordance with the provisions of this Indenture; 
 (8) in the case of
Subordinated Securities of any series, modify any of the Subordination Provisions or the definition of “Senior Indebtedness” relating to such series in a manner adverse to the holders of such Subordinated Securities; or 

(9) modify the foregoing requirements or reduce the percentage of Outstanding Securities necessary to waive any covenant or
past default. 
 It shall not be necessary for any Act of the Holders under this Section 9.02 to approve the particular form of any
proposed amendment or supplemental indenture, but it shall be sufficient if such Act approves the substance thereof. 
 After an amendment
or supplemental indenture under this Section 9.02 becomes effective, the Company shall mail to each Holder a notice briefly describing the amendment or supplemental indenture. 

An amendment or supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series. 
 Section 9.03 Execution of Supplemental Indentures. The Trustee
shall sign any supplemental indenture authorized pursuant to this article if the amendment contained therein does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign such
supplemental indenture. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, and (subject
to Section 6.01) shall be fully protected in conclusively relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all
conditions precedent in this Indenture to the execution of such supplemental indenture, if any, have been complied with and, subject to customary assumptions, exceptions and qualifications, constitutes the legal, valid and binding obligation of the
Company. 
 Section 9.04 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this article, this
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby. 
 Section 9.05 Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this article shall
conform to the requirements of the Trust Indenture Act as then in effect. 
 Section 9.06 Reference in Securities to Supplemental
Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

  
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 ARTICLE X 

COVENANTS 
 Section
10.01 Payment of Principal, Premium and Interest. The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of (and premium, if any) and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture. At the option of the Company, payment of principal (and premium, if any) and interest may be made by wire transfer to an account within the United States or (subject to
collection) by check mailed to the address of the Person entitled thereto at such address as shall appear in the Security Register. Presentation of Securities is due at maturity. 

Section 10.02 Maintenance of Office or Agency. The Company will maintain in each Place of Payment for any series of Securities an
office or agency where Securities of that series may be presented or surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be
served. The Company hereby initially appoints the Trustee its office or agency for each of said purposes. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The
Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

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

Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal
of (and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.03, that such Paying Agent will: 

(1) hold all sums held by it for the payment on the principal of (and premium, if any) or interest on Securities of that series
in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the
making of any payment of principal (and premium, if any) or interest on the Securities of that series; and 
 (3) at any time
during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

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

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, subject to applicable
escheat laws or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look, only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 
 The
Company shall have no obligation to make payment of principal of (or premium, if any) or interest on any Security in immediately available funds, except that if the Company shall have received original payment for Securities in immediately available
funds it shall make available immediately available funds for payment of the principal of such Securities. 
 Section 10.04 Corporate
Existence. Subject to Article VIII, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the
Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not
disadvantageous in any material respect to the Holders. 
 Section 10.05 Maintenance of Properties. The Company will use its
reasonable efforts to cause all material properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order (subject to wear and tear) and supplied with all necessary material equipment and
will use its reasonable efforts to cause to be made all necessary material repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 10.05 shall prevent the Company from discontinuing the operation or maintenance of any of such properties if such
discontinuance is, in the judgment of the Company, desirable in the conduct of its business and not disadvantageous in any material respect to the Holders. 

Section 10.06 Statement by Officers as to Default. The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year of the Company ending after the date hereof, a certificate of the principal executive officer, principal financial officer or principal accounting officer of the Company stating whether or not to the best knowledge of the signers
thereof the Company are in default in the performance and observance of any of the terms, provisions and conditions of this Indenture, and if the Company shall be in default, specifying all such defaults and the nature and status thereof of which
they may have knowledge. 
 Section 10.07 Waiver of Certain Covenants. The Company may omit in any particular instance to comply with
any term, provision or condition set forth in this Article X if, before or after the time for such compliance, the Holders of at least a majority in principal amount of the Outstanding Securities (taken together as one class) shall, by Act of such
Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition; except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and
the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 Section 10.08
Calculation of Original Issue Discount. The Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods)
accrued on Outstanding Securities as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 

  
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 ARTICLE XI 

REDEMPTION OF SECURITIES 

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

Section 11.02 Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by a Board
Resolution. In case of any redemption at the election of the Company of less than all the Securities of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory
to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed, such notice to be accompanied by a written statement signed by an authorized officer of the Company
stating that no defaults in the payment of interest or Events of Default with respect to the Securities of that series have occurred (which have not been waived or cured). In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee an Officers’ Certificate evidencing compliance with such restriction. 

Section 11.03 Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any series are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot or by such method as the Trustee
shall deem fair and appropriate, subject to the customary procedures of the Depositary, and which may provide for the selection or redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral
multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 

The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 Section 11.04 Notice of Redemption. The Company shall give a notice of redemption by first-class mail, postage prepaid (or
electronic transmission in the case of Securities held in book-entry form), mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at its address appearing in the Security Register.
Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice. Failure to give notice by mail, or any defect in the notice to any such Holder in
respect of any Security, shall not affect the validity of the proceedings for the redemption of any other Security. 
 All notices of
redemption shall state: 
 (1) the Redemption Date, 

(2) the Redemption Price and any accrued interest, 

(3) if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of
partial redemption, the principal amounts) of the particular Securities to be redeemed, 
 (4) that on the Redemption Date
the Redemption Price and any accrued interest will become due and payable upon each such Security to be redeemed together with accrued interest thereon and, if applicable, that interest thereon will cease to accrue on and after said date, 

  
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 (5) the place or places where such Securities are to be surrendered for payment
of the Redemption Price and any accrued interest, 
 (6) that the redemption is for a sinking fund, if such is the case, and

 (7) the CUSIP number and, if applicable, the ISIN number, of the Securities being redeemed. 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
written request, by the Trustee in the name and at the expense of the Company. 
 Section 11.05 Deposit of Redemption Price. On or
prior to 11:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of
money, in funds immediately available on the due date, sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

 Section 11.06 Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified together with accrued interest thereon, and from and after such date (unless the Company shall default in the payment of the Redemption Price
and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the provisions of Section 3.07. 
 If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

The Trustee shall not redeem any Securities of any series pursuant to this article (unless all Outstanding Securities of such series are to be
redeemed) or mail or give any notice of redemption of Securities during the continuance of an Event of Default hereunder known to the Trustee with respect to such series, except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Company a sum sufficient for such redemption. Except as aforesaid, any moneys theretofore or
thereafter received by the Trustee shall, during the continuance of such Event of Default, be deemed to have been collected under Article V and held for the payment of all such Securities of such series. In case such Event of Default shall have been
waived as provided in Section 5.13 or the default cured on or before the sixtieth day preceding the Redemption Date, such moneys shall thereafter be applied in accordance with the provisions of this article. 

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

  
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 ARTICLE XII 

SINKING FUNDS 

Section 12.01 Applicability of Article. The provisions of this article shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 3.01 for Securities of such series. 
 The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “Mandatory Sinking Fund Payment,” and any payment in excess of such minimum amount provided for by the terms of
Securities of any series is herein referred to as an “Optional Sinking Fund Payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in
Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 

Section 12.02 Satisfaction of Sinking Fund Payments with Securities. The Company (1) may deliver Outstanding Securities of a
series (other than any previously called for redemption) and (2) may apply as credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of
permitted Optional Sinking Fund Payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of
such Securities as provided for by the terms of such series; provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

Section 12.03 Redemption of Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for any series
of Securities, the Company (1) will deliver to the Trustee an Officers’ Certificate (A) stating that no defaults in the payment of interest or Events of Default with respect to Securities of that series have occurred (which have not
been waived or cured), (B) specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of Securities of that series, (C) stating whether or not the Company intends to exercise its right, if any, to
make an Optional Sinking Fund Payment with respect to such series on the next ensuing sinking fund payment date and, if so, specifying the amount of such Optional Sinking Fund Payment and (D) specifying the portion of such sinking fund payment,
if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.02 and (2) will also deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Securities of such series to be redeemed upon such sinking fund payment date in the manner specified in Section 12.03
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 12.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections 12.05, 12.06 and 12.07. Failure of the Company, on or before any such 60th day, to deliver such Officers’ Certificate and Securities specified in this Section 12.03, if any, shall not constitute a
default but shall constitute, on and as of such date, the irrevocable election of the Company (a) that the Mandatory Sinking Fund Payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash
without the option to deliver or credit Securities of such series in respect thereof and (b) that the Company will make no Optional Sinking Fund Payment with respect to Securities of such series as provided in this article. 

The Trustee shall not redeem or cause to be redeemed any Security of a series with sinking fund moneys or mail any notice of redemption of
Securities of such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that, where the mailing of notice of redemption of
any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in
the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been
collected under Article V and held for the payment of all such Securities of such series. In case such Event of Default shall have been waived as provided in Section 5.13 or the default cured on or before the 60th day preceding the sinking fund
payment date, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section 12.03 to the redemption of such Securities. 

  
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 This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 [Remainder of
page intentionally blank] 

  
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 IN WITNESS WHEREOF, each party hereto has executed this Indenture as of the day and year first
before written. 
  

			
	 SIGNED AND DELIVERED as a DEED

for and on behalf of Global Indemnity public limited company

by its lawfully appointed attorney

		
	/s/ Thomas M. McGeehan	 	  

	Attorney signature	 	
		
	Thomas M. McGeehan	 	  

	 Print Attorney name
 in the presence
of:
	 	
		
	/s/ Stephen W. Ries	 	  

	Witness signature	 	
		
	Stephen W. Ries	 	  

	Print Witness name	 	
	
	Three Bala Plaza East, Suite 300, Bala Cynwyd, PA USA 19004
	Witness address	 	

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Maddy Hughes

		 	Name: Maddy Hughes
		 	Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]