Document:

Exhibit 4.1

 

Execution
Version

 

 

NABORS INDUSTRIES LTD.

 

as Issuer,

 

NABORS INDUSTRIES, INC.,

 

NABORS DRILLING HOLDINGS INC.,

 

NABORS INTERNATIONAL FINANCE INC.,

 

NABORS LUX FINANCE 1,

 

NABORS GLOBAL HOLDINGS LIMITED

 

and

 

NABORS HOLDING LTD.

 

as Guarantors

 

and

 

WELLS FARGO BANK, N.A.

 

as Trustee

 

INDENTURE

 

Dated as of January 10, 2020

 

 

 

7.25% Senior Guaranteed Notes due 2026

 

7.50% Senior Guaranteed Notes due 2028

 

 

     

     

    

 

TABLE OF CONTENTS

		Page
	ARTICLE
    I 

    DEFINITIONS AND INCORPORATION BY REFERENCE
	SECTION
    1.01.	Definitions	1
	SECTION
    1.02.	Other
    Definitions	9
	SECTION
    1.03.	Incorporation
    by Reference of Trust Indenture Act	10
	SECTION
    1.04.	Rules
    of Construction	10
	ARTICLE
    II 

THE SECURITIES
	SECTION
    2.01.	Form
    and Dating	11
	SECTION
    2.02.	Execution
    and Authentication	12
	SECTION
    2.03.	Registrar
    and Paying Agent	13
	SECTION
    2.04.	Paying
    Agent to Hold Money in Trust	14
	SECTION
    2.05.	Holder
    Lists	14
	SECTION
    2.06.	Transfer
    and Exchange	14
	SECTION
    2.07.	Replacement
    Securities	26
	SECTION
    2.08.	Outstanding
    Securities	27
	SECTION
    2.09.	[Reserved.]	27
	SECTION
    2.10.	Temporary
    Securities	27
	SECTION
    2.11.	Cancellation	27
	SECTION
    2.12.	Defaulted
    Interest	27
	SECTION
    2.13.	Persons
    Deemed Owners	28
	SECTION
    2.14.	CUSIP
    Numbers	28
	ARTICLE
    III 

COVENANTS
	SECTION
    3.01.	Payment
    of Securities	28
	SECTION
    3.02.	Maintenance
    of Office or Agency	28
	SECTION
    3.03.	SEC
    Reports; Financial Statements	29
	SECTION
    3.04.	Compliance
    Certificate	29
	SECTION
    3.05.	Corporate
    Existence	30
	SECTION
    3.06.	Waiver
    of Stay, Extension or Usury Laws	30
	SECTION
    3.07.	Limitation
    on Liens	30
	SECTION
    3.08.	Payment
    of Additional Amounts	33
	SECTION
    3.09.	Limitations
    on Sale and Lease-Back Transactions	35
	SECTION
    3.10.	Change
    of Control Offer	35
	SECTION
    3.11.	Limitations
    on Subsidiary Debt	38
	ARTICLE
    IV 

CONSOLIDATION, MERGER AND SALE
	SECTION
    4.01.	Limitation
    on Mergers and Consolidations	41
	SECTION
    4.02.	Successors
Substituted	41

 

    i 

     

    

 

	ARTICLE V

DEFAULTS AND REMEDIES
	SECTION 5.01.	Events of Default	41
	SECTION 5.02.	Acceleration	43
	SECTION 5.03.	Other Remedies	44
	SECTION 5.04.	Waiver of Existing Defaults	44
	SECTION 5.05.	Control by Majority	44
	SECTION 5.06.	Limitations on Suits	45
	SECTION 5.07.	Rights of Holders to Receive Payment	45
	SECTION 5.08.	Collection Suit by Trustee	45
	SECTION 5.09.	Trustee May File Proofs of Claim	46
	SECTION 5.10.	Priorities	46
	SECTION 5.11.	Undertaking for Costs	46
	ARTICLE VI 

TRUSTEE
	SECTION 6.01.	Duties of Trustee	47
	SECTION 6.02.	Rights of Trustee	48
	SECTION 6.03.	Individual Rights of Trustee	49
	SECTION 6.04.	Trustee’s Disclaimer	49
	SECTION 6.05.	Notice of Defaults	49
	SECTION 6.06.	Reports by Trustee to Holders	50
	SECTION 6.07.	Compensation and Indemnity	50
	SECTION 6.08.	Replacement of Trustee	51
	SECTION 6.09.	Successor Trustee by Merger, etc.	52
	SECTION 6.10.	Eligibility; Disqualification	52
	SECTION 6.11.	Preferential Collection of Claims Against Company	52
	ARTICLE VII 

DISCHARGE OF INDENTURE
	SECTION 7.01.	Termination of Company’s and Guarantors’ Obligations	52
	SECTION 7.02.	Application of Trust Money	56
	SECTION 7.03.	Repayment to Company	57
	SECTION 7.04.	Reinstatement	57
	ARTICLE VIII 

AMENDMENTS
	SECTION 8.01.	Without Consent of Holders	57
	SECTION 8.02.	With Consent of Holders	59
	SECTION 8.03.	Compliance with Trust Indenture Act	60
	SECTION 8.04.	Revocation and Effect of Consents	60
	SECTION 8.05.	Notation on or Exchange of Securities	61
	SECTION 8.06.	Trustee to Sign Amendments, etc.	61

 

    ii 

     

    

 

	ARTICLE IX 

GUARANTEES OF SECURITIES
	SECTION 9.01.	Unconditional Guarantees	61
	SECTION 9.02.	Execution and Delivery of Notation of Guarantees	64
	SECTION 9.03.	Guarantors May Consolidate, etc., on Certain Terms	64
	SECTION 9.04.	Luxembourg: Guarantee Limitation	64
	SECTION 9.05.	Releases	65
	ARTICLE X 

REDEMPTION
	SECTION 10.01.	Notices to Trustee	65
	SECTION 10.02.	Selection of Securities to be Redeemed	66
	SECTION 10.03.	Notices to Holders	66
	SECTION 10.04.	Effect of Notices of Redemption	67
	SECTION 10.05.	Deposit of Redemption Price	67
	SECTION 10.06.	Securities Redeemed in Part	68
	SECTION 10.07.	Optional Redemption	68
	SECTION 10.08.	Tax Redemption	68
	ARTICLE XI 

MISCELLANEOUS
	SECTION 11.01.	Trust Indenture Act Controls	69
	SECTION 11.02.	Notices	69
	SECTION 11.03.	Communication by Holders with Other Holders	70
	SECTION 11.04.	Certificate and Opinion as to Conditions Precedent	70
	SECTION 11.05.	Statements Required in Certificate or Opinion	71
	SECTION 11.06.	Rules by Trustee and Agents	71
	SECTION 11.07.	Legal Holidays	71
	SECTION 11.08.	No Recourse Against Others	71
	SECTION 11.09.	Governing Law; Jury Trial Waiver	71
	SECTION 11.10.	Consent to Jurisdiction and Service of Process	71
	SECTION 11.11.	Waiver of Immunity	72
	SECTION 11.12.	Judgment Currency	72
	SECTION 11.13.	No Adverse Interpretation of Other Agreements	73
	SECTION 11.14.	Successors	73
	SECTION 11.15.	Severability	73
	SECTION 11.16.	Counterpart Originals	73
	SECTION 11.17.	U.S.A. Patriot Act	73
	SECTION 11.18.	Force Majeure	73
	SECTION 11.19.	Table of Contents, Headings, etc.	73

 

EXHIBITS

 

	EXHIBIT A-1	Form of 2026 Security	A-1
	EXHIBIT A-2	Form of 2028 Security	A-2
	EXHIBIT B	Form of Certificate of Transfer	B-1
	EXHIBIT C	Form of Certificate of Exchange	C-1

 

    iii 

     

    

 

THIS INDENTURE dated
as of January 10, 2020, is among Nabors Industries Ltd., a Bermuda exempted company (the “Company”), the Guarantors
(as defined hereinafter) and Wells Fargo Bank, N.A., national banking association, as trustee (the “Trustee”).

 

Each party agrees as
follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined hereinafter) of (i)
$600,000,000 in aggregate principal amount of the Company’s 7.25% Senior Guaranteed Notes due 2026 issued on the date hereof
(the “Initial 2026 Securities”), (ii) $400,000,000 in aggregate principal amount of the Company’s 7.50%
Senior Guaranteed Notes due 2028 also issued on the date hereof (the “Initial 2028 Securities” and, together with the
Initial 2026 Securities, the “Initial Securities”), and (iii) any Additional Securities (as defined herein) of either
series of the Securities (as defined herein) issued by the Company hereafter:

 

ARTICLE
I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.       
Definitions.

 

“144A Global
Security” means, with respect to either series of Securities, a Global Security substantially in the form of Exhibit A-1
hereto, in the case of the 2026 Securities, and Exhibit A-2, in the case of the 2028 Securities, bearing the Global Security Legend
and the Private Placement Legend, that has the Schedule of Exchanges of Interests in the Global Security attached thereto, and
that is deposited with the Securities Custodian, and registered in the name of, the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Securities of that series initially sold in reliance on Rule 144A.

 

“2012 Revolving
Credit Facility” means that certain Credit Agreement dated as of November 29, 2012, among the Company, Nabors Delaware and
certain of the Company’s other Subsidiaries, the lenders party thereto, and Citibank, N.A., as administrative agent, including
any related notes, guarantees, instruments and agreements executed in connection therewith, as amended, restated, modified, renewed,
refunded, replaced or refinanced in whole or in part from time to time.

 

“2018 Revolving
Credit Facility” means that certain Credit Agreement dated as of October 11, 2018, among the Company, Nabors Delaware and
certain of the Company’s other Subsidiaries, the lenders party thereto, and Citibank, N.A., as administrative agent, including
any related notes, guarantees, instruments and agreements executed in connection therewith, as amended, restated, modified, renewed,
refunded, replaced or refinanced in whole or in part from time to time.

 

“2026 Securities”
means any of the Company’s 7.25% Senior Guaranteed Notes due 2026 issued under this Indenture. The Initial 2026 Securities
and any Additional Securities of that series shall be treated as a single class for all purposes under this Indenture, including,
without limitation, waivers, amendments, redemptions and offers to purchase and unless otherwise provided or the context otherwise
requires, all references to “the 2026 Securities” shall include the Initial 2026 Securities and any Additional Securities
of that series.

 

“2028
Securities” means any of the Company’s 7.50% Senior Guaranteed Notes due 2028 issued under this Indenture. The
Initial 2028 Securities and any Additional Securities of that series shall be treated as a single class for all purposes
under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase and unless
otherwise provided or the context otherwise requires, all references to “the 2028 Securities” shall include the
Initial 2028 Securities and any Additional Securities of that series.

 

    1

     

    

 

“Additional Securities”
means with respect to either series of Securities, any Securities of that series (other than the Initial Securities of that series)
issued under this Indenture in accordance with Section 2.02, as part of the same series of debt securities as the Initial 2026
Securities or Initial 2028 Securities, as applicable, to the extent then outstanding.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or indirect
common control with, such specified Person. For purposes of this definition, “control” of a 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” shall have meanings correlative
to the foregoing. The Trustee may request and may conclusively rely upon an Officer’s Certificate to determine whether any
Person is an Affiliate of any specified Person.

 

“Agent”
means any Registrar or Paying Agent.

 

“Aggregate Debt”
means the sum of the following as of the date of determination: (1) the then outstanding aggregate principal amount of the Debt
of the Company and its Subsidiaries secured by mortgages not permitted by clauses (a) through (o) of Section 3.07; (2) the then
outstanding aggregate principal amount of all Debt of the Subsidiaries of the Company not permitted by clauses (i) through (vii)
or clauses (ix) through (xiv) of Section 3.11(a) without double counting in this clause (2) to the extent that such Debt is included
in clause (1) or (3) of this definition; and (3) the then existing Attributable Debt of the Company and its Subsidiaries in respect
of Sale and Lease-Back Transactions Incurred under Section 3.09(e)(2) without double counting to the extent that the Debt relating
thereto is included in clause (1) or (2) of this definition.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Security or any selection of Securities
for redemption, the rules and procedures of the Depositary, Euroclear or Clearstream that apply to such transaction.

 

“Attributable
Debt” means, with respect to any Sale and Lease-Back Transaction as of any particular time, the present value discounted
at the rate of interest implicit in the terms of the lease of the obligations of the lessee under such lease for net rental payments
during the remaining term of the lease.

 

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

 

“Board of Directors”
of any Person means the board of directors, board of managers or other comparable governing body of such Person or any committee
thereof or committee of officers duly authorized, with respect to any particular matter, to act by or on behalf of the board of
directors of such Person.

 

“Business Day”
means any day that is not a Legal Holiday.

 

    2

     

    

 

“Capital Stock”
means (i) in the case of a corporation or a company, corporate stock or shares; (ii) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii)
in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and
(iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person.

 

“Clearstream”
means Clearstream Banking, société anonyme or any successor securities clearing agency.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute.

 

“Company”
means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor
Person.

 

“Consolidated
Net Tangible Assets” means the total assets of the Company and its Subsidiaries as of the most recent fiscal quarter end
for which a consolidated balance sheet of the Company and the Subsidiaries is available, minus all current liabilities (excluding
the current portion of any long-term debt) of the Company and the Subsidiaries reflected on such balance sheet and minus
total goodwill and other intangible assets of the Company and the Subsidiaries reflected on such balance sheet, all calculated
on a consolidated basis in accordance with GAAP.

 

“Continuing Director”
means, as of any date of determination, any member of the Board of Directors of the Company who: (1) was a member of such Board
of Directors (a) on the date of the original issuance of the Initial Securities or (b) for at least two consecutive years; or (2)
was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors
who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote
or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without
objection to such nomination).

 

“Corporate Trust
Office” means the office of the Trustee at its address specified in Section 11.02 and may be located at such other address
as the Trustee may give notice to the Company in accordance with Section 11.02 or such other address as a successor Trustee may
designate from time to time by notice to the Company.

 

“Credit
Facilities” means one or more debt facilities, including the 2012 Revolving Credit Facility and the 2018 Revolving
Credit Facility, or other financing arrangements (including, without limitation, commercial paper facilities), providing for
revolving credit loans, term loans, letters of credit, debt securities or other long-term indebtedness including any notes,
mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments,
supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities
or commercial paper facilities that replace, refund or refinance any part of the loans, notes, other credit facilities or
commitments thereunder, including any such replacement, refunding or refinancing facility that increases the amount permitted
to be borrowed thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under
Section 3.11) or adds Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other
agent, lender or group of lenders.

 

    3

     

    

 

“Currency Rate
Protection Agreement” means any foreign currency exchange and future agreements, arrangements and options designed to protect
against or manage fluctuations in currency exchange rates.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Default”
means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default.

 

“Definitive Security”
means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.06, substantially
in the form of Exhibit A-1 hereto, in the case of the 2026 Securities, or Exhibit A-2 hereto, in the case of the 2028 Securities,
except that such Security shall not bear the Global Security Legend and shall not have the “Schedule of Exchanges of Securities”
attached thereto.

 

“Depositary”
means The Depository Trust Company and its successors.

 

“Euroclear”
means Euroclear Bank NV/SA or any successor securities clearance agency.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor statute.

 

“Fitch”
means Fitch Inc., a subsidiary of Fimalac, S.A., and its successors.

 

“Foreign Guarantors”
means each of (i) Nabors Lux Finance 1, a Luxembourg private limited liability company (société à responsabilité
limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg having its registered office at 8-10
Avenue de la Gare, L-1610 Luxembourg, registered with the Luxembourg register of commerce and companies under number B 153.636,
(ii) Nabors Global Holdings Limited, a Luxembourg private limited liability company (société à responsabilité
limitée) established and existing under the laws of the Grand Duchy of Luxembourg having its registered office at 8-10
Avenue de la Gare, L-1610 Luxembourg, registered with the Luxembourg register of commerce and companies under number B 155.086
and (iii) Nabors Holdings Ltd., a Bermuda exempted company.

 

“Funded Debt”
means indebtedness for money borrowed which by its terms matures at, or is extendible or renewable at the option of the obligor
to, a date more than twelve months after the date of creation of such indebtedness.

 

“GAAP”
means generally accepted accounting principles in the United States of America, as in effect from time to time.

 

“Global Securities”
means, individually and collectively, each of the Restricted Global Securities and the Unrestricted Global Securities.

 

    4

     

    

 

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

 

“Guarantor”
means each Person executing this Indenture as a Guarantor until a successor Person shall have assumed the obligations of such Person
pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person(s).

 

“Holder”
means a Person in whose name a Security is registered on the Registrar’s books.

 

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

 

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

 

“Interest Payment
Date” has the meaning assigned to such term in the Securities.

 

“Interest Rate
Protection Agreement” means any interest rate swap, interest rate cap, interest rate collar, or other interest rate hedging
agreement or arrangement designed to protect against fluctuations in interest rates.

 

“Investment Grade”
means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating
of BBB- or better by S&P (or its equivalent under any successor rating category of S&P); a rating of BBB- or better by
Fitch (or its equivalent under any successor rating category of Fitch); and the equivalent investment grade rating from any replacement
Rating Agency or Agencies appointed by the Company.

 

“Issue Date”
means the first date on which the Securities are issued under this Indenture.

 

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

 

“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, by declaration of acceleration, call for redemption
or otherwise.

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Nabors Delaware”
means Nabors Industries, Inc.

 

“Non-Guaranteed
Debt” means Debt for which Nabors Delaware is (i) the obligor and is not guaranteed by any other Guarantor or (ii) the sole
guarantor.

 

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

 

    5

     

    

 

“Offering”
means the offering of each series of the Initial Securities pursuant to the Offering Memorandum.

 

“Offering Memorandum”
means the final Offering Memorandum of the Company, dated January 7, 2020, relating to the Offering.

 

“Officer”
means the Chairman of the Board, the Chief Executive Officer, the President, any Vice Chairman of the Board, any Vice President,
the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary
or any Assistant Secretary of a Person.

 

“Officer’s
Certificate” means a certificate signed by an Officer of a Person that complies with Sections 11.04 and 11.05 of this Indenture
and is delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion from legal counsel who is acceptable to the Trustee that complies with Sections 11.04 and 11.05 of this
Indenture. Such counsel may be an employee of or counsel to the Company, the Guarantors or the Trustee.

 

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

 

“Permitted
Accounts Receivables Sales Facility” shall mean any transaction in which the Company or a Subsidiary thereof sells or
otherwise transfers, in each case on a non-recourse basis to the Company or such Subsidiary (provided that transactions that
provide customary limited for recourse against the Company or a Subsidiary only for breaches related to the assets sold or
financed, rather than matters of credit quality, shall be deemed to be non-recourse for purposes hereof), any accounts
receivable (whether now existing or arising in the future) and any assets related thereto including, without limitation, all
books and records relating to such accounts receivable, all collateral securing such accounts receivable, all contracts and
all guarantees or other obligations in respect of such accounts receivable, rights with respect to returned goods the sale or
lease of which gave rise to such accounts receivable, insurance thereon, proceeds of all of the foregoing and lockboxes and
bank accounts into which collections thereon are deposited, and other assets which are customarily transferred or in respect
of which security interests are customarily granted in connection with asset securitization transactions involving accounts
receivable (a) to one or more third party purchasers or (b) to a special purpose entity that borrows against such accounts
receivable (or undivided interests therein) and related assets or issues securities payable from (or representing interests
in) payments in respect of such accounts receivable and related assets or sells such accounts receivable (or undivided
interests therein) and related assets to one or more third party purchasers, whether or not amounts received in connection
with the sale or other transfer of such accounts receivable and related assets to an entity referred to in clause (a) or (b)
above would under GAAP be accounted for as liabilities on a consolidated balance sheet of the Company. The amount of any
Permitted Accounts Receivables Sales Facility shall be deemed at any time to be the aggregate outstanding principal or
stated amount of the borrowings, securities or residual obligations under a sale, in each case referred to in clause (b) of
the preceding sentence, or if there shall be no such principal or stated amount, the uncollected amount of the accounts
receivable transferred to such third party purchaser(s) pursuant to such Permitted Accounts Receivables Sales Facility net of
any such accounts receivable that have been written off as uncollectible.

 

    6 

     

    

 

“Person”
means any individual, corporation, limited liability company, limited or general partnership, joint venture, incorporated or unincorporated
association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof
or other entity of any kind.

 

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

 

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

 

“Rating Agency”
means each of Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P and Fitch ceases to rate the Securities
or fails to make a rating of the Securities publicly available, the Company shall appoint a replacement for such Rating Agency
that is a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange
Act.

 

“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.

 

“Regulation S”
means Regulation S promulgated under the Securities Act, as such may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

“Regulation S
Global Security” means, with respect to either series of Securities, a permanent Global Security substantially in the form
of Exhibit A-1 hereto, in the case of the 2026 Securities, and Exhibit A-2, in the case of the 2028 Securities, bearing the Global
Security Legend and the Private Placement Legend, that has the Schedule of Exchanges of Interests in the Global Security attached
thereto, and that is deposited with the Securities Custodian, and registered in the name of, the Depositary or its nominee, issued
in a denomination equal to the outstanding principal amount of the Securities of that series initially sold in reliance on Rule
903 of Regulation S.

 

“Resale Restriction
Termination Date” means (x), in the case of Securities sold pursuant to Rule 144A, the date which is one year (or such other
date when resales of securities by non-affiliates are first permitted under Rule 144(d) without condition) after the later of the
date of the original issue of the Securities or the date of any subsequent reopening of the Securities and the last date on which
the Company or any of its affiliates were the owner of such Securities (or any predecessor thereto) or, in the case of Securities
sold pursuant to Regulation S, 40 days or (y), in any case, such later date, if any, as may be required by applicable law.

 

    7 

     

    

 

“Responsible
Officer” when used with respect to the Trustee means any officer within the Corporate Trust Department of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those
performed by persons who at the time shall be such officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such 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..

 

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

 

“Restricted Global
Security” means a Regulation S Global Security or a 144A Global Security.

 

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

 

“Rule 144”
means Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other
than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith
resulting in offers and sales by subsequent holders that are not affiliates of the issuer of such securities being free of the
registration and prospectus delivery requirements of the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other
than Rule 144) or regulation hereafter adopted by the SEC.

 

“Rule 903”
means Rule 903 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

 

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

 

“Sale and Lease-Back
Transaction” means any arrangement with any Person providing for the leasing by the Company or any Subsidiary of any property,
whereby such property had been sold or transferred by the Company or any Subsidiary to such Person.

 

“SEC” means
the Securities and Exchange Commission.

 

“Securities”
means any 2026 Securities and 2028 Securities issued hereunder.

 

“Securities Act”
means the Securities Act of 1933, as amended, and any successor statute.

 

“Securities Custodian”
means the Trustee, acting as custodian on behalf of the Depositary with respect to the Securities in global form, or any successor
entity thereto.

 

“Stated Maturity”
means, with respect to any Security, the date specified in such Security as the fixed date on which the principal of such Security
is due and payable.

 

    8 

     

    

 

“Subsidiary”
means (1) any corporation, association or other business entity (other than a partnership, joint venture or limited
liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of
determination owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries or a
combination thereof and (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the
capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as
applicable, are owned or controlled, directly or indirectly, by any Guarantor or one or more of the other Subsidiaries or a
combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, (y)
the Company or any of the Subsidiaries is a controlling general partner or otherwise controls such entity and (z) such entity
is consolidated in the consolidated financial statements of the Company in accordance with GAAP.

 

“TIA” or
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. Sections 77aaa-77bbbb), as in effect
on the Issue Date, except as provided in Section 8.03.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean the successor
serving hereunder.

 

“U.S. Government
Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United
States of America for the payment of which the full faith and credit of the United States of America is pledged.

 

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

 

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

 

“Unrestricted
Global Security” means, with respect to either series of securities, a permanent Global Security substantially in the form
of Exhibit A-1 hereto, in the case of the 2026 Securities, and Exhibit A-2, in the case of the 2028 Securities, that bears the
Global Security Legend and that has the “Schedule of Exchanges of Securities” attached thereto and that is deposited
with the Securities Custodian and registered in the name of the Depositary or its nominee, representing Securities of that series
that do not bear the Private Placement Legend.

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote generally in
the election of the Board of Directors of such Person.

 

    9 

     

    

 

SECTION 1.02.       
Other Definitions.

 

	Term	Defined in

Section
	 	 
	“Additional Amounts”	3.08
	“Authorized Agent”	11.10
	“Change of Control”	3.10
	“Change of Control Offer”	3.10
	“Change of Control Payment Date”	3.10
	“Change of Control Trigger Event”	3.10
	“Covenant Defeasance”	7.01(c)
	“Debt”	3.07
	“DTC”	2.03
	“Event of Default”	5.01
	“Excluded Holder”	3.08
	“Guarantees”	9.01(a)
	“Indenture Obligations”	9.01(a)
	“Initial Securities”	Preamble
	“Judgment Currency”	11.12
	“mortgage” or “mortgages”	3.07
	“Paying Agent”	2.03
	“Receivables Purchase Agreement”	3.07
	“Receivables Sale Agreement”	3.07
	“refinancing”	3.11(a)
	“Registrar”	2.03
	“Relevant Taxing Jurisdiction”	3.08
	“Taxes”	3.08
	“Territory”	3.08
	“Trigger Period”	3.10

 

SECTION 1.03.       
Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, such provision is incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

 

“commission”
means the SEC;

 

“indenture securities”
means the Securities;

 

“indenture security
holder” means a Holder;

 

“indenture to
be qualified” means this Indenture;

 

“indenture trustee”
or “institutional trustee” means the Trustee; and

 

“obligor”
on the indenture securities means the Company and the Guarantors.

 

All other terms used
in this Indenture, and not otherwise defined herein, that are defined by the TIA, defined by a TIA reference to another statute
or defined by an SEC rule under the TIA have the meanings so assigned to them. All references in this Indenture to “Sections”
or “Articles” are to Sections or Articles, as applicable, of this Indenture, unless otherwise expressly indicated.

 

    10 

     

    

 

SECTION
1.04.        Rules
of Construction. Unless the context otherwise requires: (1) a term has the meaning assigned to it; (2) an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP; (3) “or” is not exclusive; (4)
words in the singular include the plural, and in the plural include the singular; (5) words implying any gender shall
apply to all genders; (6) the term “merger” includes a statutory compulsory share exchange and a conversion of a
corporation into a limited liability company, a partnership or other entity and vice versa and (7) provisions apply to
successive events and transactions.

 

ARTICLE
II

THE SECURITIES

 

SECTION 2.01.       
Form and Dating.

 

(a)              
General. The Securities, any notations thereon relating to the Guarantees and the Trustee’s certificate of
authentication shall be, with respect to the 2026 Securities, substantially in the form of Exhibit A-1 hereto, and with respect
to the 2028 Securities, substantially in the form of Exhibit A-2 hereto. The Securities may have notations, legends or endorsements
required by law, securities exchange rule, the Company’s certificate of incorporation, memorandum of association, bye-laws,
agreements to which the Company is subject, if any, or usage, provided that any such notation, legend or endorsement is in a form
acceptable to the Company. Each Security shall be dated the date of its authentication. The Securities shall be in registered form
without coupons and issued only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The terms
and provisions contained in the Securities shall constitute, and are hereby expressly made, a part of this Indenture and, to the
extent applicable, the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree
to such terms and provisions and to be bound thereby. However, to the extent any provision of any Security conflicts with the express
provisions of this Indenture, the provisions of this Indenture (to the extent permitted by law) shall govern and be controlling.

 

(b)              
Global Securities. Securities issued in global form shall be substantially in the form of Exhibit A-1, with respect
to the 2026 Securities, and substantially in the form of Exhibit A-2 hereto, with respect to the 2028 Securities (in each case
including the Global Security Legend thereon and the Schedule of Exchanges of Interests in the Global Security attached thereto).
Securities issued in definitive form shall be substantially in the form of Exhibit A-1, with respect to the 2026 Securities, and
substantially in the form of Exhibit A-2 hereto, with respect to the 2028 Securities (but without, in each case, the Global Security
Legend thereon and without the Schedule of Exchanges of Interests in the Global Security attached thereto). Each Global Security
shall represent such of the outstanding Securities as shall be specified therein, and each shall provide that it shall represent
the aggregate principal amount of outstanding Securities from time to time endorsed thereon and that the aggregate principal amount
of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions. Any endorsement of a Global Security to reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Securities represented thereby shall be made by the Securities Custodian, in accordance with instructions
given by the Holder thereof as required by Section 2.06.

 

    11 

     

    

 

(c)               Regulation
S Global Securities. Any Securities of either series initially offered and sold in reliance on Regulation S shall be
issued initially in the form of a Regulation S Global Security, which shall be deposited on behalf of the purchasers of the
Securities represented thereby with the Securities Custodian, and registered in the name of the Depositary or the nominee of
the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Prior to the
expiration of the Restricted Period, any resale or transfer of beneficial interests in a Regulation S Global Security to U.S.
Persons shall not be permitted unless such resale or transfer is made pursuant to Rule 144A or Regulation S.

 

(d)              
144A Global Securities. Any Securities of either series initially offered and sold in reliance on Rule 144A shall
be issued initially in the form of a 144A Global Security, which shall be deposited on behalf of the purchasers of the Securities
represented thereby with the Securities Custodian, and registered in the name of the Depositary or the nominee of the Depositary,
duly executed by the Company and authenticated by the Trustee as hereinafter provided.

 

(e)              
Definitive Securities. Notwithstanding any other provision of this Article II, any issuance of Definitive Securities
shall be at the Company’s discretion, except in the specific circumstances set forth in Section 2.06(a).

 

SECTION 2.02.       
Execution and Authentication. One Officer of the Company shall sign the Securities on behalf of the Company by manual
or facsimile signature. The Company’s seal may be (but shall not be required to be) impressed, affixed, imprinted or reproduced
on the Securities and may be in facsimile form.

 

If an Officer of the
Company whose signature is on this Indenture or a Security no longer holds that office at the time the Trustee authenticates such
Security or at any time thereafter, the Security shall be valid nevertheless.

 

A Security shall not
be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the manual signature
of an authorized signatory of the Trustee or an authenticating agent, as the case may be, which signature shall be conclusive evidence
that the Security has been authenticated under this Indenture.

 

    12 

     

    

 

The Trustee
shall authenticate and deliver: (1) on the date hereof, Initial 2026 Securities for original issue in an aggregate principal
amount of $600,000,000, (2) on the date hereof, Initial 2028 Securities for original issue in an aggregate principal amount
of $400,000,000 and (3) if and when issued, Additional Securities of either series (which may be issued in either a
registered or a private offering under the Securities Act), in each case upon a written order of the Company signed by one
Officer of the Company. Such order shall specify the amount of the Securities of the applicable series to be authenticated
and the date on which the issue of such Securities is to be authenticated and whether the Securities are to be in global or
definitive form and whether they are to bear the Private Placement Legend. The Company may issue Additional Securities of
either series under this Indenture subsequent to the Issue Date, provided that no Additional Securities may be issued
at a price that would cause such Additional Securities to have “original issue discount” within the meaning of
Section 1273 of the Code. In authenticating such Securities, the Trustee shall receive, and shall be entitled to conclusively
rely upon, an Opinion of Counsel substantially to the effect that such Securities and the related Guarantees, when
authenticated and delivered by the Trustee and issued by the Company and the Guarantors, respectively, in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the
Company and the Guarantors, as the case may be, enforceable in accordance with their respective terms, subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and to general equity principles.

 

The aggregate principal
amount of Securities of either series outstanding at any time may not exceed the aggregate principal amount of Securities of such
series authorized for issuance by the Company pursuant to such written orders of the Company, except as provided in Section 2.07.
Subject to the foregoing, the aggregate principal amount of Securities of either series that may be issued under this Indenture
shall not be limited.

 

The Trustee may appoint
one or more authenticating agents acceptable to the Company to authenticate Securities. Unless limited by the terms of such appointment,
an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the
Company, the Guarantors or any of their respective Affiliates.

 

SECTION 2.03.       
Registrar and Paying Agent. The Company shall maintain in the continental United States an office or agency where
Securities of each series may be presented for registration of transfer or exchange (“Registrar”) and an office or
agency where such Securities may be presented for payment (“Paying Agent”). The Registrar shall keep a register of
the Securities of each series and of their transfer and exchange. The Company may appoint one or more co-registrars and one or
more additional paying agents with respect to each series of Securities. The term “Registrar” includes any co-registrar
and the term “Paying Agent” includes any additional paying agent.

 

The Company shall enter
into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement
the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any
Agent not a party to this Indenture. The Company may change any Paying Agent or Registrar without notice to any Holder. If the
Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or
any of its Subsidiaries may act as Paying Agent or Registrar.

 

The place of payment
with respect to the Securities shall be The City of New York, and the Company hereby initially appoints the Trustee as its Paying
Agent in The City of New York, at its Corporate Trust Office in such city, as specified in Section 11.02, the intention of the
Company being that the Securities shall at all times be payable in The City of New York.

 

The immunities, protections
and exculpations available to the Trustee under this Indenture shall also be available to each Agent and each authenticating agent,
and the Company’s obligations under Section 6.07 to compensate and indemnify the Trustee shall extend likewise to each Agent
and each authenticating agent.

 

The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to each Global Security.

 

    13 

     

    

 

The Company initially
appoints the Trustee to act as Registrar with respect to each Global Security.

 

SECTION 2.04.       
Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree
in writing that the Paying Agent will hold in trust for the benefit of Holders of the applicable series or the Trustee all money
held by the Paying Agent for the payment of principal of or premium, if any, Additional Amounts, if any, or interest on the Securities
of such series, whether such money shall have been paid to it by the Company or the Guarantors, and will notify the Trustee in
accordance with Section 11.02 of any default by the Company or the Guarantors in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed.
The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed.
Upon payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Company) shall
have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent.

 

SECTION 2.05.       
Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of the Holders of each series of Securities and shall otherwise comply with TIA Section 312(a).
If the Trustee is not the Registrar for a series of Securities, the Company shall furnish to the Trustee at least seven Business
Days before each Interest Payment Date, and at such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and addresses of the Holders of such series of Securities, and
the Company shall otherwise comply with TIA Section 312(a).

 

SECTION 2.06.       
Transfer and Exchange.

 

(a)              
Transfer and Exchange of Global Securities. A Global Security may not be transferred as a whole except by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by
the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Securities also
may be exchanged or replaced, in whole, as provided in Section 2.07. Owners of beneficial interests in Global Securities of either
series of Securities shall not be entitled to receive Definitive Securities unless:

 

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

 

(2)              
there has occurred and is continuing an Event of Default with respect to such series of Securities and the Depositary notifies
the Trustee of its decision to exchange the Global Securities for Definitive Securities of such series; provided that in no event
shall the Regulation S Global Security be exchanged by the Company for Definitive Securities prior to the expiration of the Restricted
Period.

 

    14 

     

    

 

Upon the occurrence of
any of the events in clause (1) or (2) above, Definitive Securities shall be issued in such names and authorized denominations
as the Depositary shall instruct the Trustee and the Registrar in accordance with the Applicable Procedures. Neither the Company,
the Guarantors, the Trustee nor the Registrar will be liable for any delay by the Depositary in identifying the owners of beneficial
interests in a Global Security, and each of the Company, the Guarantors, the Trustee and the Registrar may conclusively rely on,
and will be protected in relying on, instructions from the Depository for all purposes of this Indenture.

 

(b)              
Transfer and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial interests
in the Global Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures. Transfers of beneficial interests in the Global Securities also shall require compliance with either subparagraph
(1) or (2) below, as applicable, as well as one or more of the other following provisions of this Section 2.06, as applicable:

 

(1)              
Transfer of Beneficial Interests in the Same Global Security. Beneficial interests in any Restricted Global Security
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security
in accordance with the transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted
Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in such Unrestricted
Global Security. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described
in the preceding sentence of this Section 2.06(b)(1).

 

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

 

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

 

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

 

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

 

    15 

     

    

 

    (ii)          instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Security shall
be registered to effect the transfer or exchange referred to in Section 2.06(b)(2)(B)(i) above.

 

Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Securities contained in this Indenture, the Securities or otherwise
applicable under the Securities Act, the principal amount of each relevant Global Security shall be adjusted pursuant to Section
2.06(h).

 

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

 

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

 

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

 

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

 

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

 

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

 

and, in each such case set forth
in this Section 2.06(b)(4), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
state “blue sky” laws and that the restrictions on transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the Securities Act.

 

    16 

     

    

 

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

 

(5)              
Exchange or Transfer Prohibited. Beneficial interests in an Unrestricted Global Security cannot be exchanged for,
or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Security.

 

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

 

(1)              
Beneficial Interests in Restricted Global Securities to Restricted Definitive Securities. If any of the conditions
set forth in Section 2.06(a) hereof have been met and if any holder of a beneficial interest in a Restricted Global Security proposes
to exchange such beneficial interest for a Restricted Definitive Security or to transfer such beneficial interest to a Person who
takes delivery thereof in the form of a Restricted Definitive Security, then, upon receipt by the Registrar of the following documentation:

 

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

 

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

 

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

 

    17 

     

    

 

then, upon satisfaction of
the conditions set forth in Section 2.06(b)(2)(B), the Registrar shall cause the aggregate principal amount of the applicable
Global Security to be reduced accordingly pursuant to Section 2.06(h), and the Company shall execute and the Trustee shall
authenticate and deliver to the Person designated in the instructions a Definitive Security in the appropriate form and
principal amount. Any Definitive Security issued in exchange for a beneficial interest in a Restricted Global Security
pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary
and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Securities to the Persons in whose
names such Securities are so registered. Any Definitive Security issued in exchange for a beneficial interest in a Restricted
Global Security pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all
restrictions on transfer contained therein. Notwithstanding Sections 2.06(c)(1)(A) and (C), a beneficial interest in the
Regulation S Global Security may not be exchanged for a Definitive Security or transferred to a Person who takes delivery
thereof in the form of a Definitive Security prior to the expiration of the Restricted Period, except in the case of a
transfer pursuant to Rule 144A or Regulation S (other than a transfer pursuant to Rule 904).

 

(2)              
Beneficial Interests in Restricted Global Securities to Unrestricted Definitive Securities. If any of the conditions
set forth in Section 2.06(a) hereof have been met and a holder of a beneficial interest in a Restricted Global Security proposes
to exchange such beneficial interest for an Unrestricted Definitive Security or may transfer such beneficial interest to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Security only if the Registrar receives the following:

 

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

 

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

 

and, in each such case set forth
in this Section 2.06(c)(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
state “blue sky” laws and that the restrictions on transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the Securities Act.

 

    18 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

the Trustee shall cancel the
Restricted Definitive Security, the Registrar shall increase or cause to be increased the aggregate principal amount of, in the
case of clause (A) above, the appropriate Restricted Global Security, in the case of clause (B) above, the 144A Global Security,
and in the case of clause (C) above, the Regulation S Global Security.

 

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

 

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

 

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

 

    19 

     

    

 

and, in each
such case set forth in this Section 2.06(d)(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the
Securities Act and state “blue sky” laws and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

Upon satisfaction
of the conditions of either of the subparagraphs in this Section 2.06(d)(2), the Trustee shall cancel the Definitive Securities
and the Registrar shall increase or cause to be increased the aggregate principal amount of the Unrestricted Global Security.

 

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

 

If any such exchange
or transfer from a Definitive Security to a beneficial interest in an Unrestricted Global Security is effected at a time when an
Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance
with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal
to the principal amount of Definitive Securities so transferred.

 

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

 

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

 

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

 

    20 

     

    

 

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

 

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

 

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

 

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

 

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

 

and, in each such case set forth
in this Section 2.06(e)(2), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar
to the effect that such exchange or transfer is in compliance with the Securities Act and state “blue sky” laws and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

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

 

(f)               
[Reserved].

 

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

 

(1)              
Private Placement Legend.

 

(A)             Except
as permitted by subparagraph (B) below or as otherwise agreed between the Company and the Holder, each Global Security and
each Definitive Security (and all Securities issued in exchange therefor or substitution thereof) shall bear a legend,
until the Resale Restriction Termination Date, in substantially the following form:

 

    21 

     

    

 

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

 

THE HOLDER
OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)), OR (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY
IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, ONLY (A) TO NABORS INDUSTRIES LTD. OR ANY OF ITS SUBSIDIARIES,
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING ANY STATE
OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A CERTIFICATE OF TRANSFER OR EXCHANGE IN THE
FORM PRESCRIBED IN THE INDENTURE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

 

    22 

     

    

 

BY ITS ACQUISITION
AND HOLDING OF THIS SECURITY THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED THAT EITHER (I) IT IS
NOT AND WILL NOT BE FOR SO LONG AS IT HOLDS ANY SECURITY (OR INTEREST IN A SECURITY) AN EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT
TO THE FIDUCIARY RESPONSIBILITY REQUIREMENT OF TITLE I OF U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
A “PLAN” OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF SUCH EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN
THE ENTITY, OR A GOVERNMENTAL, NON-U.S., CHURCH OR OTHER PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER
LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR (II) THE PURCHASE,
HOLDING AND DISPOSITION OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR, IN THE CASE OF A GOVERNMENTAL, NON-U.S., CHURCH OR OTHER PLAN, A SIMILAR VIOLATION UNDER ANY APPLICABLE
SIMILAR LAWS.

 

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

 

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

 

THIS GLOBAL
SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.

 

    23 

     

    

 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK,
NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

 

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

 

(i)                
General Provisions Relating to Transfers and Exchanges.

 

(1)              
To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate or cause
to be authenticated Global Securities and Definitive Securities upon the Company’s order or at the Registrar’s request.

 

(2)              
No service charge shall be made to a holder of a beneficial interest in a Global Security or to a Holder of a Definitive
Security for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge or other fee required by law and payable in connection therewith (other than any such transfer
taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 8.05 and 10.06).

 

    24 

     

    

 

(3)              
All Global Securities and Definitive Securities issued upon any registration of transfer or exchange of Global Securities
or Definitive Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Global Securities or Definitive Securities surrendered upon such registration of transfer or exchange.

 

(4)              
The Registrar will not be required to register the transfer of or exchange of any Security selected for redemption in whole
or in part, except the unredeemed portion of any Security being redeemed in part.

 

(5)              
None of the Company, the Trustee or the Registrar shall be required (A) to issue, to register the transfer of or to exchange
any Securities during a period beginning at the opening of business 15 days before the day of sending of a notice of redemption
under Section 10.03 and ending at the close of business on such day, (B) to register the transfer of or to exchange any Securities
so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part or (C) to
register the transfer of or to exchange a Security between the record date and the next succeeding interest payment date.

 

(6)              
Prior to the due presentation for registration of transfer of any Security, the Company, the Guarantors, the Trustee, the
Paying Agent or the Registrar may deem and treat the Person in whose name a Security is registered as the absolute owner of such
Security for the purpose of receiving any payment on such Security and for all other purposes whatsoever, whether or not such Security
is overdue, and none of the Company, the Guarantor, the Trustee, the Paying Agent or the Registrar shall be affected by notice
to the contrary.

 

(7)              
The Trustee shall authenticate or cause to be authenticated Global Securities and Definitive Securities upon receipt of
a written order of the Company signed by one of its Officers and in accordance with the other provisions of Section 2.02 to the
extent applicable.

 

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

 

(9)              
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 Global Security
or Definitive Security other than to require delivery of such certificates and other documentation or evidence as is 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 conformity with the express requirements hereof. The Trustee may rely and shall be fully protected
in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners.

 

    25 

     

    

 

(10)          
Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.
Each Holder 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.

 

(11)          
The transferor of any Security shall provide or cause to be provided to the Trustee all information reasonably necessary
to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting
obligations under Section 6045 of the Code. The Trustee may rely on information provided to it and shall have no responsibility
to verify or ensure the accuracy of such information. In connection with any proposed exchange of a Definitive Security for a Global
Security, the Company or the Depositary shall be required to provide or cause to be provided to the Trustee all information reasonably
necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis
reporting obligations under Section 6045 of the Code. The Trustee may rely on information provided to it and shall have no responsibility
to verify or ensure the accuracy of such information.

 

SECTION 2.07.       
Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims
that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement
Security if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Company
or the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar
does not register a transfer prior to receiving such notification, (b) makes such request to the Company or Trustee prior to the
Security being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected
purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. Such Holder must furnish an indemnity bond
that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent or any authenticating
agent from any loss which any of them may suffer if a Security is replaced. The Company and the Trustee may charge for their expenses
in replacing a Security. If, after the delivery of such replacement Security, a protected purchaser of the original Security in
lieu of which such replacement Security was issued presents for payment or registration such original Security, the Trustee shall
be entitled to recover such replacement Security from the Person to whom it was delivered or any Person taking therefrom, except
a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Trustee or the Company in connection therewith. Every replacement Security is a contractual
obligation of the Company.

 

In case any such mutilated,
destroyed, lost or wrongfully taken 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.

 

The provisions of this
Section 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 wrongfully taken Securities.

 

    26 

     

    

 

SECTION
2.08.        Outstanding Securities. The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the
interest in a Global Security effected by the Registrar hereunder and those described in this Section 2.08 as not outstanding;
provided, however, that in determining whether the Holders of the requisite principal amount of outstanding Securities are present
at a meeting of Holders of Securities for quorum purposes or have consented to or voted in favor of any request, demand, authorization,
direction, notice, consent, waiver, amendment or modification hereunder, Securities held for the account of the Company or any
of its Affiliates shall be disregarded and deemed not to be outstanding, except that in determining whether the Trustee shall
be protected in making such a determination or relying upon any such quorum, consent or vote, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded.

 

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

 

If the principal amount
of any Security is considered paid under Section 3.01, it ceases to be outstanding and interest on it ceases to accrue.

 

SECTION 2.09.       
[Reserved.]

 

SECTION 2.10.       Temporary
Securities. Until Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate
or cause to be authenticated temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities,
but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate Definitive Securities in exchange for temporary Securities. Until so exchanged,
temporary Securities shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities.

 

SECTION 2.11.       
Cancellation. The Company or the Guarantors at any time may deliver Securities to the Trustee for cancellation. The
Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange
or payment. The Trustee shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or
cancellation. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary practice (subject
to the record retention requirements of the Exchange Act). The Company may not issue new Securities to replace Securities that
have been paid or that have been delivered to the Trustee for cancellation.

 

SECTION
2.12.        Defaulted
Interest. If the Company defaults in a payment of interest on the Securities, it shall pay the defaulted interest in any
lawful manner plus, to the extent lawful, interest on the defaulted interest, in each case at the rate provided in the
Securities and in the manner provided in Section 3.01. The Company may pay the defaulted interest to the Persons who
are Holders on a subsequent special record date. At least 15 days before any special record date, the Company (or the
Trustee, in the name of and at the expense of the Company) shall send to Holders a notice that states the special record
date, the related payment date and the amount of such interest to be paid. The Trustee will not have any duty to determine
whether any defaulted interest is payable or the amount thereof.

 

    27 

     

    

 

SECTION 2.13.       
Persons Deemed Owners. The Company, the Guarantors, the Trustee, any Agent and any authenticating agent may treat
the Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payments of principal
of or premium, if any, Additional Amounts, if any, or interest on such Security and for all other purposes. None of the Company,
the Guarantors, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the contrary.

 

SECTION 2.14.       
CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,” “ISIN” or similar numbers
(if then generally in use), and, if so, the Trustee shall use such 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 accordance with Section 11.02 of any change in any such number.

 

ARTICLE
III

COVENANTS

 

SECTION 3.01.       
Payment of Securities. The Company shall pay the principal of and premium, if any, Additional Amounts, if any, and
interest on the Securities on the dates and in the manner provided in the Securities and this Indenture. Principal, premium, if
any, Additional Amounts, if any, and interest shall be considered paid on the date due if the Paying Agent, other than the Company
or a Subsidiary of the Company, holds by 11:00 a.m., Eastern time, on that date money deposited by or on behalf of the Company
designated for and sufficient to pay all principal, premium, if any, Additional Amounts, if any, and interest then due.

 

Further, to the extent
lawful, the Company shall pay interest on overdue principal, premium, if any, Additional Amounts, if any, and interest (without
regard to any applicable grace period), from time to time on demand at the rate then in effect on the Securities.

 

SECTION
3.02.        Maintenance
of Office or Agency. So long as any of the Securities shall remain outstanding, the Company will, in accordance with
Section 2.03, maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, or the
Registrar) in the continental United States where the Securities may be surrendered for exchange or registration of
transfer as provided in this Indenture, where notices and demands to or upon the Company in respect to the Securities may be
served, and where the Securities may be presented or surrendered for payment. The Company may also from time to time
designate one or more other offices or agencies in the continental United States where Securities may be presented or
surrendered for any and 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 under Section 2.03 to maintain an
office or agency in The City of New York where any Securities may be presented or surrendered for payment. The Company will
give to the Trustee prompt notice in accordance with Section 11.02 of the location of any such office or agency and of
any change of location thereof. In case the Company shall fail to maintain any such office or agency or shall fail to give
such notice of the location or of any change in the location thereof, such surrenders, presentations and demands may be made
and notices may be served at the office of the Trustee indicated in Section 11.02, and the Company hereby appoints the
Trustee its agent to receive at the aforesaid office all such surrenders, presentations, notices and demands.

 

    28 

     

    

 

SECTION 3.03.       
SEC Reports; Financial Statements.

 

(a)              
The Company covenants and agrees, so long as any Securities are outstanding, to deliver to the Trustee copies, within 15
days after the Company is required to file the same with the SEC, of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe)
which the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the
Company is not required to file information, documents or reports pursuant to either of such sections, then to file with the Trustee
and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, such of the supplementary and periodic
information, documents and reports, if any, which may be required pursuant to Section 13 of the Exchange Act, 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.

 

(b)              
Notwithstanding the foregoing, the Company will be deemed to have delivered the reports referred to in Section 3.03(a) to
the Trustee and the Holders of the Securities if (i) the Company or any direct or indirect parent of the Company has filed such
reports with the SEC via the EDGAR (or successor) filing system within the applicable time periods after giving effect to any extensions
permitted by the SEC and such reports are publicly available or (ii) with respect to the holders of the Securities only, the Company
or such parent entity has made such reports available electronically and has notified the holders of the Securities of such (including
by posting to a non-public, password-protected website) pursuant to this Section 3.03. Delivery of such reports, information and
documents to the Trustee is for informational purposes only, and the Trustee’s receipt thereof shall not constitute actual
or constructive knowledge or notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any covenants under this Indenture (as to which the Trustee is entitled to rely exclusively
on Officer’s Certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise,
the Company’s compliance with this covenant and shall have no responsibility to determine whether any reports, information
or documents have been filed with the Commission via the EDGAR (or successor) filing system, made available electronically or posted
on any website.

 

(c)              
At any time when the Company is not subject to Section 13 or 15(d) of the Exchange Act and the Securities are not freely
transferable under the Securities Act, upon the request of a Holder, the Company will promptly furnish or cause to be furnished
the information specified under Rule 144A(d)(4) of the Securities Act to such Holder, or to a prospective purchaser of a Security
designed by such Holder, in order to permit compliance with Rule 144A.

 

    29 

     

    

 

SECTION
3.04.        Compliance
Certificate. The Company and the Guarantors shall deliver to the Trustee, within 120 days after the end of each fiscal
year of the Company, an Officer’s Certificate complying with TIA Section 314(a)(4) and stating that in the course of
performance by the signing Officer of his duties as such Officer, he would normally obtain knowledge of the
keeping, observing, performing and fulfilling by the Company and the Guarantors, respectively, of their obligations under
this Indenture, and further stating, as to the Officer signing such statement, that to the best of his knowledge, each of the
Company and the Guarantors has kept, observed, performed and fulfilled each and every covenant contained in this Indenture
and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a
Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officer may
have knowledge and what action the Company or the Guarantors, as the case may be, are taking or proposes to take with respect
thereto).

 

SECTION 3.05.       
Corporate Existence. Subject to Article IV, each of the Company and the Guarantors will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, under the laws of its jurisdiction of incorporation
or formation.

 

SECTION 3.06.       
Waiver of Stay, Extension or Usury Laws. Each of the Company and the Guarantors 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 or any usury law or other law, which would prohibit or forgive the Company or the Guarantors
from paying all or any portion of the principal of or premium, if any, Additional Amounts, if any, or interest on the Securities
as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance
of this Indenture; and (to the extent that they may lawfully do so) each of the Company and the Guarantors 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.

 

SECTION 3.07.       
Limitation on Liens. So long as any Securities are outstanding, the Company will not, nor will it permit any Subsidiary
to, issue, assume, guarantee or suffer to exist any debt for money borrowed (“Debt”) if such Debt is secured by a mortgage,
pledge, security interest or lien (a “mortgage” or “mortgages”) upon any properties of the Company or any
Subsidiary or upon any securities or indebtedness of any Subsidiary (whether such properties, securities or indebtedness is now
owned or hereafter acquired) without in any such case effectively providing that the Securities shall be secured equally and ratably
with (or prior to) such Debt, except that the foregoing restrictions shall not apply to:

 

(a)              
mortgages on any property acquired, constructed or improved by the Company or any Subsidiary (or mortgages on the securities
of a special purpose Subsidiary which holds no material assets other than the property being acquired, constructed or improved)
after the date of this Indenture which are created within 360 days after such acquisition (or in the case of property constructed
or improved, after the completion and commencement of commercial operation of such property, whichever is later) to secure or provide
for the payment of the purchase price or cost thereof; provided that in the case of such construction or improvement the mortgages
shall not apply to any property owned by the Company or any Subsidiary before such construction or improvement other than (1) unimproved
real property on which the property so constructed, or the improvement, is located or (2) personal property which is so improved;

 

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(b)              
mortgages existing on the Issue Date, existing mortgages on property acquired (including mortgages on any property acquired
from a Person which is consolidated with or merged with or into the Company or a Subsidiary) or mortgages outstanding at the time
any corporation, partnership or other entity becomes a Subsidiary; provided that such mortgages shall only apply to property owned
by such corporation, partnership or other entity at the time it becomes a Subsidiary or that is acquired thereafter other than
from the Company or another Subsidiary;

 

(c)              
mortgages in favor of the Company or any Subsidiary;

 

(d)              
mortgages in favor of domestic or foreign governmental bodies to secure advances or other payments pursuant to any contract
or statute or to secure indebtedness incurred to finance the purchase price or cost of constructing or improving the property subject
to such mortgages, including mortgages to secure Debt of the pollution control or industrial revenue bond type;

 

(e)              mortgages
consisting of pledges or deposits by the Company or any Subsidiary under workers’ compensation laws, unemployment insurance
laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of
Debt) or leases to which the Company or any Subsidiary is a party, or deposits to secure public or statutory obligations of the
Company or any Subsidiary or deposits of cash or United States government bonds to secure surety or appeal bonds to which it is
a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case incurred
in the ordinary course of business;

 

(f)               mortgages imposed by law, including carriers’, warehousemen’s, repairman’s, landlords’ and mechanics’
liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a reserve or other appropriate
provisions, if any, as shall be required by GAAP shall have been made in respect thereof;

 

(g)              
mortgages for taxes, assessments or other governmental charges that are not yet delinquent or which are being contested
in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof;

 

(h)              
mortgages in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant
to the request of and for the account of the Company or any Subsidiary in the ordinary course of its business;

 

(i)                mortgages consisting of encumbrances, easements or reservations of, or rights of others for, licenses, rights of way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or mortgages consisting of zoning or other restrictions
as to the use of real properties or mortgages incidental to the conduct of the business of the Company or a Subsidiary or to the
ownership of its properties which do not materially adversely affect the value of said properties or materially impair their use
in the operation of the business of the Company or a Subsidiary;

 

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(j)               
mortgages arising by virtue of any statutory or common law provisions relating to bankers’ liens, rights of set-off
or similar rights and remedies as to deposit accounts or other funds maintained with a depository institution; provided that:

 

(i)              such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the
Company or any Subsidiary in excess of those set forth by regulations promulgated by the Federal Reserve Board; and

 

(ii)             such deposit account is not intended by the Company or any Subsidiary to provide collateral to the depository institution;

 

(k)              
mortgages arising from Uniform Commercial Code financing statement filings regarding operating leases the Company and its
Subsidiaries enter into in the ordinary course of business;

 

(l)                
any mortgage over goods (or any documents relating thereto) arising either in favor of a bank issuing a form of documentary
credit in connection with the purchase of such goods or by way of retention of title by the supplier of such goods where such goods
are supplied on credit, subject to such retention of title, and in both cases where such goods are acquired in the ordinary course
of business;

 

(m)            
any mortgage pursuant to any order of attachment, execution, enforcement, distraint or similar legal process arising in
connection with court proceedings; provided that such process is effectively stayed, discharged or otherwise set aside within 30
days;

 

(n)              
any lease, sublease and sublicense granted to any third party constituting a mortgage and any mortgage pursuant to farm-in
and farm-out agreements, operating agreements, development agreements and any other similar arrangements, which are customary in
the oil and gas industry or in the ordinary course of business of the Company or any Subsidiary; or

 

(o)              
any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any
mortgage referred to in the foregoing clauses (a) through (n), inclusive; provided that the principal amount of Debt secured thereby
shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, and that such extension,
renewal or replacement shall be limited to all or a part of the property which secured the mortgage so extended, renewed or replaced
(plus improvements in such property).

 

In addition to the
foregoing, the Company and any Subsidiary may, without securing the Securities, issue, assume or guarantee secured Debt that, with
certain other Debt described in the following sentence, does not exceed 10% of Consolidated Net Tangible Assets. The other Debt
to be aggregated for purposes of this exception is all Attributable Debt in respect of Sale and Lease-Back Transactions of the
Company and its Subsidiaries under the exception in clause (e)(2) of Section 3.09 existing at such time. For the avoidance of doubt,
the Receivables Purchase Agreement by and among Nabors A.R.F., LLC, Nabors Delaware, the purchasers party thereto and Wells Fargo
Bank, N.A., as Administrative Agent (the “Receivables Purchase Agreement”), and the Receivables Sale Agreement among
Nabors A.R.F., LLC, certain Subsidiaries of the Company and Nabors Delaware (the “Receivables Sale Agreement”), each
dated as of September 13, 2019, and related transaction documents do not constitute mortgages.

 

    32 

     

    

 

SECTION
3.08.        Payment of Additional Amounts.

 

(a)              
All payments made by or on behalf of the Company or any Guarantor under or with respect to the Securities or any Guarantee, as
applicable, will be made without withholding or deduction for, or on account of, any present or future tax, duty, levy, impost,
assessment or other similar governmental charge (collectively, “Taxes”) unless such withholding or deduction is required
by law. In the event that any such withholding or deduction for, or on account of, any Taxes is levied by or on behalf of:

 

(i)              Bermuda or any other jurisdiction in which the Company or any Guarantor is incorporated or organized, has its place of central
management or central control or is otherwise engaged in business or resident for tax purposes or any political subdivision or
taxing authority thereof; or

 

(ii)            any jurisdiction from or through which payment is made by or on behalf of the Company or any Guarantor (including, without
limitation, the jurisdiction of any Paying Agent) or any political subdivision or taxing authority thereof (each of clauses (1)
and (2), a “Relevant Taxing Jurisdiction”), the Company or the relevant Guarantor, as the case may be, will pay such
additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder of Securities
will equal the amount that the Holder would have received if the Taxes had not been required to be withheld or deducted; provided
that no Additional Amounts will be payable with respect to a payment made to a Holder to the extent:

 

(1)            that any Taxes would not have been so imposed but for the existence of any present or former connection between the Holder
and the Relevant Taxing Jurisdiction, other than the mere receipt of the payment, acquisition, ownership or disposition of such
Securities or the exercise or enforcement of rights under the Securities, the Guarantees or this Indenture;

 

(2)           
of any estate, inheritance, gift, sales, transfer or personal property Taxes imposed with respect to the Securities or any
other Taxes payable other than by withholding or deduction, except as described below or as otherwise provided in this Indenture;

 

(3)            that
any such Taxes would not have been imposed but for the presentation of the Securities, where presentation is required, for payment
on a date more than 30 days after the date on which the payment became due and payable or the date on which payment thereof is
duly provided for, whichever is later, except to the extent that the beneficiary or Holder thereof would have been entitled to
Additional Amounts had the Securities been presented for payment on any date during such 30-day period;

 

(4)            that
the Holder would not be liable or subject to such withholding or deduction of Taxes but for the failure to make a valid
declaration of non-residence or other similar claim for exemption, if: (a) the making of the declaration or claim is required
or imposed by statute, treaty, regulation, ruling or administrative practice of the relevant taxing authority as a
precondition to an exemption from, or reduction in, the relevant Taxes; (b) at least 60 days prior to the first payment with
respect to which the Company or such Guarantor shall apply this clause (iv), the Company or such Guarantor shall have
notified all holders of the Securities in writing that they shall be required to provide this declaration or claim; and (c)
the Holder is legally eligible to provide such declaration or claim;

 

    33 

     

    

 

(5)            any
Taxes imposed under Sections 1471 through 1474 of the Code, any successor law or regulation implementing or complying with, or
introduced in order to conform to, such Sections, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental
agreement entered into in connection with the implementation of such Sections of the Code or any fiscal or regulatory legislation,
rules or practices adopted pursuant to any such intergovernmental agreement;

 

(6)             any Taxes imposed on overall net income or any branch profits Taxes;

 

(7)            that a beneficiary or settlor with respect to a fiduciary, a member of a partnership or the beneficial owner of the payment
would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the Holder
of a Security in the case of a Holder that is a fiduciary or partnership or a person other than the sole beneficial owner of any
such payment;

 

(8)            or any combination of the Taxes and/or withholdings or deductions described in the foregoing clauses (1) through (7).

 

(b)              
The Company and such Guarantor shall also (i) withhold or deduct such Taxes as required; (ii) remit the full amount of Taxes
deducted or withheld to the relevant taxing authority in accordance with all applicable laws; (iii) use reasonable efforts to obtain
from each relevant taxing authority imposing the Taxes certified copies of tax receipts evidencing the payment of any Taxes deducted
or withheld; and (iv) upon request, make available to the Holders of the Securities, within 60 days after the date the payment
of any Taxes deducted or withheld is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by
the Company or such Guarantor and, notwithstanding the Company’s or such Guarantor’s efforts to obtain the receipts,
if the same are not obtainable, other evidence of such payments. Each Holder and beneficial owner of the Securities agrees that
it shall, upon the request of an applicable withholding agent, provide an applicable IRS Form W-8 or W-9 to the applicable withholding
agent.

 

(c)              
In addition, the Company or any Guarantor will pay any stamp, issue, registration, documentary or other similar taxes and
duties, including interest, penalties and additional amounts with respect thereto, payable in any Relevant Taxing Jurisdiction
with respect to the creation, issue, offering, enforcement, redemption or retirement of the Securities or Guarantees.

 

(d)               At
least 30 days prior to each date on which any payment under or with respect to the Securities is due and payable, if the
Company or any Guarantor becomes obligated to pay Additional Amounts with respect to such payment, the Company (or in
respect of the Guarantees, such Guarantor) shall deliver to the Trustee an Officer’s Certificate stating the fact that
such Additional Amounts will be payable, and the amounts so payable and will set forth such other information as is necessary
to enable the Trustee or the Paying Agent to pay such Additional Amounts to the Holders on the payment date.

 

    34 

     

    

 

(e)              All
references in this Indenture to the payment of principal of and premium, if any, Additional Amounts, if any, or interest (including
defaulted interest), if any, or any other amount payable on or with respect to any of the Securities shall be deemed to include
mention of the payment of Additional Amounts provided for in this Section 3.08 to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section 3.08, and express mention
of the payment of Additional Amounts in those provisions in this Indenture shall not be construed as excluding Additional Amounts
where such express mention is not made (if applicable).

 

(f)               
The obligations of the Company and any Guarantor under this Section 3.08 shall survive the termination of this Indenture
and the payment of all amounts under or with respect to this Indenture and the Securities.

 

SECTION 3.09.       
Limitations on Sale and Lease-Back Transactions. So long as any Securities are outstanding, the Company will not,
nor will it permit any Subsidiary to, enter into any Sale and Lease-Back Transaction, other than any Sale and Lease-Back Transaction:

 

(a)              
entered into within 360 days of the later of the acquisition or placing into service of the property subject thereto by
the Company or such Subsidiary;

 

(b)              
involving a lease of less than five years;

 

(c)              
entered into in connection with an industrial revenue bond or pollution control financing;

 

(d)              
between the Company and/or one or more Subsidiaries;

 

(e)              
as to which the Company or such Subsidiary would be entitled to incur Debt secured by a mortgage on the property to be leased
in an amount equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction without equally and ratably securing
the Securities (1) under clauses (a) through (n) of Section 3.07 or (2) under the last paragraph of Section 3.07; or

 

(f)               
as to which the Company will apply an amount equal to the net proceeds from the sale of the property so leased to (1) the
retirement (other than any mandatory retirement), within 360 days of the effective date of any such Sale and Lease-Back Transaction,
of Securities or of Funded Debt of the Company or a Subsidiary or (2) the purchase or construction of other property, provided
that such property is owned by the Company or a Subsidiary free and clear of all mortgages.

 

    35 

     

    

 

SECTION
3.10.        Change
of Control Offer. Upon the occurrence of a Change of Control Triggering Event with respect to a series of Securities,
each Holder of Securities of that series shall have the right to require the Company to purchase all or any part (equal to
$2,000 or an integral multiple of $1,000 in excess thereof) of the Holder’s Securities of such series at a purchase
price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding,
the date of purchase; provided, however, that if such date of purchase is after the taking of a record of the Holders on a
record date and on or prior to the related Interest Payment Date, the accrued and unpaid interest shall be payable to the
Person in whose name the repurchased Securities are registered on such record date. Notwithstanding the foregoing, the
Company shall have no obligation to repurchase any Securities of a series pursuant to this Section 3.10 to the extent that
the Company shall have exercised its right to redeem the Securities of that series pursuant to Section 10.07.

 

For purposes of this
Section 3.10, the term “Change of Control” means the occurrence of any one of the following:

 

(a)              
the sale, lease, transfer, conveyance or other disposition (other than by way of merger, amalgamation or consolidation),
in one or a series of related transactions, of all or substantially all of the assets of the Company and the Subsidiaries taken
as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company
or one or more of the Subsidiaries or a combination thereof or a Person controlled by the Company or one or more of the Subsidiaries
or a combination thereof;

 

(b)              
the first day on which the majority of the members of the Board of Directors of the Company cease to be Continuing Directors;
or

 

(c)              
the consummation of any transaction (including without limitation, any merger, amalgamation or consolidation) the result
of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than any Subsidiary)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares (excluding
a redomestication of the Company).

 

Notwithstanding the foregoing,
a transaction shall not be deemed to involve a “Change of Control” under clause (b) above if (i) the Company becomes
a direct or indirect wholly owned Subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock
of such holding company immediately following such transaction are substantially the same as the holders of the Voting Stock of
the Company immediately prior to such transaction or (B) immediately following such transaction no “person” (as that
term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence)
is the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of
more than 50% of the outstanding Voting Stock of such holding company, measured by voting power rather than number of shares.

 

    36 

     

    

 

For purposes of
this Section 3.10, the term “Change of Control Triggering Event” means, with respect to a series of Securities,
the ratings of the Securities of such series are lowered by at least two of the three Rating Agencies and, immediately
following such lowering, the Securities of such series are not rated Investment Grade by at least two of the three Rating
Agencies in any case on any date during the period (the “Trigger Period”) commencing on the date of the first
public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following
consummation of such Change of Control (which 60-day period will be extended for so long as the rating of the Securities of
such series is under publicly announced consideration for a possible downgrade as a result of the Change of Control by any of
the Rating Agencies); provided, however, that if the Securities of such series are not rated by all three Rating Agencies,
then a “Change of Control Triggering Event” shall occur if the ratings of the Securities of such series are
lowered by at least one of the Rating Agencies and, immediately following such lowering, the Securities of such series are
not rated Investment Grade by at least one of the Rating Agencies in any case on any date during the Trigger Period.
Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any
particular Change of Control unless and until such Change of Control has actually been consummated.

 

Within 60 days following
the date upon which the Change of Control Triggering Event with respect to a series of Securities has occurred, or at the Company’s
option, prior to any Change of Control but after the public announcement of the transaction that constitutes or may constitute
the Change of Control, except to the extent that the Company shall have exercised its right to redeem the Securities of that series
pursuant to Section 10.07, the Company shall send a notice (a “Change of Control Offer”) to each Holder of Securities
of such series with a copy to the Trustee, which notice will govern the terms of the Change of Control Offer, stating:

 

(1)              
that a Change of Control Triggering Event with respect to the Securities of such series has occurred and that such Holder
has the right to require the Company to purchase such Holder’s Securities of such series at a purchase price in cash equal
to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right
of holders of record on a record date to receive interest on the relevant Interest Payment Date as provided in the first paragraph
of this Section 3.10);

 

(2)              
the circumstances regarding such Change of Control Triggering Event;

 

(3)              
the purchase date (which shall be (i) no earlier than 30 days nor later than 60 days from the date such notice is sent,
if sent after consummation of the Change of Control and (ii) on the date of the Change of Control, if such notice is sent prior
to consummation of the Change of Control, in each case, other than as may be required by law) (such date, the “Change of
Control Payment Date”); and

 

(4)              
the instructions that a Holder must follow in order to have its Securities of that series purchased.

 

Holders of a series
of Securities electing to have Securities purchased pursuant to a Change of Control Offer must surrender their Securities of the
applicable series, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Security completed,
to the Paying Agent at the address specified in the notice, or transfer their Securities to the Paying Agent by book-entry transfer
pursuant to the Applicable Procedures, prior to the close of business on the third Business Day prior to the Change of Control
Payment Date.

 

    37 

     

    

 

On the Change of Control
Payment Date, all Securities purchased by the Company under this Section shall be delivered to the Trustee for cancellation, and
the Company shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto.

 

The Company may make
a Change of Control Offer in advance of a Change of Control and the Change of Control Payment Date, and its Change of Control Offer
may be conditioned upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of
making the Change of Control Offer.

 

If Holders of not less
than 90% in aggregate principal amount of the outstanding Securities of any series validly tender and do not withdraw the Securities
of such series in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the
Company, as described below, purchases all of the Securities of such series validly tendered and not withdrawn by such Holders,
the Company will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following
such purchase pursuant to the Change of Control Offer described above, to redeem all of the Securities of such series that remain
outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof, plus accrued and
unpaid interest, if any, up to, but excluding, the date of redemption (subject to the right of Holders of record on the relevant
record date to receive interest on the relevant Interest Payment Date).

 

Any redemption pursuant
to this Section 3.10 shall be made, to the extent applicable, pursuant to the procedures set forth in Sections 10.01 through 10.06.

 

The Company shall have
no obligation to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise
in compliance with the requirements of this Section 3.10 for such an offer made by the Company, and such third party purchases
all Securities properly tendered and not withdrawn under its offer.

 

The Company shall comply,
to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations
in connection with the repurchase of Securities pursuant to a Change of Control Offer. To the extent that the provisions of any
securities laws or regulations conflict with this Section 3.10, the Company shall comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations by virtue thereof.

 

SECTION 3.11.       
Limitations on Subsidiary Debt.

 

(a)          
For so long as any Securities are outstanding, the Company will not permit any of its Subsidiaries to incur, directly or
indirectly, any Debt other than:

 

(i)                existing
Debt of a Subsidiary of the Company outstanding on the date of issuance of the Securities (other than Debt described in clauses
(vii)(A), (viii) or (xiv) of this Section 3.11(a));

 

    38 

     

    

 

(ii)               intercompany
loans and advances between or among the Company and its Subsidiaries; provided that (a) if the obligor on such intercompany
loan or advance is a Guarantor, then such Debt must be expressly subordinated to the prior payment in full in cash of all
obligations with respect to the Guarantee of such Guarantor; and (b)(i) any subsequent issuance or transfer of Capital Stock
that results in any such Debt being held by a Person other than the Company or a Subsidiary of the Company and (ii) any sale
or other transfer of any such Debt to a Person that is not the Company or a Subsidiary of the Company, will be deemed,
in each case, to constitute an incurrence of such Debt by such Subsidiary that was not permitted by this clause (2); provided
further that (x) notwithstanding the foregoing, the Guarantors may owe such Debt to the Company or any such Subsidiary up to
an aggregate amount $100,000,000 that is not subject to such subordination terms and (y) that any such standalone
subordination or intercreditor agreement or such other arrangement shall permit payments in respect of such intercompany
indebtedness as long as no Event of Default shall have occurred and be continuing;

 

(iii)              Debt under any Interest Rate Protection Agreements or any Currency Rate Protection Agreements;

 

(iv)              Debt
(i) under unsecured lines of credit for overdrafts or for working capital purposes in foreign countries with financial institutions,
and (ii) arising from the honoring by a bank or other Person of a check, draft or similar instrument inadvertently drawing against
insufficient funds;

 

(v)               Debt of a Person existing at the time such Person becomes a Subsidiary of the Company or is merged, consolidated or amalgamated
with or into the Company or any Subsidiary of the Company;

 

(vi)             
Debt of any Guarantor that is subordinate in right of payment to the Guarantee of such Guarantor;

 

(vii)             (A)
Debt represented by the Securities and the Guarantees, (B) other Debt Incurred by any Guarantor and (C) Non-Guaranteed Debt, including
in each case any extension, renewal, refunding, replacement or refinancing (collectively, a “refinancing”) of Debt
incurred under this clause (vii), provided that after giving effect to any such refinancing, the principal amount of Debt incurred
pursuant to clauses (vii)(A) and (B) in the aggregate and then outstanding does not exceed $1.5 billion;

 

(viii)           
Debt Incurred pursuant to Credit Facilities in an aggregate amount at any one time outstanding under this clause (viii)
not to exceed an amount equal to (A) the greater of (i) $1.7 billion and (ii) 10.0% of Consolidated Net Tangible Assets, less (B)
the total Aggregate Debt outstanding at the time of such incurrence (without double counting for Aggregate Debt Incurred under
this clause (viii)), measured at the time of incurrence of any such Debt and after giving effect to such incurrence;

 

(ix)              Debt in respect of current accounts payable and accrued expenses incurred in the ordinary course of business;

 

    39 

     

    

 

(x)              
Debt, which may include purchase money Debt, capital lease or finance lease obligations or mortgage financings, incurred
to finance the purchase, installation, construction, design or improvement, or capital lease or finance lease of assets (including
equipment) or property (real or personal) (whether through the direct purchase of assets or the capital stock of any person owning
such assets) and related taxes and transaction costs provided that (i) such Debt when incurred shall not exceed 85% of the purchase
price of the asset(s) or person financed and all fees, premium, costs and expenses relating thereto, including attorney and legal,
accounting, expert, and professional advisor fees and expenses; and (ii) no such Debt shall be refinanced for a principal amount
in excess of the principal balance outstanding thereon at the time of such refinancing plus all fees, premium, costs and expenses
relating thereto, including attorney and legal, accounting, expert, and professional advisor fees and expenses;

 

(xi)            Debt under performance guaranties, performance bonds and letters of credit issued in the ordinary course of business and
serving as a financial or performance guaranty (other than as a guaranty of Debt for borrowed money);

 

(xii)         
Debt under documentary credits issued in connection with the purchase of goods in the ordinary course of business;

 

(xiii)        
Debt in respect of any Permitted Accounts Receivables Sales Facility; and

 

(xiv)        
any refinancing of Debt Incurred pursuant to the foregoing clauses (i), (v) and this clause (xiv), provided, that (i) such
refinancing Debt will not exceed the principal amount of Debt so refinanced plus an amount necessary to pay fees and expenses,
including premiums, related to such refinancing (ii) the scheduled maturity date thereof is not shortened (except to the extent
such shortened maturity date is subsequent to the Stated Maturity and (iii) such refinancing Debt and any guarantees thereof are
Incurred solely by the obligors and guarantors, if any, of the Debt so refinanced).

 

Debt permitted by this
Section 3.11(a) need not be permitted solely by reference to one provision permitting such Debt but may be permitted in part by
one such provision and in part by one or more other provisions of this Section 3.11(a) permitting such Debt. In the event that
an item of Debt meets the criteria of more than one of the types of Debt described in this Section 3.11(a), the Company will be
permitted, in its sole discretion, to divide, classify or reclassify all or a portion of such item of Debt and only be required
to include the amount of such Debt in one of such clauses. For the avoidance of doubt, the Receivables Purchase, the Receivables
Sale Agreement, and related transaction documents do not constitute Debt.

 

(b)              
This covenant shall not apply during such time as the Securities are rated Investment Grade by at least two of the three
Rating Agencies and no Default or Event of Default has occurred and is continuing under this Indenture. The Trustee shall not have
any obligation to monitor the ratings of the Securities.

 

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ARTICLE IV

CONSOLIDATION, MERGER
AND SALE

 

SECTION 4.01.       
Limitation on Mergers and Consolidations. The Company shall not consolidate or amalgamate with or merge into any
other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless:

 

(i)            
the Person formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a Person
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to
the Trustee, the due and punctual payment of the principal of and interest on all the Securities and the performance of every covenant
of this Indenture on the part of the Company to be performed;

 

(ii)             
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
and

 

(iii)           
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article IV
and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

SECTION 4.02.       
Successors Substituted. Upon any consolidation or amalgamation of the Company with, or merger of the Company into,
any other Person, or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety
in accordance with Section 4.01, the successor Person formed by such consolidation or amalgamation or into which the Company is
merged or to which such conveyance, transfer 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 Person had been named as the Company
herein, and thereafter, except in the case of a lease to another Person, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities.

 

ARTICLE
V

DEFAULTS AND REMEDIES

 

SECTION 5.01.       
Events of Default. “Event of Default” means, with respect to a Series of Securities, any one of the following
events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body):

 

(i)                
default in the payment of the principal of or premium, if any, on any Security of such series at its Maturity, and continuance
of such default for a period of 10 days; or

 

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(ii)            
default in the payment of interest or Additional Amounts, if any, upon any Security of such series when they become due
and payable, and continuance of such default for a period of 30 days; or

 

(iii)           
default in the observance or performance, or breach, of any covenant of the Company or the Guarantors in any Security of
such series or this Indenture applicable to such series of Securities (other than a covenant a default in whose performance or
whose breach is elsewhere in this Section 5.01 specifically dealt with), and continuance of such default or breach for a period
of 90 days after there has been given, in conformity with Section 11.02, to the Company and the Guarantors by the Trustee or to
the Company, the Guarantors and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Securities
of such series 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; or

 

(iv)           the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or
a Guarantor in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or order adjudging the Company
or a Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of or in respect of the Company or a Guarantor under any applicable Bankruptcy Law, or appointing a custodian, receiver,
receiver and manager, interim receiver, administrator, monitor, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or a Guarantor or of any substantial part of the property of the Company or a Guarantor, or ordering the winding
up or liquidation of the affairs of the Company or a Guarantor, 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 90 consecutive days; or

 

(v)            the
commencement by the Company or a Guarantor of a voluntary case or proceeding under any applicable Bankruptcy Law or of any other
case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by either of them to the entry of a decree or order
for relief in respect of the Company or a Guarantor in an involuntary case or proceeding under any applicable Bankruptcy Law or
to the commencement of any bankruptcy or insolvency case or proceeding against any of them, or the filing by any of them of a
petition or answer or consent seeking reorganization or relief under any applicable Bankruptcy Law, or the consent by any of them
to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, receiver and manager, interim
receiver, administrator, monitor, liquidator, assignee, trustee, sequestrator or similar official of the Company or a Guarantor
or of any substantial part of the property of the Company or a Guarantor, or the making by either of them of an assignment for
the benefit of creditors, or the admission by either of them in writing of its inability to pay its debts generally as they become
due, or the taking of corporate action by the Company or a Guarantor in furtherance of any such action; or

 

    42 

     

    

 

(vi)            
the Guarantees of the Securities by any of the Guarantors of such series cease to be in full force and effect or become
unenforceable or invalid or are declared null and void (other than in accordance with the terms of such Guarantees) or a Guarantor
denies or disaffirms its obligations under such Guarantee.

 

The Trustee shall not
be deemed to know of a Default or Event of Default unless a Responsible Officer at the Corporate Trust Office of the Trustee has
actual knowledge of such Default or Event of Default or the Trustee receives notice given in accordance with Section 11.02,
at the Corporate Trust Office of the Trustee, of such Default or Event of Default with specific reference to such Default, the
Securities and this Indenture.

 

When a Default is cured,
or when an Event of Default is deemed cured pursuant to Section 5.04, such Default, or Event of Default, as the case may be, ceases.

 

SECTION 5.02.       
Acceleration. If an Event of Default (other than an Event of Default specified in clause (iv) or (v) of Section 5.01)
occurs and is continuing with respect to a series of Securities, the Trustee by notice to the Company and the Guarantors, or the
Holders of at least 25% in aggregate principal amount of the then outstanding Securities of that series by written notice to the
Company, the Guarantors and the Trustee, may declare the principal of, premium, if any, Additional Amounts, if any, and accrued
and unpaid interest on all then outstanding Securities of that series to be due and payable immediately. Upon any such declaration
the amounts due and payable on the Securities of such series, as determined in accordance with the final paragraph of this Section
5.02, shall be due and payable immediately. If an Event of Default specified in clause (iv) or (v) of Section 5.01 occurs, the
principal of, premium, if any, Additional Amounts, if any, and interest on all Securities then outstanding shall ipso facto
become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee or any Holder.

 

At any time after such
an acceleration of a series of Securities has occurred and before a judgment for payment of the money due has been obtained by
the Trustee as hereinafter in this Article V provided, the Holders of a majority in aggregate principal amount of the outstanding
Securities of that series, by written notice to the Company, the Guarantors and the Trustee, may rescind and annul such acceleration
and its consequences if:

 

(1)             the Company or the Guarantors have paid or deposited with the Trustee a sum sufficient to pay:

 

(A)           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 Additional Amounts, if any, and any interest thereon then due at the rate or rates prescribed therefor in such
Securities or in this Indenture,

 

(B)           
to the extent that payment of such interest is lawful, interest upon overdue interest and overdue Additional Amounts, if
any, at the rate or rates prescribed therefor in such Securities or in this Indenture, and

 

(C)            all
sums paid or advanced by the Trustee hereunder and the compensation, reasonable expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

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(2)             all Events of Default, other than the non-payment of the principal of Securities which have become due solely by such declaration
of acceleration, have been cured or waived as provided in Section 5.04.

 

No such rescission
shall affect any subsequent Event of Default or impair any right consequent thereon.

 

If the Maturity of
the Securities is accelerated pursuant to this Section 5.02, 100% of the principal amount thereof and premium, if any, shall become
due and payable plus Additional Amounts, if any, and accrued and unpaid interest to the date of payment.

 

SECTION 5.03.       
Other Remedies. If an Event of Default with respect to a series of Securities occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal of, premium, if any, Additional Amounts, if any, or interest
on the Securities or to enforce the performance of any provision of the Securities of that series, the related Guarantees or this
Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by
law.

 

SECTION 5.04.       
Waiver of Existing Defaults. Subject to Sections 5.07 and 8.02, the Holders of a majority in aggregate principal
amount of the Securities of either series then outstanding, by notice to the Trustee, may waive an existing Default or Event of
Default with respect to that series and its consequences (including waivers obtained in connection with a tender offer or exchange
offer for such Securities or a solicitation of consents in respect of such Securities, provided that in each case such offer or
solicitation is made to all Holders of the Securities of that series then outstanding on equal terms), except (1) a continuing
Default or Event of Default in the payment of the principal of or premium, if any, Additional Amounts, if any, or interest on the
Securities of that series or (2) a continuing Default relating to that series in respect of a provision that under Section 8.02
cannot be amended without the consent of each Holder 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
5.05.        Control
by Majority. The Holders of a majority in aggregate principal amount of either series of Securities then outstanding may
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with respect to that
series or exercising any trust or power conferred on it hereunder with respect to that series. The Trustee, however,
may refuse to follow any direction that conflicts with applicable law or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders (it being understood that the Trustee does not have an affirmative duty to
ascertain whether or not any such direction unduly prejudices the rights of such Holders), or that may involve the Trustee in
personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall receive indemnification from such
Holders satisfactory to it against all losses and expenses caused by taking or not taking such action subject to the
Trustee’s duty to act with the required standard of care during a default.

 

    44 

     

    

 

SECTION 5.06.       
Limitations on Suits. Subject to Section 5.07, a Holder of Securities of either series may pursue a remedy with respect
to this Indenture (including the Guarantees) or the Securities of that series only if:

 

(i)              
such Holder gives to the Trustee written notice of a continuing Event of Default with respect to that series;

 

(ii)             
the Holders of at least 25% in aggregate principal amount of the Securities of such series then outstanding make a written
request to the Trustee to pursue the remedy;

 

(iii)           
such Holder or Holders furnish to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;

 

(iv)            the Trustee does not comply with the request within 60 days after receipt of the request and the furnishing of such indemnity;
and

 

(v)             during
such 60-day period the Holders of a majority in aggregate principal amount of the Securities of such series then outstanding do
not give the Trustee a direction inconsistent with the request.

 

A Holder may not use
this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being understood
that the Trustee does not have an affirmative duty to ascertain whether or not such action or forbearances are unduly prejudicial
to such Holders or obtain a preference or priority over another Holder).

 

SECTION 5.07.       
Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
of a Security to receive payment of principal of and premium, if any, Additional Amounts, if any, and interest on the Security,
on or after the respective due dates expressed in the Security, or to bring suit against the Company or the Guarantors for the
enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected
without the consent of such Holder or obtain a preference or priority over another Holder.

 

SECTION 5.08.       
Collection Suit by Trustee. If an Event of Default specified in clause (i) or (ii) of Section 5.01 occurs with respect
to a series of Securities and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Company and the Guarantors (i) for the amount of principal of and premium, if any, Additional Amounts,
if any, and interest remaining unpaid on any Securities of such series and (ii) interest on overdue principal, premium, if any,
Additional Amounts, if any, and, to the extent lawful, interest on overdue interest, and such further amount as shall be sufficient
to cover the reasonable and documented costs and expenses of collection, including the reasonable and documented compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

    45 

     

    

 

 

SECTION 5.09.       
Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents and to
take such actions, including participating as a member, voting or otherwise, of any committee of creditors, as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for the compensation, reasonable expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company
and the Guarantors or their respective creditors or properties and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims and any Custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. To
the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 6.07 out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties which the Holders of the Securities may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. 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 5.10.       
Priorities. If the Trustee collects any money pursuant to this Article V, it shall pay out the money in the
following order:

 

First: to the Trustee, its agents
and attorneys for amounts due under Section 6.07 hereof, including payment of all compensation, expenses and liabilities incurred,
and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to Holders for amounts
due and unpaid on the Securities for principal, premium, if any, Additional Amounts, if any, and interest ratably, without preference
or priority of any kind, according to the amounts due and payable on the Securities for principal, premium, if any, Additional
Amounts, if any, and interest, respectively; and

 

Third: to the Company and the
Guarantors.

 

The Trustee, upon prior
written notice to the Company and the Guarantors, may fix a record date and payment date for any payment to Holders pursuant to
this Article V. At least 15 days before such record date, the Trustee shall send to each Holder and the Company a notice that states
the record date, the payment date and amount to be paid.

 

SECTION
5.11.        Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in
the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 5.11 does not apply to a suit by the Trustee, a suit
by a Holder pursuant to Section 5.07, or a suit by a Holder or Holders of more than 10% in aggregate principal amount of the
Securities then outstanding.

 

    46

     

    

 

ARTICLE
VI

TRUSTEE

 

SECTION 6.01.       
Duties of Trustee.

 

(a)              
If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in such exercise, as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs.

 

(b)              
Except during the continuance of an Event of Default:

 

(i)                
the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform
only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

 

(ii)               
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. However, the Trustee shall examine such certificates and opinions to determine whether or not, on their face, they
appear to conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein).

 

(c)              
The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that:

 

(i)                
this paragraph does not limit the effect of paragraph (b) of this Section 6.01;

 

(ii)               
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)               the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.05 hereof.

 

(d)              
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is
subject to paragraphs (a), (b) and (c) of this Section 6.01.

 

    47

     

    

 

(e)              
No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee
may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss,
liability or expense.

 

(f)               The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)              
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.

 

SECTION 6.02.       
Rights of Trustee.

 

(a)              
The Trustee may rely conclusively on any resolution, certificate, statement, direction, consent, order, bond, note or other
paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not
investigate any fact or matter stated in any such paper or document.

 

(b)              
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel. The Trustee may consult with counsel of its 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.

 

(c)              
The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent
or attorney appointed with due care.

 

(d)              
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers conferred upon it by this Indenture.

 

(e)              
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company or a
Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor, as the case may be.

 

(f)               
No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee
is under no obligation to exercise any of its rights or powers under this Indenture at the request of any Holders, unless such
Holder has offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense that might be
incurred by it in connection with its compliance with such request.

 

(g)              
The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of
its powers under this Indenture.

 

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(h)              
The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the
Holders of not less than a majority in principal amount of the Securities as to the time, method and place of conducting any proceedings
for any remedy available to the Trustee or the exercising of any power conferred by this Indenture.

 

(i)                
The Trustee’s immunities and protections from liability and its right to indemnification in connection with the performance
of its duties under this Indenture shall extend and be enforceable by the Trustee in each of its capacities hereunder and shall
extend to the Trustee’s officers, directors, agents, attorneys and employees. Such immunities and protections and right to
indemnity, together with the Trustee’s right to compensation, shall survive the Trustee’s resignation or removal, the
discharge of this Indenture and final payment of the Securities.

 

(j)                
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so.

 

(k)              
Except for information provided by the Trustee concerning the Trustee, the Trustee shall have no responsibility for any
information in the Offering Memorandum or other disclosure material distributed with respect to the Securities, and the Trustee
shall have no responsibility for compliance with any U.S. Federal or State securities or employee benefit plan laws in connection
with the Securities.

 

(l)                
The Trustee may request that the Company or any Guarantor, as the case may be, deliver an Officer’s Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded.

 

SECTION 6.03.       
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company, the Guarantors or any of their Affiliates with the same rights it would
have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Sections 6.10 and
6.11.

 

SECTION 6.04.       
Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture,
the Securities or the Guarantees, it shall not be accountable for the Company’s use of the proceeds from the Securities or
any money paid to the Company or upon the Company’s direction under any provision hereof, it shall not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee and it shall not be responsible for any
statement or recital herein or any statement in the Securities or any other document in connection with the sale of the Securities
or pursuant to this Indenture other than its certificate of authentication.

 

SECTION
6.05.        Notice
of Defaults. If a Default or Event of Default with respect to a series of Securities occurs and is continuing and it is
actually known to a Responsible Officer of the Trustee, the Trustee shall send to the Holders of such Securities a notice of
such Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in
payment of principal of or premium, if any, Additional Amounts, if any, or interest on any Security, the Trustee may withhold
the notice if and so long as it in good faith determines that withholding the notice is in the interests of Holders.

 

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SECTION 6.06.       
Reports by Trustee to Holders. By July 15 of each year, beginning with July 15, 2020, the Trustee shall send to Holders
a brief report dated as of May 15 of such year that complies with TIA Section 313(a); provided, however, that if no event described
in TIA Section 313(a) has occurred within the 12 months preceding the reporting date, no report need be transmitted. The Trustee
also shall comply with TIA Section 313(b). The Trustee shall also deliver all reports as required by TIA Sections 313(c) and 313(d).

 

A copy of each report
at the time it is sent to Holders shall be filed with the SEC and each securities exchange, if any, on which the Securities of
either series are listed. The Company shall notify the Trustee in the manner provided in Section 11.02 if and when the Securities
are listed on, or delisted from, any securities exchange.

 

SECTION 6.07.       
Compensation and Indemnity. The Company and the Guarantors jointly and severally agree to pay to the Trustee from
time to time such reasonable compensation, for its acceptance of this Indenture and its services hereunder. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company and the Guarantors jointly
and severally agree to reimburse the Trustee upon request for all reasonable and documented disbursements, advances and expenses
incurred by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents
and counsel.

 

The Company and the
Guarantors jointly and severally agree to indemnify, defend and protect the Trustee or any predecessor Trustee and their agents,
employees, officers and directors for and to hold them harmless against any and all loss, liability, damage, claim, or expense
(including reasonable and documented fees and expenses of counsel and taxes, other than taxes based upon, measured by or determined
by the income of the Trustee) and court costs incurred by it arising out of or in connection with this Indenture or the administration
of this trust, including the reasonable and documented costs and expenses of enforcing this Indenture against the Company and of
defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any other Person), except as
set forth in the next paragraph. The Trustee shall notify the Company and the Guarantors promptly of any claim for which it may
seek indemnity; however, failure to give such notice shall not relieve the Company or the Guarantors of their obligations. The
Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel, and the Company
and the Guarantors shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld.

 

Notwithstanding anything
herein to the contrary, neither the Company nor the Guarantors shall be obligated to reimburse any fee or expense or indemnify
against any loss, liability, damage, claim or expense incurred by the Trustee through its own gross negligence or willful misconduct
(as found by a court of competent jurisdiction in a final, non-appealable judgment).

 

To secure the
payment obligations of the Company and the Guarantors in this Section 6.07, the Trustee shall have a lien prior to the
Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of and
premium, if any, and Additional Amounts, if any, and interest on the Securities. Such lien shall survive the satisfaction and
discharge of this Indenture.

 

    50

     

    

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 5.01(iv) or (v) occurs, the expenses and the compensation
for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

SECTION 6.08.       
Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 6.08.

 

The Trustee may resign
and be discharged from the trust hereby created by so notifying the Company and the Guarantors. The Holders of a majority in aggregate
principal amount of the then outstanding Securities of both series, voting as a single class, may remove the Trustee by so notifying
the Trustee and the Company in writing. The Company may remove the Trustee if:

 

(i)                
the Trustee fails to comply with Section 6.10;

 

(ii)               
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law;

 

(iii)               a
Custodian or public officer takes charge of the Trustee or its property; or

 

(iv)              
the Trustee otherwise becomes incapable of acting.

 

If the Trustee resigns
or is removed or if a vacancy exists in the office of Trustee for any reason, the Company and the Guarantors shall promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the Securities of both series then outstanding, voting as a single class, may appoint a successor Trustee to replace
the successor Trustee appointed by the Company.

 

If a successor Trustee
does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s
expense), the Company or the Holders of at least 10% in aggregate principal amount of the Securities then outstanding may petition
any court of competent jurisdiction at the expense of the Company for the appointment of a successor Trustee.

 

If the Trustee fails
to comply with Section 6.10, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

A successor
Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Guarantors.
Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor
Trustee, subject to the lien provided for in Section 6.07. Notwithstanding replacement of the Trustee pursuant to this
Section 6.08, the obligations of the Company and the Guarantors under Section 6.07 shall continue for the benefit of the
retiring Trustee.

 

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SECTION 6.09.       
Successor Trustee by Merger, etc. Subject to Section 6.10, if the Trustee consolidates, merges or converts into,
or transfers all or substantially all of its corporate trust business to, another business entity, such entity without any further
act shall be the successor Trustee; provided, however, that in the case of a transfer of all or substantially all of its corporate
trust business to another corporation, the transferee corporation expressly assumes all of the Trustee’s liabilities hereunder.

 

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; and in case at that time
any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in
the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall
have.

 

SECTION 6.10.       
Eligibility; Disqualification. 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 and authorized
under such laws to exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District
of Columbia) authority and shall have, or be a Subsidiary of a bank or bank holding company having, a combined capital and surplus
of at least $50 million as set forth in its most recent published annual report of condition.

 

This Indenture shall
always have a Trustee that satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject
to and shall comply with the provisions of TIA Section 310(b) during the period of time required by this Indenture. Nothing in
this Indenture shall prevent the Trustee from filing with the SEC the application referred to in the penultimate paragraph of TIA
Section 310(b).

 

SECTION 6.11.       
Preferential Collection of Claims Against Company. The Trustee is subject to and shall comply with the provisions
of TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed
shall be subject to TIA Section 311(a) to the extent indicated therein.

 

ARTICLE
VII

DISCHARGE OF INDENTURE

 

SECTION 7.01.       
Termination of Company’s and Guarantors’ Obligations.

 

(a)              
Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to a series
of Securities (except as provided in the last paragraph of this Section 7.01(a)), and the Trustee, on demand of the Company, shall
execute proper instruments acknowledging the satisfaction and discharge of this Indenture with respect to such series, when:

 

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(1)               
either

 

(A)             
all outstanding Securities of such series theretofore authenticated and issued (other than destroyed, lost or wrongfully
taken Securities that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(B)              
all outstanding Securities of such series 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)              
will be scheduled for redemption by their terms within one year, and the Company, in the case of clause (i) or (ii) above
or this clause (iii), has deposited or caused to be deposited with the Trustee as funds (immediately available to the Holders of
such series in the case of clause (i)) in trust for such purpose an amount of cash or, in the case of clause (ii) or this clause
(iii), U.S. Government Obligations or a combination thereof which, together with earnings thereon, will be sufficient, in the case
of clause (ii) or this clause (iii), in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on such Securities for
principal, premium, if any, Additional Amounts, 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)               
the Company has paid all other sums payable by it hereunder with respect to such series of Securities; and

 

(3)               
the Company has delivered to the Trustee an Officer’s Certificate stating that all conditions precedent to satisfaction
and discharge of this Indenture with respect to such series of Securities have been complied with, together with an Opinion of
Counsel to the same effect.

 

However, the Company’s
obligations in Sections 2.03, 2.06, 2.07, 3.02 and 7.01, the Company’s and the Guarantors’ obligations in Sections
6.07, 6.08 and 7.04 and the Trustee’s and Paying Agent’s obligations in Section 7.03 shall survive the satisfaction
and discharge of this Indenture until the Securities of such series are no longer outstanding. Thereafter, only the Company’s
and the Guarantors’ obligations in Section 6.07 and the Trustee’s and Paying Agent’s obligations in Section 7.03
shall survive with respect to such series of Securities. For the avoidance of doubt, it is understood that the Company may discharge
its obligations with respect to a series of Securities without discharging its obligations with respect to the other series of
Securities.

 

(b)              
Legal Defeasance. The Company and the Guarantors may, subject as provided herein, terminate by legal defeasance all
of their obligations under this Indenture with respect to a series of Securities if:

 

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(i)                
the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust for
the purpose of making the following payments dedicated solely to the benefit of the Holders of such Securities (A) cash in an amount,
or (B) U.S. Government Obligations, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay, without consideration
of the reinvestment of any such amounts and after payment of all taxes or other charges or assessments in respect thereof payable
by the Trustee, the principal of and premium, if any, Additional Amounts, if any and interest on all Securities of such series
on each date that such principal, premium, if any, Additional Amounts, if any, or interest is due and payable and to pay all other
sums payable by it hereunder with respect to such series of Securities; provided that the Trustee shall have been irrevocably instructed
to apply such money or the proceeds of such U.S. Government Obligations to the payment of said principal, premium, if any, Additional
Amounts, if any, and interest with respect to the Securities of such series as the same shall become due;

 

(ii)              
the Company has delivered to the Trustee an Officer’s Certificate stating that all conditions precedent to such legal
defeasance have been complied with, and an Opinion of Counsel to the same effect;

 

(iii)              
no Default or Event of Default with respect to such series of Securities shall have occurred and be continuing on the date
of such deposit or, insofar as clauses (iv) and (v) of Section 5.01 are concerned, at any time during the period ending on the
91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration
of such period);

 

(iv)             
the Company shall have delivered to the Trustee an Opinion of Counsel from nationally recognized counsel acceptable to the
Trustee to the effect that, based on a ruling of the Internal Revenue Service or a change in U.S. Federal income tax law occurring
after the date of this Indenture, the Holders of Securities of such series will not recognize income, gain or loss for U.S. Federal
income tax purposes as a result of the Company’s exercise of its option under this Section 7.01(b) and will be subject to
U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such option
had not been exercised;

 

(v)              
such deposit and legal defeasance will not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company or any Guarantor is a party or by which it is bound;

 

(vi)             
such deposit and legal defeasance shall not cause the Trustee to have a conflicting interest as defined in TIA Section 310(b);
and

 

(vii)             the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that after the passage of 91 days
following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally.

 

    54 

     

    

 

In such event, payment
of the Securities of such series may not be accelerated because of an Event of Default, Article IX and the other provisions of
this Indenture shall cease to be of further effect (except as provided in the next succeeding paragraph), and the Trustee, on demand
of the Company, shall execute proper instruments acknowledging such legal defeasance.

 

However, the Company’s
obligations in Sections 2.03, 2.06, 2.07, 3.02 and 7.01, the Company’s and the Guarantors’ obligations in Sections
6.07, 6.08 and 7.04 and the Trustee’s and Paying Agent’s obligations in Section 7.03 shall survive such legal defeasance
with respect to such series of Securities until the Securities are no longer outstanding. Thereafter, only the Company’s
and the Guarantors’ obligations in Section 6.07 and the Trustee’s and Paying Agent’s obligations in Section 7.03
shall survive with respect to such series of Securities. For the avoidance of doubt, it is understood that the Company may terminate
by legal defeasance the obligations of the Company and the Guarantors with respect to one series of Securities without terminating
their obligations with respect to the other series of Securities.

 

(c)              
Covenant Defeasance. The Company and the Guarantors may, subject as provided herein, be released from their respective
obligations to comply with, and shall have no liability in respect of any term, condition or limitation, set forth in Sections
3.07, 3.08, 3.09 and 4.01 and in Article IX, and such omission to comply with any of Sections 3.07, 3.08, 3.09 and 4.01 and Article
IX shall not constitute an Event of Default with respect to a series of Securities under Section 5.01 (“Covenant Defeasance”),
with the remainder of this Indenture and such Securities unaffected thereby if:

 

(i)                
the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust for
the purpose of making the following payments dedicated solely to the benefit of the Holders of such series of Securities (A) cash
in an amount, or (B) U.S. Government Obligations, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay, without consideration
of the reinvestment of any such amounts and after payment of all taxes or other charges or assessments in respect thereof payable
by the Trustee, the principal of and premium, if any, Additional Amounts, if any and interest on all Securities of such series
on each date that such principal, premium, if any, Additional Amounts, if any, or interest is due and payable and to pay all other
sums payable by it hereunder with respect to such series of Securities; provided that the Trustee shall have been irrevocably instructed
to apply such money and/or the proceeds of such U.S. Government Obligations to the payment of said principal, premium, if any,
Additional Amounts, if any, and interest with respect to the Securities as the same shall become due;

 

(ii)               
the Company has delivered to the Trustee an Officer’s Certificate stating that all conditions precedent to the Covenant
Defeasance contemplated by this provision have been complied with, and an Opinion of Counsel to the same effect;

 

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(iii)              
no Default or Event of Default with respect to such series of Securities shall have occurred and be continuing on the date
of such deposit or, insofar as clauses (iv) and (v) of Section 5.01 are concerned, at any time during the period ending on the
91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration
of such period);

 

(iv)             
the Company shall have delivered to the Trustee an Opinion of Counsel from nationally recognized counsel acceptable to the
Trustee to the effect that the Holders of Securities of such series will not recognize income, gain or loss for U.S. Federal income
tax purposes as a result of the Company’s exercise of its option under this Section 7.01(c) and will be subject to U.S. Federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such option had not been
exercised;

 

(v)              
such Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any other agreement
or instrument to which the Company or any Guarantor is a party or by which it is bound;

 

(vi)             
such Covenant Defeasance shall not cause the Trustee to have a conflicting interest as defined in TIA Section 310(b); and

 

(vii)             
the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that after the passage of 91 days following
the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar
laws affecting creditors’ rights generally.

 

(d)              
In order to have money available on a payment date to pay principal of or premium, if any, Additional Amounts, if any, or
interest on the Securities, the U.S. Government Obligations shall be payable as to principal or interest on or before such payment
date in such amounts as will provide the necessary money. U.S. Government Obligations shall not be callable at the issuer’s
option.

 

(e)              
The Company may exercise its option under Section 7.01(b) notwithstanding its prior exercise of its Covenant Defeasance
option under Section 7.01(c).

 

(f)               
For the avoidance of doubt, it is understood that the Company may exercise its covenant defeasance option with respect to
one series of Securities without affecting the obligations of the Company and the Guarantors with respect to the other series of
Securities.

 

SECTION 7.02.       
Application of Trust Money. The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust
money or U.S. Government Obligations deposited with it pursuant to Section 7.01. It shall apply the deposited money and the money
from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of
and premium, if any, Additional Amounts, if any, and interest on Securities with respect to which the deposit was made.

 

The Company will
pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
U.S. Government Obligations deposited pursuant to Section 7.01 hereof or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding
Securities.

 

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SECTION 7.03.       
Repayment to Company. The Trustee and the Paying Agent shall promptly pay to the Company upon written request any
excess money or securities held by them at any time. Subject to the requirements of any applicable abandoned property laws, the
Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal
of, premium, if any, Additional Amounts, if any, or interest that remains unclaimed for two years after the date upon which such
payment shall have become due; provided, however, that the Company shall have either caused notice of such payment to be sent to
each Holder entitled thereto no less than 30 days prior to such repayment or within such period shall have published such notice
in a financial newspaper of widespread circulation published in The City of New York. After payment to the Company, Holders entitled
to the money must look to the Company for payment as unsecured general creditors unless an applicable abandoned property law designates
another Person, and all liability of the Trustee and the Paying Agent with respect to such money shall cease.

 

SECTION 7.04.       
Reinstatement. If the Trustee or the Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with Section 7.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company and the Guarantors under
this Indenture and the relevant series of Securities shall be revived and reinstated as though no deposit had occurred pursuant
to Section 7.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money or U.S. Government Obligations
in accordance with Section 7.01; provided, however, that if the Company or the Guarantors have made any payment of principal of
or interest on any Securities because of the reinstatement of their obligations, the Company or such Guarantor, as the case may
be, shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or the Paying Agent.

 

ARTICLE
VIII

AMENDMENTS

 

SECTION 8.01.       
Without Consent of Holders. The Company, the Guarantors and the Trustee may amend or supplement this Indenture or
any of the Securities of either series or waive any provision hereof or thereof without the consent of any Holder:

 

(i)                
to convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities of such series any property
or assets;

 

(ii)               
to evidence the succession of another Person to the Company or the Guarantors, or successive successions, and the assumption
by the successor Person of the covenants, agreements and obligations of the Company or a Guarantor pursuant to Section 4.01 or
9.03;

 

    57

     

    

 

(iii)               to
add to the covenants of the Company or the Guarantors such further covenants, restrictions, conditions or provisions as the
Company or the Guarantors and the Trustee shall consider to be for the protection of the Holders of Securities of such
series, to surrender any right or power herein conferred upon the Company or the Guarantors, and to make the occurrence, or
the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an
Event of Default with respect to such series of Securities permitting the enforcement of all or any of the several remedies
provided in this Indenture, provided that in respect of any such additional covenant, restriction, condition or provision
such amendment or supplement may provide for a particular period of grace after default (which period may be shorter or
longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of
Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the
Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default;

 

(iv)              
to cure any ambiguity or omission or to correct or supplement any provision contained herein or in any supplemental indenture
which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, provided that
no such action shall adversely affect the interests of the Holders of the Securities of such series;

 

(v)               
to provide for uncertificated Securities of such series in addition to or in place of certificated Securities of such series,
provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code;

 

(vi)              
to provide for the issuance of Additional Securities of such series and related Guarantees in accordance with this Indenture;

 

(vii)             
to effect or maintain, or otherwise comply with the requirements of the SEC in connection with, the qualification of this
Indenture under the TIA;

 

(viii)             to
effect any provision of this Indenture;

 

(ix)               
to release the Guarantee of any Guarantor in accordance with Section 9.05 of this Indenture;

 

(x)               
to conform the text of this Indenture or the Securities of such series to the “Description of the Notes” set
forth in the Offering Memorandum to the extent such provision in the “Description of the Notes” was intended to be
a verbatim, or substantially verbatim, recitation of provision if this Indenture or the Securities of such series (which intent
may be evidenced by an Officer’s Certificate to such effect); or

 

(xi)               
to make any other change that does not adversely affect the rights of any Holder of the Securities of such series.

 

    58

     

    

 

Upon the request of
the Company and the Guarantors and upon receipt by the Trustee of the documents described in Section 8.06, the Trustee shall join
with the Company and the Guarantors in the execution of any supplemental indenture entered into to effect any such amendment, supplement
or waiver.

 

SECTION 8.02.       
With Consent of Holders. Except as provided in Section 8.01 or below in this Section 8.02, the Company, the Guarantors
and the Trustee may amend or supplement this Indenture or either series of the Securities with the consent (including consents
obtained in connection with a tender offer or exchange offer for such Securities or a solicitation of consents in respect of such
Securities, provided that in each case such offer or solicitation is made to all Holders of the Securities of such series then
outstanding on equal terms) of the Holders of a majority in aggregate principal amount of the Securities of such series then outstanding
affected thereby.

 

The Holders of a majority
in aggregate principal amount of the Securities of either series then outstanding may waive compliance in a particular instance
by the Company or the Guarantors with any provision of this Indenture or the Securities of such series (including waivers obtained
in connection with a tender offer or exchange offer for such Securities or a solicitation of consents in respect of such Securities,
provided that in each case such offer or solicitation is made to all Holders of the Securities of such series then outstanding
on equal terms).

 

Upon the request of
the Company and the Guarantors and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, and
upon receipt by the Trustee of the documents described in Section 8.06, the Trustee shall join with the Company and the Guarantors
in the execution of any supplemental indenture entered into to effect any such amendment, supplement or waiver. After an amendment,
supplement or waiver under this Section 8.02 becomes effective, the Company shall send to the Holders of each Security of the series
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to send such notice,
or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.

 

It shall not be necessary
for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed amendment, supplement or
waiver, but it shall be sufficient if such consent approves the substance thereof.

 

Without the consent
of each Holder of the series affected, an amendment, supplement or waiver under this Section 8.02 may not:

 

(i)                
extend the final maturity of the principal of any of the Securities of such series;

 

(ii)               
reduce the principal amount of any of the Securities of such series;

 

(iii)              
reduce the rate or extend the time of payment of interest, including defaulted interest, or Additional Amounts, if any,
on any of the Securities of such series;

 

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(iv)                reduce
any amount payable on redemption of any of the Securities of such series (other than as a result of the shortening of the
required notice period for redemption);

 

(v)              
change the currency in which the principal of or premium, if any, Additional Amounts, if any, or interest on any of the
Securities of such series is payable;

 

(vi)              impair the right to institute suit for the enforcement of any payment
of principal of or premium, if any, Additional Amounts, if any, or interest on any Security of such series pursuant to
Sections 5.07 and 5.08, except as limited by Section 5.06;

 

(vii)            
change the ranking of the Securities of such series or the Guarantees thereof;

 

(viii)           
make any change in the percentage of principal amount of the Securities of such series necessary to waive compliance with
or to modify certain provisions of this Indenture pursuant to Section 5.04 or 5.07 or this clause of this Section 8.02; or

 

(ix)              
waive a continuing Default or Event of Default in the payment of principal of or premium, if any, Additional Amounts, if
any, or interest, including defaulted interest, on the Securities of such series.

 

The right of any Holder
to participate in any consent required or sought pursuant to any provision of this Indenture (and the obligation of the Company
to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been
the Holder of record of the Securities as of a record date fixed by the Company in accordance with Section 8.04 of this Indenture.

 

SECTION 8.03.       
Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture or the Securities shall comply
in form and substance with the TIA as then in effect.

 

SECTION 8.04.       
Revocation and Effect of Consents. A consent to an amendment, a supplement or a waiver by a Holder is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder
may revoke the consent as to its Security or portion of a Security if the Trustee receives written notice of revocation at any
time prior to (but not after) the date the Trustee receives an Officer’s Certificate certifying that the Holders of the requisite
aggregate principal amount of Securities of the applicable series have consented (and not theretofore revoked such consent) to
the amendment, supplement or waiver.

 

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The Company may,
but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any
amendment, supplement or waiver or to take any other action with respect to the Securities under this Indenture. If a record
date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons who were Holders at
the close of business on such record date (or their duly designated proxies), and only those Persons, shall be entitled to
consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such Persons
continue to be Holders after such record date, and for this purpose the Securities then outstanding shall be computed as of
such record date. No consent shall be valid or effective for more than 90 days after such record date unless consents from
Holders of the aggregate principal amount of the Securities required hereunder for such amendment, supplement or waiver to be
effective shall have also been given and not revoked within such 90-day period.

 

After an amendment,
supplement or waiver becomes effective, it shall bind every Holder, unless it is of the type described in any of clauses (i) through
(viii) of Section 8.02. In such case, the amendment, supplement or waiver shall bind each Holder who has consented to it and every
subsequent Holder that evidences the same debt as the consenting Holder’s Security.

 

SECTION 8.05.       
Notation on or Exchange of Securities. If an amendment or supplement changes the terms of a Security, the Trustee
may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security
regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure
to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment or supplement.

 

SECTION 8.06.       
Trustee to Sign Amendments, etc. The Trustee shall sign any supplemental indenture authorized pursuant to this Article
VIII if the supplemental indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it
does, the Trustee may, but need not, sign it. In signing or refusing to sign such supplemental indenture, the Trustee shall receive,
and subject to Section 6.01, shall be fully protected in conclusively relying upon, an Opinion of Counsel and an Officer’s
Certificate, as conclusive evidence that all conditions precedent to such supplemental indenture have been complied with, that
such supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will
be valid and binding upon the Company and the Guarantors in accordance with its terms.

 

ARTICLE
IX

GUARANTEES OF SECURITIES

 

SECTION 9.01.       
Unconditional Guarantees.

 

(a)               For
value received, each of the Guarantors hereby fully, irrevocably, unconditionally and absolutely guarantees to the Holders
and to the Trustee the due and punctual payment of the principal of and premium, if any, Additional Amounts, if any,
and interest on the Securities and all other amounts due and payable under this Indenture and the Securities by the Company
(including, without limitation, all costs and expenses (including reasonable legal fees and disbursements) incurred by the
Trustee or the Holders in connection with the enforcement of this Indenture, the Securities and the Guarantees)
(collectively, the “Indenture Obligations”), when and as such principal, premium, if any, Additional Amounts, if
any, and interest and such other amounts shall become due and payable, whether at the Stated Maturity, upon redemption or by
declaration of acceleration or otherwise, according to the terms of the Securities and this Indenture. The guarantees by the
Guarantors set forth in this Article IX are referred to herein as the “Guarantees.” Without limiting the
generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute part of the
Indenture Obligations and would be owed by the Company under this Indenture and the Securities but for the fact that they are
unenforceable, reduced, limited, impaired, suspended or not allowable due to the existence of a bankruptcy, reorganization or
similar proceeding involving the Company.

 

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(b)              
Failing payment when due of any amount guaranteed pursuant to the Guarantees, for whatever reason, the Guarantors will be
obligated to pay the same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever (whether for
taxes, withholding or otherwise). The Guarantees are intended to be general, unsecured, senior obligations of each Guarantor and
to rank pari passu in right of payment with all indebtedness of such Guarantor that is not, by its terms, expressly subordinated
in right of payment to the Guarantees of such Guarantor. Each Guarantor hereby agrees that its obligations hereunder shall be full,
irrevocable, unconditional and absolute, irrespective of the validity, regularity or enforceability of the obligations and liabilities
of any other obligor with respect to the Securities, the Guarantees or this Indenture, the absence of any action to enforce the
same, any waiver or consent by any Holder with respect to any provisions hereof or thereof with respect to the same, the recovery
of any judgment against the Company, or any other circumstance which might otherwise constitute a legal or equitable discharge
or defense of such Guarantor.

 

Each Guarantor hereby
agrees that in the event of a default in payment of the principal of or premium, if any, Additional Amounts, if any, or interest
on the Securities of either series or any other amounts payable under this Indenture and such Securities by the Company, whether
at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise, legal proceedings may be instituted by
the Trustee on behalf of the Holders or, subject to Section 5.06, by the Holders, on the terms and conditions set forth in this
Indenture, directly against such Guarantor to enforce the Guarantees of such series without first proceeding against the Company.

 

(c)               To
the fullest extent permitted by applicable law, the obligations of each Guarantor under this Article IX shall be as aforesaid
full, irrevocable, unconditional and absolute and except as set forth in this Article IX shall not be impaired,
modified, discharged, released or limited by any occurrence or condition whatsoever, including, without limitation, (i) any
compromise, settlement, release, waiver, renewal, extension, indulgence or modification of, or any change in, any of the
obligations and liabilities of any other obligor with respect to the Securities contained in any of the Securities or this
Indenture, (ii) any impairment, modification, release or limitation of the liability of the Company, any Guarantor or any of
their respective estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any
present or future provision of any applicable Bankruptcy Law, or other statute or from the decision of any court, (iii) the
assertion or exercise by the Company, any Guarantor or the Trustee of any rights or remedies under any of the Securities or
this Indenture or its delay in or failure to assert or exercise any such rights or remedies, (iv) the assignment or the
purported assignment of any property as security for any of the Securities, including all or any part of the rights of the
Company or any Guarantor under this Indenture, (v) the extension of the time for payment by the Company or any Guarantor of
any payments or other sums or any part thereof owing or payable under any of the terms and provisions of any of the
Securities or this Indenture or of the time for performance by the Company or any Guarantor of any other obligations under or
arising out of any such terms and provisions or the extension or the renewal of any thereof, (vi) the modification or
amendment (whether material or otherwise) of any duty, agreement or obligation set forth in this Indenture of any other
obligor with respect to the Securities, (vii) the voluntary or involuntary liquidation, dissolution, sale or other
disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other
similar proceeding affecting, any of the Company or any Guarantor or any of its assets, or the disaffirmance of any of the
Securities, the Guarantees or this Indenture in any such proceeding, (viii) the release or discharge of the Company or any
Guarantor from the performance or observance of any agreement, covenant, term or condition contained in any of such
instruments by operation of law, (ix) the unenforceability of any of the obligations of any of the other obligors under the
Securities, the Guarantees or this Indenture, (x) any change in the name, business, capital structure, corporate existence,
or ownership of the Company or any Guarantor, or (xi) any other circumstance which might otherwise constitute a defense
available to, or a legal or equitable discharge of, a surety or any Guarantor.

 

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(d)              
Each Guarantor hereby (i) waives diligence, presentment, demand of payment, notice of acceptance, filing of claims with
a court in the event of the merger, amalgamation, insolvency or bankruptcy of the Company or any Guarantor, and all demands and
notices whatsoever, (ii) acknowledges that any agreement, instrument or document evidencing the Guarantees may be transferred and
that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the
Guarantees without notice to them and (iii) covenants that its Guarantees will not be discharged except by complete performance
of the Guarantees or of the obligations guaranteed thereby. Each Guarantor further agrees that if at any time all or any part of
any payment theretofore applied by any Person to the Guarantees is, or must be, rescinded or returned for any reason whatsoever,
including, without limitation, the insolvency, bankruptcy or reorganization of such Guarantor, the Guarantees shall, to the extent
that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application,
and the Guarantees shall continue to be effective or be reinstated, as the case may be, as though such application had not been
made.

 

(e)              
Each Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts
paid by such Guarantor pursuant to the provisions of this Indenture; provided, however, that such Guarantor shall not be entitled
to enforce or to receive any payments arising out of, or based upon, such right of subrogation with respect to any of the Securities
until all of the Securities and the Guarantees thereof shall have been paid in full or discharged.

 

(f)               
No failure to exercise and no delay in exercising, on the part of the Trustee or the Holders, any right, power, privilege
or remedy under this Article IX and the Guarantees shall operate as a waiver thereof, nor shall any single or partial exercise
of any rights, power, privilege or remedy preclude any other or further exercise thereof, or the exercise of any other rights,
powers, privileges or remedies. The rights and remedies herein provided for are cumulative and not exclusive of any rights or remedies
provided in law or equity. Nothing contained in this Article IX shall limit the right of the Trustee or the Holders to take any
action to accelerate the Maturity of the Securities of either series
pursuant to Article V or to pursue any rights or remedies hereunder or under applicable law.

 

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SECTION 9.02.       
Execution and Delivery of Notation of Guarantees. To further evidence the Guarantees, each Guarantor hereby agrees
that a notation of such Guarantees may be endorsed on each Security authenticated and delivered by the Trustee and that such notation
shall be executed by either manual or facsimile signature of an Officer of such Guarantor.

 

Each Guarantor hereby
agrees that its Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Security a notation
of the Guarantees.

 

If an Officer of any
Guarantor whose signature is on this Indenture or a Security no longer holds that office at the time the Trustee authenticates
such Security or at any time thereafter, such Guarantor’s guarantee of such Security shall be valid nevertheless.

 

The delivery of any
Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantees set forth
in this Indenture on behalf of the Guarantors.

 

SECTION 9.03.       
Guarantors May Consolidate, etc., on Certain Terms. A Guarantor may consolidate, merge or enter into a scheme of
arrangement qualifying as an amalgamation with any Person or sell, lease, convey, transfer or otherwise dispose of all or substantially
all of its assets to any Person, and the Capital Stock of a Guarantor may be sold or otherwise disposed of to another Person; provided,
however, that in the case of the consolidation, merger or scheme or arrangement qualifying as an amalgamation or sale, lease, conveyance,
transfer or disposal of all or substantially all of the assets of such Guarantor or the sale or other disposition of the Capital
Stock of a Guarantor, if such other Person is not the Company or a Guarantor, such Guarantor’s obligations under its Guarantee
must be expressly assumed by such other Person, except in connection with a transaction in which the Guarantee of such Guarantor
would be released as provided in Section 9.05.

 

SECTION 9.04.       
Luxembourg: Guarantee Limitation.The guarantee granted by any Guarantor which is incorporated and established
in the Grand-Duchy of Luxembourg (a "Luxembourg Guarantor") under this this Article IX shall be limited at any
time to an aggregate amount not exceeding the higher of:

 

(a)      99% of such Luxembourg Guarantor's capitaux propres (as referred
to in article 34 of the Luxembourg law dated 19 December 2002 on the commercial register and annual accounts, as amended (the "2002
Law"), and as implemented by the Grand-Ducal regulation dated 18 December 2015 setting out the form and the content of
the presentation of the balance sheet and profit and loss account (the "Regulation")) determined as at the date
on which a demand is made under the guarantee, increased by the amount of any Intra-Group Liabilities; and

 

(b)     99% of such Luxembourg
Guarantor's capitaux propres (as referred to in article 34 of the 2002 Law) determined as at the date of this Agreement,
increased by the amount of any Intra-Group Liabilities.The amount of the capitaux propres under this this Article IX shall
be determined by the Trustee acting in its sole commercially reasonable discretion and shall be adjusted (by derogation to the
rules contained in the 2002 Law and the Regulation) to take into account the fair value rather than book value of the assets of
such Luxembourg Guarantor.

 

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For the purpose of
this Clause, "Intra-Group Liabilities" shall mean any amounts owed by such Luxembourg Guarantor to any other member of
the group and that have not been financed (directly or indirectly) by any amounts raised in relation to the Securities. The above
limitation shall not apply (a) in respect of any amounts due by a direct or indirect subsidiary of that Luxembourg Guarantor in
relation to the Securities and (b) in respect of any amounts due by any person which is not a direct or indirect subsidiary of
that Luxembourg Guarantor in relation to the Securities and which have been on-lent to or made available by whatever means, directly
or indirectly, to that Luxembourg Guarantor or any of its direct or indirect subsidiaries.

 

SECTION 9.05.       
Releases.

 

(a)              
The Guarantee of a Guarantor (other than, in the case of clause (iv) below, the Guarantee of Nabors Delaware) will be automatically
released with respect to the Securities of either series:

 

(i)                 upon the sale or other disposition (including by way of consolidation, merger or scheme
or arrangement qualifying as an amalgamation) of a Guarantor, including the sale or disposition of Capital Stock of a
Guarantor, following which such Guarantor is no longer a Subsidiary of the Company,

 

(ii)              
the sale or disposition of all or substantially all the assets (including by way of consolidation, merger or scheme or arrangement
qualifying as an amalgamation) of a Guarantor,

 

(iii)              
if the Company exercises its legal defeasance option or its covenant defeasance option with respect to such series of Securities
or if the Company’s obligations under this Indenture governing such series of Securities are satisfied and discharged in
accordance with Article VII with respect such series of Securities; or

 

(iv)              
if the Securities of such series are rated Investment Grade by at least two of the three Rating Agencies and no Default
or Event of Default has occurred and is continuing under this Indenture;

 

provided, however,
that in the case of clauses (i) and (ii) above, such sale or other disposition is made to a Person other than the Company or an
Affiliate of the Company and such sale or disposition is otherwise permitted by this Indenture.

 

(b)              
At the request of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, the Trustee shall
execute and deliver an appropriate instrument evidencing the release of a Guarantor pursuant to this Section 9.05.

 

ARTICLE
X

REDEMPTION

 

SECTION
10.01.    Notices to
Trustee. If the Company elects to redeem the Securities pursuant to the redemption provisions of Section 10.07, it shall
furnish to the Trustee, at least five days before notice of such redemption is to be given pursuant to Section 10.03 (unless
a shorter period is acceptable to the Trustee), an Officer’s Certificate setting forth the Redemption Date, the
principal amount of such Securities to be redeemed, the redemption price (or the method of calculating the redemption
price) and, if the redemption of such Securities is subject to any condition precedent, each such condition precedent.

 

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SECTION 10.02.   Selection
of Securities to be Redeemed. If less than all of the Securities of either series are to be redeemed, the Trustee shall select
the Securities of such series to be redeemed on a pro rata basis (or, in the case of Securities represented by a Global Security,
in accordance with the Applicable Procedures).

 

Securities and portions
of them selected shall be in minimum amounts of $2,000 and integral multiples of $1,000 in excess thereof. Except as provided in
the preceding sentence, provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities
called for redemption.

 

SECTION 10.03.   
Notices to Holders.

 

(a)              
At least 20 days (or in the case of a redemption pursuant to Section 10.08, 10 days) but not more than 75 days before
a Redemption Date, the Company shall give in conformity with Section 11.02 a notice of redemption to each Holder of the applicable
series of Securities to be redeemed. The notice shall identify the Securities to be redeemed (including CUSIP, ISIN or similar
numbers, if any) and shall state:

 

(i)            
the Redemption Date;

 

(ii)           
the redemption price (or the method of calculating the redemption price);

 

(iii)          
if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that,
after the Redemption Date, upon surrender of such Security, a new Security or Securities of the relevant series in principal amount
equal to the unredeemed portion will be issued;

 

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

 

(v)           
that Securities called for redemption must be surrendered to the Paying Agent at the address specified in such notice to
collect the redemption price;

 

(vi)          
that unless the Company defaults in making the redemption payment, interest on Securities called for redemption ceases to
accrue on and after the Redemption Date and the only remaining right of the Holders is to receive payment of the redemption price
upon surrender to the Paying Agent of the Securities;

 

(vii)         
the paragraph of the Securities and/or Section of this Indenture pursuant to which the Securities are being redeemed;

 

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

 

(ix)           
the aggregate principal amount of Securities being redeemed; and

 

(x)            
any condition precedent to such redemption.

 

If any of the Securities
to be redeemed is in the form of a Global Security, then the Company shall modify such notice to the extent necessary to accord
with the procedures of the Depositary applicable to redemptions.

 

(b)               At
the Company’s request, the Trustee shall give the notice required in Section 10.03(a) in the Company’s name; provided,
however, that the Company shall deliver to the Trustee, at least 15 days prior to the requested delivery date (unless the Trustee
consents in writing to a shorter period), an Officer’s Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in Section 10.03(a).

 

SECTION 10.04.   Effect
of Notices of Redemption. Notice of redemption may be given and any redemption of Securities may, at the Company’s discretion,
be subject to one or more conditions precedent, including the consummation of a financing transaction or equity issuance, the
proceeds of which are to be used to fund such redemption; provided that, if notice of redemption is given pursuant to Section
10.03, and such notice does not include a condition precedent to be satisfied in order for the Company to be obligated to redeem
the Securities, the Securities called for redemption shall become due and payable on the Redemption Date at the redemption price.
Upon surrender to the Paying Agent of Securities called for redemption, such Securities shall be paid out at the redemption price,
plus accrued and unpaid interest up to, but excluding, the Redemption Date; provided, however, that if the Redemption Date is
after the taking of a record of the Holders on a record date and on or prior to the related Interest Payment Date, the accrued
and unpaid interest shall be payable to the Person in whose name the redeemed Securities are registered on such record date. Failure
to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

 

SECTION 10.05.   
Deposit of Redemption Price. At or prior to 11:00 a.m. New York City time on the Redemption Date, the Company shall
deposit with the Trustee or with the Paying Agent immediately available funds sufficient to pay the redemption price of all Securities
to be redeemed on that date, plus accrued and unpaid interest thereon up to, but excluding, the Redemption Date. The Trustee or
the Paying Agent shall return to the Company any money not required for that purpose less the expenses of the Trustee as provided
herein.

 

If the Company complies
with the preceding paragraph, interest on the Securities or portions thereof to be redeemed (whether or not such Securities are
presented for payment) will cease to accrue on the applicable Redemption Date. If any Security called for redemption shall not
be so paid upon surrender because of the failure of the Company to comply with the preceding paragraph, then interest will be paid
on the unpaid principal, premium, if any, and Additional Amounts, if any, from the Redemption Date until such principal, premium,
if any, and Additional Amounts, if any, are paid and, to the extent lawful, on any interest not paid on such unpaid principal,
in each case at the rate provided in the Securities and in Section 3.01.

 

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SECTION 10.06.   Securities
Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall issue and the Trustee shall authenticate
for the Holder, at the expense of the Company, a new Security of the relevant series equal in principal amount to the unredeemed
portion of the Security surrendered.

 

SECTION 10.07.   
Optional Redemption.

 

(a)              
The Securities of either series may be redeemed at any time at the option of the Company and on such terms and subject to
such conditions (including conditions precedent) as are specified in such Securities. For the avoidance of doubt, it is understood
that the Company may redeem Securities of one series without redeeming the other series of Securities.

 

(b)              
Any redemption pursuant to this Section 10.07 shall be made, to the extent applicable, pursuant to the provisions of Sections
10.01 through 10.06.

 

SECTION 10.08.   
Tax Redemption.

 

(a)              
The Securities will be subject to redemption by the Company, in whole but not in part, at a redemption price equal to 100%
of the outstanding principal amount of the Securities, plus accrued and unpaid interest thereon to, but excluding, the applicable
Redemption Date (including any Additional Amounts) at any time prior to their maturity if, due to a Change in Tax Law (as defined
below):

 

(i)            
the Company or a Guarantor in accordance with the terms of the Securities or a Guarantee has, or would, become obligated
to pay, on the next date on which any amount would be payable with respect to the Securities or a Guarantee, any Additional Amounts
to the Holders of the Securities; and

 

(ii)           
such obligation cannot be avoided by such Guarantor or the Company taking reasonable measures available to it.

 

(b)               In
such case, the Company may redeem the Securities upon not less than 10 days nor more than 75 days’ notice
provided, that, (i) no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the
Company or such Guarantor, as the case may be, would be obligated to pay any such Additional Amounts in respect of the
Securities or applicable Guarantee and (ii) at the time such notice is given, such obligation to pay such Additional Amounts
remains in effect. The Company’s right to redeem the Securities pursuant to this Section 10.08 shall continue as long
as the Company or a Guarantor is obligated to pay such Additional Amounts, notwithstanding that the Company or such
Guarantor, as the case may be, shall have made payments of Additional Amounts. Prior to the giving of any such notice of
redemption, the Company must deliver to the Trustee: (1) an Officer’s Certificate stating that the Company is entitled
to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the
Company so to redeem have occurred; and (2) an Opinion of Counsel or an independent accountant of recognized standing,
selected by the Company or any Guarantor, as applicable, with respect to tax matters of the applicable Relevant Taxing
Jurisdiction to the effect that the Company or such Guarantor has, or would, become obligated to pay such Additional Amounts
as a result of such Change in Tax Law and the Trustee shall be entitled to accept such Officer’s Certificate and
Opinion of Counsel as sufficient evidence of the satisfaction of the conditions precedent in which event they shall be
conclusive and binding on the holders of the Securities. For the purposes of this Section 10.08, “Change in Tax
Law” shall mean any changes in, or amendment to, any law of a Relevant Taxing Jurisdiction (including any regulations
or rulings promulgated thereunder and including, for this purpose, any treaty entered into by the Relevant Taxing
Jurisdiction) or any amendment to or change in the application or official interpretation (including judicial or
administrative interpretation) of such law, which change or amendment becomes effective or, in the case of an official
interpretation, is announced, on or after the date of this Indenture (or, if later, on or after the date on which such
Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction).

 

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Any redemption pursuant
to this Section 10.08 shall be made, to the extent applicable, pursuant to the provisions of Sections 10.01 through 10.06.

 

The foregoing provisions
will apply mutatis mutandis to any successor person, after such successor person becomes a party to this Indenture, with respect
to a Change in Tax Law occurring after the time such successor person becomes a party to this Indenture.

 

ARTICLE
XI

MISCELLANEOUS

 

SECTION 11.01.   Trust
Indenture Act Controls. Any reference to a requirement under the TIA shall apply to this Indenture irrespective of whether
or not this Indenture is then qualified thereunder. If any provision of this Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Indenture by the TIA (or in any other indenture qualified thereunder), the
provision required by the TIA shall control.

 

SECTION 11.02.   Notices.
Any notice or other communication by the Company, the Guarantors or the Trustee to the others is duly given if in writing and
delivered in person, by facsimile or by overnight air courier guaranteeing next day delivery or if mailed by first-class mail
(registered or certified, return receipt requested), in each case to the other’s address:

 

If to the Company or
any Guarantor:

 

c/o Nabors Corporate
Services, Inc.

515 West Greens Road,
Suite 1200

Houston, Texas 77067

Attention: General
Counsel

Telephone No.: (281)
874-0035

Telecopier No.: (281)
775-8431

 

If to the Trustee:

 

Wells Fargo Bank, N.A.

Wells Fargo Bank, National Association

150 East 42nd Street, 40th Floor

New York, NY 10017

Attention: Corporate Trust Services

Facsimile: (917) 260-1593

 

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Each of the Company,
the Guarantors and the Trustee by notice to the others may designate additional or different addresses for subsequent notices or
other communications.

 

All notices and other
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business
Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. Notwithstanding the
foregoing, notices to the Trustee shall be effective only upon receipt.

 

Any notice or other
communication to a Holder shall be mailed by first-class mail, postage prepaid, to the Holder’s address shown on the register
kept by the Registrar; provided, however, if the Holder is the Depositary (or its nominee) any notice or communication to such
Holder shall be given in accordance with the Depositary’s rules and procedures. Failure to give a notice or other communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

If a notice or other
communication is mailed or otherwise sent in the manner provided above within the time prescribed, it is duly given, whether or
not the addressee receives it.

 

If the Company or any
Guarantor sends a notice or other communication to Holders, it shall send a copy to the Trustee at the same time.

 

All notices or other
communications, including, without limitation, notices to the Trustee, the Company or the Guarantors by Holders, shall be in writing
and in the English language.

 

In case by reason of
the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice or other communication
required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute
a sufficient mailing of such notice.

 

SECTION 11.03.   
Communication by Holders with Other Holders. Holders may communicate pursuant to TIA Section 312(b) with other Holders
with respect to their rights under this Indenture, the Securities or the Guarantees. The Company, the Guarantors, the Trustee,
each Agent and anyone else shall have the protection of TIA Section 312(c).

 

SECTION 11.04.   
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company or the Guarantors
to the Trustee to take any action under this Indenture, the Company or the Guarantors shall, if requested by the Trustee, furnish
to the Trustee:

 

(i)             
an Officer’s Certificate (which shall include the statements set forth in Section 11.05) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action
have been complied with; and

 

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(ii)           
an Opinion of Counsel (which shall include the statements set forth in Section 11.05) stating that, in the opinion of such
counsel, all such conditions precedent and covenants have been complied with.

 

Notwithstanding the
foregoing, no such Opinion of Counsel shall be required in connection with the issuance of the Initial Securities pursuant to the
Offering.

 

SECTION 11.05.   Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

 

(i)            
a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(ii)           
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;

 

(iii)          
a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(iv)          
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

SECTION 11.06.   
Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The
Registrar or the Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

SECTION 11.07.   Legal
Holidays. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a record date is a Legal Holiday,
the record date shall not be affected.

 

SECTION 11.08.   
No Recourse Against Others. A director, officer, employee or stockholder of the Company or the Guarantors, as such,
shall not have any liability for any obligations of the Company or the Guarantors under the Securities, the Guarantees or this
Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting
a Security waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of the
Securities.

 

SECTION
11.09.   Governing Law;
Jury Trial Waiver. This Indenture, the Securities and the Guarantees shall be governed by and construed in
accordance with the laws of the State of New York. EACH OF THE COMPANY, THE GUARANTORS, THE HOLDERS 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 TRANSACTION CONTEMPLATED HEREBY.

 

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SECTION 11.10.   Consent
to Jurisdiction and Service of Process. Each of the Company and the Foreign Guarantors is not organized under the laws the
United States (including the States thereof and the District of Columbia) and therefore hereby appoints Nabors Delaware as the
authorized agent thereof (the “Authorized Agent”) upon whom process may be served in any action, suit or proceeding
arising out of or based on this Indenture or the Securities which may be instituted in the Supreme Court of the State of New York
or the United States District Court for the Southern District of New York, in either case in the Borough of Manhattan, The City
of New York, by the Holder of any Security, and to the fullest extent permitted by applicable law, each of the Company and the
Foreign Guarantors hereby waives any objection which it may now or hereafter have to the laying of venue of any such proceeding
and expressly and irrevocably accepts and submits, for the benefit of the Holders from time to time of the Securities, to the
nonexclusive jurisdiction of any such court in respect of any such action, suit or proceeding, for itself and with respect to
its properties, revenues and assets. Such appointment shall be irrevocable unless and until the appointment of a successor authorized
agent for such purpose, and such successor’s acceptance of such appointment, shall have occurred. The Company and each Foreign
Guarantor agrees to take any and all actions, including the filing of any and all documents and instruments, that may be necessary
to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent with respect
to any such action shall be deemed, in every respect, effective service of process upon the Company and each Foreign Guarantor.
Notwithstanding the foregoing, any action against the Company or a Foreign Guarantor arising out of or based on any Security or
the Guarantees may also be instituted by the Holder of such Security in any court in the jurisdiction of organization of the Company
or such Foreign Guarantor, and the Company and each Foreign Guarantor expressly accept the jurisdiction of any such court in any
such action. Nabors Delaware hereby accepts the foregoing appointments as agent for service of process.

 

SECTION 11.11.   Waiver
of Immunity. To the extent that the Company or any Foreign Guarantor or any of their respective properties, assets or revenues
may have or may hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or
otherwise, from any legal action, suit or proceeding, from the giving of any relief in any thereof, from set-off or counterclaim,
from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid
of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or
for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its
obligations, liabilities or any other matter under or arising out of or in connection with this Indenture or the Securities, the
Company and each Foreign Guarantor, to the maximum extent permitted by law, hereby irrevocably and unconditionally waives, and
agrees not to plead or claim, any such immunity and consents to such relief and enforcement.

 

SECTION
11.12.   Judgment
Currency. The Company and the Foreign Guarantors agree to indemnify the Trustee and each Holder against any loss
incurred by it as a result of any judgment or order being given or made and expressed and paid in a currency (the
“Judgment Currency”) other than U.S. dollars and as a result of any variation as between (a) the rate of exchange
at which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (b) the
spot rate of exchange in The City of New York at which the Trustee or such Holder on the date of payment of such judgment or
order is able to purchase U.S. dollars with the amount of the Judgment Currency actually received by the Trustee or such
Holder. The foregoing indemnity shall constitute a separate and independent obligation of the Company and the Foreign
Guarantors and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term
“spot rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase
of, or conversion into, U.S. dollars.

 

    72

     

    

 

SECTION 11.13.   No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company, the Guarantors or any other Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used
to interpret this Indenture.

 

SECTION 11.14.   Successors.
All agreements of the Company and the Guarantors in this Indenture and the Securities shall bind their respective successors.
All agreements of the Trustee in this Indenture shall bind its successor.

 

SECTION 11.15.   
Severability. 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 11.16.   
Counterpart Originals. The parties may sign any number of copies of this Indenture by manual or facsimile signature.
Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture
and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes.

 

SECTION 11.17.   U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. 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 U.S.A. Patriot Act.

 

SECTION 11.18.   Force
Majeure. In no event shall the Trustee be liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it beyond 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
11.19.   Table of
Contents, Headings, etc. The Table of Contents and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any
of the terms or provisions hereof.

 

    73

     

    

 

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

 

	 	Company:
	 	 
	 	NABORS INDUSTRIES LTD.
	 	 
	 	By:	/s/Mark D. Andrews
	 	 	Name:  Mark D. Andrews
	 	 	Title:    Corporate Secretary

 

	 	Guarantors:
	 	 
	 	NABORS INDUSTRIES, INC.
	 	 
	 	        By:	/s/Joseph G. Walker
	 	        Name:  	Joseph G. Walker
	 	        Title:	Secretary
	 	 
	 	NABORS DRILLING HOLDINGS INC.
	 	 
	 	        By:	/s/Joseph G. Walker
	 	        Name:	 Joseph G. Walker
	 	        Title:	Secretary
	 	 
	 	NABORS INTERNATIONAL FINANCE INC.
	 	 
	 	        By:	/s/Joseph G. Walker
	 	        Name:	Joseph G. Walker
	 	        Title:	Secretary
	 	 
	 	NABORS LUX FINANCE 1
	 	 
	 	        By:	/s/Henricus R.P. Pollmann
	 	        Name:	Henricus R.P. Pollmann
	 	        Title:	Manager Type A

 

    74

     

    

 

	 	NABORS GLOBAL HOLDINGS LIMITED
	 	 
	 	        By:	/s/Henricus R.P. Pollmann
	 	        Name:  	Henricus R.P. Pollmann
	 	        Title:	Manager Type A
	 	 
	 	NABORS HOLDINGS LTD.
	 	 
	 	        By:	/s/Mark D. Andrews
	 	        Name:	Mark D. Andrews
	 	        Title:	Director, Vice President & Assistant Secretary

 

	 	Trustee:
	 	 
	 	WELLS FARGO BANK, N.A.
	 	 
	 	By:	/s/Patrick Giordano
	 	 	Name:  Patrick Giordano
	 	 	Title:    Vice President

 

    75

     

    

 

EXHIBIT A-1

 

FACE OF NOTE

 

GLOBAL SECURITY LEGEND

 

THIS GLOBAL SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.

 

UNLESS AND UNTIL
IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”)
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.*

 

PRIVATE PLACEMENT LEGEND

 

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

 

 

* These paragraphs should be
included only if the Security is a Global Security.

 

    Exhibit A-1-1

     

    

 

THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”)), OR (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
SECURITY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, ONLY (A) TO NABORS INDUSTRIES LTD. OR ANY OF ITS SUBSIDIARIES, (B)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING ANY STATE
OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A CERTIFICATE OF TRANSFER OR EXCHANGE IN THE
FORM PRESCRIBED IN THE INDENTURE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

 

BY ITS ACQUISITION
AND HOLDING OF THIS SECURITY THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED THAT EITHER (I) IT IS
NOT AND WILL NOT BE FOR SO LONG AS IT HOLDS ANY SECURITY (OR INTEREST IN A SECURITY) AN EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT
TO THE FIDUCIARY RESPONSIBILITY REQUIREMENT OF TITLE I OF U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
A “PLAN” OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF SUCH EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN
THE ENTITY, OR A GOVERNMENTAL, NON-U.S., CHURCH OR OTHER PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER
LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR (II) THE PURCHASE,
HOLDING AND DISPOSITION OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A GOVERNMENTAL, NON-U.S., CHURCH OR OTHER PLAN, A SIMILAR VIOLATION UNDER
ANY APPLICABLE SIMILAR LAWS.**

 

 

** These paragraphs should be
included only if the Security is a Restricted Definitive Security or a Restricted Global Security.

 

    Exhibit A-1-2

     

    

 

NABORS INDUSTRIES LTD.

 

7.25% SENIOR GUARANTEED NOTE DUE 2026

 

No. _________

	CUSIP No. ____________	 	$__________

 

Nabors Industries Ltd.,
a Bermuda exempted company (the “Company”), for value received promises to pay to __________________ or registered
assigns, the principal sum of _________ Dollars [or such greater or lesser amount as is indicated on the Schedule of Exchanges
of Interests in the Global Securities on the other side of this Security*] on January 15, 2026.

 

Interest Payment Dates: January
15 and July 15

Record Dates: January 1 and July 1

 

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

 

IN WITNESS WHEREOF,
the Company has caused this Security to be signed manually or by facsimile by one of its duly authorized officers.

 

	Dated:
	 
	 	NABORS INDUSTRIES LTD.
	 
	 	By:	             

 

 

Certificate of Authentication:

 

This is one of

the Securities referred to in the within-

mentioned Indenture.

 

	WELLS FARGO BANK, N.A., as Trustee	 
	 
	 
	By:	        	 
	 	Authorized Signatory	 
	 

____________________

* This phrase should be included only if
the Security is a Global Security.

 

    Exhibit A-1-3

     

    

 

REVERSE OF SECURITY

 

NABORS INDUSTRIES LTD.

 

7.25% SENIOR GUARANTEED NOTE DUE 2026

 

This Security is one
of a duly authorized issue of 7.25% Senior Guaranteed Notes due 2026 (the “Securities”) of Nabors Industries Ltd.,
a Bermuda exempted company (the “Company”).

 

1.       Interest.
The Company promises to pay interest on the principal amount of this Security at a rate of 7.25% per annum until Maturity. The
Company will pay interest semi-annually on January 15 and July 15 of each year (each an “Interest Payment Date”), beginning
July 15, 2020, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on this Security will accrue
from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from January 10, 2020;
provided that if there is no existing Default in the payment of interest, and if this Security is authenticated between a record
date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date. Further, to the extent lawful, the Company shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal, premium, if any, Additional Amounts, if any, and interest (without regard to any
applicable grace period), from time to time on demand at the rate then in effect on the Securities. Interest will be computed on
the basis of a 360-day year of twelve 30-day months.

 

2.       Method
of Payment. The Company will pay interest on this Security (except defaulted interest) to the Persons who are registered Holders
of this Security at the close of business on the record date next preceding the Interest Payment Date, even if this Security is
canceled after such record date and on or before such Interest Payment Date. The Holder must surrender this Security to a Paying
Agent to collect payments of principal and premium, if any. The Company will pay the principal of and premium, if any, and Additional
Amounts, if any, and interest on this Security in money of the United States of America that at the time of payment is legal tender
for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal,
premium, if any, Additional Amounts, if any, and interest) will be made by wire transfer of immediately available funds to the
accounts specified by The Depository Trust Company. The Company will make all payments in respect of a certificated Security (including
principal, premium, if any, Additional Amounts, if any, and interest) at the office or agency of the Paying Agent maintained for
such purpose in The City of New York or, at its option, by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on a certificated Security will be made by wire transfer to a U.S. dollar account maintained by the payee
with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment
(or such other date as the Trustee may accept in its discretion).

 

3.       Ranking
and Guarantees. This Security is a senior unsecured obligation of the Company and is guaranteed pursuant to guarantees
(the “Guarantees”) by the Guarantors to the extent set forth in the Indenture. The Guarantees are senior
unsecured obligations of the Guarantors. References herein to the Indenture or the Securities shall be deemed also to refer
to the Guarantees set forth in the Indenture except where the context otherwise requires.

 

    Exhibit A-1-4

     

    

 

4.       Optional
Redemption; Purchases upon Change of Control Triggering Event.

 

(a)     
(a)            On or after July 15, 2022, the Company may redeem the Securities, in whole at any time or in part from time to time,
at the redemption prices (expressed as a percentage of principal amount of the Securities to be redeemed) set forth below, plus
accrued and unpaid interest, if any, on the Securities, to, but excluding, the applicable Redemption Date, if redeemed during the
periods indicated below:

 

	Period	 	 	Percentage	 
	July 15, 2022 to July 14, 2023	 	 	 	105.438	%
	July 15, 2023 to July 14, 2024	 	 	 	103.625	%
	July 15, 2024 to January 14, 2025	 	 	 	101.813	%
	January 15, 2025 and thereafter	 	 	 	100.000	%

 

(b)      At
any time and from time to time prior to July 15, 2022, upon giving notice as provided in Section 10.03 of the Indenture, the Company
may redeem up to 35% of the aggregate principal amount of the Securities with an aggregate amount less than or equal to the cash
proceeds less any underwriting spread paid in cash of one or more Equity Offerings, at a redemption price equal to 107.250% of
the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the Redemption Date; provided, however,
that, at least 50% of the original aggregate principal amount of the Securities (excluding any Additional Securities of such series)
must remain outstanding immediately after each such redemption; provided, further, that such redemption shall occur within 180
days after the date on which any such Equity Offering is consummated.

 

(c)       At
any time prior to July 15, 2022, the Company may redeem the Securities, in whole at any time and in part from time to time, upon
giving notice as provided in Section 10.03 of the Indenture, at a redemption price equal to 100% of the aggregate principal amount
of the Securities to be redeemed, plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding, the
Redemption Date.

 

“Applicable Premium”
means, with respect to a Security, the greater of:

 

(1)       1.0%
of the principal amount of such Security, and

 

(2)       the
excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price of such Security at July 15, 2022
(such redemption prices being set forth in the table in the preceding paragraph (a)) plus (ii) all required interest payments,
if any, due on such Security through July 15, 2022 (excluding accrued but unpaid interest to such Redemption Date), computed using
a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points, over (b) the then outstanding principal
amount of such Security.

 

“Disqualified
Stock” means any equity interest that, by its terms (or by the terms of any security into which it is convertible, or
for which it is exchangeable, in each case, at the option of the holder of the equity interest), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option
of the holder of the equity interest, in whole or in part, on or prior to the date that is 91 days after the date on which
either series of the Securities mature. Notwithstanding the preceding sentence, any equity interest that would constitute
Disqualified Stock solely because the holders of the equity interest have the right to require the Company to repurchase such
equity interest upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock.

 

    Exhibit A-1-5

     

    

 

“Equity Offering”
means any public or private sale of common shares or preferred shares (other than Disqualified Stock) of the Company, other than:

 

(1)       public
offerings of common shares registered on Form S-4 or Form S-8 or successor form thereto; and

 

(2)       issuances
to any Subsidiary of the Company.

 

“Treasury Rate”
means as of any Redemption Date, the yield to maturity at the time of computation of U.S. Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15 (or is obtainable from the Federal Reserve
System’s Data Download Program as of the date of such H.15) that has become publicly available at least two Business Days
prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source or similar
market data)) most nearly equal to the period from the Redemption Date to July 15, 2022; provided, however, that if the period
from the applicable Redemption Date to July 15, 2022 is not equal to the constant maturity of a U.S. Treasury security for which
a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth
of a year) from the weekly average yields of U.S. Treasury securities for which such yields are given, except that if the period
from the redemption date to July 15, 2022 is less than one year, the weekly average yield on actually traded U.S. Treasury securities
adjusted to a constant maturity of one year will be used.

 

The Company will (a)
calculate the Treasury Rate on the second Business Day preceding the applicable Redemption Date and (b) prior to such Redemption
Date file with the Trustee a notice setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each
in reasonable detail.

 

Notice of any redemption
may be given and any redemption of Securities may, at the Company’s discretion, be subject to one or more conditions precedent.

 

(d)      The
Securities will be subject to redemption by the Company, in whole but not in part, at its discretion at a redemption price equal
to 100% of the outstanding principal amount of the Securities, plus accrued and unpaid interest thereon to, but excluding, the
applicable Redemption Date under the circumstances set forth in Section 10.08 of the Indenture.

 

(e)       Upon
the occurrence of a Change of Control Triggering Event with respect to the Securities, the Holder shall have the right to
require the Company to purchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of this
Security, pursuant to a Change of Control Offer made in accordance with Section 3.10 of the Indenture, at a purchase price in
cash equal to 101% of the principal amount hereof, plus accrued and unpaid interest hereon up to, but excluding, the Change
of Control Payment Date (subject to the right of the holder of record of this Security on the relevant record date to receive
interest on the relevant Interest Payment Date as provided in Section 3.10 of the Indenture), except to the extent that the
Company shall have exercised its right to redeem this Security pursuant to the preceding paragraphs (a), (b) or (c).

 

    Exhibit A-1-6

     

    

 

(f)        If
Holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw their
Securities in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company,
purchases all of the Securities validly tendered and not withdrawn by such Holders, the Company shall have the right, upon not
less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to such Change
of Control Offer, to redeem this Security and all other Securities that remain outstanding following such purchase at a redemption
price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the
Redemption Date (subject to the right of the holder of record of this Security on the relevant record date to receive interest
on the relevant Interest Payment Date as provided in Section 10.04 of the Indenture).

 

5.       Paying
Agent and Registrar. Initially, Wells Fargo Bank, N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar.
The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act
in any such capacity.

 

6.       Indenture.
The Company issued this Security under an Indenture dated as of January 10, 2020 (as amended, supplemented or otherwise modified
from time to time, the “Indenture”) among the Company, the Guarantors and Wells Fargo Bank, N.A. (the “Trustee”).
The terms of this Security include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). This Security and the Guarantees are subject to all such
terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling
(to the extent permitted by law). The Securities are unsecured obligations of the Company. The Company initially has issued $600,000,000
aggregate principal amount of Securities. The Company may issue Additional Securities of the same series as this Security under
the Indenture, provided that no such Additional Securities may be issued at a price that would cause such Additional Securities
to have “original issue discount” within the meaning of Section 1273 of the Code. Capitalized terms used but not defined
in this Security have the respective meanings given to such terms in the Indenture.

 

7.       Denominations,
Transfer, Exchange. The Securities are issuable only in registered form without coupons in minimum denominations of $2,000
and integral multiples of $1,000 in excess thereof. The transfer of this Security may be registered and this Security may be exchanged
only as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any transfer tax or similar governmental charge or other fee required by law and
payable in connection therewith. The Registrar need not exchange or register the transfer of this Security during the period between
a record date and the corresponding Interest Payment Date.

 

    Exhibit A-1-7

     

    

 

8.       Persons
Deemed Owners. The registered Holder of a Security shall be treated as its owner for all purposes.

 

9.       Amendments
and Waivers. Subject to certain exceptions and limitations, the Indenture or this Security may be amended or supplemented with
the consent of the Holders of a majority in aggregate principal amount of the then outstanding Securities, and compliance in a
particular instance by the Company or the Guarantors with any provision of the Indenture with respect to the Securities may be
waived (other than certain provisions, including any continuing Default or Event of Default in the payment of the principal of
or premium, if any, Additional Amounts, if any, or interest on the Securities) by the Holders of a majority in aggregate principal
amount of the Securities then outstanding in accordance with the terms of Section 8.02 of the Indenture. Without the consent of
any Holder, the Company, the Guarantors and the Trustee may amend or supplement this Security as provided in Section 8.01 of the
Indenture.

 

The right of any Holder
to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of the Company
to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been
the Holder of record of this Security as of a record date fixed by the Company in accordance with the terms of the Indenture.

 

10.      Defaults
and Remedies. Events of Default with respect to this Security include: (i) default in the payment of the principal of or premium,
if any, on any Security at its Maturity, and continuance of such default for a period of 10 days; or (ii) default in the payment
of interest or Additional Amounts, if any, upon any of the Securities when they become due and payable, and continuance of such
default for a period of 30 days; or (iii) default in the performance or observance, or breach, of any covenant of the Company or
the Guarantors in any Security or the Indenture (other than a covenant a default in whose performance or whose breach is elsewhere
in Section 5.01 of the Indenture specifically dealt with), and continuance of such default or breach for a period of 90 days after
there has been given, in conformity with Section 11.02 of the Indenture, to the Company and the Guarantors by the Trustee or to
the Company, the Guarantors and the Trustee by the Holders of at least 25% in aggregate 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” under the Indenture; or (iv) certain events specified in the Indenture relating to the bankruptcy, insolvency
or reorganization of the Company or a Guarantor; or (v) the Guarantees cease to be in full force and effect or become unenforceable
or invalid or are declared null and void (other than in accordance with the terms of such Guarantees) or any Guarantor denies or
disaffirms its obligations under such Guarantees.

 

If an Event of
Default (other than an Event of Default referred to in clause (iv) of the preceding paragraph) with respect to this Security
occurs and is continuing, the Trustee by notice to the Company and the Guarantors, or by the Holders of at least 25% in
aggregate principal amount of the then outstanding Securities by written notice to the Company, the Guarantors and the
Trustee, may declare all of the then outstanding Securities to be due and payable immediately. If an Event of Default
referred to in such clause (iv) occurs, acceleration of all amounts payable on the Securities shall be automatic. The amount
due and payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus premium, if any,
Additional Amounts, if any, and accrued and unpaid interest to the date of payment. Holders may not enforce the Indenture or
this Security except as provided in the Indenture. The Trustee does require indemnity satisfactory to it before it enforces
the Indenture or this Security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the
then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders notice of any continuing default with respect to the Securities (except a default in payment of principal, premium,
if any, Additional Amounts, if any, or interest) if it determines that withholding notice is in their interests. Each of the
Company and the Guarantors must furnish an annual compliance certificate to the Trustee.

 

    Exhibit A-1-8

     

    

 

11.      Additional
Amounts. If the Company or any Guarantor is required to withhold or deduct any amount for or on account of any Taxes for any
payment made under or with respect to this Security, it will, subject to the limitations set forth in Section 3.08 of the Indenture,
pay any Additional Amounts.

 

12.      Discharge
or Defeasance Prior to Maturity. The Indenture shall be satisfied and discharged with respect to this Security upon the payment
of all of the Securities, and it may be satisfied and discharged (except for certain obligations) upon the irrevocable deposit
with the Trustee of cash, or U.S. Government Obligations or a combination thereof sufficient for such payment. The Indenture also
contains provisions for defeasance of (i) the entire indebtedness of the Company on the Securities and (ii) certain restrictive
covenants and the related Events of Default with respect to this Security, subject to compliance by the Company with certain conditions
set forth in the Indenture.

 

13.     Trustee
Dealings with the Company and the Guarantors. The Trustee in its individual or any other capacity may become the owner or pledgee
of this Security and may otherwise deal with the Company, the Guarantors or any of their Affiliates with the same rights it would
have if it were not the Trustee.

 

14.      No
Recourse Against Others. A director, officer, employee or stockholder of the Company or the Guarantors, as such, shall not
have any liability for any obligations of the Company or the Guarantors under this Security, the Guarantees or the Indenture or
for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting this Security
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of this Security.

 

15.     Authentication.
This Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated
by the manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that this Security
has been authenticated under the Indenture.

 

16.      CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused a CUSIP number to be printed on this Security as a convenience to the Holders of this Security. No representation is
made as to the correctness of such number either as printed on this Security or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on this Security.

 

    Exhibit A-1-9

     

    

 

17.     Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

18.      Governing
Law. The Indenture, this Security and the Guarantees shall be governed by and construed in accordance with, the laws of the
State of New York.

 

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture. Request may be made to it at:

 

c/o Nabors Corporate
Services, Inc.

515 West Greens Road,
Suite 1200

Houston, Texas 77067

Attention: General
Counsel

Telephone No.: (281)
874-0035

Telecopier No.: (281)
775-8431

 

    Exhibit A-1-10

     

    

 

FORM OF NOTATION ON SECURITY

RELATING TO GUARANTEES

 

Each of the Guarantors
(which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely guaranteed,
to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal
of and premium, if any, Additional Amounts, if any, and interest on these Securities and all other amounts due and payable under
the Indenture by the Company with respect to these Securities.

 

The obligations of
the Guarantors to the Holders of Securities and to the Trustee pursuant to the Guarantees and the Indenture are expressly set forth
in Article IX of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantees.

 

	 	Guarantors:
	 
	 	NABORS INDUSTRIES, INC.
	 
	 	 	By:	                  
	 	 	Name:	 
	 	 	Title:	 
	 
	 	NABORS DRILLING HOLDINGS INC.
	 
	 	 	By:	           
	 	 	Name:	 
	 	 	Title:	 
	 
	 	NABORS INTERNATIONAL FINANCE INC.
	 
	 	 	By:	         
	 	 	Name:	 
	 	 	Title:	 
	 
	 	NABORS LUX FINANCE 1
	 
	 	 	By:	         
	 	 	Name:	 
	 	 	Title:	 
	 

 

    Exhibit A-1-11

     

    

 

	 	NABORS GLOBAL HOLDINGS LIMITED 
	 	 
	 	 	By:	        
	 	 	Name:	 
	 	 	Title:	 
	 

 

	 	NABORS HOLDINGS LTD. 
	 	 
	 	 	By:	         
	 	 	Name:	 
	 	 	Title:	 

 

    Exhibit A-1-12

     

    

 

ASSIGNMENT FORM

 

	 	To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to:	 

 

(Insert assignee’s
social security or tax I.D. number)

 

(Print or type assignee’s
name, address and zip code)

 

and irrevocably appoint ___________________________________________________
as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

	Date:	 	 
	 	 
	Your Signature:	
	 	(Sign exactly as your name appears on the face of this Security)
	
        Signature Guarantee:
	
        

	 	(Participant in a Recognized Signature Guaranty Medallion Program)

 

    Exhibit A-1-13

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS
IN THE GLOBAL SECURITY**

 

The following increases
or decreases in the principal amount of this Global Security have been made:

 

	Date of

Transaction	Amount of Decrease

in Principal Amount

of Global Security	Amount of Increase

in Principal Amount

of Global Security	Principal Amount of

Global Security

Following Such

Decrease (or

Increase)	Signature of Authorized 

Signatory, Trustee or Securities 

Custodian
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

** This Schedule should be included
only if the Security is a Global Security.

 

    Exhibit A-1-14

     

    

 

Option of Holder to Elect Purchase

 

If you want to elect
to have this Security purchased by the Company pursuant to Section 3.10 of the Indenture, check the box below:

 

 ̈

 

If you want to elect
to have only part of the Security purchased by the Company pursuant to Section 3.10 of the Indenture, state the amount you elect
to have purchased:

 

$_______________

 

 

	Date:	 	 

 

	 	Your Signature:   	 
	 	 	(Sign exactly as your name appears on the faceof this Security)

 

	 	Tax Identification No.:   	 
	 	 	 

 

	Signature Guarantee:**	 	 

 

 

**
Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    Exhibit A-1-15

     

    

 

EXHIBIT A-2

 

FACE OF NOTE

 

GLOBAL SECURITY LEGEND

 

THIS GLOBAL SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.

 

UNLESS AND UNTIL
IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”)
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.*

 

PRIVATE PLACEMENT LEGEND

 

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

 

 

 

* These paragraphs should be
included only if the Security is a Global Security.

 

    Exhibit A-2-1

     

    

 

THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”)), OR (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
SECURITY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, ONLY (A) TO NABORS INDUSTRIES LTD. OR ANY OF ITS SUBSIDIARIES, (B)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING ANY STATE
OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A CERTIFICATE OF TRANSFER OR EXCHANGE IN THE
FORM PRESCRIBED IN THE INDENTURE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

 

BY ITS
ACQUISITION AND HOLDING OF THIS SECURITY THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED THAT
EITHER (I) IT IS NOT AND WILL NOT BE FOR SO LONG AS IT HOLDS ANY SECURITY (OR INTEREST IN A SECURITY) AN EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT SUBJECT TO THE FIDUCIARY RESPONSIBILITY REQUIREMENT OF TITLE I OF U.S. EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A “PLAN” OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF SUCH EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN THE ENTITY, OR A GOVERNMENTAL, NON-U.S., CHURCH
OR OTHER PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH
PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR (II) THE PURCHASE, HOLDING AND DISPOSITION OF THIS
SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR,
IN THE CASE OF A GOVERNMENTAL, NON-U.S., CHURCH OR OTHER PLAN, A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR
LAWS.**

 

 

** These paragraphs should be
included only if the Security is a Restricted Definitive Security or a Restricted Global Security.

 

    Exhibit A-2-2

     

    

  

NABORS INDUSTRIES LTD.

 

7.50% SENIOR GUARANTEED NOTE DUE 2028

  

	No.                                
	CUSIP No.		 	$	 

 

Nabors Industries Ltd.,
a Bermuda exempted company (the “Company”), for value received promises to pay to __________________ or registered
assigns, the principal sum of _________ Dollars [or such greater or lesser amount as is indicated on the Schedule of Exchanges
of Interests in the Global Securities on the other side of this Security*] on January 15, 2028.

 

Interest Payment Dates: January
15 and July 15

Record Dates: January 1 and July 1

 

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

 

IN WITNESS WHEREOF,
the Company has caused this Security to be signed manually or by facsimile by one of its duly authorized officers.

 

	Dated:
	 
	 	NABORS INDUSTRIES LTD.
	 
	 	By:	         
	 
	Certificate of Authentication:
	 
	This is one of
	the Securities referred to in the within-
	mentioned Indenture.

 

	WELLS FARGO BANK, N.A., as Trustee
	 
	By:	  	 
	 	Authorized Signatory	 

 

____________________

* This phrase should be included only if
the Security is a Global Security.

 

    Exhibit A-2-3

     

    

 

REVERSE OF SECURITY

 

NABORS INDUSTRIES LTD.

 

7.50% SENIOR GUARANTEED NOTE DUE 2028

 

This Security is one
of a duly authorized issue of 7.50% Senior Guaranteed Notes due 2028 (the “Securities”) of Nabors Industries Ltd.,
a Bermuda exempted company (the “Company”).

 

1.       Interest.
The Company promises to pay interest on the principal amount of this Security at a rate of 7.50% per annum until Maturity. The
Company will pay interest semi-annually on January 15 and July 15 of each year (each an “Interest Payment Date”), beginning
July 15, 2020, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on this Security will accrue
from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from January 10, 2020;
provided that if there is no existing Default in the payment of interest, and if this Security is authenticated between a record
date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date. Further, to the extent lawful, the Company shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal, premium, if any, Additional Amounts, if any, and interest (without regard to any
applicable grace period), from time to time on demand at the rate then in effect on the Securities. Interest will be computed on
the basis of a 360-day year of twelve 30-day months.

 

2.       Method
of Payment. The Company will pay interest on this Security (except defaulted interest) to the Persons who are registered Holders
of this Security at the close of business on the record date next preceding the Interest Payment Date, even if this Security is
canceled after such record date and on or before such Interest Payment Date. The Holder must surrender this Security to a Paying
Agent to collect payments of principal and premium, if any. The Company will pay the principal of and premium, if any, and Additional
Amounts, if any, and interest on this Security in money of the United States of America that at the time of payment is legal tender
for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal,
premium, if any, Additional Amounts, if any, and interest) will be made by wire transfer of immediately available funds to the
accounts specified by The Depository Trust Company. The Company will make all payments in respect of a certificated Security (including
principal, premium, if any, Additional Amounts, if any, and interest) at the office or agency of the Paying Agent maintained for
such purpose in The City of New York or, at its option, by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on a certificated Security will be made by wire transfer to a U.S. dollar account maintained by the payee
with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment
(or such other date as the Trustee may accept in its discretion).

 

3.       Ranking
and Guarantees. This Security is a senior unsecured obligation of the Company and is guaranteed pursuant to guarantees
(the “Guarantees”) by the Guarantors to the extent set forth in the Indenture. The Guarantees are senior
unsecured obligations of the Guarantors. References herein to the Indenture or the Securities shall be deemed also to refer
to the Guarantees set forth in the Indenture except where the context otherwise requires.

 

    Exhibit A-2-4

     

    

 

4.       Optional
Redemption; Purchases upon Change of Control Triggering Event.

 

(a)      On
or after January 15, 2023, the Company may redeem the Securities, in whole at any time or in part from time to time, at the redemption
prices (expressed as a percentage of principal amount of the Securities to be redeemed) set forth below, plus accrued and unpaid
interest, if any, on the Securities, to, but excluding, the applicable Redemption Date, if redeemed during the twelve-month period
beginning on January 15 of the years indicated below:

 

	Year	 	 	Percentage
	2023	 	 	 	105.625	%
	2024	 	 	 	103.750	%
	2025	 	 	 	101.875	%
	2026 and thereafter	 	 	 	100.000	%

 

(b)       At
any time and from time to time prior to January 15, 2023, upon giving notice as provided in Section 10.03 of the Indenture, the
Company may redeem up to 35% of the aggregate principal amount of the Securities with an aggregate amount less than or equal to
the cash proceeds less any underwriting spread paid in cash of one or more Equity Offerings, at a redemption price equal to 107.500%
of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the Redemption Date; provided,
however, that, at least 50% of the original aggregate principal amount of the Securities (excluding any Additional Securities of
such series) must remain outstanding immediately after each such redemption; provided, further, that such redemption shall occur
within 180 days after the date on which any such Equity Offering is consummated.

 

(c)       At
any time prior to January 15, 2023, the Company may redeem the Securities, in whole at any time and in part from time to time,
upon giving notice as provided in Section 10.03 of the Indenture, at a redemption price equal to 100% of the aggregate principal
amount of the Securities to be redeemed, plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding,
the Redemption Date.

 

“Applicable Premium”
means, with respect to a Security, the greater of:

 

(1)       1.0%
of the principal amount of such Security, and

 

(2)       the
excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price of such Security at January 15, 2023
(such redemption prices being set forth in the table in the preceding paragraph (a)) plus (ii) all required interest payments,
if any, due on such Security through January 15, 2023 (excluding accrued but unpaid interest to such Redemption Date), computed
using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points, over (b) the then outstanding
principal amount of such Security.

 

    Exhibit A-2-5

     

    

 

“Disqualified
Stock” means any equity interest that, by its terms (or by the terms of any security into which it is convertible, or
for which it is exchangeable, in each case, at the option of the holder of the equity interest), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option
of the holder of the equity interest, in whole or in part, on or prior to the date that is 91 days after the date on which
either series of the Securities mature. Notwithstanding the preceding sentence, any equity interest that would constitute
Disqualified Stock solely because the holders of the equity interest have the right to require the Company to repurchase such
equity interest upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock.

 

“Equity Offering”
means any public or private sale of common shares or preferred shares (other than Disqualified Stock) of the Company, other than:

 

(1)       public
offerings of common shares registered on Form S-4 or Form S-8 or successor form thereto; and

 

(2)       issuances
to any Subsidiary of the Company.

 

“Treasury Rate”
means as of any Redemption Date, the yield to maturity at the time of computation of U.S. Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15 (or is obtainable from the Federal Reserve
System’s Data Download Program as of the date of such H.15) that has become publicly available at least two Business Days
prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source or similar
market data)) most nearly equal to the period from the Redemption Date to January 15, 2023; provided, however, that if the period
from the applicable Redemption Date to January 15, 2023 is not equal to the constant maturity of a U.S. Treasury security for which
a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth
of a year) from the weekly average yields of U.S. Treasury securities for which such yields are given, except that if the period
from the redemption date to January 15, 2023 is less than one year, the weekly average yield on actually traded U.S. Treasury securities
adjusted to a constant maturity of one year will be used.

 

The Company will (a)
calculate the Treasury Rate on the second Business Day preceding the applicable Redemption Date and (b) prior to such Redemption
Date file with the Trustee a notice setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each
in reasonable detail.

 

Notice of any redemption
may be given and any redemption of Securities may, at the Company’s discretion, be subject to one or more conditions precedent.

 

(d)       The
Securities will be subject to redemption by the Company, in whole but not in part, at its discretion at a redemption price equal
to 100% of the outstanding principal amount of the Securities, plus accrued and unpaid interest thereon to, but excluding, the
applicable Redemption Date under the circumstances set forth in Section 10.08 of the Indenture.

 

(e)       Upon
the occurrence of a Change of Control Triggering Event with respect to the Securities, the Holder shall have the right to
require the Company to purchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of this
Security, pursuant to a Change of Control Offer made in accordance with Section 3.10 of the Indenture, at a purchase price in
cash equal to 101% of the principal amount hereof, plus accrued and unpaid interest hereon up to, but excluding, the Change
of Control Payment Date (subject to the right of the holder of record of this Security on the relevant record date to receive
interest on the relevant Interest Payment Date as provided in Section 3.10 of the Indenture), except to the extent that the
Company shall have exercised its right to redeem this Security pursuant to the preceding paragraphs (a), (b) or (c).

 

    Exhibit A-2-6

     

    

 

(f)       If
Holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw their
Securities in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company,
purchases all of the Securities validly tendered and not withdrawn by such Holders, the Company shall have the right, upon not
less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to such Change
of Control Offer, to redeem this Security and all other Securities that remain outstanding following such purchase at a redemption
price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the
Redemption Date (subject to the right of the holder of record of this Security on the relevant record date to receive interest
on the relevant Interest Payment Date as provided in Section 10.04 of the Indenture).

 

5.       Paying
Agent and Registrar. Initially, Wells Fargo Bank, N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar.
The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act
in any such capacity.

 

6.       Indenture.
The Company issued this Security under an Indenture dated as of January 10, 2020 (as amended, supplemented or otherwise modified
from time to time, the “Indenture”) among the Company, the Guarantors and Wells Fargo Bank, N.A. (the “Trustee”).
The terms of this Security include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). This Security and the Guarantees are subject to all such
terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling
(to the extent permitted by law). The Securities are unsecured obligations of the Company. The Company initially has issued $400,000,000
aggregate principal amount of Securities. The Company may issue Additional Securities of the same series as this Security under
the Indenture, provided that no such Additional Securities may be issued at a price that would cause such Additional Securities
to have “original issue discount” within the meaning of Section 1273 of the Code. Capitalized terms used but not defined
in this Security have the respective meanings given to such terms in the Indenture.

 

7.       Denominations,
Transfer, Exchange. The Securities are issuable only in registered form without coupons in minimum denominations of $2,000
and integral multiples of $1,000 in excess thereof. The transfer of this Security may be registered and this Security may be exchanged
only as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any transfer tax or similar governmental charge or other fee required by law and
payable in connection therewith. The Registrar need not exchange or register the transfer of this Security during the period between
a record date and the corresponding Interest Payment Date.

 

    Exhibit A-2-7

     

    

 

8.       Persons
Deemed Owners. The registered Holder of a Security shall be treated as its owner for all purposes.

 

9.       Amendments
and Waivers. Subject to certain exceptions and limitations, the Indenture or this Security may be amended or supplemented with
the consent of the Holders of a majority in aggregate principal amount of the then outstanding Securities, and compliance in a
particular instance by the Company or the Guarantors with any provision of the Indenture with respect to the Securities may be
waived (other than certain provisions, including any continuing Default or Event of Default in the payment of the principal of
or premium, if any, Additional Amounts, if any, or interest on the Securities) by the Holders of a majority in aggregate principal
amount of the Securities then outstanding in accordance with the terms of Section 8.02 of the Indenture. Without the consent of
any Holder, the Company, the Guarantors and the Trustee may amend or supplement this Security as provided in Section 8.01 of the
Indenture.

 

The right of any Holder
to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of the Company
to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been
the Holder of record of this Security as of a record date fixed by the Company in accordance with the terms of the Indenture.

 

10.       Defaults
and Remedies. Events of Default with respect to this Security include: (i) default in the payment of the principal of or premium,
if any, on any Security at its Maturity, and continuance of such default for a period of 10 days; or (ii) default in the payment
of interest or Additional Amounts, if any, upon any of the Securities when they become due and payable, and continuance of such
default for a period of 30 days; or (iii) default in the performance or observance, or breach, of any covenant of the Company or
the Guarantors in any Security or the Indenture (other than a covenant a default in whose performance or whose breach is elsewhere
in Section 5.01 of the Indenture specifically dealt with), and continuance of such default or breach for a period of 90 days after
there has been given, in conformity with Section 11.02 of the Indenture, to the Company and the Guarantors by the Trustee or to
the Company, the Guarantors and the Trustee by the Holders of at least 25% in aggregate 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” under the Indenture; or (iv) certain events specified in the Indenture relating to the bankruptcy, insolvency
or reorganization of the Company or a Guarantor; or (v) the Guarantees cease to be in full force and effect or become unenforceable
or invalid or are declared null and void (other than in accordance with the terms of such Guarantees) or any Guarantor denies or
disaffirms its obligations under such Guarantees.

 

If an Event of
Default (other than an Event of Default referred to in clause (iv) of the preceding paragraph) with respect to this Security
occurs and is continuing, the Trustee by notice to the Company and the Guarantors, or by the Holders of at least 25% in
aggregate principal amount of the then outstanding Securities by written notice to the Company, the Guarantors and the
Trustee, may declare all of the then outstanding Securities to be due and payable immediately. If an Event of Default
referred to in such clause (iv) occurs, acceleration of all amounts payable on the Securities shall be automatic. The amount
due and payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus premium, if any,
Additional Amounts, if any, and accrued and unpaid interest to the date of payment. Holders may not enforce the Indenture or
this Security except as provided in the Indenture. The Trustee does require indemnity satisfactory to it before it enforces
the Indenture or this Security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the
then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders notice of any continuing default with respect to the Securities (except a default in payment of principal, premium,
if any, Additional Amounts, if any, or interest) if it determines that withholding notice is in their interests. Each of the
Company and the Guarantors must furnish an annual compliance certificate to the Trustee.

 

    Exhibit A-2-8

     

    

 

11.       Additional
Amounts. If the Company or any Guarantor is required to withhold or deduct any amount for or on account of any Taxes for any
payment made under or with respect to this Security, it will, subject to the limitations set forth in Section 3.08 of the Indenture,
pay any Additional Amounts.

 

12.       Discharge
or Defeasance Prior to Maturity. The Indenture shall be satisfied and discharged with respect to this Security upon the payment
of all of the Securities, and it may be satisfied and discharged (except for certain obligations) upon the irrevocable deposit
with the Trustee of cash, or U.S. Government Obligations or a combination thereof sufficient for such payment. The Indenture also
contains provisions for defeasance of (i) the entire indebtedness of the Company on the Securities and (ii) certain restrictive
covenants and the related Events of Default with respect to this Security, subject to compliance by the Company with certain conditions
set forth in the Indenture.

 

13.       Trustee
Dealings with the Company and the Guarantors. The Trustee in its individual or any other capacity may become the owner or pledgee
of this Security and may otherwise deal with the Company, the Guarantors or any of their Affiliates with the same rights it would
have if it were not the Trustee.

 

14.       No
Recourse Against Others. A director, officer, employee or stockholder of the Company or the Guarantors, as such, shall not
have any liability for any obligations of the Company or the Guarantors under this Security, the Guarantees or the Indenture or
for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting this Security
waives and releases all such liability. The waiver and release are part of the consideration for the issuance of this Security.

 

15.       Authentication.
This Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated
by the manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that this Security
has been authenticated under the Indenture.

 

16.       CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused a CUSIP number to be printed on this Security as a convenience to the Holders of this Security. No representation is
made as to the correctness of such number either as printed on this Security or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on this Security.

 

    Exhibit A-2-9

     

    

 

17.       Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

18.       Governing
Law. The Indenture, this Security and the Guarantees shall be governed by and construed in accordance with, the laws of the
State of New York.

 

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture. Request may be made to it at:

 

c/o Nabors Corporate
Services, Inc.

515 West Greens Road,
Suite 1200

Houston, Texas 77067

Attention: General
Counsel

Telephone No.: (281)
874-0035

Telecopier No.: (281)
775-8431

 

    Exhibit A-2-10

     

    

 

FORM OF NOTATION ON SECURITY

RELATING TO GUARANTEES

 

Each of the Guarantors
(which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely guaranteed,
to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal
of and premium, if any, Additional Amounts, if any, and interest on these Securities and all other amounts due and payable under
the Indenture by the Company with respect to these Securities.

 

The obligations of
the Guarantors to the Holders of Securities and to the Trustee pursuant to the Guarantees and the Indenture are expressly set forth
in Article IX of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantees.

 

	 	Guarantors:
	 	 
	 	NABORS INDUSTRIES, INC.
	 	 
	 	 	By:	                        
	 	 	Name:
	 	 	Title:
	 	 
	 	NABORS DRILLING HOLDINGS INC.
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	NABORS INTERNATIONAL FINANCE INC.
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	NABORS LUX FINANCE 1
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-2-11

     

    

 

	 	 
	 	NABORS GLOBAL HOLDINGS LIMITED
	 	 
	 	 	By:	              
	 	 	Name:
	 	 	Title:
	 	 
	 	NABORS HOLDINGS LTD.
	 	 
	 	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-2-12

     

    

 

ASSIGNMENT FORM

 

	 	To assign this Security, fill in the form below: (I) or (we) assign and transfer this
                                                   Security to:	 

		 

 

 

(Insert assignee’s social security
or tax I.D. number)

 

 

(Print or type assignee’s name,
address and zip code)

 

and irrevocably appoint ___________________________________________________
as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

	Date:	 	 
	 	 
	Your Signature:	
	 	(Sign exactly as your name appears on the face of this Security)
	
        Signature Guarantee:
	
         

        

	 	(Participant in a Recognized Signature Guaranty Medallion Program)

 

    Exhibit A-2-13

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS
IN THE GLOBAL SECURITY**

 

The following increases
or decreases in the principal amount of this Global Security have been made:

 

	Date of

Transaction	Amount of Decrease

 in Principal Amount

 of Global Security	Amount of Increase

 in Principal Amount

 of Global Security	Principal Amount of

 Global Security

 Following Such

 Decrease (or

 Increase)	Signature of Authorized 

Signatory, Trustee or Securities 

Custodian
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

** This Schedule should be included only if the Security is
a Global Security.

 

    Exhibit A-2-14

     

    

 

Option of Holder to Elect Purchase

 

If you want to elect
to have this Security purchased by the Company pursuant to Section 3.10 of the Indenture, check the box below:

 

 ̈

If you want to elect
to have only part of the Security purchased by the Company pursuant to Section 3.10 of the Indenture, state the amount you elect
to have purchased:

 

$_______________

 

 

	Date:                                                               	 	 
	 	 	Your Signature: 	 
	 	 	 	(Sign exactly as your name appears on the face   of this Security)
	 	 	 	 
	
	 	 	Tax Identification No.: 	     
	 

	 	 
	Signature Guarantee:**                                                                             	 
	 	 

 

 

** Participant in a recognized
Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    Exhibit A-2-15

     

    

  

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Nabors Corporate Services,
Inc.

515 West Greens Road,
Suite 1200

Houston, Texas 77067

Attention: General Counsel

Telephone No.: (281)
874-0035

Telecopier No.: (281)
775-8431

 

Wells Fargo Bank, National Association

600 Fourth Street South, 7th Floor

MAC N9300-070

Minneapolis, MN 55415

Attention: Corporate Trust – DAPS
REORG

 

Re: [7.25% Senior Guaranteed
Notes due 2026/7.50% Senior Guaranteed Notes due 2028]

 

Reference is hereby
made to the Indenture, dated as of January 10, 2020 (the “Indenture”), among Nabors Industries Ltd., as issuer (the
“Company”), the Guarantors party thereto and Wells Fargo Bank, N.A., as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

______________ (the
“Transferor”) owns and proposes to transfer the Security[ies] or beneficial interest in such Security[ies] of the series
specified in Annex A hereto, in the principal amount of $___________ (the “Transfer”), to __________ (the “Transferee”),
as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.        ̈
 CHECK IF TRANSFEREE IS A QIB IN ACCORDANCE WITH RULE 144A. The Transfer is being effected pursuant to and in accordance with
Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor
hereby further certifies that the beneficial interest or Definitive Security is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or Definitive Security for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer
is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Security or the Restricted
Definitive Security and in the Indenture and the Securities Act.

 

    Exhibit B-1

    

    

 

2.        ̈
 CHECK IF TRANSFEREE WILL TAKE DELIVERY PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in
accordance with Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the
Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee
was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that
the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a
designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the
transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in
contravention of the requirements of Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part
of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the Transfer is being made prior
to the expiration of the Restricted Period, the Transfer is not being made to a U.S. Person or for the account or benefit of
a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Security will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Regulation S Global Security or the Restricted Definitive Security
and in the Indenture and the Securities Act.

 

3.        ̈
 CHECK IF TRANSFEREE WILL TAKE DELIVERY PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S.
The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global
Securities and Restricted Definitive Securities and pursuant to and in accordance with the Securities Act (other than Rule 144A
or Regulation S) and any applicable “blue sky” securities laws of any state of the United States.

 

4.        ̈
 CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY OR OF AN UNRESTRICTED
DEFINITIVE SECURITY:

 

(a)        ̈
 CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will no longer be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Securities or Restricted
Definitive Securities and in the Indenture.

 

(b)        ̈
 CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 904
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will no longer be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Securities or Restricted
Definitive Securities and in the Indenture.

 

    Exhibit B-2

    

    

 

(c)        ̈
 CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144 or Rule 904 and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Security will not be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Securities or Restricted Definitive Securities and in the Indenture.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company and the Guarantor.

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 
	 	 
	Dated:                      ,           	

 

 

    Exhibit B-3

    

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

          [CHECK ONE OF (a) OR
(b)]

 

(a)        ̈
 a beneficial interest in a Global Security (CUSIP [ ]), or

 

(b)        ̈
 a Restricted Definitive Security (CUSIP [     ]).

 

2.       After
the Transfer the Transferee will hold:

 

         [CHECK ONE]

 

(a)        ̈
 a beneficial interest in a Global Security (CUSIP [ ]); or

 

(b)        ̈
 a Restricted Definitive Security (CUSIP [     ]); or

 

(c)        ̈
 an Unrestricted Definitive Security (CUSIP [ ]), in accordance with the terms of the Indenture.

 

    Exhibit B-4

    

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Nabors Corporate Services,
Inc.

515 West Greens Road,
Suite 1200

Houston, Texas 77067

Attention: General Counsel

Telephone No.: (281)
874-0035

Telecopier No.: (281)
775-8431

 

Wells Fargo Bank, National Association

600 Fourth Street South, 7th Floor

MAC N9300-070

Minneapolis, MN 55415

Attention: Corporate Trust – DAPS
REORG

 

		Re:	[7.25% Senior Guaranteed Notes due 2026/7.50% Senior Guaranteed Notes due 2028]
 CUSIP 629571AA8/629571AB61

                                                                                CUSIP
                                         G63601AA9/ G63601AB72

 

Reference is hereby
made to the Indenture, dated as of January 10, 2020 (the “Indenture”), among Nabors Industries Ltd., as issuer (the
“Company”), the Guarantors party thereto and Wells Fargo Bank, N.A., as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

____________ (the “Owner”)
owns and proposes to exchange the Security[ies] or beneficial interest in such Security[ies] of the series specified above, in
the principal amount of $____________ (the “Exchange”). In connection with the Exchange, the Owner hereby certifies
that:

 

1.       EXCHANGE
OF RESTRICTED DEFINITIVE SECURITIES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL SECURITY FOR UNRESTRICTED DEFINITIVE SECURITIES
OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL SECURITY:

 

(a)        ̈
 CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO BENEFICIAL INTEREST IN AN UNRESTRICTED
GLOBAL SECURITY. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Security for
a beneficial interest in an Unrestricted Global Security in an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Global Securities and pursuant to and in accordance
with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Security is being acquired in compliance with any applicable
“blue sky” securities laws of any state of the United States.

 

 

1
For Securities sold in reliance on Rule 144A.

2
For Securities sold in reliance on Regulation S.

 

    Exhibit C-1

    

    

 

(b)        ̈
 CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO UNRESTRICTED DEFINITIVE SECURITY. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Security for an Unrestricted Definitive Security,
the Owner hereby certifies (i) the Definitive Security is being acquired for the Owner’s own account without transfer, (ii)
such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Securities and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Security is being
acquired in compliance with any applicable “blue sky” securities laws of any state of the United States.

 

(c)        ̈
 CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE SECURITY TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY. In connection
with the Owner’s Exchange of a Restricted Definitive Security for a beneficial interest in an Unrestricted Global Security,
the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii)
such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Securities and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being
acquired in compliance with any applicable “blue sky” securities laws of any state of the United States.

 

(d)        ̈
 CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE SECURITY TO UNRESTRICTED DEFINITIVE SECURITY. In connection with the Owner’s
Exchange of a Restricted Definitive Security for an Unrestricted Definitive Security, the Owner hereby certifies (i) the Unrestricted
Definitive Security is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to Restricted Definitive Securities and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Security is being acquired in compliance
with any applicable “blue sky” securities laws of any state of the United States.

 

2.       EXCHANGE
OF RESTRICTED DEFINITIVE SECURITIES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL SECURITIES FOR RESTRICTED DEFINITIVE SECURITIES
OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL SECURITIES:

 

(a)        ̈
 CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO RESTRICTED DEFINITIVE SECURITY. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Security for a Restricted
Definitive Security with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Security is
being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the Restricted Definitive Security issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Security and in the Indenture and
the Securities Act.

 

    Exhibit C-2

    

    

 

(b)        ̈
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE SECURITY TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY.
In connection with the Exchange of the Owner’s Restricted Definitive Security for a beneficial interest in the
[CHECK ONE]  ̈  144A Global Security or  ̈
Regulation S Global Security in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Securities and pursuant to and in accordance with the Securities
Act, and in compliance with any applicable “blue sky” securities laws of any state of the United States. Upon
consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global
Security and in the Indenture and the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company and the Guarantor.

 

	 	[Insert Name of Owner]
	 	 
	 	By:	 
	 	 
	 	Name:
	 	Title:
	 	
	Dated:                               ,       	 

 

    Exhibit C-3ACQUISITION AND STOCK EXCHANGE AGREEMENT

 

THIS ACQUISITION
AND STOCK EXCHANGE AGREEMENT (the “Agreement”) made this 1st day of October, 2018 by and between, SHE
Beverage Company, Inc., a California corporation, with offices located at 42601 8th Street West, Suite 108,
Lancaster, CA 93534 (“SHE”) and Mink Bath Bombs, a sole proprietorship,
with offices located at 25548 Fountain Glen court #108, Stevenson Ranch, 91381, (“BATH”
or the “Company”) on behalf of its owners, both parties hereinafter referred to individually as the “Party”
or collectively as the “Parties.” 

 

BACKGROUND:

 

A.      
 The Boards of Directors of SHE and ownership of BATH have determined that an acquisition of 100% of the
outstanding ownership interests of BATH by SHE through an exchange upon the terms and subject to the conditions set forth in
this Agreement, would be fair and in the best interests of SHE’s stockholders and BATH’s interest holders, and
the Boards of Directors of SHE and BATH have approved such Exchange, pursuant to which all of the right, title and interest
in and to 100% of the ownership interests in BATH (the “Shares”) will be exchanged for the right to
receive 200,000 shares of common stock of SHE (the “Exchange Shares”).

 

B.        
SHE and BATH desire to make certain representations, warranties, covenants and agreements in connection with the Exchange and
to prescribe various conditions to the Exchange.

 

C.        
For federal income tax purposes, the Parties intend that the Exchange shall qualify as reorganization under the provisions of
Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”). 

 

NOW, THEREFORE, in consideration
of the representations, warranties, covenants and agreements contained in this Agreement, the Parties agree as follows:

 

ARTICLE
I

THE EXCHANGE

 

1.01     Exchange.
Upon the terms and subject to the conditions set forth in this Agreement, and in accordance with the California Revised
Statutes (“California Statutes”), at the Closing (as hereinafter defined), the Parties shall do the
following:

 

(a)       The
interest holders of BATH will sell, convey, assign, and transfer the ownership interests to SHE by delivering to SHE executed and
transferable certificates. The ownership interests transferred to SHE at the Closing shall constitute 100% of all issued and outstanding
ownership interests in the Company.

 

(b)       As
consideration for its acquisition of the ownership interests, SHE shall issue the Exchange Shares to BATH by delivering a share
certificate to BATH evidencing the Exchange Shares (the “Exchange Share Certificates”).

 

    	 	1	 

     

    

 

(c)       For
federal income tax purposes, the Exchange is intended to constitute a “reorganization” within the meaning of Section
368 of the Code, and the Parties shall report the transactions contemplated by this Agreement consistent with such intent and shall
take no position in any Tax filing or legal proceeding inconsistent therewith. The Parties to this Agreement hereby adopt this
Agreement as a “Plan of Reorganization” within the meaning of Sections 1.368-2(g) and 1.368-3(a) of the United States
Treasury Regulations. None of SHE or BATH has taken or failed to take, and after the Effective Time (as defined below), SHE shall
not take or fail to take, any action which reasonably could be expected to cause the Exchange to fail to qualify as a “reorganization”
within the meaning of Section 368(a) of the Code.

 

1.02     Effect
of the Exchange. The Exchange shall have the effects set forth in the applicable provisions of the California Statutes.

 

1.03     Closing.
Unless this Agreement shall have been terminated and the transactions herein contemplated shall have been abandoned pursuant to
Article VI and subject to the satisfaction or waiver of the conditions set forth in Article V, the closing of the Exchange (the
“Closing”) will take place at 10:00 a.m. U.S. Pacific Standard Time on the business day upon satisfaction of
the conditions set forth in Article V (or as soon as practicable thereafter following satisfaction or waiver of the conditions
set forth in Article V) (the “Closing Date”), at the offices of EAD Law Group, LLC, unless another date, time
or place is agreed to in writing by the Parties hereto.

 

1.04     Effective
Time of Exchange. As soon as practicable following the satisfaction or waiver of the conditions set forth in Article V,
the Parties shall make all filings or recordings required under California Statutes. The Exchange shall become effective at such
time as is permissible in accordance with California Statutes (the time the Exchange becomes effective being the “Effective
Time”). SHE and the Company shall use reasonable efforts to have the Closing Date and the Effective Time to be the same
day.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

2.01     Representations
and Warranties of the Company. As set forth in the Company disclosure schedule delivered by BATH to SHE at the time of
execution of this Agreement (the “Company Disclosure Schedule”), the Company represents and warrants to SHE
as follows:

 

(a)       Organization,
Standing and Power. The Company is duly organized, validly existing and in good standing under the laws of the State of California
and has the requisite power and authority and all government licenses, authorizations, permits, consents and approvals required
to own, lease and operate its properties and carry on its business as now being conducted. The Company is duly qualified or licensed
to do business and is in good standing in each jurisdiction in which the nature of its business or the ownership or leasing of
its properties makes such qualification or licensing necessary, other than in such jurisdictions where the failure to be so qualified
or licensed (individually or in the aggregate) would not have a material adverse effect (as defined in Section 8.02).

 

(b)       Subsidiaries.
The Company does not own directly or indirectly, any equity or other shares in any company, corporation, partnership, joint venture
or otherwise.

 

    	 	2	 

     

    

 

(c)       Ownership
Interests. The Ownership Interests represent 100% of the issued and outstanding ownership interests of the Company. There are
no outstanding bonds, debentures, notes or other indebtedness or other securities of the Company. There are no rights, commitments,
agreements, arrangements or undertakings of any kind to which the Company is a party or by which it is bound obligating the Company
to issue, deliver or sell, or cause to be issued, delivered or sold, additional ownership interests of the Company or obligating
the Company to issue, grant, extend or enter into any such right, commitment, agreement, arrangement or undertaking. There are
no outstanding contractual obligations, commitments, understandings or arrangements of the Company to repurchase, redeem or otherwise
acquire or make any payment in respect of the ownership interests of the Company.

 

(d)       Authority;
Non-contravention. The Company has all requisite power and authority to enter into this Agreement and to consummate the transactions
contemplated by this Agreement. The execution and delivery of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby have been (or at Closing will have been) duly authorized by all necessary action on the
part of the Company. This Agreement has been duly executed and when delivered by the Company shall constitute a valid and binding
obligation of the Company, enforceable against the Company and the selling shareholders, as applicable, in accordance with its
terms, except as such enforcement may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’
rights generally or by general principles of equity. The execution and delivery of this Agreement do not, and the consummation
of the transactions contemplated by this Agreement and compliance with the provisions hereof will not, conflict with, or result
in any breach or violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of
termination, cancellation or acceleration of or “put” right with respect to any obligation or to a loss of a material
benefit under, or result in the creation of any lien upon any of the properties or assets of the Company under, (i) the Company’s
articles of incorporation or bylaws, if any, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other
agreement, instrument, permit, concession, franchise or license applicable to the Company, its properties or assets, or (iii) subject
to the governmental filings and other matters referred to in the following sentence, any judgment, order, decree, statute, law,
ordinance, rule, regulation or arbitration award applicable to the Company, its properties or assets, other than, in the case of
clauses (ii) and (iii), any such conflicts, breaches, violations, defaults, rights, losses or liens that individually or in the
aggregate could not have a material adverse effect with respect to the Company or could not prevent, hinder or materially delay
the ability of the Company to consummate the transactions contemplated by this Agreement.

 

(e)       Governmental
Authorization. No consent, approval, order or authorization of, or registration, declaration or filing with, or notice to,
any United States court, administrative agency or commission, or other federal, state or local government or other governmental
authority, agency, domestic or foreign (a “Governmental Entity”), is required by or with respect to the Company
in connection with the execution and delivery of this Agreement by the Company or the consummation by the Company of the transactions
contemplated hereby, except, with respect to this Agreement, any filings under the Securities Act of 1933, as amended (the “Securities
Act”) or Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange
Act”).

 

    	 	3	 

     

    

 

(f)       Absence
of Certain Changes or Events. Except as set forth on Schedule 2.01(g), since the Company Balance Sheet Date, the Company has
conducted its business only in the ordinary course consistent with past practice, and there is not and has not been any:

 

(i)         material
adverse change with respect to the Company;

 

(ii)        event
which, if it had taken place following the execution of this Agreement, would not have been permitted by Section 3.01 without prior
consent of SHE;

 

(iii)       condition,
event or occurrence which could reasonably be expected to prevent, hinder or materially delay the ability of the Company to consummate
the transactions contemplated by this Agreement;

 

(iv)       incurrence,
assumption or guarantee by the Company of any indebtedness for borrowed money other than in the ordinary course and in amounts
and on terms consistent with past practices or as disclosed to SHE in writing;

 

(v)        creation
or other incurrence by the Company of any lien on any asset other than in the ordinary course consistent with past practices;

 

(vi)       transaction
or commitment made, or any contract or agreement entered into, by the Company relating to its assets or business (including the
acquisition or disposition of any assets) or any relinquishment by the Company of any contract or other right, in either case,
material to the Company, other than transactions and commitments in the ordinary course consistent with past practices and those
contemplated by this Agreement;

 

(vii)      labor
dispute, other than routine, individual grievances, or, to the knowledge of the Company, any activity or proceeding by a labor
union or representative thereof to organize any employees of the Company or any lockouts, strikes, slowdowns, work stoppages or
threats by or with respect to such employees;

 

(viii)     payment,
prepayment or discharge of liability other than in the ordinary course of business or any failure to pay any liability when due;

 

(ix)       write-offs
or write-downs of any assets of the Company;

 

(x)        creation,
termination or amendment of, or waiver of any right under, any material contract of the Company;

 

(xi)       damage,
destruction or loss having, or reasonably expected to have, a material adverse effect on the Company;

 

(xii)      other
condition, event or occurrence which individually or in the aggregate could reasonably be expected to have a material adverse effect
or give rise to a material adverse change with respect to the Company; or

 

(xiii)     agreement
or commitment to do any of the foregoing.

 

    	 	4	 

     

    

 

(g)       Certain
Fees. Except as set forth on Schedule 2.01(h), no brokerage or finder’s fees or commissions are or will be payable by
the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with
respect to the transactions contemplated by this Agreement.

 

(h)       Litigation;
Labor Matters; Compliance with Laws.

 

(i)         There
is no suit, action or proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting
the Company or any basis for any such suit, action, proceeding or investigation that, individually or in the aggregate, could reasonably
be expected to have a material adverse effect with respect to the Company or prevent, hinder or materially delay the ability of
the Company to consummate the transactions contemplated by this Agreement, nor is there any judgment, decree, injunction, rule
or order of any Governmental Entity or arbitrator outstanding against the Company having, or which, insofar as reasonably could
be foreseen by the Company, in the future could have, any such effect.

 

(ii)        The
Company is not a party to, or bound by, any collective bargaining agreement, contract or other agreement or understanding with
a labor union or labor organization, nor is it the subject of any proceeding asserting that it has committed an unfair labor practice
or seeking to compel it to bargain with any labor organization as to wages or conditions of employment nor is there any strike,
work stoppage or other labor dispute involving it pending or, to its knowledge, threatened, any of which could have a material
adverse effect with respect to Company.

 

(iii)       The conduct of
the business of the Company complies with all statutes, laws, regulations, ordinances, rules, judgments, orders, decrees or arbitration
awards applicable thereto.

 

(i)       Benefit
Plans. The Company is not a party to any Benefit Plan under which the Company currently has an obligation to provide benefits
to any current or former employee, officer or director of the Company. As used herein, “Benefit Plan” shall
mean any employee benefit plan, program, or arrangement of any kind, including any defined benefit or defined contribution plan,
ownership plan with respect to any ownership interest, executive compensation program or arrangement, bonus plan, incentive compensation
plan or arrangement, profit sharing plan or arrangement, deferred compensation plan, agreement or arrangement, supplemental retirement
plan or arrangement, vacation pay, sickness, disability, or death benefit plan (whether provided through insurance, on a funded
or unfunded basis, or otherwise), medical or life insurance plan providing benefits to employees, retirees, or former employees
or any of their dependents, survivors, or beneficiaries, severance pay, termination, salary continuation, or employee assistance
plan.

 

(j)       Tax
Returns and Tax Payments.

 

(i)         The
Company has timely filed with the appropriate taxing authorities all Tax Returns required to be filed by it (taking into account
all applicable extensions). All such Tax Returns are true, correct and complete in all respects. All Taxes due and owing by the
Company has been paid (whether or not shown on any Tax Return and whether or not any Tax Return was required). The Company is not
currently the beneficiary of any extension of time within which to file any Tax Return or pay any Tax. No claim has ever been made
in writing or otherwise addressed to the Company by a taxing authority in a jurisdiction where the Company does not file Tax Returns
that it is or may be subject to taxation by that jurisdiction. The unpaid Taxes of the Company did not, as of the Company Balance
Sheet Date, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences
between book and Tax income) set forth on the face of the financial statements (rather than in any notes thereto). Since the Company
Balance Sheet Date, neither the Company nor any of its subsidiaries has incurred any liability for Taxes outside the ordinary course
of business consistent with past custom and practice. As of the Closing Date, the unpaid Taxes of the Company and its subsidiaries
will not exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences
between book and Tax income) set forth on the books and records of the Company.

 

    	 	5	 

     

    

 

(ii)        No
material claim for unpaid Taxes has been made or become a lien against the property of the Company or is being asserted against
the Company, no audit of any Tax Return of the Company is being conducted by a tax authority, and no extension of the statute of
limitations on the assessment of any Taxes has been granted by the Company and is currently in effect. The Company has withheld
and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any employee, independent
contractor, creditor, stockholder or other third party.

 

(iii)       As
used herein, “Taxes” shall mean all taxes of any kind, including, without limitation, those on or measured by
or referred to as income, gross receipts, sales, use, ad valorem, franchise, profits, license, withholding, payroll, employment,
excise, severance, stamp, occupation, premium value added, property or windfall profits taxes, customs, duties or similar fees,
assessments or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts
imposed by any governmental authority, domestic or foreign. As used herein, “Tax Return” shall mean any return,
report or statement required to be filed with any governmental authority with respect to Taxes.

 

(k)       Environmental
Matters. The Company is in compliance with all Environmental Laws in all material respects. The Company has not received any
written notice regarding any violation of any Environmental Laws, including any investigatory, remedial or corrective obligations.
The Company holds all permits and authorizations required under applicable Environmental Laws, unless the failure to hold such
permits and authorizations would not have a material adverse effect on the Company. The Company is in compliance with all terms,
conditions and provisions of all such permits and authorizations in all material respects. No releases of Hazardous Materials have
occurred at, from, in, to, on or under any real property currently or formerly owned, operated or leased by the Company or any
predecessor thereof and no Hazardous Materials are present in, on, about or migrating to or from any such property which could
result in any liability to the Company. The Company has not transported or arranged for the treatment, storage, handling, disposal,
or transportation of any Hazardous Material to any off-site location which could result in any liability to the Company. The Company
has no liability, absolute or contingent, under any Environmental Law that if enforced or collected would have a material adverse
effect on the Company. There are no past, pending or threatened claims under Environmental Laws against the Company and Company
is not aware of any facts or circumstances that could reasonably be expected to result in a liability or claim against the Company
pursuant to Environmental Laws. “Environmental Laws” means all applicable foreign, federal, state and local
statutes, rules, regulations, ordinances, orders, decrees and common law relating in any manner to contamination, pollution or
protection of human health or the environment, and similar state laws. “Hazardous Material” means any toxic,
radioactive, corrosive or otherwise hazardous substance, including petroleum, its derivatives, byproducts and other hydrocarbons,
or any substance having any constituent elements displaying any of the foregoing characteristics, which in any event is regulated
under any Environmental Law.

 

    	 	6	 

     

    

 

(l)       Material
Contract Defaults. The Company is not, nor has not received any notice or has any knowledge that any other party is, in default
in any respect under any Material Contract; and there has not occurred any event that with the lapse of time or the giving of notice
or both would constitute such a material default. For purposes of this Agreement, a “Material Contract” means
any contract, agreement or commitment that is effective as of the Closing Date to which the Company is a party (i) with expected
receipts or expenditures in excess of $50,000, (ii) requiring the Company to indemnify any person, (iii) granting exclusive rights
to any party, (iv) evidencing indebtedness for borrowed or loaned money in excess of $50,000 or more, including guarantees of such
indebtedness, or (v) which, if breached by the Company in such a manner would (A) permit any other party to cancel or terminate
the same (with or without notice of passage of time) or (B) provide a basis for any other party to claim money damages (either
individually or in the aggregate with all other such claims under that contract) from the Company or (C) give rise to a right of
acceleration of any material obligation or loss of any material benefit under any such contract, agreement or commitment.

 

(m)       Accounts
Receivable. All of the accounts receivable of the Company that are reflected on the Company Financial Statements or the accounting
records of the Company as of the Closing (collectively, the “Accounts Receivable”) represent or will represent
valid obligations arising from sales actually made or services actually performed in the ordinary course of business and are not
subject to any defenses, counterclaims, or rights of set off other than those arising in the ordinary course of business and for
which adequate reserves have been established. The Accounts Receivable are fully collectible to the extent not reserved for on
the balance sheet on which they are shown.

 

(n)       Properties.
The Company has valid land use rights for all real property that is material to its business and good, clear and marketable title
to all the tangible properties and tangible assets reflected in the latest balance sheet as being owned by the Company or acquired
after the date thereof which are, individually or in the aggregate, material to the Company’s business (except properties
sold or otherwise disposed of since the date thereof in the ordinary course of business), free and clear of all material liens,
encumbrances, claims, security interest, options and restrictions of any nature whatsoever. Any real property and facilities held
under lease by the Company is held by it under valid, subsisting and enforceable leases of which the Company is in compliance,
except as could not, individually or in the aggregate, have or reasonably be expected to result in a material adverse effect.

 

(o)       Intellectual
Property.

 

(i)         As
used in this Agreement, the term “Trademarks” means trademarks, service marks, trade names, internet domain
names, designs, slogans, and general intangibles of like nature; the term “Trade Secrets” means technology;
trade secrets and other confidential information, know-how, proprietary processes, formulae, algorithms, models, and methodologies;
the term “Intellectual Property” means patents, copyrights, Trademarks, applications for any of the foregoing,
and Trade Secrets; the term “Company License Agreements” means any license agreements granting any right to
use or practice any rights under any Intellectual Property (except for such agreements for off-the-shelf products that are generally
available for less than $25,000), and any written settlements relating to any Intellectual Property, to which the Company is a
party or otherwise bound; and the term “Software” means any and all computer programs, including any and all
software implementations of algorithms, models and methodologies, whether in source code or object code.

 

    	 	7	 

     

    

 

(ii)        The
Company owns or has valid rights to use the Trademarks, trade names, domain names, copyrights, patents, logos, licenses and computer
software programs (including, without limitation, the source codes thereto) that are necessary for the conduct of its respective
businesses as now being conducted. To the knowledge of the Company, none of the Company’s Intellectual Property or Company
License Agreements infringe upon the rights of any third party that may give rise to a cause of action or claim against the Company
or its successors.

 

(p)       Undisclosed
Liabilities. The Company has no liabilities or obligations of any nature (whether fixed or unfixed, secured or unsecured, known
or unknown and whether absolute, accrued, contingent, or otherwise) except for liabilities or obligations reflected or reserved
against in the Company Financial Statements incurred in the ordinary course of business or such liabilities or obligations disclosed
in Schedule 2.01(g).

 

(q)       Full
Disclosure. All of the representations and warranties made by the Company in this Agreement, and all statements set forth in
the certificates delivered by the Company at the Closing pursuant to this Agreement, are true, correct and complete in all material
respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make
such representations, warranties or statements, in light of the circumstances under which they were made, misleading. The copies
of all documents furnished by the Company pursuant to the terms of this Agreement are complete and accurate copies of the original
documents. The schedules, certificates, and any and all other statements and information, whether furnished in written or electronic
form, to SHE or its representatives by or on behalf of any of the Company or its affiliates in connection with the negotiation
of this Agreement and the transactions contemplated hereby do not contain any material misstatement of fact or omit to state a
material fact or any fact necessary to make the statements contained therein not misleading.

 

2.02     Representations
and Warranties of SHE. Except as set forth in the disclosure schedule delivered by SHE to the Company at the time of execution
of this Agreement (the “SHE Disclosure Schedule”), SHE represents and warrants to the Company as follows:

 

(a)       Organization,
Standing and Corporate Power. SHE is duly organized, validly existing and in good standing under the laws of the State of California
and has the requisite corporate power and authority and all government licenses, authorizations, permits, consents and approvals
required to own, lease and operate its properties and carry on its business as now being conducted. SHE is duly qualified or licensed
to do business and is in good standing in each jurisdiction in which the nature of its business or the ownership or leasing of
its properties makes such qualification or licensing necessary, other than in such jurisdictions where the failure to be so qualified
or licensed (individually or in the aggregate) would not have a material adverse effect with respect to SHE.

 

    	 	8	 

     

    

 

(b)       Subsidiaries.
SHE, at this time, does not own directly or indirectly, equity or other shares in any company, corporation, partnership, joint
venture or otherwise.

 

(c)       Capital
Structure of SHE. As of the date of this Agreement, the authorized capital stock of SHE consists of 100,000,000 shares of SHE
Common Stock, $0.001 par value and 25,000,000 shares of Preferred Stock, par value $0.001. There are no other shares of SHE stocks
issuable upon the exercise of outstanding warrants, options and otherwise. All shares which may be issued pursuant to this Agreement
will be, when issued, duly authorized, validly issued, fully paid and nonassessable, not subject to preemptive rights, and issued
in compliance with all applicable state and federal laws concerning the issuance of securities.

 

(d)       Corporate
Authority; Non-contravention. SHE has all requisite corporate and other power and authority to enter into this Agreement and
to consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement by SHE and the consummation
by SHE of the transactions contemplated hereby have been (or at Closing will have been) duly authorized by all necessary corporate
action on the part of SHE. This Agreement has been duly executed and when delivered by SHE shall constitute a valid and binding
obligation of SHE, enforceable against SHE in accordance with its terms, except as such enforcement may be limited by bankruptcy,
insolvency or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity.
The execution and delivery of this Agreement do not, and the consummation of the transactions contemplated by this Agreement and
compliance with the provisions hereof will not, conflict with, or result in any breach or violation of, or default (with or without
notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of or “put”
right with respect to any obligation or to loss of a material benefit under, or result in the creation of any lien upon any of
the properties or assets of SHE under, (i) its articles of incorporation, bylaws, or other charter documents of SHE (ii) any loan
or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise or license
applicable to SHE, its properties or assets, or (iii) subject to the governmental filings and other matters referred to in the
following sentence, any judgment, order, decree, statute, law, ordinance, rule, regulation or arbitration award applicable to SHE,
its properties or assets, other than, in the case of clauses (ii) and (iii), any such conflicts, breaches, violations, defaults,
rights, losses or liens that individually or in the aggregate could not have a material adverse effect with respect to SHE or could
not prevent, hinder or materially delay the ability of SHE to consummate the transactions contemplated by this Agreement.

 

(e)       Government
Authorization. No consent, approval, order or authorization of, or registration, declaration or filing with, or notice to,
any Governmental Entity, is required by or with respect to SHE in connection with the execution and delivery of this Agreement
by SHE, or the consummation by SHE of the transactions contemplated hereby, except, with respect to this Agreement, any filings
under the California Statutes, the Securities Act or the Exchange Act.

 

(f)       Certain
Fees. Except as set forth on Schedule 2.02(h), no brokerage or finder’s fees or commissions are or will be payable by
SHE to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect
to the transactions contemplated by this Agreement.

 

    	 	9	 

     

    

 

(g)       Litigation;
Labor Matters; Compliance with Laws.

 

(i)         There
is no suit, action or proceeding or investigation pending or, to the knowledge of SHE, threatened against or affecting SHE or any
basis for any such suit, action, proceeding or investigation that, individually or in the aggregate, could reasonably be expected
to have a material adverse effect with respect to SHE or prevent, hinder or materially delay the ability of SHE to consummate the
transactions contemplated by this Agreement, nor is there any judgment, decree, injunction, rule or order of any Governmental Entity
or arbitrator outstanding against SHE having, or which, insofar as reasonably could be foreseen by SHE, in the future could have,
any such effect.

 

(ii)        SHE
is not a party to, or bound by, any collective bargaining agreement, contract or other agreement or understanding with a labor
union or labor organization, nor is it the subject of any proceeding asserting that it has committed an unfair labor practice or
seeking to compel it to bargain with any labor organization as to wages or conditions of employment nor is there any strike, work
stoppage or other labor dispute involving it pending or, to its knowledge, threatened, any of which could have a material adverse
effect with respect to SHE.

 

(iii)       The
conduct of the business of SHE complies with all statutes, laws, regulations, ordinances, rules, judgments, orders, decrees or
arbitration awards applicable thereto.

 

(h)       Benefit
Plans. SHE is not a party to any Benefit Plan under which SHE currently has an obligation to provide benefits to any current
or former employee, officer or director of SHE.

 

(i)       Certain
Employee Payments. SHE is not a party to any employment agreement which could result in the payment to any current, former
or future director or employee of SHE of any money or other property or rights or accelerate or provide any other rights or benefits
to any such employee or director as a result of the transactions contemplated by this Agreement, whether or not (i) such payment,
acceleration or provision would constitute a “parachute payment” (within the meaning of Section 280G of the Code),
or (ii) some other subsequent action or event would be required to cause such payment, acceleration or provision to be triggered.

 

(j)       Tax
Returns and Tax Payments.

 

(i)         SHE
has timely filed with the appropriate taxing authorities all Tax Returns required to be filed by it (taking into account all applicable
extensions). All such Tax Returns are true, correct and complete in all respects. All Taxes due and owing by SHE has been paid
(whether or not shown on any Tax Return and whether or not any Tax Return was required). SHE is not currently the beneficiary of
any extension of time within which to file any Tax Return or pay any Tax. No claim has ever been made in writing or otherwise addressed
to SHE by a taxing authority in a jurisdiction where SHE does not file Tax Returns that it is or may be subject to taxation by
that jurisdiction. The unpaid Taxes of SHE did not, as of the SHE Balance Sheet Date, exceed the reserve for Tax liability (excluding
any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of
the financial statements (rather than in any notes thereto). Since the SHE Balance Sheet Date, neither the Company nor any of its
subsidiaries has incurred any liability for Taxes outside the ordinary course of business consistent with past custom and practice.
As of the Closing Date, the unpaid Taxes of SHE and its subsidiaries will not exceed the reserve for Tax liability (excluding any
reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the books and records
of SHE.

 

    	 	10	 

     

    

 

(ii)        No
material claim for unpaid Taxes has been made or become a lien against the property of SHE or is being asserted against SHE, no
audit of any Tax Return of SHE is being conducted by a tax authority, and no extension of the statute of limitations on the assessment
of any Taxes has been granted by SHE and is currently in effect. SHE has withheld and paid all Taxes required to have been withheld
and paid in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder or other third
party.

 

(k)       Environmental
Matters. SHE is in compliance with all Environmental Laws in all material respects. SHE holds all permits and authorizations
required under applicable Environmental Laws, unless the failure to hold such permits and authorizations would not have a material
adverse effect on SHE. SHE is compliance with all terms, conditions and provisions of all such permits and authorizations in all
material respects. No releases of Hazardous Materials have occurred at, from, in, to, on or under any real property currently or
formerly owned, operated or leased by SHE or any predecessor thereof and no Hazardous Materials are present in, on, about or migrating
to or from any such property which could result in any liability to SHE. SHE has not transported or arranged for the treatment,
storage, handling, disposal, or transportation of any Hazardous Material to any off-site location which could result in any liability
to SHE. SHE has no liability, absolute or contingent, under any Environmental Law that if enforced or collected would have a material
adverse effect on SHE. There are no past, pending or threatened claims under Environmental Laws against SHE and SHE is not aware
of any facts or circumstances that could reasonably be expected to result in a liability or claim against SHE pursuant to Environmental
Laws.

 

(l)       Material
Contract Defaults. SHE is not, or has not, received any notice or has any knowledge that any other party is, in default in
any respect under any SHE Material Contract; and there has not occurred any event that with the lapse of time or the giving of
notice or both would constitute such a material default. For purposes of this Agreement, a “SHE Material Contract”
means any contract, agreement or commitment that is effective as of the Closing Date to which SHE is a party (i) with expected
receipts or expenditures in excess of $5,000.00 US, (ii) requiring SHE to indemnify any person, (iii) granting exclusive rights
to any party, (iv) evidencing indebtedness for borrowed or loaned money in excess of $5,000 or more, including guarantees of such
indebtedness, or (v) which, if breached by SHE in such a manner would (A) permit any other party to cancel or terminate the same
(with or without notice of passage of time) or (B) provide a basis for any other party to claim money damages (either individually
or in the aggregate with all other such claims under that contract) from SHE or (C) give rise to a right of acceleration of any
material obligation or loss of any material benefit under any such contract, agreement or commitment.

 

(m)      Properties.
SHE has valid land use rights for all real property that is material to its business and good, clear and marketable title to all
the tangible properties and tangible assets reflected in the latest balance sheet as being owned by SHE or acquired after the date
thereof which are, individually or in the aggregate, material to SHE’s business (except properties sold or otherwise disposed
of since the date thereof in the ordinary course of business), free and clear of all material liens, encumbrances, claims, security
interest, options and restrictions of any nature whatsoever. Any real property and facilities held under lease by SHE are held
by them under valid, subsisting and enforceable leases of which SHE is in compliance, except as could not, individually or in the
aggregate, have or reasonably be expected to result in a material adverse effect.

 

    	 	11	 

     

    

 

(n)       Intellectual
Property. SHE owns or has valid rights to use the Trademarks, trade names, domain names, copyrights, patents, logos, licenses
and computer software programs (including, without limitation, the source codes thereto) that are necessary for the conduct of
its business as now being conducted. All of SHE’s licenses to use Software programs are current and have been paid for the
appropriate number of users. To the knowledge of SHE, none of SHE’s Intellectual Property or SHE License Agreements infringe
upon the rights of any third party that may give rise to a cause of action or claim against SHE or its successors.

 

(o)       Board
Determination. The Board of Directors of SHE has unanimously determined that the terms of the Exchange are fair to and in the
best interests of SHE and its stockholders.

 

(p)       Required
SHE Share Issuance Approval. SHE represents that the issuance of the Exchange Shares to the Selling Member will be in compliance
with the California Statutes and the Bylaws of SHE.

 

(q)       Undisclosed
Liabilities. SHE has no liabilities or obligations of any nature (whether fixed or unfixed, secured or unsecured, known or
unknown and whether absolute, accrued, contingent, or otherwise) except for liabilities or obligations reflected or reserved against
in the SHE SEC Documents incurred in the ordinary course of business.

 

(r)       Full
Disclosure. All of the representations and warranties made by SHE in this Agreement, and all statements set forth in the certificates
delivered by SHE at the Closing pursuant to this Agreement, are true, correct and complete in all material respects and do not
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make such representations,
warranties or statements, in light of the circumstances under which they were made, misleading. The copies of all documents furnished
by SHE pursuant to the terms of this Agreement are complete and accurate copies of the original documents. The schedules, certificates,
and any and all other statements and information, whether furnished in written or electronic form, to the Company or its representatives
by or on behalf of SHE and the SHE Stockholders in connection with the negotiation of this Agreement and the transactions contemplated
hereby do not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements
contained therein not misleading.

 

ARTICLE III

COVENANTS RELATING TO CONDUCT OF
BUSINESS PRIOR TO EXCHANGE

 

3.01     Conduct
of the Company and SHE. From the date of this Agreement and until the Effective Time, or until the prior termination of
this Agreement, the Company and SHE shall not, unless mutually agreed to in writing:

 

(a)       engage
in any transaction, except in the normal and ordinary course of business, or create or suffer to exist any lien or other encumbrance
upon any of their respective assets or which will not be discharged in full prior to the Effective Time;

 

    	 	12	 

     

    

 

(b)       sell,
assign or otherwise transfer any of their assets, or cancel or compromise any debts or claims relating to their assets, other than
for fair value, in the ordinary course of business, and consistent with past practice;

 

(c)       fail
to use reasonable efforts to preserve intact their present business organizations, keep available the services of their employees
and preserve its material relationships with customers, suppliers, licensors, licensees, distributors and others, to the end that
its good will and ongoing business not be impaired prior to the Effective Time;

 

(d)       except
for matters related to complaints by former employees related to wages, suffer or permit any material adverse change to occur with
respect to the Company and SHE or their business or assets; or

 

(e)        make
any material change with respect to their business in accounting or bookkeeping methods, principles or practices, except as required
by GAAP.

 

ARTICLE IV

ADDITIONAL AGREEMENTS

 

4.01     Access to Information; Confidentiality.

 

(a)       The
Company shall, and shall cause its officers, employees, counsel, financial advisors and other representatives to, afford to SHE
and its representatives reasonable access during normal business hours during the period prior to the Effective Time to its and
to the Company’s properties, books, contracts, commitments, personnel and records and, during such period, the Company shall,
and shall cause its officers, employees and representatives to, furnish promptly to SHE all information concerning its business,
properties, financial condition, operations and personnel as such other party may from time to time reasonably request. For the
purposes of determining the accuracy of the representations and warranties of SHE set forth herein and compliance by SHE of its
obligations hereunder, during the period prior to the Effective Time, SHE shall provide the Company and its representatives with
reasonable access during normal business hours to its properties, books, contracts, commitments, personnel and records as may be
necessary to enable the Company to confirm the accuracy of the representations and warranties of SHE set forth herein and compliance
by SHE of its obligations hereunder, and, during such period, SHE shall, and shall cause its officers, employees and representatives
to, furnish promptly to the Company upon its request (i) a copy of each report, schedule, registration statement and other document
filed by it during such period pursuant to the requirements of federal or state securities laws and (ii) all other information
concerning its business, properties, financial condition, operations and personnel as such other party may from time to time reasonably
request. Except as required by law, each of the Company and SHE will hold, and will cause its respective directors, officers, employees,
accountants, counsel, financial advisors and other representatives and affiliates to hold, any nonpublic information in confidence.

 

(b)       No
investigation pursuant to this Section 4.01 shall affect any representations or warranties of the Parties herein or the conditions
to the obligations of the Parties hereto.

 

    	 	13	 

     

    

 

4.02     Best
Efforts. Upon the terms and subject to the conditions set forth in this Agreement, each of the Parties agrees to use its
best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other
Parties in doing, all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner practicable,
the Exchange and the other transactions contemplated by this Agreement. SHE and the Company shall mutually cooperate in order to
facilitate the achievement of the benefits reasonably anticipated from the Exchange.

 

4.03     Public
Announcements. SHE, on the one hand, and the Company, on the other hand, will consult with each other before issuing, and
provide each other the opportunity to review and comment upon, any press release or other public statements with respect to the
transactions contemplated by this Agreement and shall not issue any such press release or make any such public statement prior
to such consultation, except as may be required by applicable law or court process. The Parties agree that the initial press release
or releases to be issued with respect to the transactions contemplated by this Agreement shall be mutually agreed upon prior to
the issuance thereof.

 

4.04     Expenses.
All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the
party incurring such expenses.

 

4.05     No
Solicitation. Except as previously agreed to in writing by the other party, neither the Company nor SHE shall authorize
or permit any of its officers, directors, agents, representatives, or advisors to (a) solicit, initiate or encourage or take any
action to facilitate the submission of inquiries, proposals or offers from any person relating to any matter concerning any exchange,
merger, consolidation, business combination, recapitalization or similar transaction involving the Company or SHE, respectively,
other than the transaction contemplated by this Agreement or any other transaction the consummation of which would or could reasonably
be expected to impede, interfere with, prevent or delay the Exchange or which would or could be expected to dilute the benefits
to either the Company or SHE of the transactions contemplated hereby. The Company or SHE will immediately cease and cause to be
terminated any existing activities, discussions and negotiations with any Parties conducted heretofore with respect to any of the
foregoing.

 

ARTICLE V

CONDITIONS PRECEDENT

 

5.01     Conditions
to Each Party’s Obligation to Effect the Exchange. The obligation of each Party to effect the Exchange and otherwise
consummate the transactions contemplated by this Agreement is subject to the satisfaction, at or prior to the Closing, of each
of the following conditions:

 

(a)       No
Restraints. No temporary restraining order, preliminary or permanent injunction or other order preventing the consummation
of the Exchange shall have been issued by any court of competent jurisdiction or any other Governmental Entity having jurisdiction
and shall remain in effect, and there shall not be any applicable legal requirement enacted, adopted or deemed applicable to the
Exchange that makes consummation of the Exchange illegal.

 

    	 	14	 

     

    

 

(b)       Governmental
Approvals. All authorizations, consents, orders, declarations or approvals of, or filings with, or terminations or expirations
of waiting periods imposed by, any Governmental Entity having jurisdiction which the failure to obtain, make or occur would have
a material adverse effect on SHE or the Company shall have been obtained, made or occurred.

 

(c)       No
Litigation. There shall not be pending or threatened any suit, action or proceeding before any court, Governmental Entity or
authority (i) pertaining to the transactions contemplated by this Agreement or (ii) seeking to prohibit or limit the ownership
or operation by the Company, SHE or any of its subsidiaries, or to dispose of or hold separate any material portion of the business
or assets of the Company or SHE.

 

5.02     Conditions
Precedent to Obligations of SHE. The obligation of SHE to effect the Exchange and otherwise consummate the transactions
contemplated by this Agreement are subject to the satisfaction, at or prior to the Closing, of each of the following conditions:

 

(a)       Representations,
Warranties and Covenants. The representations and warranties of the Company in this Agreement shall be true and correct in
all material respects (except for such representations and warranties that are qualified by their terms by a reference to materiality
or material adverse effect, which representations and warranties as so qualified shall be true and correct in all respects) both
when made and on and as of the Closing Date, and (ii) the Company shall have performed and complied in all material respects with
all covenants, obligations and conditions of this Agreement required to be performed and complied with by each of them prior to
the Effective Time.

 

(b)       Consents.
SHE shall have received evidence, in form and substance reasonably satisfactory to it, that such licenses, permits, consents, approvals,
authorizations, qualifications and orders of governmental authorities and other third Parties as necessary in connection with the
transactions contemplated hereby have been obtained.

 

(c)       No
Material Adverse Change. There shall not have occurred any change in the business, condition (financial or otherwise), results
of operations or assets (including intangible assets) and properties of the Company that, individually or in the aggregate, could
reasonably be expected to have a material adverse effect on the Company.

 

(d)       Delivery
of the Assignment of Shares. The selling interest holders shall have delivered the share certificates to SHE on the Closing
Date.

 

(e)       Due
Diligence Investigation. SHE shall be reasonably satisfied with the results of its due diligence investigation of the Company
in its sole and absolute discretion.

 

5.03     Conditions
Precedent to Obligation of BATH. The obligation of the Company to effect the Exchange and otherwise consummate the transactions
contemplated by this Agreement is subject to the satisfaction, at or prior to the Closing, of each of the following conditions:

 

(a)       Representations,
Warranties and Covenants. The representations and warranties of SHE in this Agreement shall be true and correct in all material
respects (except for such representations and warranties that are qualified by their terms by a reference to materiality or material
adverse effect, which representations and warranties as so qualified shall be true and correct in all respects) both when made
and on and as of the Closing Date, and (ii) SHE shall have performed and complied in all material respects with all covenants,
obligations and conditions of this Agreement required to be performed and complied with by it prior to the Effective Time.

 

    	 	15	 

     

    

 

(b)       Consents.
The Company shall have received evidence, in form and substance reasonably satisfactory to it, that such licenses, permits, consents,
approvals, authorizations, qualifications and orders of governmental authorities and other third Parties as necessary in connection
with the transactions contemplated hereby have been obtained.

 

(c)       No
Material Adverse Change. There shall not have occurred any change in the business, condition (financial or otherwise), results
of operations or assets (including intangible assets) and properties of SHE that, individually or in the aggregate, could reasonably
be expected to have a material adverse effect on SHE.

 

(d)       Board
Resolutions. The Company shall have received resolutions duly adopted by SHE’s board of directors approving the execution,
delivery and performance of the Agreement and the transactions contemplated by the Agreement.

 

(e)       Delivery
of the Exchange Shares Certificate. The Company shall have received the Exchange Shares Certificate on the Closing Date.

 

(f)       Due
Diligence Investigation. The Company shall be reasonably satisfied with the results of its due diligence investigation of SHE
in its sole and absolute discretion.

 

ARTICLE VI

TERMINATION, AMENDMENT AND WAIVER

 

6.01     Termination.
This Agreement may be terminated and abandoned at any time prior to the Effective Time of the Exchange:

 

(a)       by
mutual written consent of SHE and the Company;

 

(b)       by
either SHE or the Company if any Governmental Entity shall have issued an order, decree or ruling or taken any other action permanently
enjoining, restraining or otherwise prohibiting the Exchange and such order, decree, ruling or other action shall have become final
and non-appealable;

 

(c)       by
either SHE or the Company if the Exchange shall not have been consummated on or before June 15, 2017 (other than as a result of
the failure of the party seeking to terminate this Agreement to perform its obligations under this Agreement required to be performed
at or prior to the Effective Time.);

 

(d)       by
SHE, if a material adverse change shall have occurred relative to the Company (and not curable within thirty (30) days);

 

(e)       by
the Company if a material adverse change shall have occurred relative to SHE (and not curable within thirty (30) days);

 

    	 	16	 

     

    

 

(f)       by
SHE, if the Company willfully fails to perform in any material respect any of its material obligations under this Agreement; or

 

(g)       by
the Company, if SHE willfully fails to perform in any material respect any of its obligations under this Agreement.

 

6.02     Effect
of Termination. In the event of termination of this Agreement by either the Company or SHE as provided in Section 6.01,
this Agreement shall forthwith become void and have no effect, without any liability or obligation on the part of SHE or the Company,
other than the provisions of the last sentence of Section 4.01(a) and this Section 6.02. Nothing contained in this Section shall
relieve any party for any breach of the representations, warranties, covenants or agreements set forth in this Agreement.

 

6.03     Amendment.
This Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties upon approval by the
party, if such party is an individual, and upon approval of the Board of Director of SHE and of the Company.

 

6.04     Extension;
Waiver. Subject to Section 6.01(c), at any time prior to the Effective Time, the Parties may (a) extend the time for the
performance of any of the obligations or other acts of the other Parties, (b) waive any inaccuracies in the representations and
warranties contained in this Agreement or in any document delivered pursuant to this Agreement, or (c) waive compliance with any
of the agreements or conditions contained in this Agreement. Any agreement on the part of a party to any such extension or waiver
shall be valid only if set forth in an instrument in writing signed on behalf of such party. The failure of any party to this Agreement
to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights.

 

6.05     Return
of Documents. In the event of termination of this Agreement for any reason, SHE and the Company will return to the other
party all of the other party’s documents, work papers, and other materials (including copies) relating to the transactions
contemplated in this Agreement, whether obtained before or after execution of this Agreement. SHE and the Company will not use
any information so obtained from the other party for any purpose and will take all reasonable steps to have such other party’s
information kept confidential.

 

ARTICLE VII

INDEMNIFICATION AND RELATED MATTERS

 

7.01     Survival
of Representations and Warranties. The representations and warranties in this Agreement or in any instrument delivered
pursuant to this Agreement shall survive until twelve (12) months after the Effective Time (except for with respect to Taxes, which
shall survive for the applicable statute of limitations plus 90 days, and covenants that by their terms survive for a longer period).

 

7.02     Indemnification.

 

(a)       SHE
shall indemnify and hold the selling interest holders and the Company harmless for, from and against any and all liabilities, obligations,
damages, losses, deficiencies, costs, penalties, interest and expenses (including, but not limited to, any and all expenses whatsoever
reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever)
(collectively, “Losses”) to which SHE may become subject resulting from or arising out of any breach of a representation,
warranty or covenant made by SHE as set forth herein.

 

    	 	17	 

     

    

 

(b)       The
Company and selling interest holders shall jointly indemnify and hold SHE and SHE’s officers and directors (“SHE’s
Representatives”) harmless for, from and against any and all Losses to which SHE or SHE’s Representatives may become
subject resulting from or arising out of (1) any breach of a representation, warranty or covenant made by the Company as set forth
herein; or (2) any and all liabilities arising out of or in connection with: (A) any of the assets of the Company prior to the
Closing; or (B) the operations of the Company prior to the Closing.

 

7.03     Notice
of Indemnification. Promptly after the receipt by any indemnified party (the “Indemnitee”) of notice
of the commencement of any action or proceeding against such Indemnitee, such Indemnitee shall, if a claim with respect thereto
is or may be made against any indemnifying party (the “Indemnifying Party”) pursuant to this Article VII, give
such Indemnifying Party written notice of the commencement of such action or proceeding and give such Indemnifying Party a copy
of such claim and/or process and all legal pleadings in connection therewith. The failure to give such notice shall not relieve
any Indemnifying Party of any of its indemnification obligations contained in this Article VII, except where, and solely to the
extent that, such failure actually and materially prejudices the rights of such Indemnifying Party. Such Indemnifying Party shall
have, upon request within thirty (30) days after receipt of such notice, but not in any event after the settlement or compromise
of such claim, the right to defend, at its own expense and by its own counsel reasonably acceptable to the Indemnitee, any such
matter involving the asserted liability of the Indemnitee; provided, however, that if the Indemnitee determines that there is a
reasonable probability that a claim may materially and adversely affect it, other than solely as a result of money payments required
to be reimbursed in full by such Indemnifying Party under this Article VII or if a conflict of interest exists between Indemnitee
and the Indemnifying Party, the Indemnitee shall have the right to defend, compromise or settle such claim or suit; and, provided,
further, that such settlement or compromise shall not, unless consented to in writing by such Indemnifying Party, which shall not
be unreasonably withheld, be conclusive as to the liability of such Indemnifying Party to the Indemnitee. In any event, the Indemnitee,
such Indemnifying Party and its counsel shall cooperate in the defense against, or compromise of, any such asserted liability,
and in cases where the Indemnifying Party shall have assumed the defense, the Indemnitee shall have the right to participate in
the defense of such asserted liability at the Indemnitee’s own expense. In the event that such Indemnifying Party shall decline
to participate in or assume the defense of such action, prior to paying or settling any claim against which such Indemnifying Party
is, or may be, obligated under this Article VII to indemnify an Indemnitee, the Indemnitee shall first supply such Indemnifying
Party with a copy of a final court judgment or decree holding the Indemnitee liable on such claim or, failing such judgment or
decree, the terms and conditions of the settlement or compromise of such claim. An Indemnitee’s failure to supply such final
court judgment or decree or the terms and conditions of a settlement or compromise to such Indemnifying Party shall not relieve
such Indemnifying Party of any of its indemnification obligations contained in this Article VII, except where, and solely to the
extent that, such failure actually and materially prejudices the rights of such Indemnifying Party. If the Indemnifying Party is
defending the claim as set forth above, the Indemnifying Party shall have the right to settle the claim only with the consent of
the Indemnitee.

 

    	 	18	 

     

    

 

ARTICLE VIII 

GENERAL PROVISIONS

 

8.01     Notices.
Any and all notices and other communications hereunder shall be in writing and shall be deemed duly given to the party to whom
the same is so delivered, sent or mailed at addresses and contact information set forth below (or at such other address for a party
as shall be specified by like notice.) Any and all notices or other communications or deliveries required or permitted to be provided
hereunder shall be deemed given and effective on the earliest of: (a) on the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (Pacific
Standard Time) on a business day, (b) on the next business day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a business
day or later than 5:30 p.m. (Pacific Standard Time) on any business day, (c) on the second business day following the date of mailing,
if sent by a nationally recognized overnight courier service, or (d) if by personal delivery, upon actual receipt by the party
to whom such notice is required to be given.

 

If to SHE:

 

SHE Beverage Company,
Inc.

42601 8th
Street West, Suite 108

Lancaster, CA 93534

 

If to the Company:

 

Mink Bath Bombs

25548 Fountain Glen
court #108,

Stevenson Ranch, 91381

 

8.02     Definitions.
For purposes of this Agreement:

 

(a)      an
“affiliate” of any person means another person that directly or indirectly, through one or more intermediaries, controls,
is controlled by, or is under common control with, such first person;

 

(b)      “material
adverse change” or “material adverse effect” means, when used in connection with the Company or SHE, any change
or effect that either individually or in the aggregate with all other such changes or effects is materially adverse to the business,
assets, properties, condition (financial or otherwise) or results of operations of such party and its subsidiaries taken as a whole
(after giving effect in the case of SHE to the consummation of the Exchange);

 

(c)      “person”
means an individual, corporation, partnership, joint venture, association, trust, unincorporated organization or other entity;
and (d) a “subsidiary” of any person means another person, an amount of the voting securities, other voting ownership
or voting partnership interests of which is sufficient to elect at least a majority of its board of Directors or other governing
body (or, if there are no such voting interests, fifty percent (50%) or more of the equity interests of which) is owned directly
or indirectly by such first person.

 

    	 	19	 

     

    

 

8.03     Interpretation.
When a reference is made in this Agreement to a Section, Exhibit or Schedule, such reference shall be to a Section of, or an Exhibit
or Schedule to, this Agreement unless otherwise indicated. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”.

 

8.04     Entire
Agreement; No Third-Party Beneficiaries. This Agreement and the other agreements referred to herein constitute the entire
agreement, and supersede all prior agreements and understandings, both written and oral, among the Parties with respect to the
subject matter of this Agreement. This Agreement is not intended to confer upon any person other than the Parties any rights or
remedies.

 

8.05     Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California, regardless
of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

 

8.06     Assignment.
Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part,
by operation of law or otherwise by any of the Parties without the prior written consent of the other Parties. Subject to the preceding
sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective
successors and assigns.

 

8.07     Enforcement.
The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled
to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement in any court of the United States located in the State of California, this being in addition to any other remedy to which
they are entitled at law or in equity. In addition, each of the Parties hereto (a) agrees that it will not attempt to deny or defeat
such personal jurisdiction or venue by motion or other request for leave from any such court, and (b) agrees that it will not bring
any action relating to this Agreement or any of the transactions contemplated by this Agreement in any state court other than such
court.

 

8.08     Severability.
Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law but if any provision or portion of any provision of this Agreement is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never
been contained herein.

 

8.09     Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of
more than one party, but all such counterparts taken together will constitute one and the same Agreement. This Agreement, to the
extent delivered by means of a facsimile machine or electronic mail (any such delivery, an “Electronic Delivery”),
shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto, each other
party hereto shall re-execute original forms hereof and deliver them in person to all other Parties. No party hereto shall raise
the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted
or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever
waives any such defense, except to the extent such defense related to lack of authenticity.

 

    	 	20	 

     

    

 

8.10     Attorney’s
Fees. In the event any suit or other legal proceeding is brought for the enforcement of any of the provisions of this Agreement,
the Parties hereto agree that the prevailing party or Parties shall be entitled to recover from the other party or Parties upon
final judgment on the merits reasonable attorneys’ fees, including attorneys’ fees for any appeal, and costs incurred
in bringing such suit or proceeding.

 

8.11     Currency.
All references to currency in this Agreement shall refer to the lawful currency of the United States of America.

 

IN WITNESS WHEREOF, the undersigned
have caused their duly authorized officers to execute this Agreement as of the date first above written.

 

	Mink Bath Bombs: 	 
	 	 	 
	By:	 	 
	 	Morganne Gervais, principle partner	 
	 	 	 
	By:	 	 
	 	Lupie Salas, principle partner	 
	 	 	 
	SHE Beverage Company, Inc. 	 
	 	 	 
	By:	 	 
	 	Lupe Rose, President & Chief Executive Officer 	 

 

    	 	21	 

     

    

 

Company
Disclosure Schedule

 

The following are the assets requisite from Bath to the shareholders
of SHE for the consummation of this Agreement:

 

		1)	All product, hardware, software, licenses, licensing agreements and any other assets owned by Bath at the time of the acquisition
by SHE;

 

		2)	All trademarks, patents, logos, identifiers, etc. owned by Bath at the time of the acquisition by SHE;

 

		3)	All Intellectual Property, etc., owned by Bath at the time of acquisition by SHE;

 

		4)	All adverting signs, banners, and identifiers owned by Bath at the time of acquisition by SHE;

 

		5)	All Bath management and interest holders shall not enter into any competing market, work at any
competing business, form any entity or operate in any business that is in direct competition with SHE and in any like business
as it pertains to SHE’s acquisition of Bath for a period of five (5) years from the execution of the Acquisition and Stock
Purchase Agreement executed by both Parties.

 

    	 	22

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