Document:

Exhibit 4.4

   

  

   

  IMMUNOCORE HOLDINGS PLC,

      Issuer

      

      AND

      

      [TRUSTEE],

      Trustee

   

  _______________

   

  INDENTURE

      

      Dated as of [·], 20__

   

  _______________

   

  Debt Securities

   

  
  
    	 	 	 

  

  
     

  

  
   

  TABLE OF CONTENTS

   

  	 	 	 	PAGE
	 	 	 	 
	article 1	DEFINITIONS	1
	 	 	 	 
	 	Section 1.01	Definitions of Terms	1
	 	 	 	 
	article 2	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	 	 	 	 
	 	Section 2.01	Designation and Terms of Securities	5
	 	 	 	 
	 	Section 2.02	Form of Securities and Trustee’s Certificate	8
	 	 	 	 
	 	Section 2.03	Denominations: Provisions for Payment	8
	 	 	 	 
	 	Section 2.04	Execution and Authentications	10
	 	 	 	 
	 	Section 2.05	Registration of Transfer and Exchange	11
	 	 	 	 
	 	Section 2.06	Temporary Securities	12
	 	 	 	 
	 	Section 2.07	Mutilated, Destroyed, Lost or Stolen Securities	12
	 	 	 	 
	 	Section 2.08	Cancellation	13
	 	 	 	 
	 	Section 2.09	Benefits of Indenture	14
	 	 	 	 
	 	Section 2.10	Authenticating Agent	14
	 	 	 	 
	 	Section 2.11	Global Securities	14
	 	 	 	 
	 	Section 2.12	CUSIP Numbers	15
	 	 	 	 
	article 3	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	16
	 	 	 	 
	 	Section 3.01	Redemption	16
	 	 	 	 
	 	Section 3.02	Notice of Redemption	16
	 	 	 	 
	 	Section 3.03	Payment Upon Redemption	17
	 	 	 	 
	 	Section 3.04	Sinking Fund	17
	 	 	 	 
	 	Section 3.05	Satisfaction of Sinking Fund Payments with Securities	18
	 	 	 	 
	 	Section 3.06	Redemption of Securities for Sinking Fund	18
	 	 	 	 
	article 4	COVENANTS	18
	 	 	 	 
	 	Section 4.01	Payment of Principal, Premium and Interest	18
	 	 	 	 
	 	Section 4.02	Maintenance of Office or Agency	18
	 	 	 	 
	 	Section 4.03	Paying Agents	19
	 	 	 	 
	 	Section 4.04	Appointment to Fill Vacancy in Office of Trustee	20

   

  
  
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  TABLE OF CONTENTS

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  	 	 	PAGE
	 	 	 
	article 5	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	20
	 	 	 	 
	 	Section 5.01	Company to Furnish Trustee Names and Addresses of Securityholders	20
	 	 	 	 
	 	Section 5.02	Preservation of Information; Communications With Securityholders	21
	 	 	 	 
	 	Section 5.03	Reports by the Company	21
	 	 	 	 
	 	Section 5.04	Reports by the Trustee	22
	 	 	 	 
	article 6	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	22
	 	 	 	 
	 	Section 6.01	Events of Default	22
	 	 	 	 
	 	Section 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee	24
	 	 	 	 
	 	Section 6.03	Application of Moneys Collected	25
	 	 	 	 
	 	Section 6.04	Limitation on Suits	26
	 	 	 	 
	 	Section 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver	27
	 	 	 	 
	 	Section 6.06	Control by Securityholders	27
	 	 	 	 
	 	Section 6.07	Undertaking to Pay Costs	28
	 	 	 	 
	article 7	CONCERNING THE TRUSTEE	28
	 	 	 	 
	 	Section 7.01	Certain Duties and Responsibilities of Trustee	28
	 	 	 	 
	 	Section 7.02	Certain Rights of Trustee	29
	 	 	 	 
	 	Section 7.03	Trustee Not Responsible for Recitals or Issuance or Securities	31
	 	 	 	 
	 	Section 7.04	May Hold Securities	32
	 	 	 	 
	 	Section 7.05	Moneys Held in Trust	32
	 	 	 	 
	 	Section 7.06	Compensation and Reimbursement	32
	 	 	 	 
	 	Section 7.07	Reliance on Officer’s Certificate	33
	 	 	 	 
	 	Section 7.08	Disqualification; Conflicting Interests	33
	 	 	 	 
	 	Section 7.09	Corporate Trustee Required; Eligibility	33
	 	 	 	 
	 	Section 7.10	Resignation and Removal; Appointment of Successor	34
	 	 	 	 
	 	Section 7.11	Acceptance of Appointment by Successor	35
	 	 	 	 
	 	Section 7.12	Merger, Conversion, Consolidation or Succession to Business	36

   

  
  
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  	 	 	 	PAGE
	 	 	 	 
	 	Section 7.13	Preferential Collection of Claims Against the Company	36
	 	 	 	 
	 	Section 7.14	Notice of Default.	36
	 	 	 	 
	article 8	CONCERNING THE SECURITYHOLDERS	37
	 	 	 	 
	 	Section 8.01	Evidence of Action by Securityholders	37
	 	 	 	 
	 	Section 8.02	Proof of Execution by Securityholders	37
	 	 	 	 
	 	Section 8.03	Who May be Deemed Owners	38
	 	 	 	 
	 	Section 8.04	Certain Securities Owned by Company Disregarded	38
	 	 	 	 
	 	Section 8.05	Actions Binding on Future Securityholders	38
	 	 	 	 
	article 9	SUPPLEMENTAL INDENTURES	39
	 	 	 	 
	 	Section 9.01	Supplemental Indentures Without the Consent of Securityholders	39
	 	 	 	 
	 	Section 9.02	Supplemental Indentures with Consent of Securityholders	40
	 	 	 	 
	 	Section 9.03	Effect of Supplemental Indentures	40
	 	 	 	 
	 	Section 9.04	Securities Affected by Supplemental Indentures	41
	 	 	 	 
	 	Section 9.05	Execution of Supplemental Indentures	41
	 	 	 	 
	article 10	SUCCESSOR ENTITY	42
	 	 	 	 
	 	Section 10.01	Company May Consolidate, Etc.	42
	 	 	 	 
	 	Section 10.02	Successor Entity Substituted	42
	 	 	 	 
	article 11	SATISFACTION AND DISCHARGE	43
	 	 	 	 
	 	Section 11.01	Satisfaction and Discharge of Indenture	43
	 	 	 	 
	 	Section 11.02	Discharge of Obligations	43
	 	 	 	 
	 	Section 11.03	Deposited Moneys to be Held in Trust	43
	 	 	 	 
	 	Section 11.04	Payment of Moneys Held by Paying Agents	44
	 	 	 	 
	 	Section 11.05	Repayment to Company	44
	 	 	 	 
	article 12	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	44
	 	 	 	 
	 	Section 12.01	No Recourse	44
	 	 	 	 
	article 13	MISCELLANEOUS PROVISIONS	45
	 	 	 	 
	 	Section 13.01	Effect on Successors and Assigns	45
	 	 	 	 
	 	Section 13.02	Actions by Successor	45
	 	 	 	 
	 	Section 13.03	Surrender of Company Powers	45

   

  
  
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  	 	 	 	PAGE
	 	 	 	 
	 	Section 13.04	Notices	45
	 	 	 	 
	 	Section 13.05	Governing Law; Jury Trial Waiver	45
	 	 	 	 
	 	Section 13.06	Treatment of Securities as Debt	46
	 	 	 	 
	 	Section 13.07	Certificates and Opinions as to Conditions Precedent	46
	 	 	 	 
	 	Section 13.08	Payments on Business Days	46
	 	 	 	 
	 	Section 13.09	Conflict with Trust Indenture Act	47
	 	 	 	 
	 	Section 13.10	Counterparts	47
	 	 	 	 
	 	Section 13.11	Separability	47
	 	 	 	 
	 	Section 13.12	Compliance Certificates	47
	 	 	 	 
	 	Section 13.13	Patriot Act	47
	 	 	 	 
	 	Section 13.14	Force Majeure	48
	 	 	 	 
	 	Section 13.12	Table of Contents; Headings	48

   

  
  
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  INDENTURE

   

  Indenture,
    dated as of [·], 20__, among Immunocore Holdings plc, a public limited company
    incorporated under the laws of England and Wales under company number 13119746 and having its registered office at 92 Park Drive,
    Milton Park, Abingdon, Oxfordshire, United Kingdom, OX14 4RY (the “Company”), and [Trustee],
    as trustee (the “Trustee”):

   

  Whereas,
    for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
    the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal
    amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons,
    to be authenticated by the certificate of the Trustee;

   

  Whereas,
    to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly
    authorized the execution of this Indenture; and

   

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

   

  Now,
        Therefore, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually
    covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities:

   

  article
        1

        

        DEFINITIONS

   

  Section 1.01         Definitions
      of Terms.

   

  The terms defined in this
    Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise
    requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified
    in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in
    the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended
    (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires),
    shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of
    the execution of this instrument.

   

  “Authenticating
        Agent” means the Trustee or an authenticating agent with respect to all or any of the series of Securities appointed
    by the Trustee pursuant to Section 2.10.

   

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

   

  
  
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  “Board of Directors”
    means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such Board.

   

  “Board Resolution”
    means a copy of a resolution certified by the Secretary of the Company to have been duly adopted by the Board of Directors (or
    duly authorized committee thereof, as applicable) and to be in full force and effect on the date of such certification.

   

  “Business Day”
    means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in England,
    Wales, the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized
    or obligated by law, executive order or regulation to close.

   

  “Commission”
    means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time
    after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust
    Indenture Act, then the body performing such duties at such time.

   

  “Company”
    means Immunocore Holdings plc, a public limited company incorporated under the laws of England and Wales under company number 13119746
    and having its registered office at 92 Park Drive, Milton Park, Abingdon, Oxfordshire, United Kingdom, OX14 4RY, and, subject to
    the provisions of Article Ten, shall also include its successors and assigns.

   

  “Corporate
        Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall
    be principally administered, which office at the date hereof is located at                                  
                                                                                                      .

   

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

   

  “Defaulted
        Interest” has the meaning set forth in Section 2.03.

   

  “Depositary”
    means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
    Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under
    the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to
    either Section 2.01 or 2.11.

   

  “Event of Default”
    means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time,
    if any, therein designated.

   

  “Exchange Act”
    means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
    thereunder.

   

  The term “given”,
    “mailed”, “notify” or “sent” with respect to any
    notice to be given to a Securityholder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee)
    pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted
    practices or procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Securityholder by first class
    mail, postage prepaid, at its address as it appears on the Security Register (in the case of a definitive Security). Notice so
    “given” shall be deemed to include any notice to be “mailed” or “delivered,” as applicable,
    under this Indenture.

   

  
  
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  “Global Security”
    means a Security issued to evidence all or a part of any series of Securities which is executed by the Company and authenticated
    and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture,
    which shall be registered in the name of the Depositary or its nominee.

   

  “Governmental
        Obligations” means securities that are (a) direct obligations of the United States of America for the payment
    of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an
    agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and
    credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer
    thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank
    or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest
    on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided,
    however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
    holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific
    payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

   

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

   

  “Indenture”
    means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
    supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities
    established as contemplated by Section 2.01.

   

  “Interest Payment
        Date”, when used with respect to any installment of interest on a Security of a particular series, means the date
    specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed
    date on which an installment of interest with respect to Securities of that series is due and payable.

   

  “Officer”
    means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial
    officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer
    or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

   

  “Officer’s
        Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided
    for in Section 13.07, if and to the extent required by the provisions thereof.

   

  
  
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  “Opinion of
        Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of
    or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include
    the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

   

  “Outstanding”,
    when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
    all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
    theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
    have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
    Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
    Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
    provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
    of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been
    made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
    and delivered pursuant to the terms of Section 2.07.

   

  “Person”
    means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust,
    unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or
    instrumentality thereof.

   

  “Predecessor
        Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as
    that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
    under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed
    or stolen Security.

   

  “Responsible
        Officer” when used with respect to the Trustee means any officer within the Corporate Trust Office 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 any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer
    to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in each case
    who shall have direct responsibility for the administration of this Indenture.

   

  “Securities”
    has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
    under this Indenture.

   

  “Securities Act” means the Securities
    Act of 1933, as amended.

   

  “Securityholder”,
    “holder of Securities”, “registered holder”, or other similar term, means the
    Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in
    accordance with the terms of this Indenture.

   

  
  
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  “Security Register”
    and “Security Registrar” shall have the meanings as set forth in Section 2.05.

   

  “Subsidiary” means,
    with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total
    voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence
    of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or
    controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii)
    one or more Subsidiaries of such Person.

   

  “Trustee”
    means _________________________, and, subject to the provisions of Article Seven, shall also include its successors and assigns,
    and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such
    Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with
    respect to that series.

   

  “Trust Indenture
        Act” means the Trust Indenture Act of 1939, as amended.

   

  “U.S.A. Patriot
        Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
    Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001.

   

  article
        2

        

        ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

   

  Section 2.01         Designation
      and Terms of Securities.

   

  (a)           The
    aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities
    may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized
    by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of
    Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s
    Certificate, or established in one or more indentures supplemental hereto:

   

  (1)       the
    title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

   

  (2)       any
    limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture
    (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
    of that series);

   

  
  
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  (3)       the
    maturity date or dates on which the principal of the Securities of the series is payable;

   

  (4)       the
    form of the Securities of the series including the form of the certificate of authentication for such series;

   

  (5)       the
    applicability of any guarantees;

   

  (6)       whether
    or not the Securities will be secured or unsecured, and the terms of any secured debt;

   

  (7)       the
    place or places where payments will be payable;

   

  (8)       whether
    the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms of any
    subordination;

   

  (9)       if
    the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price
    other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of
    the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another
    security or the method by which any such portion shall be determined;

   

  (10)       the
    interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin
    to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining
    such dates;

   

  (11)       the
    Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

   

  (12)       if
    applicable, the date or dates after which, and the price or prices at which, the Company may at its option, redeem the series of
    Securities pursuant to any optional redemption provisions and the terms of those redemption provisions;

   

  (13)       the
    date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking fund
    or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, any series of Securities;

   

  (14)       whether
    the Company’s ability to pay dividends will be restricted pursuant to the Indenture, or whether the Company will be required
    pursuant to the Indenture to maintain any asset ratios or reserves;

   

  (15)       whether
    the Company will be restricted from incurring any additional indebtedness;

   

  (16)       the
    denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S. dollars
    ($1,000) or any integral multiple thereof;

   

  
  
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  (17)       any
    and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security for the
    obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing
    of Securities of that series;

   

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

   

  (19)       if
    applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions upon
    which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how
    it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option)
    conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or
    exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;

   

  (20)       if
    other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
    upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

   

  (21)       additions
    to or changes in the covenants applicable to the series of Securities being issued, including, among others, the consolidation,
    merger or sale covenant;

   

  (22)       additions
    to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or the Securityholders
    to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable;

   

  (23)       additions
    to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

   

  (24)       additions
    to or changes in the provisions relating to satisfaction and discharge of this Indenture;

   

  (25)       additions
    to or changes in the provisions relating to the modification of this Indenture both with and without the consent of Securityholders
    of Securities issued under this Indenture;

   

  (26)       the
    currency or units based on or relating to currencies in which Securities are denominated and the currency or units in which principal
    or interest may be payable; and if the currency is other than U.S. dollars the manner of determining the equivalent amount in U.S.
    dollars;

   

  (27)       any
    material or special U.S. federal income tax considerations applicable to a series of Securities;

   

  
  
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  (28)       whether
    interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the terms
    and conditions upon which the election may be made;

   

  (29)       the
    terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and
    principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal
    tax purposes;

   

  (30)       any
    restrictions on transfer, sale or assignment of the Securities of the series; and

   

  (31)       any
    other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or changes
    in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations.

   

  All Securities of any one
    series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any
    indentures supplemental hereto.

   

  If any of the terms of
    the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such
    action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to
    the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.

   

  Securities of any particular
    series may be issued at various times, with different dates on which the principal or any installment of principal is payable,
    with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates
    on which such interest may be payable and with different redemption dates.

   

  Section 2.02         Form
      of Securities and Trustee’s Certificate.

   

  The Securities of any series
    and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport
    as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s
    Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements
    printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of
    this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule
    or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.

   

  Section 2.03         Denominations:
      Provisions for Payment.

   

  The Securities shall be
    issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
    subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate
    specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the Securities of any
    series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon
    conversion or exchange thereof, shall be payable in the coin or currency of the United States of America that at the time is legal
    tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be
    dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve
    30-day months.

   

  
  
    	 	8	 

  

  
     

  

  
  

   

  The interest installment
    on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that
    series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close
    of business on the regular record date for such interest installment. In the event that any Security of a particular series or
    portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest
    Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of
    such Security as provided in Section 3.03.

   

  Any interest on any Security
    that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series
    (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular
    record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as
    provided in clause (1) or clause (2) below:

   

  (1)       The
    Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
    Predecessor Securities) are registered in the Security Register at the close of business on a special record date for the payment
    of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the
    amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time
    the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such
    Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
    such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause
    provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more
    than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee
    of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name
    and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
    date therefor to be sent, to each Securityholder not less than 10 days prior to such special record date. Notice of the proposed
    payment of such Defaulted Interest and the special record date therefor having been sent as aforesaid, such Defaulted Interest
    shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered in the
    Security Register on such special record date.

   

  
  
    	 	9	 

  

  
     

  

  
  

   

  (2)       The
    Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements
    of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if,
    after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall
    be deemed practicable by the Trustee.

   

  Unless otherwise set forth
    in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant
    to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities
    and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month
    in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment
    Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant
    to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is
    a Business Day.

   

  Subject to the foregoing
    provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in
    lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried
    by such other Security.

   

  Section 2.04         Execution
      and Authentications.

   

  The Securities shall be
    signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

   

  The Company may use the
    facsimile signature of any Person who shall have been an Officer (at the time of execution), notwithstanding the fact that at the
    time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of
    the Company. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage.
    Each Security shall be dated the date of its authentication by the Trustee.

   

  A Security shall not be
    valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall
    be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder
    is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture,
    the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written
    order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance
    with such written order shall authenticate and deliver such Securities.

   

  Upon the Company’s
    delivery of any such authentication order to the Trustee at any time after the initial issuance of Securities under this Indenture,
    the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected
    in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate stating that all conditions
    precedent to the execution, authentication and delivery of such Securities are in conformity with the provisions of this Indenture.

   

  
  
    	 	10	 

  

  
     

  

  
  

   

  The Trustee shall not be
    required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s
    own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable
    to the Trustee.

   

  Section 2.05         Registration
      of Transfer and Exchange.

   

  (a)       Securities
    of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for
    other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient
    to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities
    so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver
    in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled
    to receive, bearing numbers not contemporaneously outstanding.

   

  (b)       The
    Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred
    to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall
    register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be
    open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein
    provided shall be appointed as authorized by Board Resolution or Supplemental Indenture (the “Security Registrar”).

   

  Upon surrender for transfer
    of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall
    authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities
    of the same series as the Security presented for a like aggregate principal amount.

   

  The Company initially appoints
    the Trustee as Security Registrar for each series of Securities.

   

  All Securities presented
    or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the
    Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the
    Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

   

  (c)       Except
    as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
    in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer
    of Securities, or issue of new Securities in case of partial redemption of any series or repurchase, conversion or exchange of
    less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or
    other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04
    not involving any transfer.

   

  
  
    	 	11	 

  

  
     

  

  
   

  

  (d)       The
    Company and the Security Registrar shall not be required (i) to issue, exchange or register the transfer of any Securities during
    a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of less than all
    the Outstanding Securities of the same series and ending at the close of business on the day of such sending, nor (ii) to register
    the transfer of or exchange any Securities of any series or portions thereof called for redemption or surrendered for repurchase,
    but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for
    repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11
    hereof.

   

  The Trustee shall have
    no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
    or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among
    Depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates
    and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of,
    this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

   

  Section 2.06         Temporary
      Securities.

   

  Pending the preparation
    of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities
    (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the
    form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be
    appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be
    executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and
    with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish
    definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange
    therefor (without charge to the Securityholders), at the office or agency of the Company designated for the purpose, and the Trustee
    shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal
    amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities
    need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such
    series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered
    hereunder.

   

  Section 2.07         Mutilated,
      Destroyed, Lost or Stolen Securities.

   

  In case any temporary or
    definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
    shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
    of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security,
    or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted
    Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
    harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence
    to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee
    may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of
    the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any
    tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
    of the Trustee) connected therewith.

   

  
  
    	 	12	 

  

  
     

  

  
  

   

  In case any Security that
    has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a
    substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security)
    if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to
    save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of
    the destruction, loss or theft of such Security and of the ownership thereof.

   

  Every replacement Security
    issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether
    or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be
    entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series
    duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive
    with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent
    lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary
    with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

   

  Section 2.08         Cancellation.

   

  All Securities surrendered
    for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if surrendered to the
    Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to
    the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted
    by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver
    to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities
    in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise
    acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
    represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

   

  
  
    	 	13	 

  

  
     

  

  
  

   

  Section 2.09         Benefits
      of Indenture.

   

  Nothing in this Indenture
    or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the
    holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant,
    condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties
    hereto and of the holders of the Securities.

   

  Section 2.10         Authenticating
      Agent.

   

  So long as any of the Securities
    of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee
    shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate
    Securities of such series issued upon exchange, transfer or partial redemption, repurchase or conversion thereof, and Securities
    so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
    by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to
    include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company
    and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under
    the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that
    is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state
    authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign
    immediately.

   

  Any Authenticating Agent
    may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and
    upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to
    such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent,
    the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent,
    upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder
    as if originally named as an Authenticating Agent pursuant hereto.

   

  Section 2.11         Global
      Securities.

   

  (a)           If
    the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security,
    then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security
    that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
    Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the
    Trustee to the Depositary or pursuant to the Depositary’s instruction (or if the Depositary names the Trustee as its custodian,
    retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided
    in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary
    or to a successor Depositary or to a nominee of such successor Depositary.”

   

  
  
    	 	14	 

  

  
     

  

  
  

   

  (b)           Notwithstanding
    the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner
    provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series
    selected or approved by the Company or to a nominee of such successor Depositary.

   

  (c)           If
    at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
    for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
    Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
    90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default
    has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11
    shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee
    will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations,
    and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global
    Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by
    a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such
    event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing
    such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without
    coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security
    of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive
    registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities
    in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in
    such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants
    or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons
    in whose names such Securities are so registered.

   

  Section 2.12         CUSIP
      Numbers.

   

  The Company in issuing
    the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
    numbers in notices of redemption as a convenience to Securityholders; 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 elements of identification 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 of any change
    in the “CUSIP” numbers.

   

  
  
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  article
        3

        

        REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

   

  Section 3.01        Redemption.

   

  The Company may redeem
    the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series
    pursuant to Section 2.01 hereof.

   

  Section 3.02         Notice
      of Redemption.

   

  (a)           In
    case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series
    in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall,
    or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing,
    first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail in accordance with
    the applicable procedures of the Depositary), a notice of such redemption not less than 30 days and not more than 90 days before
    the date fixed for redemption of that series to such Securityholders, unless a shorter period is specified in the Securities to
    be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether
    or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of
    any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings
    for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior
    to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture,
    the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.

   

  Each such notice of redemption
    shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for redemption and the redemption
    price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities
    to be redeemed will be made at the office or agency of the Company, upon presentation and surrender of such Securities, that interest
    accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will
    cease to accrue and that the redemption is from a sinking fund, if such is the case. If less than all the Securities of a series
    are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular
    Securities to be so redeemed.

   

  In case any Security is
    to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to
    be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities
    of such series in principal amount equal to the unredeemed portion thereof will be issued.

   

  (b)           If
    less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
    (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate
    principal amount of Securities of the series to be redeemed, and thereupon the Securities to be redeemed shall be selected, by
    lot, on a pro rata basis, or in such other manner as the Company shall deem appropriate and fair in its discretion and that may
    provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof)
    of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter
    promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if
    and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying
    agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner
    set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may
    deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall
    deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security
    Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying
    agent to give any notice by mail that may be required under the provisions of this Section.

   

  
  
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  Section 3.03         Payment
      Upon Redemption.

   

  (a)           If
    the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
    series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice
    at the applicable redemption price, together with interest accrued to, but excluding, the date fixed for redemption and interest
    on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company
    shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof.
    On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in
    the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest
    accrued thereon to, but excluding, the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date,
    the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable
    record date pursuant to Section 2.03).

   

  (b)           Upon
    presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall
    authenticate and the office or agency where the Security is presented shall deliver to the Securityholder thereof, at the expense
    of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion
    of the Security so presented.

   

  Section 3.04         Sinking
      Fund.

   

  The provisions of Sections
    3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified
    as contemplated by Section 2.01 for Securities of such series.

   

  
  
    	 	17	 

  

  
     

  

  
  

   

  The minimum amount of any
    sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
    fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is
    herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series,
    the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment
    shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

   

  Section 3.05         Satisfaction
      of Sinking Fund Payments with Securities.

   

  The Company (i) may deliver
    Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the
    election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund
    payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment
    with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the
    terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and
    credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation
    of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

   

  Section 3.06         Redemption
      of Securities for Sinking Fund.

   

  Not less than 45 days prior
    to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee),
    the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment
    for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting
    Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate,
    deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the
    Securities to be redeemed upon such sinking fund payment date shall be selected in the manner specified in Section 3.02 and the
    Company shall cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner
    provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and
    in the manner stated in Section 3.03.

   

  article
        4

        

        COVENANTS

   

  Section 4.01         Payment
      of Principal, Premium and Interest.

   

  The Company will duly and
    punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the
    time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the
    Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on
    and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S.
    dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no
    later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided
    herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled
    thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder
    shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the
    relevant payment date.

   

  

  
  
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  Section 4.02         Maintenance
      of Office or Agency.

   

  So long as any series of
    the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at such
    other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented
    for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange,
    and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given
    or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed
    by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency
    for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall
    fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate
    Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices
    and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities.

   

  Section 4.03         Paying
      Agents.

   

  (a)           If
    the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company
    will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the
    Trustee, subject to the provisions of this Section:

   

  (1)       that
    it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities
    of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for
    the benefit of the Persons entitled thereto;

   

  (2)       that
    it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
    of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

   

  (3)       that
    it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
    request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

   

  
  
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  (4)       that
    it will perform all other duties of paying agent as set forth in this Indenture.

   

  (b)           If
    the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date
    of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for
    the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
    due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
    will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.
    Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the
    principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient
    to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
    entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify
    the Trustee of this action or failure so to act.

   

  (c)           Notwithstanding
    anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the
    provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge
    of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the
    Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums
    were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company
    or such paying agent shall be released from all further liability with respect to such money.

   

  Section 4.04         Appointment
      to Fill Vacancy in Office of Trustee.

   

  The Company, whenever necessary
    to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there
    shall at all times be a Trustee hereunder.

   

  article
        5

        

        SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

   

  Section 5.01         Company
      to Furnish Trustee Names and Addresses of Securityholders.

   

  The Company will furnish
    or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a list,
    in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of
    such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time
    that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such
    other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of
    similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that,
    in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

   

  
  
    	 	20	 

  

  
     

  

  
  

   

  Section 5.02         Preservation
      Of Information; Communications With Securityholders.

   

  (a)           The
    Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
    holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses
    of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

   

  (b)            The
    Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

   

  (c)            Securityholders
    may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights
    under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
    under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

   

  Section 5.03         Reports
      by the Company.

   

  (a)           The
    Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees to provide (which
    delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies
    of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as
    the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission
    pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to
    the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential
    treatment by the Commission; and provided further, that so long as such filings by the Company are available on the Commission’s
    Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have
    been filed with the Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt,
    a failure by the Company to file annual reports, information and other reports with the Commission within the time period prescribed
    thereof by the Commission shall not be deemed a breach of this Section 5.03.

   

  (b)           Delivery
    of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information
    and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein,
    or determinable from information contained therein including the Company’s compliance with any of their covenants thereunder
    (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no duty to examine
    any such reports, information or documents delivered to the Trustee or filed with the Commission via EDGAR to ensure compliance
    with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements contained
    therein. The Trustee shall have no responsibility or duty whatsoever to ascertain or determine whether the above referenced filings
    with the Commission on EDGAR (or any successor system) has occurred.

   

  
  
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  Section 5.04         Reports
      by the Trustee.

   

  (a)           If
    required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall send to the
    Securityholders a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

   

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

   

  (c)           A
    copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
    with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees
    to notify the Trustee when any Securities become listed on any securities exchange.

   

  article
        6

        

        REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

   

  Section 6.01         Events
      of Default.

   

  (a)           Whenever
    used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following
    events that has occurred and is continuing:

   

  (1)       the
    Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
    shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension or
    deferral of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not
    constitute a default in the payment of interest for this purpose;

   

  (2)       the
    Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the
    same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required
    by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension or delay of
    the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default
    in the payment of principal or premium, if any;

   

  
  
    	 	22	 

  

  
     

  

  
  

   

  (3)       the
    Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
    or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
    that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
    for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that
    such notice is a “Notice of Default” hereunder, shall have been received by the Company from the Trustee, by registered
    or certified mail, or by the Company and the Trustee by the holders of at least a majority in aggregate principal amount of the
    Securities of that series at the time Outstanding;

   

  (4)       the
    Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an
    order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
    all of its property or (iv) makes a general assignment for the benefit of its creditors; or

   

  (5)       a
    court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
    case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of
    the Company, and the order or decree remains unstayed and in effect for 90 days.

   

  (b)           In
    each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of
    all the Securities of that series shall have already become due and payable, either the Trustee or the holders of at least a majority
    in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company
    (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid
    interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become
    and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal
    of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without
    any declaration or other act on the part of the Trustee or the holders of the Securities.

   

  (c)           At
    any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
    have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained
    or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then
    Outstanding hereunder (or, at a meeting of holders of such amount of the Securities of that series then Outstanding at which a
    quorum is present, the holders of a majority in principal amount of the Securities of that series then Outstanding hereunder represented
    at such meeting), by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
    if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all
    the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have
    become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such
    payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities
    of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and
    all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium,
    if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have
    been remedied or waived as provided in Section 6.06.

   

  
  
    	 	23	 

  

  
     

  

  
  

   

  No such rescission and
    annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

   

  (d)           In
    case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such
    proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall
    have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the
    Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
    and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

   

  Section 6.02         Collection
      of Indebtedness and Suits for Enforcement by Trustee.

   

  (a)           The
    Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
    of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the
    same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it
    shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall
    have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise
    then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
    series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
    any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
    that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
    expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs
    and expenses of collection, and the amount payable to the Trustee under Section 7.06.

   

  (b)           If
    the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
    trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums
    so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment
    or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed
    to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of
    that series, wherever situated.

   

  (c)           In
    case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
    proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
    and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
    to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
    Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the
    Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company
    after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute
    the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in
    bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to
    the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
    to pay to the Trustee any amount due it under Section 7.06.

   

  
  
    	 	24	 

  

  
     

  

  
  

   

  (d)           All
    rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
    of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any
    trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own
    name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts
    due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

   

  In case of an Event of
    Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by
    such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either
    at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained
    in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
    vested in the Trustee by this Indenture or by law.

   

  Nothing contained herein
    shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan
    of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any Securityholder
    thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

   

  Section 6.03         Application
      of Moneys Collected.

   

  Any moneys collected by
    the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order,
    at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium,
    if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially
    paid, and upon surrender thereof if fully paid:

   

  FIRST: To the payment of
    costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

   

  
  
    	 	25	 

  

  
     

  

  
   

  

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

   

  THIRD: To the payment
    of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

   

  Section 6.04         Limitation
      on Suits.

   

  No holder of any Security of any series shall have any right
    by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon
    or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder,
    unless (i) such Securityholder previously shall have given to the Trustee written notice of an Event of Default and of the continuance
    thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders
    of at least a majority in aggregate principal amount of the Securities of such series then Outstanding shall have made written
    request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such Securityholder
    or Securityholders shall have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to
    be incurred in compliance with such request; (iv) the Trustee for 60 days after its receipt of such notice, request and offer of
    indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 60 day period, the holders of
    a majority in principal amount of the Securities of that series (or at
      a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the Securities
      of such series represented at such meeting) do not give the Trustee a direction inconsistent with the request.

   

  Notwithstanding anything
    contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive
    payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective
    due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement
    of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent
    of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder
    of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities
    of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect,
    disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or
    preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for
    the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions
    of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or
    in equity.

   

  
  
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  Section 6.05         Rights
      and Remedies Cumulative; Delay or Omission Not Waiver.

   

  (a)           Except
    as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall,
    to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
    or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants
    and agreements contained in this Indenture or otherwise established with respect to such Securities.

   

  (b)           No
    delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
    of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of
    any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this
    Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient,
    by the Trustee or by the Securityholders.

   

  Section 6.06        Control
      by Securityholders.

   

  The holders of a majority in aggregate principal amount of the
    Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the right to direct the
    time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
    on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law
    or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section
    7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible
    Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the
    Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not
    involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time
    Outstanding affected thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities
    of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section
    2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any,
    or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise
    than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal
    and any premium has been deposited with the Trustee (in accordance with Section 6.01(c))), provided,
      however, that the holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may
      rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration.
    Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company,
    the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder,
    respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

   

  
  
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  Section 6.07         Undertaking
      to Pay Costs.

   

  All parties to this
    Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that
    any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
    suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
    undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
    attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of
    the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by
    the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal
    amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the
    payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates
    expressed in such Security or established pursuant to this Indenture.

   

  article
        7

        

        CONCERNING THE TRUSTEE

   

  Section 7.01        Certain
      Duties and Responsibilities of Trustee.

   

  (a)           The
    Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
    Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect
    to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied
    covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of
    a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
    such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
    prudent man would exercise or use under the circumstances in the conduct of his or her own affairs.

   

  (b)           No
    provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
    failure to act, or its own willful misconduct, except that:

   

  (i)           prior
    to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such
    Events of Default with respect to that series that may have occurred:

   

  (A)       the
    duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions
    of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance
    of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be
    read into this Indenture against the Trustee; and

   

  
  
    	 	28	 

  

  
     

  

  
   

  

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

   

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

   

  (iii)         the
    Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
    direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding
    relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
    trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series;

   

  (iv)          none
    of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
    financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable
    ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture
    or adequate indemnity against such risk is not reasonably assured to it;

   

  (v)           The
    Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder;

   

  (vi)          The
    permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and

   

  (vii)        No
    Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to a series of
    Securities hereunder.

   

  Section 7.02        Certain
      Rights of Trustee.

   

  Except as otherwise
    provided in Section 7.01:

   

  (a)           The
    Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
    instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it
    to be genuine and to have been signed or presented by the proper party or parties;

   

  (b)           Any
    request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an
    instrument signed in the name of the Company by any authorized Officer of the Company (unless other evidence in respect thereof
    is specifically prescribed herein);

   

  
  
    	 	29	 

  

  
     

  

  
   

  

  (c)          The
    Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any Opinion of Counsel shall
    be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith
    and in reliance thereon;

   

  (d)          The
    Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
    or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have
    offered to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities that
    may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence
    of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect
    to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and
    skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his or her own affairs;

   

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

   

  (f)           The
    Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
    instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents or inquire
    as to the performance by the Company of one of its covenants under this Indenture, unless requested in writing so to do by the
    holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby
    (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the
    costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
    not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require security
    or indemnity reasonably acceptable to the Trustee against such costs, expenses or liabilities as a condition to so proceeding.
    The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the
    Company upon demand;

   

  (g)           The
    Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
    or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
    with due care by it hereunder;

   

  (h)           In
    no event shall the Trustee be responsible or liable for 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 being understood that the Trustee
    shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
    as practicable under the circumstances;

   

  
  
    	 	30	 

  

  
     

  

  
   

  

  (i)            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; and

   

  (j)            The
    Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
    transmission or other similar unsecured electronic methods; provided, however, that such instructions or directions shall be signed
    by an authorized representative of the party providing such instructions or directions. If the party elects to give the Trustee
    e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act
    upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not
    be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
    with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The
    party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit
    instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions,
    and the risk or interception and misuse by third parties. The Trustee may request that the Company deliver an Officer’s Certificate
    setting forth the names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s
    Certificates, Company Orders and any other matters or directions pursuant to this Indenture;

   

  (k)          The
    rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
    are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and under the Securities, and each
    agent, custodian or other person employed to act under this Indenture; and

   

  (l)           The
    Trustee shall not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default constituting the
    failure to pay the interest on, or the principal of, the Securities if the Trustee also serves as the paying agent for such Securities)
    until the Trustee shall have received written notification in the manner set forth in this Indenture or a Responsible Officer of
    the Trustee shall have obtained actual knowledge.

   

  Section 7.03         Trustee
      Not Responsible for Recitals or Issuance or Securities.

   

  (a)           The
    recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
    for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus,
    or any other document in connection with the sale of Securities. The Trustee shall not be responsible for any rating on the Securities
    or any action or omission of any rating agency.

   

  (b)           The
    Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

   

  
  
    	 	31	 

  

  
     

  

  
    

  (c)           The
    Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
    Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture
    or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the
    Trustee.

   

  Section 7.04         May
      Hold Securities.

   

  The Trustee or any
    paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with
    the same rights it would have if it were not Trustee, paying agent or Security Registrar.

   

  Section 7.05         Moneys
      Held in Trust.

   

  Subject to the provisions
    of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the
    purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee
    shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to
    pay thereon.

   

  Section 7.06        Compensation
      and Reimbursement.

   

  (a)       
      The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for its services as the
    Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by
    any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable
    out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s
    agents and counsel.

   

  (b)           The
    Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense (including
    the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel)
    incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights or duties under this
    Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The
    Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the
    Company 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. This indemnification shall apply to officers, directors, employees,
    shareholders and agents of the Trustee.

   

  (c)           The
    Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
    employee, shareholder or agent of the Trustee through negligence or bad faith.

   

  (d)           To
    ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all
    funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular
    Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section
    6.01(4) or (5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in
    connection therewith are to constitute expenses of administration under any bankruptcy law. The provisions of this Section
    7.06 shall survive the termination of this Indenture and the resignation or removal of the Trustee.

   

  

  
  
    	 	32	 

  

  
     

  

  
   

  Section 7.07        Reliance
      on Officer’s Certificate.

   

  Except as otherwise
    provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
    necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder,
    such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad
    faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered
    to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant
    to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith
    thereof.

   

  Section 7.08        Disqualification;
      Conflicting Interests.

   

  If the Trustee has
    or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee
    and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

   

  Section 7.09        Corporate
      Trustee Required; Eligibility.

   

  There shall at all
    times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing
    business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a
    corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust
    powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision
    or examination by federal, state, territorial, or District of Columbia authority.

   

  If such corporation
    or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
    or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person
    shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company
    may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve
    as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee
    shall resign immediately in the manner and with the effect specified in Section 7.10.

   

  
  
    	 	33	 

  

  
     

  

  
   

  

  Section 7.10         Resignation
      and Removal; Appointment of Successor.

   

  (a)           The
    Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving
    written notice thereof to the Company and the Securityholders of such series. Upon receiving such notice of resignation, the Company
    shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed
    by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the
    successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the
    sending of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment
    of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide
    holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition
    any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper
    and prescribe, appoint a successor trustee.

   

  (b)           In
    case at any time any one of the following shall occur:

   

  (i)       the
    Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
    who has been a bona fide holder of a Security or Securities for at least six months; or

   

  (ii)      the
    Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
    therefor by the Company or by any such Securityholder; or

   

  (iii)     the
    Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
    or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or
    control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

   

  then, in any such case,
    the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
    executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one
    copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six
    months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal
    of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper
    and prescribe, remove the Trustee and appoint a successor trustee.

   

  (c)           The
    holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove
    the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such
    series with the consent of the Company.

   

  
  
    	 	34	 

  

  
     

  

  
   

  

  (d)           Any
    resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
    to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided
    in Section 7.11.

   

  (e)           Any
    successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all
    of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

   

  Section 7.11         Acceptance
      of Appointment By Successor.

   

  (a)           In
    case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed
    shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
    thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further
    act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
    request of the Company or the successor trustee, such retiring Trustee shall, upon payment of any amounts due to it pursuant to
    the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights, powers,
    and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money
    held by such retiring Trustee hereunder.

   

  (b)           In
    case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series,
    the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall
    execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which
    (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
    successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
    those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be
    deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
    to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the
    retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide
    for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
    herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee
    shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any
    other such Trustee and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee
    hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring
    Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of
    that or those series to which the appointment of such successor trustee relates have no further responsibility for the
    exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this
    Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the
    rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
    appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee
    shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture,
    the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to
    which the appointment of such successor trustee relates.

   

  
  
    	 	35	 

  

  
     

  

  
   

  

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

   

  (d)            No
    successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified
    and eligible under this Article.

   

  (e)           Upon
    acceptance of appointment by a successor trustee as provided in this Section, the Company shall send notice of the succession of
    such trustee hereunder to the Securityholders. If the Company fails to transmit such notice within ten days after acceptance of
    appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

   

  Section 7.12         Merger,
      Conversion, Consolidation or Succession to Business.

   

  Any corporation into
    which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
    conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the
    corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be the successor
    of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under
    the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties
    hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered,
    by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such
    authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated
    such Securities.

   

  Section 7.13         Preferential
      Collection of Claims Against the Company.

   

  The Trustee shall comply
    with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture
    Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included
    therein.

   

  Section 7.14         Notice
      of Default.

   

  If any Event of Default
    occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall send
    to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event
    of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee
    or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that,
    except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee
    shall be protected in withholding such notice if and so long as the Responsible Officers of the Trustee in good faith determine
    that the withholding of such notice is in the interest of the Securityholders.

   

  
  
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  article
        8

        

        CONCERNING THE SECURITYHOLDERS

   

  Section 8.01         Evidence
      of Action by Securityholders.

   

  Whenever in this Indenture
    it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular
    series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking
    of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage
    of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by
    such holders of Securities of that series in person or by agent or proxy appointed in writing.

   

  If the Company shall
    solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other
    action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series
    for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver
    or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
    direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of
    record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether
    Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to
    such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities
    of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by
    such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of
    this Indenture not later than six months after the record date.

   

  Section 8.02         Proof
      of Execution by Securityholders.

   

  Subject to the provisions
    of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his
    or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following
    manner:

   

  (a)          The
    fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

   

  
  
    	 	37	 

  

  
     

  

  
  

   

  (b)           The
    ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
    thereof.

   

  The Trustee may require
    such additional proof of any matter referred to in this Section as it shall deem necessary.

   

  Section 8.03         Who
      May be Deemed Owners.

   

  Prior to the due presentment
    for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and
    treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner
    of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon
    made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium,
    if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee
    nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

   

  Section 8.04         Certain
      Securities Owned by Company Disregarded.

   

  In determining whether
    the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent
    or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities
    of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or
    any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any
    such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction,
    consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities
    so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall
    establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee
    is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
    or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel
    shall be full protection to the Trustee.

   

  Section 8.05         Actions
      Binding on Future Securityholders.

   

  At any time
    prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the
    holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in
    this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be
    included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee,
    and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as
    aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all
    future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer
    thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any
    action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular
    series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee
    and the holders of all the Securities of that series.

   

  
  
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  article
        9

        

        SUPPLEMENTAL INDENTURES

   

  Section 9.01         Supplemental
      Indentures Without the Consent of Securityholders.

   

  In addition to any
    supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time
    enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
    then in effect), without the consent of the Securityholders, for one or more of the following purposes:

   

  (a)           to
    cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

   

  (b)           to
    comply with Article Ten;

   

  (c)           to
    provide for uncertificated Securities in addition to or in place of certificated Securities;

   

  (d)           to
    add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any
    series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all
    series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for
    the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional
    covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon
    the Company;

   

  (e)           to
    add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue,
    authentication, and delivery of Securities, as herein set forth;

   

  (f)            to
    make any change that does not adversely affect the rights of any Securityholder in any material respect;

   

  (g)           to
    provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section
    2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series
    of Securities, or to add to the rights of the holders of any series of Securities;

   

  
  
    	 	39	 

  

  
     

  

  
   

  

  (h)          to
    evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

   

  (i)            to
    comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the
    Trust Indenture Act.

   

  The Trustee is hereby
    authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements
    and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture
    that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

   

  Any supplemental indenture
    authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders
    of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

   

  Section 9.02         Supplemental
      Indentures With Consent of Securityholders.

   

  With the consent (evidenced as provided in Section 8.01) of
    the holders of not less than a majority in aggregate principal amount of the Securities of each series (or,
      at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the Securities
      of each such series represented at such meeting) affected by such supplemental indenture or indentures at the time Outstanding,
    the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture
    or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the
    purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any
    supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of
    such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders
    of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce
    the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable
    upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent
    to any such supplemental indenture.

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

   

  Section 9.03         Effect
      of Supplemental Indentures.

   

  Upon the
    execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
    with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights,
    limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of
    Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all
    respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be
    and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

   

  

  
  
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  Section 9.04         Securities
      Affected by Supplemental Indentures.

   

  Securities of any series
    affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to
    the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets
    the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental
    indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board
    of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company,
    authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

   

  Section 9.05         Execution
      of Supplemental Indentures.

   

  Upon the request of
    the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing
    with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join
    with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
    own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not
    be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01, shall receive an
    Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to
    this Article is authorized or permitted by the terms of this Article and that all conditions precedent to the execution of the
    supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel
    need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities
    pursuant to Section 2.01 hereof.

   

  Promptly after the
    execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company
    shall (or shall direct the Trustee to) send a notice, setting forth in general terms the substance of such supplemental indenture,
    to the Securityholders of all series affected thereby .as their names and addresses appear upon the Security Register. Any failure
    of the Company to send, or cause the sending of, such notice, or any defect therein, shall not, however, in any way impair or affect
    the validity of any such supplemental indenture.

   

  
  
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  article
        10

        

        SUCCESSOR ENTITY

   

  Section 10.01      Company
      May Consolidate, Etc.

   

  Nothing contained in
    this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated
    with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party
    or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor
    or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company
    or its successor or successors); provided, however, the Company hereby covenants and agrees that, upon any such consolidation or
    merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition
    (other than a sale, conveyance, transfer or other disposition to a Subsidiary of the Company), the due and punctual payment of
    the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series,
    according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture
    with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the
    Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act,
    as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by
    such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.

   

  Section 10.02      Successor
      Entity Substituted.

   

  (a)           In
    case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
    entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations
    set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be
    substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation
    shall be relieved of all obligations and covenants under this Indenture and the Securities.

   

  (b)           In
    case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but
    not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

   

  (c)           Nothing
    contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the
    Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of
    all or any part of the property of any other Person (whether or not affiliated with the Company).

   

  
  
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  article
        11

        

        SATISFACTION AND DISCHARGE

   

  Section 11.01      Satisfaction
      and Discharge of Indenture.

   

  If at any time: (a)
    the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered
    to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been
    replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore
    been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such
    trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee
    for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be
    called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and
    the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental
    Obligations or 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 at maturity or upon redemption all Securities of
    that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due
    or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
    cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon
    cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03,
    7.10, 11.05 and 13.04, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06
    and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense
    of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such
    series.

   

  

  Section 11.02      Discharge
      of Obligations.

   

  If at any time all
    such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and
    payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds
    moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series
    not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become
    due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be
    paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental
    Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect
    to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06,
    7.10, 11.05 and 13.04 hereof that shall survive until such Securities shall mature and be paid.

   

  Thereafter,
    Sections 7.06 and 11.05 shall survive.

   

  Section 11.03      Deposited
      Moneys to be Held in Trust.

   

  All moneys or Governmental
    Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment
    as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the
    particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited
    with the Trustee.

   

  
  
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  Section 11.04      Payment
      of Moneys Held by Paying Agents.

   

  In connection with
    the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the
    provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be
    released from all further liability with respect to such moneys or Governmental Obligations.

   

  Section 11.05      Repayment
      to Company.

   

  Any moneys or Governmental
    Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or
    premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders
    of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such
    Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned
    or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then
    held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from
    all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled
    to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

   

  article
        12

        

        IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

   

  Section 12.01      No
      Recourse.

   

  No recourse under or
    upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in
    respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the
    Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor
    corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
    or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations,
    and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers
    or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of
    the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture
    or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either
    at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
    stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason
    of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby
    expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of
    such Securities.

   

  
  
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  article
        13

        

        MISCELLANEOUS PROVISIONS

   

  Section 13.01      Effect
      on Successors and Assigns.

   

  All the covenants,
    stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns,
    whether so expressed or not.

   

  Section 13.02      Actions
      by Successor.

   

  Any act or proceeding
    by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company
    shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation
    that shall at the time be the lawful successor of the Company.

   

  Section 13.03      Surrender
      of Company Powers.

   

  The Company by instrument
    in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved
    to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

   

  Section 13.04      Notices.

   

  Except as otherwise
    expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be
    given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders
    of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited
    in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as
    follows:                                                                                                                 .
    Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture
    to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at
    the Corporate Trust Office of the Trustee.

   

  Section 13.05      Governing
      Law; Jury Trial Waiver.

   

  This Indenture and
    each Security shall be governed by, and construed in accordance with, the internal laws of the State of New York, except to the
    extent that the Trust Indenture Act is applicable.

   

  EACH PARTY HERETO,
    AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
    IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
    THIS INDENTURE.

   

  
  
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  Section 13.06      Treatment
      of Securities as Debt.

   

  It is intended that
    the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture
    shall be interpreted to further this intention.

   

  Section 13.07      Certificates
      and Opinions as to Conditions Precedent.

   

  (a)           Upon
    any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company
    shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture
    (other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with
    and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied
    with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required
    by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need
    be furnished.

   

  (b)           Each
    certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
    or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture or Section
    314(a)(1) of the Trust Indenture Act) 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 reasonably 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 13.08      Payments
      on Business Days.

   

  Except as provided
    pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one
    or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security
    or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any)
    may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption,
    and no interest shall accrue for the period after such nominal date.

   

  
  
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  Section 13.09      Conflict
      with Trust Indenture Act.

   

  If and to the extent
    that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture
    Act, such imposed duties shall control.

   

  Section 13.10      Counterparts.

   

  This Indenture may
    be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute
    but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission
    shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
    Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
    signatures for all purposes.

   

  Section 13.11      Separability.

   

  In case any one or
    more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid,
    illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
    of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal
    or unenforceable provision had never been contained herein or therein.

   

  Section 13.12      Compliance
      Certificates.

   

  The Company shall deliver
    to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an
    officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year.
    Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting
    officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under
    this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section
    13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.
    If the officer of the Company signing such certificate has knowledge of such an Event of Default, the certificate shall describe
    any such Event of Default and its status.

   

  Section 13.13      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.

   

  
  
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  Section 13.14      Force
      Majeure.

   

  In no event shall the
    Trustee, the Security Registrar, any paying agent or any other agent under this Indenture be responsible or liable for any failure
    or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its
    control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
    nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer
    (software and hardware) services; it being understood that the Trustee, the Security Registrar, any paying agent or any other agent
    under this Indenture 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 13.15      Table
      of Contents; Headings.

   

  The table of contents
    and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not intended
    to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof.

   

  
  
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  In
        Witness Whereof, the parties hereto have caused this Indenture to be duly executed all as of the day and year first
    above written.

   

  	 	Immunocore Holdings plc
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	[Trustee], as Trustee
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

   

  
  
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  CROSS-REFERENCE TABLE
      (1)

   

  	
          Section of Trust Indenture Act of 1939, as Amended

        	 	
          Section of Indenture

        
	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

  _________________

   

  		(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing
          on the interpretation of any of its terms or provisions.

   

  
  
    	 	50Exhibit 4.6

   

  IMMUNOCORE
        HOLDINGS PLC

        

        and

        

        _____________, As Warrant Agent

   

  Form
        of Ordinary Shares

        Warrant Agreement

        

        Dated As OF __________

   

  
  
    			

  

  
     

  

  
   

  Immunocore Holdings plc
    Form of Ordinary Shares Warrant Agreement

   

  This
        Ordinary Shares Warrant Agreement (this “Agreement”), dated as of [●], between Immunocore
        Holdings plc, a public limited company incorporated under the laws of England and Wales under company number 13119746
    and having its registered office at 92 Park Drive, Milton Park, Abingdon, Oxfordshire, United Kingdom, OX14 4RY (the “Company”),
    and [●], a [corporation] [national banking association] organized and existing under the laws of [●] and having a corporate
    trust office in [●], as warrant agent (the “Warrant Agent”).

   

  Whereas,
    the Company proposes to sell [If Warrants are sold with other securities —[title of such other
      securities being offered] (the “Other Securities”) with] warrant certificates evidencing one or
    more warrants (the “Warrants” or, individually, a “Warrant”) representing the
    right to purchase Ordinary Shares of the Company, nominal value $0.002 per ordinary share (the “Warrant Securities”),
    such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant
        Certificates”; and

   

  Whereas,
      the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in
    connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this
    Agreement wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions
    on which they may be issued, registered, transferred, exchanged, exercised and replaced.

   

  Now
        Therefore, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree
    as follows:

   

  Article
    1

    

    ISSUANCE OF WARRANTS AND EXECUTION AND

    DELIVERY OF WARRANT CERTIFICATES

   

  1.1       Issuance
      of Warrants. [If Warrants alone —Upon issuance, each Warrant Certificate shall evidence one or more Warrants.]
    [If Other Securities and Warrants —Warrant Certificates will be issued in connection with the issuance of the
    Other Securities but shall be separately transferable and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant
    evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Security.
    [If Other Securities and Warrants —Warrant Certificates will be issued with the Other Securities and each Warrant
    Certificate will evidence [●] Warrants for each [$[●] principal amount] [[●] shares] of Other Securities issued.]

   

  1.2       Execution
      and Delivery of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in registered form
    substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the
    Warrant Agent and may have such letters, numbers, or other marks of identification or designation and such legends or
    endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve
    (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this
    Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule
    or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant
    Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents,
    senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers,
    controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such
    signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on
    the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed,
    imprinted or otherwise reproduced on the Warrant Certificates.

   

  
  
    	 	1	 

  

  
     

  

  
   

  

  No Warrant Certificate
    shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been
    countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed
    by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder.

   

  In case any officer
    of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be
    such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant
    Certificates may be countersigned and delivered notwithstanding that the person who signed such Warrant Certificates ceased to
    be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual
    date of the execution of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution
    of this Agreement any such person was not such officer.

   

  The term “holder”
    or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any
    Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose.

   

  1.3       Issuance
      of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Securities may be executed by the Company
    and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall,
    upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver
    such Warrant Certificates to or upon the order of the Company.

   

  Article
    2

    

    WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

   

  2.1       Warrant
      Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Agreement and the applicable
    Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities specified in the applicable Warrant
    Certificate at an exercise price of $[●] per Warrant Security, subject to adjustment upon the occurrence of certain events,
    as hereinafter provided. Such purchase price per Warrant Security is referred to in this Agreement as the “Warrant
        Price.”

   

  2.2       Duration
      of Warrants. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the date thereof]
    [●] and at or before [●] p.m., [City] time, on [●] or such later date as the Company may designate by notice
    to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the
    Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [●] p.m., [City]
    time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant
    under this Agreement shall cease.

   

  
  
    	 	2	 

  

  
     

  

  
   

  

  2.3         Exercise
      of Warrants.

   

  (a)       During
    the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Securities in registered
    form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful
    money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds]
    [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Security with respect to which a Warrant
    is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject to receipt within
    five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant
    Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment
    in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid,
    be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant
    Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable upon the exercise
    of such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall
    be effective to constitute the person so designated to be named as the holder of record of such Warrant Securities on such date,
    but shall be effective to constitute such person as the holder of record of such Warrant Securities for all purposes at the opening
    of business on the next succeeding day on which the transfer books for the Warrant Securities purchasable upon the exercise of
    such Warrants shall be opened, and the certificates for the Warrant Securities in respect of which such Warrants are then exercised
    shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date
    the Company shall be under no duty to deliver any certificate for such Warrant Securities. The Warrant Agent shall deposit all
    funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company
    by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its
    account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing.

   

  (b)       The
    Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Securities
    with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such
    Warrants with respect to delivery of the Warrant Securities to which such holder is entitled upon such exercise, (iii) delivery
    of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Securities after such exercise,
    and (iv) such other information as the Company shall reasonably require.

   

  (c)       As
    soon as practicable after the exercise of any Warrant, the Company shall issue to or upon the order of the holder of the Warrant
    Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form, registered
    in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate
    are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver,
    a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

   

  (d)       The
    Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with
    any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company
    shall not be required to issue or deliver any Warrant Security until such tax or other charge shall have been paid or it has been
    established to the Company’s satisfaction that no such tax or other charge is due.

   

  (e)       Prior
    to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date
    keep reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise
    of the Warrants.

   

  
  
    	 	3	 

  

  
     

  

  
   

  

  Article
    3

    

    OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF

    WARRANT CERTIFICATES

   

  3.1       No
      Rights as Warrant Securityholder Conferred by Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced
    thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation,
    the right to receive the payment of dividends or distributions, if any, on the Warrant Securities or to exercise any voting rights,
    except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate.

   

  3.2       Lost,
      Stolen, Mutilated or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory
    to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity
    reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant
    Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such
    Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant
    Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate,
    a new Warrant Certificate of the same tenor and evidencing Warrants for a like number of Warrant Securities. Upon the issuance
    of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax
    or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
    the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section
    3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company,
    whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled
    to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered
    hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
    with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates.

   

  3.3       Holder
      of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder of a Warrant
    Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any other Warrant
    Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain
    any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to
    exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant
    Certificate and in this Agreement.

   

  3.4       Adjustments.

   

  (a)       In
    case the Company shall at any time subdivide its outstanding shares of Ordinary Shares into a greater number of shares, the Warrant
    Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Securities purchasable
    under the Warrants shall be proportionately increased. Conversely, in case the outstanding shares of Ordinary Shares of the Company
    shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be proportionately
    increased and the number of Warrant Securities purchasable under the Warrants shall be proportionately decreased.

   

  (b)       If
    at any time or from time to time the holders of Ordinary Shares (or any shares of stock or other securities at the time receivable
    upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefor,

   

  
  
    	 	4	 

  

  
     

  

  
   

  

  (i)       Ordinary
    Shares or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable
    for Ordinary Shares, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend
    or other distribution;

   

  (ii)       any
    cash paid or payable otherwise than as a cash dividend paid or payable out of the Company’s current or retained earnings;

   

  (iii)       any
    evidence of the Company’s indebtedness or rights to subscribe for or purchase the Company’s indebtedness; or

   

  (iv)       Ordinary
    Shares or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination
    of shares or similar corporate rearrangement (other than shares of Ordinary Shares issued as a stock split or adjustments in respect
    of which shall be covered by the terms of Section 3.4(a) above), then and in each such case, the holder of each Warrant shall,
    upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities receivable thereupon,
    and without payment of any additional consideration therefore, the amount of stock and other securities and property (including
    cash and indebtedness or rights to subscribe for or purchase indebtedness) which such holder would hold on the date of such exercise
    had such holder been the holder of record of such Warrant Securities as of the date on which holders of Ordinary Shares received
    or became entitled to receive such shares or all other additional stock and other securities and property.

   

  (c)       In
    case of (i) any reclassification, capital reorganization, or change in the Ordinary Shares of the Company (other than as a
    result of a subdivision, combination, or stock dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii)
    share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share
    exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation and which does not
    result in any change in the Ordinary Shares other than the issuance of additional shares of Ordinary Shares) or (iii) the
    sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company
    as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such
    Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or
    its successor shall be delivered to the holders of the Warrants, so that the holders of the Warrants shall have the right at
    any time prior to the expiration of the Warrants to purchase, at a total price equal to that payable upon the exercise of the
    Warrants, the kind and amount of shares of stock and other securities and property receivable in connection with such
    Reorganization Event by a holder of the same number of Warrant Securities as were purchasable by the holders of the Warrants
    immediately prior to such Reorganization Event. In any such case appropriate provisions shall be made with respect to the
    rights and interests of the holders of the Warrants so that the provisions hereof shall thereafter be applicable with
    respect to any shares of stock or other securities and property deliverable upon exercise the Warrants, and appropriate
    adjustments shall be made to the Warrant Price payable hereunder provided the aggregate purchase price shall remain the same.
    In the case of any transaction described in clauses (ii) and (iii) above, the Company shall thereupon be relieved of any
    further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any
    time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and
    may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which
    heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment
    of its obligations to deliver Warrant Securities upon exercise of the Warrants. All the Warrants so issued shall in all
    respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in
    accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution
    hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made
    in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal
    counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4.

   

  
  
    	 	5	 

  

  
     

  

  
  

   

  (d)       The
    Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Price to any amount deemed appropriate
    by the Board of Directors of the Company for any period not exceeding twenty consecutive days (as evidenced in a resolution adopted
    by such Board of Directors), but only upon giving the notices required by Section 3.5 at least ten days prior to taking such action.

   

  (e)       Except
    as herein otherwise expressly provided, no adjustment in the Warrant Price shall be made by reason of the issuance of shares of
    Ordinary Shares, or securities convertible into or exchangeable for shares of Ordinary Shares, or securities carrying the right
    to purchase any of the foregoing or for any other reason whatsoever.

   

  (f)       No
    fractional Warrant Securities shall be issued upon the exercise of Warrants. If more than one Warrant shall be exercised at one
    time by the same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed on
    the basis of the aggregate number of Warrant Securities purchased pursuant to the Warrants so exercised. Instead of any fractional
    Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in respect
    of such fraction in an amount equal to the same fraction of the last reported sale price (or bid price if there were no sales)
    per Warrant Security, in either case as reported on the principal registered national securities exchange on which the Warrant
    Securities are listed or admitted to trading on the business day that next precedes the day of exercise or, if the Warrant Securities
    are not then listed or admitted to trading on any registered national securities exchange, the average of the closing high bid
    and low asked prices as reported on the OTC Bulletin Board Service (the “OTC Bulletin Board”) operated
    by the Financial Industry Regulatory Authority, Inc. (“FINRA” ) or, if not available on the OTC Bulletin
    Board, then the average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer
    quotation system on such date, or if on any such date the Warrant Securities are not listed or admitted to trading on a registered
    national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium
    or inter-dealer quotation system, an amount equal to the same fraction of the average of the closing bid and asked prices as furnished
    by any FINRA member firm selected from time to time by the Company for that purpose at the close of business on the business day
    that next precedes the day of exercise.

   

  (g)       Whenever
    the Warrant Price then in effect is adjusted as herein provided, the Company shall mail to each holder of the Warrants at such
    holder’s address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price then
    and thereafter effective under the provisions hereof, together with the facts, in reasonable detail, upon which such adjustment
    is based.

   

  (h)       Notwithstanding
    anything to the contrary herein, in no event shall the Warrant Price, as adjusted in accordance with the terms hereof, be less
    than the nominal value per share of Ordinary Shares.

   

  3.5         Notice
      to Warrantholders. In case the Company shall (a) effect any dividend or distribution described in Section 3.4(b), (b)
    effect any Reorganization Event, (c) make any distribution on or in respect of the Ordinary Shares in connection with the
    dissolution, liquidation or winding up of the Company, or (d) reduce the then current Warrant Price pursuant to Section
    3.4(d), then the Company shall mail to each holder of Warrants at such holder’s address as it shall appear on the books
    of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating (x) the record
    date for such dividend or distribution, or, if a record is not to be taken, the date as of which the holders of record of
    Ordinary Shares that will be entitled to such dividend or distribution are to be determined, (y) the date on which such
    Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is
    expected that holders of Ordinary Shares of record shall be entitled to exchange their shares of Ordinary Shares for
    securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up, or (z) the
    first date on which the then current Warrant Price shall be reduced pursuant to Section 3.4(d). No failure to mail such
    notice nor any defect therein or in the mailing thereof shall affect any such transaction or any adjustment in the Warrant
    Price required by Section 3.4.

   

  
  
    	 	6	 

  

  
     

  

  
   

  

  3.6         [If
    the Warrants are Subject to Acceleration by the Company, Insert — Acceleration of Warrants by the Company.

   

  (a)       At
    any time on or after [●], the Company shall have the right to accelerate any or all Warrants at any time by causing them
    to expire at the close of business on the day next preceding a specified date (the “Acceleration Date”),
    if the Market Price (as hereinafter defined) of the Ordinary Shares equals or exceeds [●] percent ([●]%) of the then
    effective Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of thirty consecutive Trading Days
    ending no more than five Trading Days prior to the date on which the Company gives notice to the Warrant Agent of its election
    to accelerate the Warrants.

   

  (b)       (b)
    “Market Price” for each Trading Day shall be, if the Ordinary Shares is listed or admitted to trading
    on any registered national securities exchange, the last reported sale price, regular way (or, if no such price is reported, the
    average of the reported closing bid and asked prices, regular way) of Ordinary Shares, in either case as reported on the principal
    registered national securities exchange on which the Ordinary Shares is listed or admitted to trading or, if not listed or admitted
    to trading on any registered national securities exchange, the average of the closing high bid and low asked prices as reported
    on the OTC Bulletin Board operated by FINRA, or if not available on the OTC Bulletin Board, then the average of the closing high
    bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer quotation system, or if on any such date
    the shares of Ordinary Shares are not listed or admitted to trading on a registered national securities exchange, are not included
    in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or inter-dealer quotation system, the average
    of the closing bid and asked prices as furnished by any FINRA member firm selected from time to time by the Company for that purpose.
    “Trading Day” shall be each Monday through Friday, other than any day on which securities are not traded in the system
    or on the exchange that is the principal market for the Ordinary Shares, as determined by the Board of Directors of the Company.
    In the event of an acceleration of less than all of the Warrants, the Warrant Agent shall select the Warrants to be accelerated
    by lot, pro rata or in such other manner as it deems, in its discretion, to be fair and appropriate.

   

  (c)       Notice
    of an acceleration specifying the Acceleration Date shall be sent by mail first class, postage prepaid, to each registered holder
    of a Warrant Certificate representing a Warrant accelerated at such holder’s address appearing on the books of the Warrant
    Agent not more than sixty days nor less than thirty days before the Acceleration Date. Such notice of an acceleration also shall
    be given no more than twenty days, and no less than ten days, prior to the mailing of notice to registered holders of Warrants
    pursuant to this Section 3.6, by publication at least once in a newspaper of general circulation in the City of New York.

   

  (d)       Any
    Warrant accelerated may be exercised until [●] p.m., [City] time, on the business day next preceding the Acceleration Date.
    The Warrant Price shall be payable as provided in Section 2.]

   

  
  
    	 	7	 

  

  
     

  

  
   

  

  Article
    4

    

    EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

   

  4.1       Exchange
    and Transfer of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing
    Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may
    be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate number
    of Warrant Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office,
    books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges
    and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate
    trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration
    of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge
    shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum
    sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange
    or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an
    authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant
    Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be
    required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing
    a Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of Warrant Securities and a fraction
    of a Warrant Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall
    be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement
    as the Warrant Certificate surrendered for such exchange or registration of transfer.

   

  4.2       Treatment
      of Holders of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the registered holder of
    a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented
    by the Warrants evidenced thereby, any notice to the contrary notwithstanding.

   

  4.3       Cancellation
      of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants
    evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered
    or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly
    permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant
    Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory
    to the Company.

   

  Article
    5

    

    CONCERNING THE WARRANT AGENT

   

  5.1       Warrant
      Agent. The Company hereby appoints [●] as Warrant Agent of the Company in respect of the Warrants and the Warrant
    Certificates upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment.
    The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby
    and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon
    it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are
    subject to and governed by the terms and provisions hereof.

   

  
  
    	 	8	 

  

  
     

  

  
   

  

  5.2         Conditions
      of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions
    hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from
    time to time of the Warrant Certificates shall be subject:

   

  (a)       Compensation
      and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company
    for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including
    reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the
    services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless
    against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant
    Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses
    of defending against any claim of such liability.

   

  (b)       Agent
      for the Company. In acting under this Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting
    solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders
    of Warrant Certificates or beneficial owners of Warrants.

   

  (c)       Counsel.
    The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice
    of such 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 accordance with the advice of such counsel.

   

  (d)       Documents.
    The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in
    reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document
    reasonably believed by it to be genuine and to have been presented or signed by the proper parties.

   

  (e)       Certain
      Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest
    in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted
    by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on,
    or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations of the Company
    as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent
    from acting as trustee under any indenture to which the Company is a party.

   

  (f)       No
      Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on
    any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

   

  (g)       No
      Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any
    of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

   

  (h)       No
      Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein
    or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely
    by the Company.

   

  
  
    	 	9	 

  

  
     

  

  
  

   

  

  (i)       No
      Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates
    specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against
    the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it
    in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The
    Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates
    authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the
    Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default
    by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case
    of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including, without limiting
    the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise
    or, except as provided in Section 6.2 hereof, to make any demand upon the Company.

   

  5.3         Resignation,
      Removal and Appointment of Successors.

   

  (a)       The
    Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be
    a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable.

   

  (b)       The
    Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying
    the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after
    the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time
    by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended
    date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter
    provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of
    its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The
    obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or
    removal of the Warrant Agent.

   

  (c)       In
    case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be
    adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter
    constituted, or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the
    appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar
    official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall
    admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance
    of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in
    respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or
    any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having
    jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee,
    trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall
    take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation,
    winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an
    instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent
    and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent
    hereunder.

   

  
  
    	 	10	 

  

  
     

  

  
   

  

  (d)       Any
    successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument
    accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance,
    shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with
    like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements
    then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled
    to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder.

   

  (e)       Any
    corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may
    be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be
    a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and
    business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this
    Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.

   

  Article
    6

    

    MISCELLANEOUS

   

  6.1       Amendment.
    This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the
    purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making
    any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may
    deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the
    Warrant Certificates.

   

  6.2       Notices
      and Demands to the Company and Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company
    by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
    forward such notice or demand to the Company.

   

  6.3       Addresses.
    Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to [●], Attention:
    [●] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Immunocore,
    LLC, Six Tower Bridge, Suite 200, 181 Washington Street Conshohocken, Pennsylvania 19428, Attn: Chief Financial Officer (or such
    other address as shall be specified in writing by the Warrant Agent or by the Company).

   

  6.4       Governing
      Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and construed in accordance with the
    laws of the State of New York.

   

  6.5       Delivery
      of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of
    the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the “Prospectus”),
    and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant
    Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Securities issued upon such exercise,
    a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy
    of such Prospectus.

   

  
  
    	 	11	 

  

  
     

  

  
   

  

  6.6       Obtaining
      of Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and keep effective
    any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States
    Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Securities
    under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer,
    and delivery of the Warrant Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants
    or upon the expiration of the period during which the Warrants are exercisable.

   

  6.7       Persons
      Having Rights Under the Agreement. Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent
    and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement.

   

  6.8       Headings.
    The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall
    not control or affect the meaning or construction of any of the provisions hereof.

   

  6.9       Counterparts.
    This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original,
    but such counterparts shall together constitute but one and the same instrument.

   

  6.10       Inspection
      of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of
    the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit
    such holder’s Warrant Certificate for inspection by it.

   

  
  
    	 	12	 

  

  
     

  

  
   

  In
        Witness Whereof, the parties hereto have caused this Agreement to be duly executed as of the day and year first above
    written.

   

  	 	Immunocore Holdings plc, as Company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	 
	 	Countersigned
	 	 	 
	 	[●], as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Attest:	 
	 	 	 

   

  [Signature
      Page to Immunocore Holdings plc Ordinary Shares Warrant Agreement]

   

  
  
    			

  

  
     

  

  
   

  Exhibit
        A

   

  FORM OF WARRANT CERTIFICATE

  [FACE OF WARRANT CERTIFICATE]

   

  	[Form of Legend if Warrants are not immediately exercisable.]	[Prior to [●], Warrants evidenced by this Warrant Certificate cannot be exercised.]

   

  EXERCISABLE ONLY IF COUNTERSIGNED BY THE
    WARRANT AGENT AS PROVIDED HEREIN

   

  VOID AFTER [●] P.M., [City] time,
    ON [●].

   

  
  
    			

  

  
     

  

  
   

  IMMUNOCORE HOLDINGS PLC

    WARRANT CERTIFICATE REPRESENTING

      WARRANTS TO PURCHASE

      ORDINARY SHARES, NOMINAL VALUE $0.002 PER ORDINARY SHARE

   

  	No. [●]	[●] Warrants 

   

  This certifies that [●]
    or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner to purchase,
    at any time [after [●] p.m., [City] time, [on [●] and] on or before [●] p.m., [City] time, on [●], [●] shares
    of Ordinary Shares, nominal value $0.002 per ordinary share (the “Warrant Securities”), of Immunocore
    Holdings plc (the “Company”) on the following basis: during the period from [●], through and including
    [●], the exercise price per Warrant Security will be $[●], subject to adjustment as provided in the Warrant Agreement
    (as hereinafter defined) (the “Warrant Price”). The Holder may exercise the Warrants evidenced hereby
    by providing certain information set forth on the back hereof and by paying in full, in lawful money of the United States of America,
    [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available
    funds], the Warrant Price for each Warrant Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter
    defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate
    trust office of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which
    is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions
    set forth herein and in the Warrant Agreement (as hereinafter defined).

   

  The term “Holder”
    as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered upon the books to be
    maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

   

  The Warrants evidenced
    by this Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered form. Upon any exercise
    of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant
    Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

   

  This Warrant Certificate
    is issued under and in accordance with the Warrant Agreement dated as of [●] (the “Warrant Agreement”),
    between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all
    of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement
    are on file at the above-mentioned office of the Warrant Agent.

   

  Transfer of this Warrant
    Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the Warrant Agent by
    the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement.

   

  After countersignature
    by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the
    corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of Warrant
    Securities.

   

  This Warrant Certificate
    shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without limitation,
    the right to receive payments of dividends or distributions, if any, on the Warrant Securities (except to the extent set forth
    in the Warrant Agreement) or to exercise any voting rights.

   

  
  
    			

  

  
     

  

  
  

    

   

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

   

  This Warrant Certificate
    shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent.

   

  In
        Witness Whereof, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures
    of its duly authorized officers.

   

  	Dated:	 	 

   

  	IMMUNOCORE HOLDINGS PLC, as Company	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	ATTEST:	 	 
	 	 	 
	 	 	 
	
          COUNTERSIGNED

           

          [●], as Warrant Agent

        	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	ATTEST:	 	 
	 	 	 

   

  
  
    			

  

  
     

  

  
  

   

  [REVERSE OF WARRANT CERTIFICATE]

   

  (Instructions for Exercise of Warrant)

   

  To exercise any Warrants
    evidenced hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of
    America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately
    available funds], the Warrant Price in full for Warrants exercised, to [●] [address of Warrant Agent], Attention: [●],
    which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder
    must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered
    mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly
    executed, must be received by the Warrant Agent within five business days of the payment.

   

  (To be executed upon exercise of Warrants)

   

  The undersigned hereby
    irrevocably elects to exercise ______ Warrants, evidenced by this Warrant Certificate, to purchase _______ shares of the Ordinary
    Shares, nominal value $0.002 per ordinary share (the “Warrant Securities”), of Immunocore Holdings plc.
    and represents that the undersigned has tendered payment for such Warrant Securities, in lawful money of the United States of America,
    [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available
    funds], to the order of Immunocore Holdings plc, c/o [insert name and address of Warrant Agent], in the amount of $_________ in
    accordance with the terms hereof. The undersigned requests that said Warrant Securities be in fully registered form in the authorized
    denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below.

   

  If the number of Warrants
    exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing
    the Warrants for the number of Warrant Securities remaining unexercised be issued and delivered to the undersigned unless otherwise
    specified in the instructions below.

   

  	Dated:	 	 	Name:	 
	 	 	 	 	Please Print

   

  Address:

   

  	 	 
	(Insert Social Security or Other Identifying Number of Holder)	 

   

  	Signature Guaranteed:	 	 
	 	Signature	 

   

  (Signature must conform in all respects
    to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a FINRA member firm).

   

  This Warrant may be exercised at the following
    addresses: By hand at:

   

  [●]

  

  
       

  By mail at:

   

  [Instructions as to form and delivery of
    Warrant Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Securities remaining
    unexercised—complete as appropriate.]

   

  
  
    			

  

  
     

  

  
   

  

  ASSIGNMENT

   

  [Form of assignment to be executed if Warrant
    Holder desires to transfer Warrant]

   

  For
        Value Received, ______________ hereby sells, assigns and transfers unto:

   

  	 	 	 
	(Please print name and address including zip code)	 	Please print Social Security or other identifying number

   

  the right represented by the within Warrant
    to purchase _______________ ordinary shares of [Title of Warrant Securities] of Immunocore Holdings plc to which the within Warrant
    relates and appoints ____________________ attorney to transfer such right on the books of the Warrant Agent with full power of
    substitution in the premises.

   

  	Dated:	 	 	Name:	 
	 	 	 	 	Signature

   

  (Signature must conform
    in all respects to name of holder as specified on the face of the Warrant)

   

  	Signature Guaranteed

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