Document:

Exhibit 4.6

 

B. RILEY FINANCIAL, INC.

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A.,

as Trustee

 

INDENTURE

 

Dated as of ________, 20__

 

SUBORDINATED DEBT SECURITIES

 

     

     

    

 

CROSS-REFERENCE TABLE

 

	TIA 

Section	 	 	 	 	Indenture 

Section
	Section 310	 	(a)(1)	 	 	6.9
	 	 	(a)(2)	 	 	6.9
	 	 	(a)(3)	 	 	N/A
	 	 	(a)(4)	 	 	N/A
	 	 	(b)	 	 	6.8, 6.10
	Section 311	 	(a)	 	 	6.13
	 	 	(b)	 	 	6.13
	Section 312	 	(a)	 	 	7.1, 7.2
	 	 	(b)	 	 	7.2
	 	 	(c)	 	 	7.2
	Section 313	 	(a)	 	 	7.3
	 	 	(b)	 	 	7.3
	 	 	(c)	 	 	7.3
	 	 	(d)	 	 	7.3
	Section 314	 	(a)	 	 	7.4
	 	 	(a)(4)	 	 	1.1, 10.4
	 	 	(b)	 	 	N/A
	 	 	(c)(1)	 	 	1.2
	 	 	(c)(2)	 	 	1.2
	 	 	(c)(3)	 	 	N/A
	 	 	(d)	 	 	N/A
	 	 	(e)	 	 	1.2
	Section 315	 	(a)	 	 	6.1
	 	 	(b)	 	 	6.2
	 	 	(c)	 	 	6.1
	 	 	(d)	 	 	6.1
	 	 	(e)	 	 	5.14
	Section 316	 	(a)	 	 	1.1
	 	 	(a)(1)(A)	 	 	5.2, 5.12
	 	 	(a)(1)(B)	 	 	5.13
	 	 	(a)(2)	 	 	N/A
	 	 	(b)	 	 	5.8
	 	 	(c)	 	 	1.4
	Section 317	 	(a)(1)	 	 	5.3
	 	 	(a)(2)	 	 	5.4
	 	 	(b)	 	 	10.3
	Section 318	 	(a)	 	 	1.7

 

N/A means Not Applicable

Note: This Cross-Reference Table shall not, for any purpose,
be deemed to be part of this Indenture.

 

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Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	6
	Section 1.1	Definitions	6
	Section 1.2	Compliance Certificates and Opinions	13
	Section 1.3	Form of Documents Delivered to Trustee	13
	Section 1.4	Acts of Holders; Record Dates	13
	Section 1.5	Notices, etc., to Trustee and Company	15
	Section 1.6	Notice to Holders; Waiver	16
	Section 1.7	Conflict with Trust Indenture Act	16
	Section 1.8	Effect of Headings and Table of Contents	16
	Section 1.9	Successors and Assigns	16
	Section 1.10	Separability Clause	16
	Section 1.11	Benefits of Indenture	16
	Section 1.12	Governing Law	17
	Section 1.13	Legal Holidays	17
	Section 1.14	Indenture and Securities Solely Corporate Obligations	17
	Section 1.15	Indenture May be Executed in Counterparts	17
	Section 1.16	Force Majeure	17
	ARTICLE II SECURITY FORMS	18
	Section 2.1	Forms Generally	18
	Section 2.2	Form of Face of Security	18
	Section 2.3	Form of Reverse of Security	19
	Section 2.4	Form of Legend for Global Securities	22
	Section 2.5	Form of Trustee’s Certificate of Authentication	22
	Section 2.6	Form of Conversion Notice	22
	ARTICLE III THE SECURITIES	23
	Section 3.1	Amount Unlimited; Issuable in Series	23
	Section 3.2	Denominations	26
	Section 3.3	Execution, Authentication, Delivery and Dating	26
	Section 3.4	Temporary Securities	27
	Section 3.5	Registration; Registration of Transfer and Exchange	27
	Section 3.6	Mutilated, Destroyed, Lost and Stolen Securities	29
	Section 3.7	Payment of Interest; Interest Rights Preserved	29
	Section 3.8	Persons Deemed Owners	30
	Section 3.9	Cancellation	31
	Section 3.10	Computation of Interest	31
	ARTICLE IV SATISFACTION AND DISCHARGE	31
	Section 4.1	Satisfaction and Discharge of Indenture	31
	Section 4.2	Application of Trust Money	32
	ARTICLE V REMEDIES	32
	Section 5.1	Events of Default	32
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	33
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	34
	Section 5.4	Trustee May File Proofs of Claim	34
	Section 5.5	Trustee May Enforce Claims Without Possession of Securities	35
	Section 5.6	Application of Money Collected	35
	Section 5.7	Limitation on Suits	36
	Section 5.8	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	36
	Section 5.9	Restoration of Rights and Remedies	36

 

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Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.10	Rights and Remedies Cumulative	36
	Section 5.11	Delay or Omission Not Waiver	37
	Section 5.12	Control by Holders	37
	Section 5.13	Waiver of Past Defaults	37
	Section 5.14	Undertaking for Costs	38
	Section 5.15	Waiver of Usury, Stay or Extension Laws	38
	ARTICLE VI THE TRUSTEE	38
	Section 6.1	Certain Duties and Responsibilities	38
	Section 6.2	Notice of Defaults	39
	Section 6.3	Certain Rights of Trustee	39
	Section 6.4	Not Responsible for Recitals or Issuance of Securities	41
	Section 6.5	May Hold Securities and Act as Trustee under Other Indentures	41
	Section 6.6	Money Held in Trust	41
	Section 6.7	Compensation and Reimbursement	41
	Section 6.8	Conflicting Interests	42
	Section 6.9	Corporate Trustee Required; Eligibility	42
	Section 6.10	Resignation and Removal; Appointment of Successor	42
	Section 6.11	Acceptance of Appointment by Successor	43
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business	44
	Section 6.13	Preferential Collection of Claims Against Company	44
	Section 6.14	Appointment of Authenticating Agent	44
	Section 6.15	FATCA	45
	ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	46
	Section 7.1	Company to Furnish Trustee Names and Addresses of Holders	46
	Section 7.2	Preservation of Information; Communications to Holders	46
	Section 7.3	Reports by Trustee	46
	Section 7.4	Reports by Company	46
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	47
	Section 8.1	Company May Consolidate, etc., Only on Certain Terms	47
	Section 8.2	Successor Substituted	48
	ARTICLE IX SUPPLEMENTAL INDENTURES	48
	Section 9.1	Supplemental Indentures Without Consent of Holders	48
	Section 9.2	Supplemental Indentures with Consent of Holders	49
	Section 9.3	Execution of Supplemental Indentures	49
	Section 9.4	Effect of Supplemental Indentures	50
	Section 9.5	Conformity with Trust Indenture Act	50
	Section 9.6	Reference in Securities to Supplemental Indentures	50
	Section 9.7	Subordination Unimpaired	50
	ARTICLE X COVENANTS	50
	Section 10.1	Payment of Principal, Premium and Interest	50
	Section 10.2	Maintenance of Office or Agency	50
	Section 10.3	Money for Securities Payments to be Held in Trust	51
	Section 10.4	Statement by Officers as to Default	51
	Section 10.5	Existence	52
	Section 10.6	Maintenance of Properties	52
	ARTICLE XI REDEMPTION OF SECURITIES	52
	Section 11.1	Applicability of Article	52

 

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Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 11.2	Election to Redeem; Notice to Trustee	52
	Section 11.3	Selection by Trustee of Securities to Be Redeemed	52
	Section 11.4	Notice of Redemption	53
	Section 11.5	Deposit of Redemption Price	53
	Section 11.6	Securities Payable on Redemption Date	54
	Section 11.7	Securities Redeemed in Part	54
	ARTICLE XII SINKING FUNDS	54
	Section 12.1	Applicability of Article	54
	Section 12.2	Satisfaction of Sinking Fund Payments with Securities	54
	Section 12.3	Redemption of Securities for Sinking Fund	55
	ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE	55
	Section 13.1	Company’s Option to Effect Defeasance or Covenant Defeasance	55
	Section 13.2	Defeasance and Discharge	55
	Section 13.3	Covenant Defeasance	56
	Section 13.4	Conditions to Defeasance or Covenant Defeasance	56
	Section 13.5	Deposited Money, U.S. Government Obligations and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions	57
	Section 13.6	Reinstatement	58
	ARTICLE XIV CONVERSION OF SECURITIES	58
	Section 14.1	Applicability of Article	58
	Section 14.2	Exercise of Conversion Privilege	58
	Section 14.3	No Fractional Shares	59
	Section 14.4	Adjustment of Conversion Price or Conversion Rate	59
	Section 14.5	Notice of Certain Corporate Actions	60
	Section 14.6	Reservation of Shares of Common Stock	60
	Section 14.7	Payment of Certain Taxes upon Conversion	60
	Section 14.8	Nonassessability	61
	Section 14.9	Provision in Case of Consolidation, Merger or Sale of Assets	61
	Section 14.10	Duties of Trustee Regarding Conversion	61
	Section 14.11	Repayment of Certain Funds upon Conversion	62
	ARTICLE XV SUBORDINATION OF SECURITIES	62
	Section 15.1	Agreement of Subordination	62
	Section 15.2	Payments to Holders	62
	Section 15.3	Subrogation of Securities	64
	Section 15.4	Authorization to Effect Subordination	65
	Section 15.5	Notice to Trustee	65
	Section 15.6	Trustee’s Relation to Senior Debt	66
	Section 15.7	No Impairment of Subordination	66
	Section 15.8	Certain Conversions/Exchanges Deemed Payment	66
	Section 15.9	Article Applicable to Paying Agents	66
	Section 15.10	Senior Debt Entitled to Rely	66
	Section 15.11	Reliance on Judicial Order or Certificate of Liquidating Agent	67
	Section 15.12	Trust Monies Not Subordinated	67

 

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INDENTURE, dated as
of , 20 , between B. Riley Financial, Inc., a corporation duly organized and existing under the laws of the State of Delaware (the
“Company”), having its principal executive office at 21255 Burbank Boulevard, Suite 400, Woodland Hills, California
91367 and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

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

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE
I

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1 Definitions.

 

For all purposes of
this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

	 	(1)	the terms defined in this Article I have the meanings assigned to them in this Article I and include the plural as well as the singular;

 

	 	(2)	all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation;

 

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

 

	 	(5)	any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or indirect
common control with, such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate
Securities of one or more series.

 

    6

     

    

 

“Board of Directors”
means the board of directors of the Company or any duly authorized committee of such board.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the
Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day”
means, for any place where the principal and interest on the Notes is payable, each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day in which banking institutions in New York are authorized or obligated by law or executive order to close.

 

“Commission”
means the Securities and Exchange Commission, 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.

 

“Common Stock”
includes any stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the event
of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which is not subject to redemption by
the Company; provided, however, subject to the provisions of Section 14.9, shares issuable upon conversion of Securities
shall include only shares of the class designated as Common Stock of the Company at the date of this Indenture or shares of any
class or classes resulting from any reclassification or reclassifications thereof and which have no preference in respect of dividends
or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which
are not subject to redemption by the Company; provided, further, that if at any time there shall be more than one
such resulting class, the shares of each such class then so issuable shall be substantially in the proportion which the total number
of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting
from all such reclassifications.

 

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

 

“Company Request”
or “Company Order” means a written request or order signed in the name of the Company by any Officer.

 

“Constituent
Person” has the meaning specified in Section 14.9.

 

“control”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Corporate Trust
Office” means the office of the Trustee at which at any particular time its corporate trust business in Chicago, Illinois
shall be principally administered, which office as of the date of this instrument is located at 2 North LaSalle Street, 7th
Floor, Chicago, IL 60602, Attention: Corporate Trust Division - Corporate Finance Unit except that with respect to presentation
of Notes for payment or for registration of transfer, conversion or exchange, such term shall mean the office or agency of the
Trustee at which at any particular time its corporate agency business shall be conducted, which office at the date of this instrument
is located at 240 Greenwich Street, New York, New York 10286; Attention: Corporate Trust Division - Corporate Finance Unit, or,
in the case of any of such offices or agency, such other address as the Trustee may designate from time to time by notice to the
Company.

 

“corporation”
means a corporation, association, company, joint-stock company or business trust.

 

“Covenant Defeasance”
has the meaning specified in Section 13.3.

 

“Defaulted Interest”
has the meaning specified in Section 3.7.

 

    7

     

    

 

“Defeasance”
has the meaning specified in Section 13.2.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section
3.1.

 

“Designated Senior
Debt” means the Company’s obligations under any particular Senior Debt in which the instrument creating or evidencing
the same or the assumption or guarantee thereof (or related agreements or documents to which the Company is a party) expressly
provides that such Senior Debt shall be “Designated Senior Debt” for purposes of this Indenture (provided, that
such instrument, agreement or other document may place limitations and conditions on the right of such Senior Debt to exercise
the rights of Designated Senior Debt). If any payment made to any holder of any Designated Senior Debt or its Representative with
respect to such Designated Senior Debt is rescinded or must otherwise be returned by such holder or Representative upon the insolvency,
bankruptcy or reorganization of the Company or otherwise, the reinstated Indebtedness of the Company arising as a result of such
rescission or return shall constitute Designated Senior Debt effective as of the date of such rescission or return.

 

“euro”
or “euros” means the currency adopted by those nations participating in the third stage of the economic and monetary
union provisions of the Treaty on European Union, signed at Maastricht on February 7, 1992.

 

“European Economic
Area” means the member nations of the European Economic Area pursuant to the Oporto Agreement on the European Economic Area
dated May 2, 1992, as amended.

 

“European Union”
means the member nations of the European Union established by the Treaty of European Union, signed at Maastricht on February 7,
1992, which amended the Treaty of Rome establishing the European Community.

 

“Event of Default”
has the meaning specified in Section 5.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date”
has the meaning specified in Section 1.4.

 

“Foreign Government
Obligation” means with respect to Securities of any series which are not denominated in the currency of the United States
of America (x) any security which is (i) a direct obligation of the government which issued or caused to be issued the currency
in which such security is denominated and for the payment of which obligations its full faith and credit is pledged or, with respect
to Securities of any series which are denominated in euros, a direct obligation of any member nation of the European Union for
the payment of which obligation the full faith and credit of the respective nation is pledged so long as such nation has a credit
rating at least equal to that of the highest rated member nation of the European Economic Area, or (ii) an obligation of a Person
controlled or supervised by and acting as an agency or instrumentality of a government specified in clause (i) above the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the such government, which, in either case
(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any Foreign Government Obligation which is specified
in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific
payment of principal of or interest on any Foreign Government Obligation which is so specified and held, provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary
receipt from any amount received by the custodian in respect of the Foreign Government Obligation or the specific payment of principal
or interest evidenced by such depositary receipt.

 

“Global Security”
means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.4 (or such
legend as may be specified as contemplated by Section 3.1 for such Securities).

 

    8

     

    

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

“Indebtedness”
means, with respect to any Person, and without duplication, whether absolute or contingent, secured or unsecured, due or to become
due, (a) all indebtedness, obligations and other liabilities (contingent or otherwise) of such Person evidenced by a credit or
loan agreement, note, bond, debenture, or other written obligation (whether or not the recourse of the lender is to the whole of
the assets of such person or to only a portion thereof) or for money borrowed (including obligations of such Person in respect
of overdrafts, foreign exchange contracts, currency exchange agreements, interest rate protection agreements, and any loans or
advances from banks, whether or not evidenced by notes or similar instruments); (b) all obligations and liabilities (contingent
or otherwise) of such Person evidenced by a note or similar instrument given in connection with the acquisition of any businesses,
properties or assets of any kind; (c) all obligations and liabilities (contingent or otherwise) in respect of leases of such Person
required, in conformity with generally accepted accounting principles, to be accounted for as capitalized lease obligations on
the balance sheet of such Person and all obligations and other liabilities (contingent or otherwise) or as lessee under any leases
or related documents for facilities, capital equipment or related assets, whether or not capitalized, entered into or leased for
financing purposes; (d) all obligations of such Person (contingent or otherwise) with respect to interest rate and currency swaps,
caps, floors, collars, hedge agreements, forward contracts or similar agreements or arrangements; (e) all obligations and other
liabilities (contingent or otherwise) of such Person with respect to letters of credit, bankers’ acceptances or similar facilities,
including reimbursement obligations with respect to the foregoing; (f) all obligations and liabilities of such Person or assumed
as the deferred purchase price of property or services, but excluding trade accounts payable and accrued liabilities arising in
the ordinary course of business; (g) all obligations of the type referred to in (a) through (f) above of another Person the payment
of which, in either case, such Person has assumed or guaranteed or for which such Person is responsible or liable directly or indirectly,
jointly or severally, as obligor, guarantor or otherwise, or which are secured by a lien on such Person’s property; and (h)
any and all renewals, extensions, modifications, replacements, restatements and refundings of, or, any indebtedness or obligation
issued in exchange for, any such indebtedness or obligation of the kind described in clauses (a) through (g) above.

 

“Indenture”
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and
any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular
series of Securities established as contemplated by Section 3.1; provided, however, that if at any time more than
one Person is acting as Trustee under this Indenture due to the appointment of one or more separate Trustees for any one or more
separate series of Securities, “Indenture” shall mean, with respect to such series of Securities for which any such
Person is Trustee, 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 pursuant to the applicable provisions hereof and shall include the terms of particular
series of Securities for which such Person is Trustee established as contemplated by Section 3.1, exclusive, however, of any provisions
or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms
or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto
executed and delivered after such Person had become such Trustee, but to which such person, as such Trustee, was not a party; provided,
further that in the event that this Indenture is supplemented or amended by one or more indentures supplemental hereto which
are only applicable to certain series of Securities, the term “Indenture” for a particular series of Securities shall
only include the supplemental indentures applicable thereto.

 

“interest,”
when used with respect to an Original Issue Discount Security, which by its terms bears interest only after Maturity, means interest
payable after Maturity.

 

“Interest Payment
Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Investment Company
Act” means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

    9

     

    

 

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

 

“Non-electing
Share” has the meaning specified in Section 14.9.

 

“Non-Payment
Default” has the meaning specified in Section 15.2.

 

“Notice of Default”
means a written notice of the kind specified in Section 5.1(4).

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer,
the President or a Vice President, and by the principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary
or an Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’ Certificate
given pursuant to Section 10.4 shall be the principal executive, financial or accounting officer of the Company.

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for, or an employee of, the Company, and who shall be reasonably acceptable
to the Trustee.

 

“Original Issue
Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2.

 

“Outstanding,”
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except

 

(1) Securities theretofore
canceled by the Trustee or delivered to the Trustee for cancellation;

 

(2) Securities for
whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other
than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent)
for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3) Securities as to
which Defeasance has been effected pursuant to Section 13.2; and

 

(4) Securities which
have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered
pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations
of the Company;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request,
demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of
an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which
would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if,
as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of
such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section
3.1, (C) the principal amount of a Security denominated in one or more non-U.S. dollar currencies or currency units which shall
be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated
by Section 3.1, of the principal amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of
the amount determined as provided in such clause), and (D) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

    10

     

    

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the
Company.

 

“Payment Blockage
Notice” has the meaning specified in Section 15.2.

 

“Payment Default”
has the meaning specified in Section 15.2.

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof.

 

“Place of Payment,”
when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest
on the Securities of that series are payable as specified as contemplated by Section 3.1.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Security.

 

“Record Date”
means any Regular Record Date or Special Record Date.

 

“Redemption Date,”
when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price,”
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record
Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for
that purpose as contemplated by Section 3.1.

 

“Representative”
means the (a) indenture trustee or other trustee, agent or representative for any Senior Debt or (b) with respect to any Senior
Debt that does not have any such trustee, agent or other representative, (i) in the case of such Senior Debt issued pursuant to
an agreement providing for voting arrangements as among the holders or owners of such Senior Debt, any holder or owner of such
Senior Debt acting with the consent of the required persons necessary to bind such holders or owners of such Senior Debt and (ii)
in the case of all other such Senior Debt, the holder or owner of such Senior Debt.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer assigned to the Corporate Trust Division - Corporate Finance
Unit (or any successor division or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct
responsibility for the administration of this Indenture, and for the purposes of Section 6.1(c)(2) and Section 6.2 shall also include
any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and
familiarity with the particular subject.

 

“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 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 3.5.

 

    11

     

    

 

“Senior Debt”
means the principal of, premium, if any, interest (including all interest accruing subsequent to the commencement of any bankruptcy
or similar proceeding, whether or not a claim for post-petition interest is allowable as a claim in any such proceeding) and rent
payable on or in connection with, and all fees, costs, expenses and other amounts accrued or due on or in connection with, Indebtedness
of the Company, whether outstanding on the date of this Indenture or thereafter created, incurred, assumed, guaranteed or in effect
guaranteed by the Company (including all deferrals, renewals, extensions or refundings of, or amendments, modifications or supplements
to, the foregoing), unless in the case of any particular Indebtedness the instrument creating or evidencing the same or the assumption
or guarantee thereof expressly provides that such Indebtedness shall not be senior in right of payment to the Securities or expressly
provides that such Indebtedness is “pari passu” or “ junior” to the Securities. Notwithstanding
the foregoing, the term Senior Debt shall not include any Indebtedness of the Company to any Subsidiary of the Company. If any
payment made to any holder of any Senior Debt or its Representative with respect to such Senior Debt is rescinded or must otherwise
be returned by such holder or Representative upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the
reinstated Indebtedness of the Company arising as a result of such rescission or return shall constitute Senior Debt effective
as of the date of such rescission or return.

 

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

“Stated Maturity,”
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in
such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and
payable.

 

“Subsidiary”
means a Person of which at least a majority of the outstanding voting stock having the power to elect a majority of the board of
directors of such Person (in the case of a corporation) is, or of which at least a majority of the equity interests (in the case
of a Person which is not a corporation) are, at the time owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock”
means stock or similar interests to the Company which ordinarily has or have voting power for the election of directors or persons
performing similar functions, whether at all times or only so long as no senior class of stock or other interests has or have such
voting power by reason of any contingency.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act”
means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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

 

“U.S. Government
Obligation” means (x) any security which is (i) a direct obligation of the United States of America for the payment of which
the full faith and credit of the United States of America is pledged or (ii) an obligation 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, which, in either case (i) or (ii), is not callable or redeemable
at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities
Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for
the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any
U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt.

 

    12

     

    

 

“Vice President,”
when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word
or words added before or after the title “vice president.”

 

Section 1.2 Compliance Certificates and Opinions.

 

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

 

Every certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include,

 

(1) a statement
that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;

 

(2) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

 

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

 

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

 

Section 1.3 Form of Documents Delivered
to Trustee.

 

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

 

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

 

Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 1.4 Acts of Holders; Record Dates.

 

Any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or
taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. The
Trustee shall promptly deliver to the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.

 

    13

     

    

 

The fact and date of
the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or
by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting
in a capacity other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of
his or her authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner that the Trustee deems sufficient.

 

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

 

Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Security.

 

The Company may set
any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make
or take any request, demand, authorization, direction, vote, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record
date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration,
request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether
or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless
taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such
series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date
for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously
set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company,
at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to
be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 

The Trustee may set
any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in
the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request
to institute proceedings referred to in Section 5.7(2) or (iv) any direction referred to in Section 5.12, in each case with respect
to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such
series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities
of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously
set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee,
at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration
Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section
1.6.

 

    14

     

    

 

With respect to any
record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change
shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date.
If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set
such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing,
no Expiration Date shall be later than the 180th day after the applicable record date.

 

Without limiting the
foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard
to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount.

 

Section 1.5 Notices, etc., to Trustee and Company.

 

Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with, 

 

		(1)	the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office or sent by facsimile, electronic
transmission or first-class mail, postage-prepaid at the address set forth below:

 

	 	The Bank of New York Mellon Trust Company, N.A.
	 	2 North LaSalle Street, 7th Floor 
	 	Chicago, IL 60602
	 	Attention: 	Corporate Trust Division – Corporate Finance Unit 	 
	 	Facsimile: 	 	 
	 	E-mail: 	 	 
	 	 

		(2)	the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and sent, to the Company either by facsimile, electronic transmission or first-class
mail, postage prepaid at the address set forth below:

 

	 	B. Riley Financial, Inc.	 
	 	21255 Burbank Blvd, Suite 400	 
	 	Woodland Hills, California 91367	 
	 	Attention:	 	 
	 	Facsimile:	 	 
	 	E-mail: 	 	 

 

The Company or the Trustee may designate
additional or different addresses for subsequent notices or communications.

 

Notices given by first-class mail, postage
prepaid, will be deemed given five calendar days after mailing, except in the case of notices or communications given to the Trustee,
which shall be effective only upon actual receipt by the Trustee at its Corporate Trust Office.

 

    15

     

    

 

Section 1.6 Notice to Holders; Waiver.

 

Where this Indenture
provides for notice to Holders (including any notice of redemption), such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing (including facsimile or other electronic transmission) and mailed, first-class postage
prepaid, to each Holder entitled thereto, at his last address as it appears in the Security Register or if given to the applicable
Depositary (or its designee) according to the applicable procedures of such Depositary. If such notice or communication is mailed
(or delivered by electronic transmission in accordance with the applicable procedures of the Depositary) in the manner provided
above within the time prescribed herein, it is duly given, whether or not the addressee receives it. In any case where notice to
Holders is given, neither the failure to send such notice, nor any defect in any notice so sent, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Such notice may be waived in writing by the Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

Notwithstanding any
other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption or purchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently
given if given to the Depositary pursuant to the standing instructions from the Depositary.

 

Notices given by first-class
mail, postage prepaid, will be deemed given five calendar days after mailing.

 

Section 1.7 Conflict with Trust Indenture Act.

 

If any provision hereof
limits, qualifies or conflicts with another provision hereof which is required to be included in this Indenture by any of the provisions
of the Trust Indenture Act, such required provision shall control. If any provision hereof limits, qualifies or conflicts with
the duties imposed by Section 318(c) of the Trust Indenture Act such imposed duties shall control. If any provision of the Indenture
limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be
a part of and govern the Indenture, such provision of the Trust Indenture Act shall control. If any provision of the Indenture
modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to the Indenture as such provision of the Trust Indenture Act is so modified or excluded, as the case may be.

 

Section 1.8 Effect of Headings and Table of Contents.

 

The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 1.9 Successors and Assigns.

 

All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10 Separability Clause.

 

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

 

Section 1.11 Benefits of Indenture.

 

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

 

    16

     

    

 

Section 1.12 Governing Law; Waiver of Jury Trial; Submission
to Jurisdiction.

 

This Indenture
and the Securities shall be governed by and construed in accordance with the laws of the State of New York except to
        the extent that the Trust Indenture Act is applicable. Each of the
Company and the Trustee, and each Holder of a Security by its acceptance thereof, irrevocably waives, to the fullest extent
permitted by applicable law, any and all rights to trial by jury in any legal proceeding arising out of or relating to this
Indenture, the Securities, or the transactions contemplated thereby.

 

The Company irrevocably
consents and submits, for itself and in respect of any of its assets or property, to the nonexclusive jurisdiction of any court
of the State of New York or any United States Federal court sitting, in each case, in the Borough of Manhattan, The City of New
York, New York, United States of America, and any appellate court from any thereof in any suit, action or proceeding that may be
brought in connection with this Indenture or the Securities, and waives any immunity from the jurisdiction of such courts. The
Company irrevocably waives, to the fullest extent permitted by law, any objection to any such suit, action or proceeding that may
be brought in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or
proceeding has been brought in an inconvenient forum. The Company agrees, to the fullest extent that it lawfully may do so, that
final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company,
and waives, to the fullest extent permitted by law, any objection to the enforcement by any competent court in the Company’s
jurisdiction of organization of judgments validly obtained in any such court in New York on the basis of such suit, action or proceeding.

 

Section 1.13 Legal Holidays.

 

In any case where any
Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and premium,
if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place
of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity,
provided that no interest shall accrue on the amount then payable for the period from and after such Interest Payment Date, Redemption
Date or Stated Maturity, as the case may be.

 

Section 1.14 Indenture and Securities Solely Corporate Obligations.

 

No recourse for the
payment of the principal of or premium, if any, or interest on any Security, or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental
indenture or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator,
stockholder, employee, agent, officer, or director or subsidiary, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any 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 all such liability
is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the
issue of the Securities.

 

Section 1.15 Indenture May be Executed in Counterparts.

 

This instrument 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, PDF or other electronic
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 and signature pages for all purposes.

 

Section 1.16 Force Majeure.

 

In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out
of or caused by, directly or indirectly, forces beyond its reasonable 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 or hardware) services.

 

    17

     

    

 

ARTICLE
II

 

SECURITY
FORMS

 

Section 2.1 Forms Generally.

 

The Securities of each
series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant
to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities
exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced
by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution,
a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and
delivery of such Securities. Any such Board Resolution or record of such action shall have attached thereto a true and correct
copy of the form of Security referred to therein approved by or pursuant to such Board Resolution.

 

The definitive Securities
shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution of such Securities.

 

Section 2.2 Form of Face of Security.

 

[INSERT ANY LEGEND REQUIRED BY THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER.]

 

B. RILEY FINANCIAL, INC.

 

 

 

	NO __________	$ __________
	 	CUSIP: __________

 

B. RILEY FINANCIAL,
INC., a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
, or registered assigns, the principal sum of dollars on [if the Security is to bear interest prior to Maturity, insert —
, and to pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on and in each year, commencing , at the rate of % per annum, until the principal hereof is paid or made available
for payment [if applicable, insert — , provided that any principal and premium, and any such installment of
interest, which is overdue shall bear interest at the rate of % per annum (to the extent that the payment of such interest shall
be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest
shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, which shall be the or (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not
less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture].

 

    18

     

    

 

[If the Security
is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in
the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue
principal and any overdue premium shall bear interest at the rate of % per annum (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest
on any overdue principal or premium shall be payable on demand. Any such interest on overdue principal or premium which is not
paid on demand shall bear interest at the rate of % per annum (to the extent that the payment of such interest on interest shall
be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest
on any overdue interest shall be payable on demand.] Payment of the principal of (and premium, if any) and [if applicable, insert
— any such] interest on this Security will be made at the office or agency of the Company maintained for that purpose
in , in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts [if applicable, insert —; provided, however, that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register].

 

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

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	Dated: _______________	 	B. RILEY FINANCIAL, INC.
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title: 	 
	ATTEST:	 	 	 
	 	 	 	 

  

 

Section 2.3 Form of Reverse of Security.

 

This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued
in one or more series under an Indenture, dated as of , 200 (herein called the “Indenture,” which term shall
have the meaning assigned to it in such instrument), between the Company and , as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture and all indentures
supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee, the holders of Senior Debt and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert
— , limited in aggregate principal amount to $ ].

 

[If applicable,
insert — The Securities of this series are subject to redemption upon not less than [if applicable, insert —
30] days’ notice by mail, [if applicable, insert — (1) on in any year commencing with the year and ending
with the year through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount,
and (2)] at any time [if applicable, insert — on or after , 20 ], as a whole or in part, at the election of the Company,
at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert —
on or before , %, and if redeemed] during the 12-month period beginning of the years indicated,

 

    19

     

    

 

	Year	 	 	Redemption

Price	 	 	Year	 	 	Redemption

Price	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal
to % of the principal amount, together in the case of any such redemption [if applicable, insert — (whether through
operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable,
insert — The Securities of this series are subject to redemption upon not less than [if applicable, insert —
30] days’ notice by mail, (1) on in any year commencing with the year and ending with the year through operation of the sinking
fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of
the principal amount) set forth in the table below, and (2) at any time [if applicable, insert — on or after ], as
a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of
the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning of the years indicated,

 

	Year	 	 	Redemption

Price For

Redemption

Through

Operation of the

Sinking Fund	 	 	Year	 	 	Redemption

Price For

Redemption

Otherwise Than

Through

Operation of the

Sinking Fund	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal
to % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise)
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business
on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable,
insert — Notwithstanding the foregoing, the Company may not, prior to , redeem any Securities of this series as contemplated
by [if applicable, insert — clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in
accordance with generally accepted financial practice) of less than % per annum.]

 

[If applicable,
insert — The sinking fund for this series provides for the redemption on , in each year beginning with the year and ending
with the year of [if applicable, insert — not less than $ (“mandatory sinking fund”) and not more
than] $ aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company
otherwise than through [if applicable, insert — mandatory] sinking fund payments may be credited against subsequent
[if applicable, insert — mandatory] sinking fund payments otherwise required to be made [if applicable, insert
—, in the inverse order in which they become due].]

 

[If the Security
is subject to redemption of any kind, insert — In the event of redemption of this Security in part only, a new Security
or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof.]

 

    20

     

    

 

[If applicable,
insert — The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or]
[certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain
conditions set forth in the Indenture.]

 

[If the Security
is convertible into other securities of the Company, specify the conversion features.] The indebtedness evidenced by this Security
is, to the extent and in the manner provided in the Indenture, subordinate and subject in right of payment to the prior payment
in full of all Senior Debt of the Company, and this Security is issued subject to such provisions of the Indenture with respect
thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes
and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination so
provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes.

 

[If the Security
is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series
shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture.]

 

[If the Security
is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series shall
occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture. Such amount shall be equal to — insert formula for determining the amount.
Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium
and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s
obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall
terminate.]

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the
Trustee indemnity satisfactory to the Trustee, and the Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium
or interest hereon on or after the respective due dates expressed herein.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

 

    21

     

    

 

The Securities of this
series are issuable only in registered form without coupons in denominations of $ and any integral multiple thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.

 

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

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this
Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

Section 2.4 Form of Legend for Global Securities.

 

Unless otherwise specified
as contemplated by Section 3.1 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder
shall bear a legend in substantially the following form:

 

THIS SECURITY IS
A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR
A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

Section 2.5 Form of Trustee’s Certificate of Authentication.

 

The Trustee’s
certificates of authentication shall be in substantially the following form:

 

This is one of the
Securities of the series designated herein referred to in the within-mentioned Indenture.

 

	 	The Bank of New York Mellon Trust Company, N.A.,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Section 2.6 Form of Conversion Notice.

 

Conversion notices shall be in substantially
the following form: To B. RILEY FINANCIAL, INC.:

 

The undersigned owner
of this Security hereby irrevocably exercises the option to convert this Security, or portion hereof (which is $2,000 and any integral
multiple of $1,000 in excess thereof) below designated, into shares of Common Stock of the Company in accordance with the terms
of the Indenture referred to in this Security, and directs that the shares issuable and deliverable upon the conversion, together
with any check in payment for fractional shares and any Securities representing any unconverted principal amount hereof, be issued
and delivered to the registered holder hereof unless a different name has been indicated below. If this Notice is being delivered
on a date after the close of business on a Regular Record Date and prior to the opening of business on the related Interest Payment
Date (unless this Security or the portion thereof being converted has been called for redemption on a Redemption Date during the
period beginning at the close of business on a Regular Record Date and ending at the opening of business on the first Business
Day after the next succeeding Interest Payment Date, or if such Interest Payment Date is not a Business Day, the second such Business
Day), this Notice is accompanied by payment, in funds acceptable to the Company, of an amount equal to the interest payable on
such Interest Payment Date of the principal of this Security to be converted. If shares are to be issued in the name of a person
other than the undersigned, the undersigned will pay all transfer taxes payable with respect hereto. Any amount required to be
paid by the undersigned on account of interest accompanies this Security.

 

    22

     

    

 

Principal Amount to be Converted

($2,000 and any integral multiple of $1,000 in excess thereof,
if less than all)

 

U.S. $____

 

Dated: _________

 

	 	Signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule 17Ad-15.
	 	 
	 	Signature Guaranty

 

Fill in for registration of shares of Common
Stock and Security if to be issued otherwise than to the registered Holder.

 

	 	 	 
	(Name)	 	Social Security or Other Taxpayer Identification Number
	 	 	 
	(Address)	 	 
	 	 	 
	Please print Name and Address 	 	 
	(including zip code)	 	 

 

[The above conversion notice is to be modified, as appropriate,
for conversion into other securities or property of the Company.]

 

ARTICLE
III

 

THE
SECURITIES

 

Section 3.1 Amount Unlimited; Issuable in Series.

 

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. There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set
forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series,

 

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

 

    23

     

    

 

(2) any limit
upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3, are
deemed never to have been authenticated and delivered hereunder);

 

(3) the Person
to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(4) the date
or dates on which the principal of any Securities of the series is payable;

 

(5) the rate
or rates (which may be fixed or variable) at which any Securities of the series shall bear interest, if any, the date or dates
from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular
Record Date for any such interest payable on any Interest Payment Date (or the method for determining the dates and rates);

 

(6) the place
or places where the principal of and any premium and interest on any Securities of the series shall be payable;

 

(7) the period
or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may
be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any
election by the Company to redeem the Securities shall be evidenced;

 

(8) the obligation,
if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions
or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9) if other
than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which any Securities of
the series shall be issuable;

 

(10) if the
amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index
or pursuant to a formula, the manner in which such amounts shall be determined;

 

(11) if other
than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any
premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the
currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding”
in Section 1.1;

 

(12) if
the principal of (and premium, if any) and/or interest on the Securities of the series are to be payable, at the election of the
Company or any Holder, in a currency or currencies (including composite currencies) other than that in which the Securities are
stated to be payable, the period or periods within which, and the terms and conditions, upon which, such election may be made; 

 

(13) if other
than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;

 

(14) if the
principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more
dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such
date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity
other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any
such case, the manner in which such amount deemed to be the principal amount shall be determined);

 

    24

     

    

 

(15) if applicable,
that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.2 or Section 13.3
or both such Sections, or any other defeasance provisions applicable to any Securities of the series, and, if other than by a Board
Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;

 

(16) if applicable,
the terms of any right to convert or exchange Securities of the series into shares of Common Stock of the Company or other securities
or property;

 

(17) if applicable,
that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such
case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in addition to or in lieu of those
set forth in Form of clause (2) of the last paragraph of Section 3.5 in which any such Global Security may be exchanged in whole
or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name
or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(18) any
addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section
5.2;

 

(19) any
addition to or change in the covenants set forth in Article 10 which applies to Securities of the series;

 

(20) any
Authenticating Agents, Paying Agents, Security Registrars or such other agents necessary in connection with the issuance of the
Securities of such series, including, without limitation, exchange rate agents and calculation agents;

 

(21) if applicable,
the terms of any security that will be provided for a series of Securities, including provisions regarding the circumstances under
which collateral may be released or substituted;

 

(22) if applicable,
the terms of any guaranties for the Securities and any circumstances under which there may be additional obligors on the Securities;

 

(23) any
addition to or change in or modification to the subordinated provisions of this Indenture relating to the Securities of that series
(including the provisions of Article 15), or different subordination provisions, including a different definition of “Senior
Debt” or “Designated Senior Debt,” will apply to Securities of the series; and

 

(24) any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1(5)).

 

All Securities of any
one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
the Board Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any such indenture supplemental hereto.

 

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

 

The Securities shall
be subordinated in right of payment to Senior Debt as provided in Article 15.

 

    25

     

    

 

Section 3.2 Denominations.

 

The Securities of each
series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated
by Section 3.1. In the absence of any such specified denomination with respect to the Securities of any series, the Securities
of such series shall be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

 

Section 3.3 Execution, Authentication, Delivery and Dating.

 

The Securities shall
be executed on behalf of the Company by any Officer. The signature of any such Officer on the Securities may be manual or facsimile.

 

Securities bearing
the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities,
and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the
Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and
3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, a
copy of such Board Resolution, the Officers’ Certificate setting forth the terms of the series and an Opinion of Counsel,
with such Opinion of Counsel stating,

 

(1) if the
form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form has
been established in conformity with the provisions of this Indenture;

 

(2) if the
terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms
have been established in conformity with the provisions of this Indenture; and

 

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

 

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

 

Notwithstanding the
provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company
Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each
Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

 

Each Security shall
be dated the date of its authentication.

 

    26

     

    

 

No Security shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but
never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in
Section 3.9, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefits of this Indenture.

 

Neither the Company
nor the Trustee shall have any responsibility for any defect in the CUSIP number that appears on any Security, check, advice of
payment or redemption notice, and any such document may contain a statement to the effect that CUSIP numbers have been assigned
by an independent service for convenience of reference and that neither the Company nor the Trustee shall be liable for any inaccuracy
in such numbers.

 

Section 3.4 Temporary Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution
of such Securities.

 

If temporary Securities
of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company
in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.
Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as definitive Securities of such series and tenor.

 

Section 3.5 Registration; Registration of Transfer and Exchange.

 

The Company shall cause
to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office
or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided.

 

Upon surrender for
registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that series,
the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

At the option of the
Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and
of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities that the Holder making the exchange is entitled to receive. All Securities issued upon any registration of transfer
or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

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

 

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If the Securities of
any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register
the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a
period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of any such Securities
selected for redemption under Section 11.3 and ending at the close of business on the day of such transmission, or (B) to register
the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part.

 

The provisions of clauses
(1), (2), (3) and (4) below shall apply only to Global Securities:

 

(1) Each
Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global
Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global
Security shall constitute a single Security for all purposes of this Indenture.

 

(2) Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B)
there shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) there shall exist such
circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section
3.1.

 

(3) Subject
to clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

 

(4) Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any
portion thereof, whether pursuant to this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and delivered
in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary
for such Global Security or a nominee thereof.

 

The Trustee shall have
no responsibility, obligation or duty to:

 

(1) any beneficial owner
of a Global Security, any member or participant in the Depositary or any other Person with respect to (A) the accuracy of the records
of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities,
(B) the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including
any notice of redemption or purchase) or the payment of any amount or delivery of any Securities (or other security or property)
under or with respect to such Securities, or (C) the selection of the particular Securities or portions thereof to be redeemed
or refunded in the event of a partial redemption or refunding of the Securities; or

 

(2) 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 the Depositary, its agent members or
beneficial owners 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 with respect to transfers
between Holders, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Neither
the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by the Depositary.

 

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(3) All notices and communications
to be given by any beneficial owner of a Security and all payments to be made to any beneficial owner of a Security in respect
of the Securities shall be given or made only to or upon the order of the registered owner or owners of the Securities (which shall
be the Depositary or its nominee in the case of a Global Security). The rights of the beneficial owners of any Global Security
shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may
rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants
and beneficial owners.

 

Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security
is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be
delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security
and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the
Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security,
a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

 

Upon the issuance of
any new Security under this Section, 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.

 

Every new Security
of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that series duly issued hereunder.

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

 

Section 3.7 Payment of Interest; Interest Rights Preserved.

 

Except as otherwise
provided as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and
is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest on any
Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record
Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case,
as provided in clause (1) or (2) below:

 

(1) The Company
may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and
at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be given to each Holder of Securities of such series in the manner set forth in Section 1.6, not less than 10 days
prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (2).

 

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

 

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

 

Subject to the provisions
of Section 14.2, in the case of any Security (or any part thereof) which is converted after any Regular Record Date and on or prior
to the next succeeding Interest Payment Date (other than any Security the principal of (or premium, if any, on) which shall become
due and payable, whether at Stated Maturity or by declaration of acceleration or otherwise prior to such Interest Payment Date),
interest whose Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding
such conversion and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name
that Security (or any one or more Predecessor Securities) is registered at the close of business on such Regular Record Date. Except
as otherwise expressly provided in the immediately preceding sentence or in Section 14.2, in the case of any Security (or any part
thereof) which is converted, interest whose Stated Maturity is after the date of conversion of such Security (or such part thereof)
shall not be payable.

 

Section 3.8 Persons Deemed Owners.

 

Prior to due presentment
of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
of and any premium and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or
not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected
by notice to the contrary. Without limiting the generality of the foregoing, a Holder, including any Depositary that is the Holder
of a Global Security, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and the Depositary
that is the Holder of a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global
Security through such Depositary’s standing instructions and customary practice.

 

Notwithstanding the
foregoing, with respect to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company
or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary (or its
nominee), as a Holder, with respect to such Global Security or shall impair, as between such Depositary and owners of beneficial
interests in such Global Security, the operation of customary practices governing the exercise of the rights of such Depositary
(or its nominee) as Holder of such Global Security.

 

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Section 3.9 Cancellation.

 

All Securities surrendered
for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold and all Securities
so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section 3.9, except as expressly permitted by this Indenture. Subject to the record retention
requirements of the Act and the Trustee’s procedures, all canceled Securities held by the Trustee shall be disposed of as
directed by a Company Order.

 

Section 3.10 Computation of Interest.

 

Except as otherwise
specified as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed
on the basis of a 360-day year of twelve 30-day months.

 

ARTICLE
IV

 

SATISFACTION
AND DISCHARGE

 

Section 4.1 Satisfaction and Discharge of Indenture.

 

This Indenture shall
upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

 

(1) either

 

(A) all
Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Trustee or the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or

 

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

 

(i) have become
due and payable, or

 

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

 

(iii) are to
be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case
of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money
in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

(2) the Company
has paid or caused to be paid all other sums payable hereunder by the Company; and

 

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

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations
of the Trustee to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant
to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section
10.3 shall survive.

 

Section 4.2 Application of Trust Money.

 

Subject to the provisions
of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1, all money and U.S. Government
Obligations deposited with the Trustee pursuant to Section 13.2 or Section 13.3 and all money received by the Trustee in respect
of U.S. Government Obligations deposited with the Trustee pursuant to Section 13.2 or Section 13.3, shall be held in trust and
applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal (and premium, if any) and interest for whose payment such money has been deposited with or received by the Trustee
as contemplated by Section 4.1, Section 13.2 or Section 13.3.

 

ARTICLE
V

 

REMEDIES

 

Section 5.1 Events of Default.

 

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

 

(1) default
in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
for a period of 30 days; or

 

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

 

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

 

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

 

(5) the entry
by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

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

 

(7) any other
Event of Default provided with respect to Securities of that series.

 

Section 5.2 Acceleration of Maturity; Rescission and Annulment.

 

(a) If an Event of
Default (other than an Event of Default specified in clause (5) or (6) of Section 5.1) with respect to Securities of any series
at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series may declare the principal amount (or, if any of the Securities of
that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified
in the terms thereof), together with accrued and unpaid interest, if any, of all of the Securities of that series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in clause
(5) or (6) of Section 5.1 with respect to Securities of any series at the time Outstanding occurs, the principal amount (or, if
any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities
as may be specified in the terms thereof) of all of the Outstanding Securities of that series shall be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder of any Security of that series.

 

(b) At any time after
such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter provided in this Article V, the Holders of a majority in principal
amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if:

 

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

 

(A) all
overdue interest on all Securities of that series,

 

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

 

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

 

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

 

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

 

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

 

Upon receipt by the
Trustee of any declaration of acceleration, or rescission and annulment thereof, with respect to Securities of a series all or
part of which is represented by a Global Security, the Trustee shall establish a record date for determining Holders of Outstanding
Securities of such series entitled to join in such declaration of acceleration, or rescission and annulment, as the case may be,
which record date shall be at the close of business on the day the Trustee receives such declaration of acceleration, or rescission
and annulment, as the case may be. The Holders on such record date, or their duly designated proxies, and only such Persons, shall
be entitled to join in such declaration of acceleration, or rescission and annulment, as the case may be, whether or not such Holders
remain Holders after such record date; provided, that unless such declaration of acceleration, or rescission and annulment, as
the case may be, shall have become effective by virtue of the requisite percentage having been obtained prior to the day which
is 90 days after such record date, such declaration of acceleration, or rescission and annulment, as the case may be, shall automatically
and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder,
or a proxy of a Holder, from giving, after expiration of such 90-day period, a new declaration of acceleration, or rescission or
annulment thereof, as the case may be, that is identical to a declaration of acceleration, or rescission or annulment thereof,
which has been canceled pursuant to the preceding sentence, in which event a new record date shall be established pursuant to the
provision of this Section 5.2.

 

Section 5.3 Collection of Indebtedness and Suits for Enforcement
by Trustee.

 

The Company covenants
that if

 

(1) default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for
a period of 30 days, or

 

(2) default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof; or

 

(3) default
is made in the deposit of any sinking fund payment, when and as due by the terms of a Security; the Company will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest
on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

 

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

 

If an Event of Default
with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 5.4 Trustee May File Proofs of Claim.

 

In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor
or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for
the payment of overdue principal (and premium, if any) or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise,

 

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

 

(ii) to collect and receive
any moneys or other property payable or deliverable on any such claims and to distribute the same.

 

Any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7.

 

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

 

The Trustee shall be
entitled to participate as a member of any official committee of creditors in the matters it deems advisable.

 

Section 5.5 Trustee May Enforce Claims Without Possession
of Securities.

 

All rights of action
and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 5.6 Application of Money Collected.

 

Any money or property
collected by the Trustee pursuant to this Article V or, after an Event of Default, any money or other property distributable in
respect of the Company’s obligations under this Indenture shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money or property on account of principal (or premium, if any) or interest,
upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

 

FIRST: To the payment of all
amounts due the Trustee (including any predecessor trustee) under Section 6.7;

 

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

 

THIRD: To the Company.

 

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Section 5.7 Limitation on Suits.

 

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

 

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

 

(2) the Holders
of at least 25% in aggregate principal amount of the Outstanding Securities of that series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3) such
Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

(4) the Trustee
for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 

(5) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in
principal amount of the Outstanding Securities of that series;

 

it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all of such Holders.

 

Section 5.8 Unconditional Right of Holders to Receive Principal,
Premium and Interest and to Convert.

 

Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and any premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date), to convert such Securities in accordance with
Article 14 to the extent that such right to convert is applicable to such Security, and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section 5.9 Restoration of Rights and Remedies.

 

If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

Section 5.10 Rights and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

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Section 5.11 Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee (subject to the limitations contained in this Indenture) or by the Holders, as the case may be.

 

Section 5.12 Control by Holders.

 

The Holders of a majority
in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities of such series, provided that

 

(1) such
direction shall not be in conflict with any rule of law or with this Indenture, nor subject the Trustee to a risk of personal liability
in respect of which the trustee has not received indemnification satisfactory to it in its sole discretion against all losses,
liabilities and expenses caused by taking or not taking such action; and

 

(2) the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with such direction.

 

Prior to taking any
such action hereunder, the Trustee shall be entitled to indemnification and/or security satisfactory to it in its sole discretion
against all fees, losses, liabilities and expenses (including attorney’s fees and expenses) caused by or that might be caused
by taking or not taking such action.

 

Upon receipt by the
Trustee of any such direction with respect to Securities of a series all or part of which is represented by a Global Security,
the Trustee may establish a record date for determining Holders of outstanding Securities of such series entitled to join in such
direction, which record date shall be at the close of business on the day the Trustee receives such direction. The Holders on such
record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such direction, whether or not
such Holders remain Holders after such record date; provided, that unless such majority in principal amount shall have been obtained
prior to the day which is 90 days after such record date, such direction shall automatically and without further action by any
Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving,
after expiration of such 90-day period, a new direction identical to a direction which has been canceled pursuant to the provisions
to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 5.12.

 

Section 5.13 Waiver of Past Defaults.

 

The Holders of not
less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past default hereunder with respect to such series and its consequences, except

 

(1) a default
in the payment of the principal of or any premium or interest on any Security of such series as and when the same shall become
due and payable by the terms thereof, otherwise than by acceleration (unless such default has been cured and a sum sufficient to
pay all matured installments of interest, principal and premium, if any, has been deposited with the Trustee), or

 

(2) to the
extent such right is applicable to such Security, a failure by the Company on request to convert any Security into Common Stock;
or

 

(3) in respect
of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each
Outstanding Security of such series affected.

 

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Upon any such waiver,
such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 5.14 Undertaking for Costs.

 

Each party to this
Indenture agrees, and each Holder of any Security 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, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company,
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Security on or after the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on or after the Redemption Date).

 

Section 5.15 Waiver of Usury, Stay or Extension Laws.

 

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

 

ARTICLE
VI

 

THE
TRUSTEE

 

Section 6.1. Certain Duties and Responsibilities.

 

(a) Except during the
continuance of an Event of Default,

 

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

 

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

 

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

 

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

 

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(1) this subsection shall
not be construed to limit the effect of subsections (a) and (d) of this Section 6.1;

 

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

 

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

 

  (d) No provision
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have grounds for believing that
repayment of such funds or adequate indemnity and/or security against such risk or liability is not assured to it.

 

(e) Whether or not
therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section 6.1.

 

Section 6.2. Notice of Defaults.

 

Within 90 days after
the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall send to all Holders of
Securities of such series notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any)
or interest on any Security of such series or in the payment of any sinking fund installment with respect to Securities of such
series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee
or a trust committee of directors or Responsible Officers of the Trustee in good faith determine that the withholding of such notice
is in the interest of the Holders of Securities of such series. For the purpose of this Section 6.2, the term “default”
means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities
of such series.

 

Section 6.3. Certain Rights of Trustee.

 

Subject to the provisions
of Section 6.1:

 

the Trustee may conclusively
rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

any request or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, or as otherwise expressly
provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

whenever in the administration
of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on
its part, conclusively rely upon an Officer’s Certificate;

 

before the Trustee
acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon;

 

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the Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of
the Holders pursuant to this Indenture (including, without limitation, instituting, conducting or defending any litigation), unless
such Holders shall have offered to the Trustee security and/or indemnity satisfactory to it against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction;

 

the Trustee shall not
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation;

 

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;

 

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 (including Security Registrar and Paying Agent),
and each agent, custodian and other Person employed to act hereunder;

 

the Trustee is not
required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture;

 

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;

 

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

 

the Trustee shall not
be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or
caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes;
fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of
utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military
authorities and governmental action;

 

the Trustee shall have
no responsibility for any information in any offering document or other disclosure material distributed with respect to any series
of Securities, and the Trustee shall have no responsibility for compliance with any state or federal securities laws in connection
with the Securities, other than the filing of any documents required to be filed by an indenture trustee pursuant to the Trust
Indenture Act or otherwise required in the Indenture;

 

the permissive rights
of the Trustee to do things enumerated in this Indenture shall not be construed as duties; and

 

the Trustee shall not
be deemed to have notice or be charged with knowledge of any default or Event of Default unless written notice of such default
or Event of Default from the Company or any Holder is received by a Responsible Officer of the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Securities and this Indenture.

 

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Section 6.4. Not Responsible for Recitals or Issuance of
Securities.

 

The recitals contained
herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall have no responsibility
for filing any financing or continuation statement in any public office at any time or otherwise to perfect or maintain the perfection
of any security interest or lien granted to it hereunder or to record this Indenture.

 

Section 6.5. May Hold Securities.

 

The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the Company or of the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other
agent.

 

Section 6.6. Money Held in Trust.

 

Money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed with the Company in writing.

 

Section 6.7. Compensation and Reimbursement.

 

The Company agrees:

 

(1) to pay to the Trustee
from time to time such reasonable compensation for its acceptance of this Indenture and for its services hereunder as Trustee,
Paying Agent, Security Registrar and in all other capacities in which it is serving hereunder as the Company and the Trustee shall
from time to time agree in writing (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

 (2) except as
otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable out-of-pocket expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ), except any such expense,
disbursement or advance as may be attributable to its gross negligence or willful misconduct; and

 

(3) to indemnify the
Trustee, any predecessor Trustee and their respective agents, directors, employees and officers for, and to hold them harmless
against, any loss, damage, claim, liability or out-of-pocket expense (including the reasonable compensation and the expenses and
disbursements of its agents and counsel and taxes (other than taxes based upon, measured or determined by the income of the Trustee,
any predecessor Trustee or their respective agents, directors, employees and officers)) incurred without gross negligence or willful
misconduct on its or their part (as determined by a competent court of appropriate jurisdiction in a final, non-appealable judgment),
arising out of or in connection with this Indenture, the Securities, the acceptance or administration of the trust or trusts hereunder,
including the reasonable costs and out-of-pocket expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of the Trustee’s powers or duties hereunder, or in connection with enforcing the provisions
of this Section.

 

The Trustee shall notify
the Company promptly of any claim for which it may seek indemnification pursuant to the provisions of this Indenture. Failure by
the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall be entitled
to participate in, and to the extent that it shall wish, to assume the defense of such claim, with counsel satisfactory to the
Trustee (and the Trustee shall cooperate in the defense thereof). The Trustee may employ separate counsel at the expense of the
Company. Any settlement which affects the Trustee may not be entered into without the consent of the Trustee. After the Company
has assumed the defense of any indemnified party hereunder, no such indemnified party may settle or compromise any suit or action
without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed).

 

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As security for the
performance of the obligations of the Company under this Section 6.7, the Trustee shall have a lien prior to the Securities upon
all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, premium,
if any, or interest, if any, on particular Securities.

 

In addition to, but
without prejudice to its other rights under this Indenture, when the Trustee incurs out-of-pocket expenses or renders services
in connection with an Event of Default specified in Section 5.1(5) and Section 5.1(6), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under
any applicable federal or state bankruptcy, insolvency or other similar law.

 

The provisions of this
Section 6.7 shall survive the resignation or removal of the Trustee, the satisfaction and discharge of this Indenture and the termination
of this Indenture for any reason.

 

Section 6.8. Disqualification; Conflicting Interests.

 

The Trustee shall comply
with the terms of Section 310(b) of the Trust Indenture Act.

 

Section 6.9. Corporate Trustee Required; Eligibility.

 

There shall at all
times be a Trustee hereunder which shall be eligible to act as such pursuant to the Trust Indenture Act and which shall be a corporation
organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized
under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by federal or state authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 6.9, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section 6.9, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VI.

 

Section 6.10. Resignation and Removal; Appointment of Successor.

 

No resignation or removal
of the Trustee and no appointment of a successor Trustee pursuant to this Article VI shall become effective until the acceptance
of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.

 

The Trustee may resign
at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument
of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be
removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee and to the Company.

 

If at any time:

 

(1) the Trustee shall
fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona fide Holder
of a Security for at least six months;

 

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(2) the Trustee shall
cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder;
or

 

(3) the Trustee shall
become incapable of acting or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall
be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such case, (i) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at
least six months may, on its own behalf and on behalf of all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one
year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the
Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six
months may, on its own behalf and on behalf of all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such series. 

 

The Company shall give
notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee with respect to the Securities of any series by sending written notice of such event to all Holders of Securities
of such series in the manner provided in Section 1.6. Each notice shall include the name of the successor Trustee with respect
to the Securities of such series and the address of its Corporate Trust Office.

 

Notwithstanding replacement
of the Trustee pursuant to this Section 6.10, the Company’s obligations under Section 6.7 hereof shall continue for the benefit
of the retiring Trustee.

 

Section 6.11. Acceptance of Appointment by Successor.

 

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

 

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In case of the appointment
hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as
shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates; (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee; and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and, upon the execution
and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent
provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates.

 

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) and (b) of this Section 6.11, as the
case may be.

 

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 VI.

 

Section 6.12. Merger, Conversion, Consolidation or Succession
to Business.

 

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

 

Section 6.13. Preferential Collection of Claims.

 

The Trustee shall comply
with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed 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 indicated
therein.

 

Section 6.14. Appointment of Authenticating Agent.

 

At any time when any
of the Securities remain Outstanding, the Trustee may, and upon request of the Company, shall, appoint an Authenticating Agent
or Agents with respect to one or more series of Securities, which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.6.
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. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the
Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject
to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports of condition at least
annually pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section
6.14, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.14, such Authenticating Agent shall resign immediately in the manner and with
the effect specified in this Section 6.14.

 

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Any corporation into
which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section 6.14, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company, and the Trustee
shall terminate any such agency promptly upon request by the Company. Upon receiving such a notice of resignation or upon such
a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section 6.14, the Trustee may and, upon request of the Company, shall appoint a successor Authenticating Agent which shall
be acceptable to the Company and shall send written notice in the manner provided in Section 1.6 of such appointment to all Holders
of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder,
with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section 6.14.

 

The Company agrees
to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.14.

 

If an appointment of
an Authenticating Agent with respect to one or more series is made pursuant to this Section 6.14, the Securities of such series
may have endorsed thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication
in the following form:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	 	
        The Bank of New York Mellon Trust Company, N.A.,

           as Trustee

	 	 
	 	By	 
	 	as Authenticating Agent
	 	 
	 	By	 
	 	Authorized Signatory

 

Section 6.15. FATCA.

 

Notwithstanding any
other provision of this Indenture, the Trustee shall be entitled to make a deduction or withholding from any payment which it makes
under this Indenture for or on account of any present or future taxes, duties or charges if and to the extent so required by any
applicable law and any current or future regulations or agreements thereunder or official interpretations thereof or any law implementing
an intergovernmental approach thereto or by virtue of the relevant holder failing to satisfy any certification or other requirements
in respect of the Securities, in which event the Trustee shall make such payment after such withholding or deduction has been made
and shall account to the relevant authorities for the amount so withheld or deducted and shall have no obligation to gross up any
payment hereunder or pay any additional amount as a result of such withholding tax.

 

The Company hereby
covenants with the Trustee that it will provide the Trustee with sufficient information so as to enable the Trustee to determine
whether or not the Trustee is obliged, in respect of any payments to be made by it pursuant to this Indenture, to make any withholding
or deduction pursuant to an agreement described in Section 1471(b) of the US Internal Revenue Code of 1986, as amended (the “Code”)
or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official
interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the
implementation thereof (or any law implementing such an intergovernmental agreement). 

 

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ARTICLE
VII

 

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.1 Company to Furnish Trustee Names and Addresses
of Holders.

 

If the Trustee is not
the Security Registrar, the Company will furnish or cause to be furnished to the Trustee:

 

(a) semi-annually (at
intervals of not more than six months), not later than 15 days after each Regular Record Date (or, if there is no Regular Record
Date relating to a series, semi-annually on dates set forth in the Board Resolution or supplemental indenture with respect to such
series), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such date,
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.

 

Section 7.2 Preservation of Information; Communications to
Holders.

 

The Trustee shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished
to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

 

Holders of any series
may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders of that series or any other series with
respect to their rights under this Indenture or the Securities of that series or any other series. The Company, the Trustee, the
Registrar and any other Person shall have the protection of Section 312(c) of the Trust Indenture Act.

 

Section 7.3 Reports by Trustee.

 

Within 60 days after
May 15 of each year, commencing the May 15 following the date of this Indenture, the Trustee shall, to the extent that any of the
events described in Section 313(a) of the Trust Indenture Act occurred within the previous twelve months, but not otherwise, send
to each Holder a brief report dated as of such date that complies with Section 313(a) of the Trust Indenture Act. The Trustee also
shall comply with Sections 313(a), 313(b), 313(c) and 313(d) of the Trust Indenture Act.

 

A copy of each report
at the time of transmission to Holders shall be sent to the Company and filed with the Commission and each securities exchange,
if any, on which the Securities of that series are listed.

 

The Company shall notify
the Trustee if the Securities of any series become listed on any securities exchange or of any delisting thereof and the Trustee
shall comply with Section 313(d) of the Trust Indenture Act.

 

Section 7.4 Reports by Company.

 

The Company shall:

 

(1) file with the Trustee,
within 15 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) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange
Act; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it
shall file with the Trustee and the Commission, in accordance with, and to the extent required by, rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required
pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as
may be prescribed from time to time in such rules and regulations;

 

    46

     

    

 

(2) file with the Trustee
and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required
from time to time by such rules and regulations; and

 

(3) transmit by mail
to all Holders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof with the
Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1)
and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

In each case that
the Company electronically delivers materials to the Trustee or files documents pursuant to the Commission’s “EDGAR”
system (or any successor electronic filing system), such delivery or filing shall be deemed to be “filed” with the
Trustee for purposes of this Section 7.4, provided, however, that the Trustee shall have no responsibility whatsoever to determine
if such filing has occurred. 

 

Delivery of such reports,
information and documents to the Trustee pursuant to paragraph (a)(1) and (a)(2) of this Section 7.4 is for informational purposes
only and the Trustee’s receipt of such shall not constitute actual or constructive knowledge or notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate).

 

ARTICLE
VIII

 

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section 8.1 Company May Consolidate, etc., Only on Certain
Terms.

 

The Company shall not
merge or consolidate with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the Company)
or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property (provided that, for the
avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Subsidiaries shall not be
deemed to be any such sale, transfer, lease, conveyance or disposition) in one transaction or series of related transactions unless:

 

(1) the Company shall
be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company) formed
by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation
or limited liability company organized and existing under the laws of the United States of America, any state thereof or the District
of Columbia;

 

(2) the Surviving Person
(if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, executed
and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and
interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants and conditions
of this Indenture to be performed by the Company;

 

(3) immediately before
and immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default shall
have occurred and be continuing; and

 

(4) in the case of a
merger where the Surviving Person is other than the Company, the Company shall deliver, or cause to be delivered, to the Trustee,
an Officer’s Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if
any, in respect thereto comply with this Section 8.1 and that all conditions precedent in this Indenture relating to such transaction
have been complied with.

 

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Section 8.2 Successor Substituted.

 

Upon any consolidation
of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation
or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of
all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
IX

 

SUPPLEMENTAL
INDENTURES

 

Section 9.1 Supplemental Indentures Without Consent of Holders.

 

Without the written
consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee (at the direction of the Company) at
any time and from time to time, may enter into one or more indentures supplemental hereto to undertake clarifications and certain
other changes that would not adversely affect Holders in any material respect, including changes:

 

(1) to evidence the succession
of another Person to the Company, and the assumption by any such successor of the covenants, agreements and obligations of the
Company herein and in the Securities;

 

(2) to add to the covenants
of the Company such new covenants, restrictions, conditions or provisions for the protection of the Holders of all or any series
of Securities;

 

(3) to make the occurrence,
or the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions pursuant
to Section 9.1(2) an Event of Default;

 

(4) to modify, eliminate
or add to any of the provisions of this Indenture to such extent as necessary to effect the qualification of the indenture under
the Trust Indenture Act, and to add to this Indenture such other provisions as may be expressly permitted by the Trust Indenture
Act, excluding however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act;

 

(5) to cure any ambiguity,
to correct or supplement any provision herein or in any supplemental indenture which may be defective or inconsistent with any
other provisions herein or in any supplemental indenture;

 

(6) to secure the Securities;

 

(7) to evidence and provide
for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b);

 

(8) to establish the
form or terms of Securities of any series as permitted by Sections 2.1 and 3.1, including any subordination provisions; or

 

(9) to make any other
provisions with respect to matters or questions arising under this Indenture, provided such action shall not adversely affect the
interests of the Holders of Securities of any series in any material respect.

 

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Section 9.2 Supplemental Indentures with Consent of Holders.

 

With the consent of
the Holders of not less than a majority in principal amount of the Outstanding Securities of each series so affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution,
and the Trustee (at the direction of the Company) may enter into an indenture or indentures supplemental hereto for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of the Securities
of such series or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture.

 

Without the written consent of the Holder
of each Outstanding Securities affected thereby, a supplemental indenture under this Section 9.2 shall not (with respect to any
Outstanding Security held by a non-consenting Holder): 

 

(1) change the Stated
Maturity of, the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount
thereof or the rate of interest thereon, or change any Place of Payment where, or the coin or currency in which, any Security or
any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date);

 

(2) reduce the percentage
in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this Indenture; or

 

(3) modify any of the
provisions of this Section 9.2 or Section 5.13, except to increase the percentage in principal amount of the Outstanding Securities
of any series, the consent of whose Holders is required under any such Section or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided,
however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to
“the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements
of Sections 6.11(b) and 9.1(7).

 

A supplemental indenture
which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series
with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders
of Securities of any other series.

 

It shall not be necessary
for any Act of Holders under this Section 9.2 to approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof.

 

The Company may set
a record date for purposes of determining the identity of Holders of Securities entitled to consent pursuant to this Section 9.2.
Such record date shall be the later of (i) thirty days prior to the first solicitation of such consent or (ii) the date of the
most recent list of Holders furnished to the Trustee prior to such solicitation pursuant to Section 7.1. Any vote or action pursuant
to this Section 9.2 can only be taken by Persons who are Holders on such record date and, unless otherwise specified, such vote
or action must take place on or prior to the 180th day after such record date. The Company may change the record date at its option,
and the Company will provide written notice to the Trustee and to each Holder of any such change of record date.

 

Section 9.3 Execution of Supplemental Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying
upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture and complies with the provisions hereof (including Section 9.5 hereof) and an Opinion of Counsel
to the effect that such supplemental indenture is enforceable against the Company in accordance with its terms, subject to then
customary exceptions. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects
the Trustee’s own rights, duties, or immunities or liabilities under this Indenture or otherwise.

 

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Section 9.4 Effect of Supplemental Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying
upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture and complies with the provisions hereof (including Section 9.5 hereof). The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, or immunities
or liabilities under this Indenture or otherwise.

 

Section 9.5 Conformity with Trust Indenture Act.

 

Every supplemental
indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.

 

Section 9.6 Reference in Securities to Supplemental Indentures.

 

Securities authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company, and such Securities may be authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series.

 

Section 9.7 Subordination Unimpaired.

 

No provision in any
supplemental indenture that affects the superior position of the holders of Senior Debt shall be effective against holders of Senior
Debt.

 

ARTICLE
X

 

COVENANTS

 

Section 10.1 Payment of Principal, Premium and Interest.

 

The Company covenants
and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and
interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

 

An installment of principal
or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for
and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this
Indenture or otherwise.

 

Section 10.2 Maintenance of Office or Agency.

 

The Company will maintain
in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered
for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give
prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time
the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

    50

     

    

 

The Company may also
from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or agency.

 

Section 10.3 Money for Securities Payments to be Held in
Trust.

 

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

 

Whenever the Company
shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or
any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such
sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly
notify the Trustee of its action or failure so to act.

 

The Company will cause
each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply
with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default
by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities
of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent
for payment in respect of the Securities of that series.

 

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

 

Any money deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium
or interest on any Security of any series and remaining unclaimed for a period ending on the earlier of the date that is ten Business
Days prior to the date such money would escheat to the State or two years after such principal, premium or interest has become
due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general circulation in each Place of Payment, notice that
such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section 10.4. Corporate Existence.

 

Subject to Article
8, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence.

 

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Section 10.5 [Reserved].

 

Section 10.6 Statement by Officers as to Default.

 

The Company will deliver
to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officer’s
Certificate signed by the principal executive officer, principal financial officer or principal accounting officer stating whether
or not to the best knowledge of the signer thereof the Company is in default in the performance and observance of any of the terms,
provisions and conditions applicable to the Company and, if the Company shall be in default, specifying all such defaults and the
nature and status thereof of which he or she may have knowledge. If any default or Event of Default under Section 5.1 has occurred
and is continuing, within 10 Business Days after its becoming aware of such occurrence the Company shall deliver to the Trustee
an Officer’s Certificate specifying such event and what action the Company is taking or proposes to take with respect thereto.

 

ARTICLE
XI

 

REDEMPTION
OF SECURITIES

 

Section 11.1 Applicability of Article.

 

Securities of any series
that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified
as contemplated by Section 3.1 for such Securities) in accordance with this Article.

 

Section 11.2 Election to Redeem; Notice to Trustee.

 

The election of the
Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company
of less than all the Securities of like tenor of any series, the Company shall, at least 30 days and not more than 60 days prior
to the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date and of the principal amount of Securities
of such series to be redeemed. Any such notice may be cancelled at any time prior to notice of such redemption being sent to any
Holder and shall thereby be void and of no effect. 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 such restriction.

 

Section 11.3 Selection by Trustee of Securities to Be Redeemed.

 

If less than all the
Securities of like tenor of any series are to be redeemed, the particular securities to be redeemed shall be selected by the Trustee
not more than 45 days prior to the redemption date, from the Outstanding Securities of like tenor of such series not previously
called for redemption, by lot or, in the Trustee’s discretion, on a pro-rata basis, subject to the redemption procedures
of the applicable depositary, and which may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than the minimum authorized denomination for such Securities.

 

If any Security selected
for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Security
so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption.
Securities that have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding
for the purpose of such selection.

 

The Trustee shall promptly
notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for
partial redemption as aforesaid, the principal amount thereof to be redeemed.

 

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For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in
the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which
has been or is to be redeemed.

 

Section 11.4 Notice of Redemption.

 

Notice of redemption
shall be sent not less than 30 nor more than 60 days prior to the Redemption Date to each Holder of Securities to be redeemed,
in accordance with Section 1.6; provided, that such notice of redemption may be furnished, in the Company’s discretion, more
than 60 days prior to the Redemption Date if the notice is issued in connection with a satisfaction and discharge of this Indenture
with respect to Securities of any series or a defeasance of the Securities pursuant to Articles IV or XIII hereof.

 

All notices of redemption
shall state:

 

(1) the Redemption
Date,

 

(2) the Redemption
Price (or the method of calculating or determining the Redemption Price),

 

(3) if less
than all the Outstanding Securities of like tenor of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to be redeemed,

 

(4) in case
any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining unredeemed,

 

(5) that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date,

 

(6) the CUSIP
number and/or similar numbers of such Securities, if any (or any other numbers used by a Depositary to identify such Securities),

 

(7) the place
or places where each such Security is to be surrendered for payment of the Redemption Price,

 

(8) if applicable,
the conversion price or conversion rate, as the case may be, the date on which the right to convert the principal of the Securities
or the portions thereof to be redeemed will terminate, and the place or places where such Securities may be surrendered for conversion,
and

 

(9) that
the redemption is for a sinking fund, if such is the case. 

 

Notice of redemption
of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request made
at least five days prior to the date the notice of redemption is to be given (unless a shorter time period shall be acceptable
to the Trustee), by the Trustee in the name and at the expense of the Company.

 

Section 11.5 Deposit of Redemption Price.

 

No later than 11:00
a.m. New York time on the Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company
is acting as its own Paying Agent, the Company shall segregate and hold in trust as provided in Section 10.3) an amount of money
sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest
on, all the Securities which are to be redeemed on that date; provided, however, that to the extent any such money is received
by the Trustee or a Paying Agent from the Company after 11:00 a.m. New York time, on the due date, such money will be deemed deposited
within one Business Day of receipt thereof.

 

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If any Security called
for redemption is converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for
the redemption of such Security shall (subject to the right of any Holder of such Security to receive interest as provided in the
last paragraph of Section 3.7) be paid to the Company on Company Request, or if then held by the Company, shall be discharged from
such trust.

 

Section 11.6 Securities Payable on Redemption Date.

 

Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price
and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance
with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption
Date; provided, however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest
whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions
of Section 3.7.

 

If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the Security.

 

Section 11.7 Securities Redeemed in Part.

 

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

 

ARTICLE
XII

 

SINKING
FUNDS

 

Section 12.1 Applicability of Article.

 

The provisions of this
Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as
contemplated by Section 3.1 for such Securities.

 

The minimum amount
of any sinking fund payment provided for by the terms of any Securities 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 such Securities is herein referred
to as an “optional sinking fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption
of Securities as provided for by the terms of such Securities.

 

Section 12.2 Satisfaction of Sinking Fund Payments with Securities.

 

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

 

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Section 12.3 Redemption of Securities for Sinking Fund.

 

Not fewer than 60 days
prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the
portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting Securities pursuant to Section 12.2 and will also deliver to the Trustee any Securities to be so delivered.
Not fewer than 30 days prior to each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon
such sinking fund payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in
the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

ARTICLE
XIII

 

DEFEASANCE
AND COVENANT DEFEASANCE

 

Section 13.1 Company’s Option to Effect Defeasance
or Covenant Defeasance.

 

Unless pursuant to
Section 3.1 provision is made for either or both of (a) defeasance of the Securities of a series under Section 13.2 to not be applicable
with respect to the Securities of such series or (b) covenant defeasance of the Securities of a series under Section 13.3 to not
be applicable with respect to the Securities of such series, then the provisions of such Sections 13.2 and 13.3, together with
the other provisions of this Article XIII, shall be applicable to the Securities of such series, and the Company may at its option
by or pursuant to a Board Resolution, at any time, with respect to the Securities of such series, elect to have either Section
13.2 or Section 13.3 be applied to the Outstanding Securities of such series upon compliance with the conditions set forth below
in this Article XIII.

 

Section 13.2 Defeasance and Discharge.

 

Upon the Company’s
exercise of the option set forth in Section 13.1 applicable to this Section 13.2, the Company shall be deemed to have been discharged
from its obligations with respect to the Outstanding Securities of such series on the date the conditions set forth below are satisfied
(hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all
its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the
expense and request of the Company, shall execute instruments acknowledging the same), except for the following which shall survive
until otherwise terminated or discharged hereunder: (A) the rights of Holders of Outstanding Securities of such series to receive,
solely from the trust fund described in Section 13.4 and as more fully set forth in such Section, payments in respect of the principal
of (and premium, if any) and interest on such Securities when such payments are due, (B) the Company’s obligations with respect
to such Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3, (C) the rights, powers, trusts, duties, and immunities of the Trustee
under Sections 3.5, 3.6, 3.7, 3.9, 4.2, 6.7 and Section 10.3(e), and otherwise the duty of the Trustee to authenticate Securities
of such series issued on registration of transfer or exchange and (D) this Article XIII. Subject to compliance with this Article
XIII, the Company may exercise its option under this Section 13.2 notwithstanding the prior exercise of its option under Section
13.3 with respect to the Securities of such series.

 

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Section 13.3 Covenant Defeasance.

 

Upon the Company’s
exercise of the option set forth in Section 13.1 applicable to this Section 13.3, the Company shall be released from its obligations
under Sections 7.4 and 10.4 and clause (2) of the first paragraph of Section 8.1 and any other covenants to be applicable to the
Securities of a series as specified pursuant to Section 3.1 unless specified otherwise pursuant to such Section (and the failure
to comply with any such provisions shall not constitute a default or Event of Default under Section 5.1), and the occurrence of
any event described in Section 5.1(4) and (7) and any other Events of Default to be applicable to the Securities of a series as
specified pursuant to Section 3.1 unless specified otherwise pursuant to such Section shall not constitute a default or Event of
Default hereunder, with respect to the Outstanding Securities of such series on and after the date the conditions set forth below
are satisfied (hereinafter, “covenant defeasance”). For this purpose, such covenant defeasance means that, with
respect to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such Section with respect to it, whether directly or indirectly by reason
of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision
herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

Section 13.4 Conditions to Defeasance or Covenant Defeasance.

 

The following shall
be the conditions to application of either Section 13.2 or Section 13.3 to the Outstanding Securities of such series:

 

(a) the Company shall
irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section
6.9 who shall agree to comply with the provisions of this Article XIII applicable to it) as trust funds in trust for the purpose
of making the following payments, for the benefit of the holders of such Securities, (A) money in an amount, or (B) U.S. Government
Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, without reinvestment,
in the opinion of a nationally recognized firm of independent public accountants, investment bank or appraisal firm, to pay and
discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and
premium, if any) on and each installment of principal of (premium, if any) and interest on the Outstanding Securities of such series
on the Stated Maturity or on the redemption date, as the case may be (the Company being required to specify whether the Outstanding
Securities of such series are being defeased to maturity or to a particular redemption date), of such principal or installment
of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities
of such series on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such
Securities. For this purpose, “U.S. Government Obligations” means securities that are (x) direct obligations of the
United States of America for the payment of which its full faith and credit is pledged or (y) 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, which, in either case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act of 1933, as amended) as custodian with respect to any such U.S. Government Obligation or a specific payment
of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of such
depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt;

 

(b) no Event of Default
with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit (other than a default
resulting from borrowing of funds to be applied to such deposit and the grant of any lien securing such borrowing);

 

(c) no defaults or
Events of Default related to bankruptcy, insolvency or organization occurs during the 90 days following the deposit;

 

(d) such defeasance
or covenant defeasance must not result in the trust arising from the deposit constituting an investment company within the meaning
of the Investment Company Act of 1940, as amended (the “Investment Company Act”), unless such trust will be
registered under the Investment Company Act or exempt from registration thereunder;

 

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(e) such defeasance
or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument
to which the Company is a party or by which it is bound (other than a default resulting from borrowing of funds to be applied to
such deposit and the grant of any lien securing such borrowing);

  

(f) such defeasance
or covenant defeasance must not cause the trustee to have a conflicting interest within the meaning of the Trust Indenture Act;

 

(g) such defeasance
or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities exchange
under the Exchange Act to be delisted;

 

(h) in the case of
an election under Section 13.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture
there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion
shall confirm that, the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for federal
income tax purposes as a result of such defeasance and will be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such defeasance had not occurred;

 

(i) in the case of
an election under Section 13.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders
of the Outstanding Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result
of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such covenant defeasance had not occurred;

 

(j) such defeasance
or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed
on the Company in connection therewith pursuant to Section 3.1; and

 

(k) the Company shall
have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for relating to either the defeasance under Section 13.2 or the covenant defeasance under Section 13.3, as the case may
be, have been complied with.

 

Section 13.5 Deposited Money, U.S. Government Obligations
and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions.

 

Subject to the provisions
of the last paragraph of Section 10.3, all money, U.S. Government Obligations and Foreign Government Obligations (including the
proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6,
the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 13.4
in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities
and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of
principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent
required by law. Money, U.S. Government Obligations and Foreign Government Obligations so held in trust shall not be subject to
the provisions of Article 15.

 

The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or
Foreign Government Obligations deposited pursuant to Section 13.4 or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Article
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money,
U.S. Government Obligations or Foreign Government Obligations held by it as provided in Section 13.4 with respect to any Securities
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance
or Covenant Defeasance, as the case may be, with respect to such Securities.

 

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In the event that the
Trustee is unable to apply the funds held in trust to the payment of obligations under the Securities by reason of a court order
or governmental injunction or prohibition, then those of the Company’s obligations discharged under the defeasance or covenant
defeasance will be revived and reinstated as though no deposit of funds had occurred, until such time as the Trustee is permitted
to apply all funds held in trust under the procedure described above to the payment of obligations under the Securities. However,
if the Company makes any payment of principal or interest the Holders, the Company will have the right to receive such payments
from the trust in the place of the Holders.

 

Section 13.6 Reinstatement.

 

If the Trustee or the
Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order
or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations
under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 13.2 or 13.3
shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until
such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.5 with respect to
such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal
of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated
to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.

 

ARTICLE
XIV

 

CONVERSION
OF SECURITIES

 

Section 14.1 Applicability of Article.

 

The provisions of this
Article shall be applicable to the Securities of any series which are convertible into shares of Common Stock of the Company, and
the issuance of such shares of Common Stock upon the conversion of such Securities, except as otherwise specified as contemplated
by Section 3.1 for the Securities of such series.

 

Section 14.2 Exercise of Conversion Privilege.

 

In order to exercise
a conversion privilege, the Holder of a Security of a series with such a privilege shall surrender such Security to the Company
at the office or agency maintained for that purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice
to the Company substantially in the form set forth in Section 2.6 stating that the Holder elects to convert such Security or a
specified portion thereof. Such notice shall also state, if different from the name and address of such Holder, the name or names
(with address) in which the certificate or certificates for shares of Common Stock, which shall be issuable on such conversion,
shall be issued. Securities surrendered for conversion shall (if so required by the Company or the Trustee) be duly endorsed by
or accompanied by instruments of transfer in forms satisfactory to the Company and the Trustee duly executed by the Holder or its
attorney duly authorized in writing; and Securities so surrendered for conversion (in whole or in part) during the period from
the close of business on any Regular Record Date to the opening of business on the next succeeding Interest Payment Date (excluding
Securities or portions thereof called for redemption during the period beginning at the close of business on a Regular Record Date
and ending at the opening of business on the first Business Day after the next succeeding Interest Payment Date, or if such Interest
Payment Date is not a Business Day, the second such Business Day) shall also be accompanied by payment in funds acceptable to the
Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of such Security then
being converted, and such interest shall be payable to such Holder notwithstanding the conversion of such Security, subject to
the provisions of Section 3.7 relating to the payment of Defaulted Interest by the Company. As promptly as practicable after the
receipt of such notice and of any payment required pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined
in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto setting
forth the terms of such series of Security, and the surrender of such Security in accordance with such reasonable regulations as
the Company may prescribe, the Company shall issue and shall deliver, at the office or agency at which such Security is surrendered,
to such Holder or on its written order, a certificate or certificates for the number of full shares of Common Stock issuable upon
the conversion of such Security (or specified portion thereof), in accordance with the provisions of such Board Resolution, Officers’
Certificate or supplemental indenture, and cash as provided therein in respect of any fractional share of such Common Stock otherwise
issuable upon such conversion. Such conversion shall be deemed to have been effected immediately prior to the close of business
on the date on which such notice and such payment, if required, shall have been received in proper order for conversion by the
Company and such Security shall have been surrendered as aforesaid (unless such Holder shall have so surrendered such Security
and shall have instructed the Company to effect the conversion on a particular date following such surrender and such Holder shall
be entitled to convert such Security on such date, in which case such conversion shall be deemed to be effected immediately prior
to the close of business on such date) and at such time the rights of the Holder of such Security as such Security Holder shall
cease and the person or persons in whose name or names any certificate or certificates for shares of Common Stock of the Company
shall be issuable upon such conversion shall be deemed to have become the Holder or Holders of record of the shares represented
thereby. Except as set forth above and subject to the final paragraph of Section 3.7, no payment or adjustment shall be made upon
any conversion on account of any interest accrued on the Securities (or any part thereof) surrendered for conversion or on account
of any dividends on the Common Stock of the Company issued upon such conversion.

 

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In the case of any
Security which is converted in part only, upon such conversion the Company shall execute and the Trustee shall authenticate and
deliver to or on the order of the Holder thereof, at the expense of the Company, a new Security or Securities of the same series,
of authorized denominations, in aggregate principal amount equal to the unconverted portion of such Security.

 

Section 14.3 No Fractional Shares.

 

No fractional share
of Common Stock of the Company shall be issued upon conversions of Securities of any series. If more than one Security shall be
surrendered for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion shall
be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted
hereby) so surrendered. If, except for the provisions of this Section 14.3, any Holder of a Security or Securities would be entitled
to a fractional share of Common Stock of the Company upon the conversion of such Security or Securities, or specified portions
thereof, the Company shall pay to such Holder an amount in cash equal to the current market value of such fractional share computed,
(i) if such Common Stock is listed or admitted to unlisted trading privileges on a national securities exchange or market, on the
basis of the last reported sale price regular way on such exchange or market on the last trading day prior to the date of conversion
upon which such a sale shall have been effected, or (ii) if such Common Stock is not at the time so listed or admitted to unlisted
trading privileges on a national securities exchange or market, on the basis of the average of the bid and asked prices of such
Common Stock in the over-the-counter market, on the last trading day prior to the date of conversion, as reported by the National
Quotation Bureau, Incorporated or similar organization if the National Quotation Bureau, Incorporated is no longer reporting such
information, or if not so available, the fair market price as determined by the Board of Directors. For purposes of this Section,
“trading day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the Common
Stock is not traded on the principal exchange or market on which the Common Stock is then traded or quoted.

 

Section 14.4 Adjustment of Conversion Price or Conversion
Rate.

 

The conversion price
or conversion rate, as the case may be, of Securities of any series that is convertible into Common Stock of the Company shall
be adjusted for any stock dividends, stock splits, reclassifications, combinations or similar transactions in accordance with the
terms of the supplemental indenture or Board Resolutions setting forth the terms of the Securities of such series.

 

Whenever the conversion
price or conversion rate, as the case may be, is adjusted, the Company shall compute the adjusted conversion price or conversion
rate, as the case may be, in accordance with terms of the applicable Board Resolution or supplemental indenture and shall prepare
an Officers’ Certificate setting forth the adjusted conversion price or conversion rate, as the case may be, and showing
in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office
or agency maintained for the purpose of conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee.
The Company shall forthwith cause a notice setting forth the adjusted conversion price or conversion rate, as the case may be,
to be mailed, first class postage prepaid, to each Holder of Securities of such series at its address appearing on the Security
Register and to any conversion agent other than the Trustee.

 

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Section 14.5 Notice of Certain Corporate Actions.

 

In case:

 

(1) the Company
shall declare a dividend (or any other distribution) on its Common Stock payable otherwise than in cash out of its retained earnings
(other than a dividend for which approval of any shareholders of the Company is required) that would require an adjustment pursuant
to Section 14.4; or

 

(2) the Company
shall authorize the granting to all or substantially all of the holders of its Common Stock of rights, options or warrants to subscribe
for or purchase any shares of capital stock of any class or of any other rights (other than any such grant for which approval of
any shareholders of the Company is required); or

 

(3) of any
reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common
Stock, or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any shareholders
of the Company is required), or of the sale of all or substantially all of the assets of the Company; or

 

(4) of the
voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

then the Company shall cause to be filed
with the Trustee, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register,
at least 20 days (or 10 days in any case specified in clause (1) or (2) above) prior to the applicable record date hereinafter
specified, a notice stating (i) the date on which a record is to be taken for the purpose of such dividend, distribution, rights,
options or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled
to such dividend, distribution, rights, options or warrants are to be determined, or (ii) the date on which such reclassification,
consolidation, merger, share exchange, sale, dissolution, liquidation or winding up is expected to become effective, and the date
as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, share exchange, sale, dissolution,
liquidation or winding up. If at any time the Trustee shall not be the conversion agent, a copy of such notice shall also forthwith
be filed by the Company with the Trustee.

 

Section 14.6 Reservation of Shares of Common Stock.

 

The Company shall at
all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose
of effecting the conversion of Securities, the full number of shares of Common Stock of the Company then issuable upon the conversion
of all outstanding Securities of any series that has conversion rights.

 

Section 14.7 Payment of Certain Taxes upon Conversion.

 

Except as provided
in the next sentence, the Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares
of its Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which
may be payable in respect of any transfer involved in the issue and delivery of shares of its Common Stock in a name other than
that of the Holder of the Security or Securities to be converted, and no such issue or delivery shall be made unless and until
the person requesting such issue has paid to the Company the amount of any such tax, or has established, to the satisfaction of
the Company, that such tax has been paid.

 

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Section 14.8 Nonassessability.

 

The Company covenants
that all shares of its Common Stock that may be issued upon conversion of Securities will upon issue in accordance with the terms
hereof be duly and validly issued and fully paid and nonassessable. 

 

Section 14.9 Provision in Case of Consolidation, Merger or
Sale of Assets.

 

In case of any consolidation
or merger of the Company with or into any other Person, any merger of another Person with or into the Company (other than a merger
which does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the
Company) or any conveyance, sale, transfer or lease of all or substantially all of the assets of the Company, the Person formed
by such consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver
to the Trustee a supplemental indenture providing that the Holder of each Security of a series then Outstanding that is convertible
into Common Stock of the Company shall have the right thereafter (which right shall be the exclusive conversion right thereafter
available to said Holder), during the period such Security shall be convertible, to convert such Security only into the kind and
amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by
a holder of the number of shares of Common Stock of the Company into which such Security might have been converted immediately
prior to such consolidation, merger, conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i)
is not a Person with which the Company consolidated or merged with or into or which merged into or with the Company or to which
such conveyance, sale, transfer or lease was made, as the case may be (a “Constituent Person”), or an Affiliate
of a Constituent Person and (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash
and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease (provided that if the
kind or amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer, or
lease is not the same for each share of Common Stock of the Company held immediately prior to such consolidation, merger, conveyance,
sale, transfer or lease by others than a Constituent Person or an Affiliate thereof and in respect of which such rights of election
shall not have been exercised (“Non-electing Share”), then for the purpose of this Section 14.9 the kind and
amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by
the holders of each Non-electing Share shall be deemed to be the kind and amount so receivable per share by a plurality of the
Non-electing Shares). Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective date
of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article
or in accordance with the terms of the supplemental indenture or Board Resolutions setting forth the terms of such adjustments.
The above provisions of this Section 14.9 shall similarly apply to successive consolidations, mergers, conveyances, sales, transfers
or leases. Notice of the execution of such a supplemental indenture shall be given by the Company to the Holder of each Security
of a series that is convertible into Common Stock of the Company as provided in Section 1.6 promptly upon such execution.

 

Neither the Trustee
nor any conversion agent, if any, shall be under any responsibility to determine the correctness of any provisions contained in
any such supplemental indenture relating either to the kind or amount of shares of stock or other securities or property or cash
receivable by Holders of Securities of a series convertible into Common Stock of the Company upon the conversion of their Securities
after any such consolidation, merger, conveyance, transfer, sale or lease or to any such adjustment, but may accept as conclusive
evidence of the correctness of any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect
thereto, which the Company shall cause to be furnished to the Trustee upon request.

 

Section 14.10 Duties of Trustee Regarding Conversion.

 

Neither the Trustee
nor any conversion agent shall at any time be under any duty or responsibility to any Holder of Securities of any series that is
convertible into Common Stock of the Company to determine whether any facts exist which may require any adjustment of the conversion
price or conversion rate, as the case may be, or with respect to the nature or extent of any such adjustment when made, or with
respect to the method employed, whether herein or in any supplemental indenture, any resolutions of the Board of Directors or written
instrument executed by one or more officers of the Company provided to be employed in making the same. Neither the Trustee nor
any conversion agent shall be accountable with respect to the validity or value (or the kind or amount) of any shares of Common
Stock of the Company, or of any securities or property, which may at any time be issued or delivered upon the conversion of any
Securities and neither the Trustee nor any conversion agent makes any representation with respect thereto. Subject to the provisions
of Section 6.1, neither the Trustee nor any conversion agent shall be responsible for any failure of the Company to issue, transfer
or deliver any shares of its Common Stock or stock certificates or other securities or property upon the surrender of any Security
for the purpose of conversion or to comply with any of the covenants of the Company contained in this Article 14 or in the applicable
supplemental indenture, resolutions of the Board of Directors or written instrument executed by one or more duly authorized officers
of the Company.

 

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Section 14.11 Repayment of Certain Funds upon Conversion.

 

Any funds which at
any time shall have been deposited by the Company or on its behalf with the Trustee or any other paying agent for the purpose of
paying the principal of, and premium, if any, and interest, if any, on any of the Securities (including, but not limited to, funds
deposited for the sinking fund referred to in Article 12 hereof and funds deposited pursuant to Article 13 hereof) and which shall
not be required for such purposes because of the conversion of such Securities as provided in this Article 14 shall after such
conversion be repaid to the Company by the Trustee upon the Company’s written request.

 

ARTICLE
XV

 

SUBORDINATION
OF SECURITIES

 

Section 15.1 Agreement of Subordination.

 

Except as otherwise
provided in a supplemental indenture or pursuant to Section 3.1, the Company covenants and agrees, and each Holder of Securities
issued hereunder by its acceptance thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions
of this Article 15; and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange
thereof, accepts and agrees to be bound by such provisions.

 

The payment of the
principal of, premium, if any, and interest on all Securities (including, but not limited to, the redemption price with respect
to the Securities called for redemption in accordance with Article 11 as provided in the Indenture) issued hereunder shall, to
the extent and in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full
of all Senior Debt, whether outstanding at the date of this Indenture or thereafter incurred.

 

No provision of this
Article 15 shall prevent the occurrence of any default or Event of Default hereunder.

 

Section 15.2 Payments to Holders.

 

No payment shall be
made with respect to the principal of, or premium, if any, or interest on the Securities (including, but not limited to, the redemption
price with respect to the Securities to be called for redemption in accordance with Article 11 as provided in the Indenture), except
payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 15.5, if:

 

(i) a default
in the payment of principal, premium, if any, interest, rent or other obligations due on any Senior Debt occurs and is continuing
(or, in the case of Senior Debt for which there is a period of grace, in the event of such a default that continues beyond the
period of grace, if any, specified in the instrument or lease evidencing such Senior Debt) (a “Payment Default”),
unless and until such default shall have been cured or waived or shall have ceased to exist; or

 

(ii) a default,
other than a Payment Default, on any Designated Senior Debt occurs and is continuing that then permits holders of such Designated
Senior Debt to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”)
from a holder of Designated Senior Debt, a Representative of Designated Senior Debt or the Company (a “Non-Payment Default”).

 

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If the Trustee receives
any Payment Blockage Notice pursuant to clause (ii) above, no subsequent Payment Blockage Notice shall be effective for purposes
of this Section unless and until at least 365 days shall have elapsed since the initial effectiveness of the immediately prior
Payment Blockage Notice. No Non-Payment Default that existed or was continuing on the date of delivery of any Payment Blockage
Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.

 

The Company may and
shall resume payments on and distributions in respect of the Securities upon the earlier of:

 

(2) in the
case of any Payment Default, the date upon which the Payment Default is cured or waived or ceases to exist, or

 

(3) in the
case of a Non-Payment Default, the earlier of (a) the date upon which such Non-Payment Default is cured, waived or ceases to exist
or (b) 179 days after the date on which the applicable Payment Blockage Notice is received by the Trustee,

 

unless this Article 15 otherwise prohibits
the payment or distribution at such time.

 

Upon any payment or
distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any
dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
reorganization, liquidation, receivership or other proceedings, or upon an assignment for the benefit of creditors or any marshalling
of the assets and liabilities of the Company, or otherwise, all amounts due or to become due upon all Senior Debt shall first be
paid in full in cash or other payment satisfactory to the holders of such Senior Debt, or payment thereof in accordance with its
terms provided for in cash or other payment satisfactory to the holders of such Senior Debt, before any payment is made on account
of the principal of, premium, if any, or interest on the Securities (except payments made pursuant to Article 4 from monies deposited
with the Trustee pursuant thereto prior to commencement of proceedings for such dissolution, winding-up, liquidation, reorganization,
assignment for the benefit of creditors or the marshalling of assets and liabilities of the Company); and upon any such dissolution,
winding-up, liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of the
Company or bankruptcy, insolvency, receivership or other proceeding, any payment by the Company, or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee
would be entitled, except for the provision of this Article 15, shall (except as aforesaid) be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the
Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Debt (pro rata to
such holders on the basis of the respective amounts of Senior Debt held by such holders, or as otherwise required by law or a court
order) or their Representative or Representatives, or to the trustee or trustees under any indenture pursuant to which any instruments
evidencing any Senior Debt may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior
Debt in full, in cash or other payment satisfactory to the holders of such Senior Debt, after giving effect to any concurrent payment
or distribution to or for the holders of Senior Debt, before any payment or distribution or provision therefor is made to the Holders
of the Securities or to the Trustee.

 

For purposes of this
Article 15, the words, “cash, property or securities” shall not be deemed to include shares of stock of the Company
as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or
readjustment, the payment of which is subordinated at least to the extent provided in this Article 15 with respect to the Securities
to the payment of all Senior Debt which may at the time be outstanding; provided that (i) the Senior Debt is assumed by
the new corporation, if any, resulting from any reorganization or readjustment, and (ii) the rights of the holders of Senior Debt
(other than leases which are not assumed by the Company or the new corporation, as the case may be) are not, without the consent
of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company
into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article 8
shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 15.2 if such other
corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article
8.

 

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In the event of the
acceleration of the Securities because of an Event of Default, no payment or distribution shall be made to the Trustee or any Holder
of Securities in respect of the principal of, premium, if any, or interest on the Securities (including, but not limited to, the
redemption price with respect to the Securities called for redemption in accordance with Article 11 as provided in the Indenture),
except payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 15.5, until all
Senior Debt has been paid in full in cash or other payment satisfactory to the holders of Senior Debt or such acceleration is rescinded
in accordance with the terms of this Indenture. If payment of the Securities is accelerated because of an Event of Default, the
Company shall promptly notify holders of Senior Debt of the acceleration.

 

In the event that,
notwithstanding the foregoing provisions, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities (including, without limitation, by way of setoff or otherwise), prohibited by the foregoing, shall
be received by the Trustee or the Holders of the Securities before all Senior Debt is paid in full in cash or other payment satisfactory
to the holders of such Senior Debt, or provision is made for such payment thereof in accordance with its terms in cash or other
payment satisfactory to the holders of such Senior Debt, such payment or distribution shall be held in trust for the benefit of
and shall be paid over or delivered to the holders of Senior Debt or their Representative or Representatives, or to the trustee
or trustees under any indenture pursuant to which any instruments evidencing any Senior Debt may have been issued, as their respective
interests may appear, as calculated by the Company, for application to the payment of all Senior Debt remaining unpaid to the extent
necessary to pay all Senior Debt in full in cash or other payment satisfactory to the holders of such Senior Debt, after giving
effect to any concurrent payment or distribution to or for the holders of such Senior Debt.

 

Nothing in this Section
15.2 or elsewhere in this Article 15 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.7. This
Section 15.2 shall be subject to the further provisions of Section 15.5.

 

Section 15.3 Subrogation of Securities.

 

Subject to the payment
in full of all Senior Debt, the rights of the Holders of the Securities shall be subrogated to the extent of the payments or distributions
made to the holders of such Senior Debt pursuant to the provisions of this Article 15 (equally and ratably with the holders of
all indebtedness of the Company which by its express terms is subordinated to other indebtedness of the Company to substantially
the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders
of Senior Debt to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Debt
until the principal, premium, if any, and interest on the Securities shall be paid in full; and, for the purposes of such subrogation,
no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the
Securities or the Trustee would be entitled except for the provisions of this Article 15, and no payment over pursuant to the provisions
of this Article 15, to or for the benefit of the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as
between the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment
by the Company to or on account of the Senior Debt; and no payments or distributions of cash, property or securities to or for
the benefit of the Holders of the Securities pursuant to the subrogation provisions of this Article 15, which would otherwise have
been paid to the holders of Senior Debt shall be deemed to be a payment by the Company to or for the account of the Securities.
It is understood that the provisions of this Article 15 are and are intended solely for the purposes of defining the relative rights
of the Holders of the Securities, on the one hand, and the holders of the Senior Debt, on the other hand.

 

Nothing contained in
this Article 15 or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its creditors
other than the holders of Senior Debt, and the Holders of the Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as
and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights
of the Holders of the Securities and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein
or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this Article 15 of the holders of Senior Debt in respect
of cash, property or securities of the Company received upon the exercise of any such remedy.

 

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Upon any payment or
distribution of assets of the Company referred to in this Article 15, the Trustee, subject to the provisions of Section 6.1, and
the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in
which such bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the
receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered to the
Trustee or to the Holders of the securities, for the purpose of ascertaining the persons entitled to participate in such distribution,
the holders of the Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon and all other facts
pertinent thereto or to this Article 15.

 

Section 15.4 Authorization to Effect Subordination.

 

Each Holder of a Security
by the holder’s acceptance thereof authorizes and directs the Trustee on the holder’s behalf to take such action as
may be necessary or appropriate to effectuate the subordination as provided in this Article 15 and appoints the Trustee to act
as the holder’s attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of claim or proof
of debt in the form required in any proceeding referred to in Section 5.4 hereof at least 30 days before the expiration of the
time to file such claim, the holders of any Senior Debt or their representatives are hereby authorized to file an appropriate claim
for and on behalf of the Holders of the Securities.

 

Section 15.5 Notice to Trustee.

 

The Company shall give
prompt written notice in the form of an Officers’ Certificate to a Responsible Officer of the Trustee and to any Paying Agent
of any fact known to the Company which would prohibit the making of any payment of monies to or by the Trustee or any Paying Agent
in respect of the Securities pursuant to the provisions of this Article 15. Notwithstanding the provisions of this Article 15 or
any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would
prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this
Article 15, unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust
Office from the Company (in the form of an Officers’ Certificate) or a Representative or a holder or holders of Senior Debt
or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section
6.1, shall be entitled in all respects to assume that no such facts exist; provided that if on a date not fewer than two
Business Days prior to the date upon which by the terms hereof any such monies may become payable for any purpose (including, without
limitation, the payment of the principal of, or premium, if any, or interest on any Security) the Trustee shall not have received,
with respect to such monies, the notice provided for in this Section 15.5, then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such monies and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date.

 

Notwithstanding anything
in this Article 15 to the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies deposited with it
pursuant to Section 4.1, and any such payment shall not be subject to the provisions of Section 15.1 or 15.2.

 

The Trustee, subject
to the provisions of Section 6.1, shall be entitled to rely on the delivery to it of a written notice by a Representative or a
person representing himself to be a holder of Senior Debt (or a trustee on behalf of such holder) to establish that such notice
has been given by a Representative or a holder of Senior Debt or a trustee on behalf of any such holder or holders. The Trustee
shall not be required to make any payment or distribution to or on behalf of a holder of Senior Debt pursuant to this Article 15
unless it has received satisfactory evidence as to the amount of Senior Debt held by such person, the extent to which such person
is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such person under this
Article 15.

 

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Section 15.6 Trustee’s Relation to Senior Debt.

 

The Trustee in its
individual capacity shall be entitled to all the rights set forth in this Article 15 in respect of any Senior Debt at any time
held by it, to the same extent as any other holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder.

 

With respect to the
holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically
set forth in this Article 15, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read
into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt
and, subject to the provisions of Section 6.1, the Trustee shall not be liable to any holder of Senior Debt (i) for any failure
to make any payments or distributions to such holders or (ii) if it shall pay over or deliver to Holders of Securities, the Company
or any other Person money or assets to which any holder of Senior Debt shall be entitled by virtue of this Article 15 or otherwise.

 

Section 15.7 No Impairment of Subordination.

 

No right of any present
or future holder of any Senior Debt to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired
by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or
by any noncompliance by the Company, the Trustee or any Holder of Securities with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

 

Section 15.8 Certain Conversions/Exchanges Deemed Payment.

 

For the purposes of
this Article 15 only, (1) the issuance and delivery of junior securities upon conversion or exchange of Securities in accordance
with Article 14 or otherwise (except upon conversion of the Securities in accordance with their terms) shall not be deemed to constitute
a payment or distribution on account of the principal of (or premium, if any) or interest on Securities or on account of the purchase
or other acquisition of Securities, and (2) the payment, issuance or delivery of cash (except in satisfaction of fractional shares
pursuant to Section 14.3), property or securities (other than junior securities) upon conversion or exchange of a Security shall
be deemed to constitute payment on account of the principal of such Security. For the purposes of this Section 15.8, the term “junior
securities” means (a) shares of any stock of any class of the Company, or (b) securities of the Company which are subordinated
in right of payment to all Senior Debt which may be outstanding at the time of issuance or delivery of such securities to substantially
the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. Nothing contained
in this Article 15 or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its
creditors other than holders of Senior Debt and the Holders of Securities, the right, which is absolute and unconditional, of the
Holder of any Security to convert such Security in accordance with Article 14.

 

Section 15.9 Article Applicable to Paying Agents.

 

If at any time any
Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee”
as used in this Article shall (unless the context otherwise requires) be construed as extending to and including such Paying Agent
within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in
place of the Trustee; provided, however, that the first paragraph of Section 15.5 shall not apply to the Company
or any Affiliate of the Company if the Company or such Affiliate acts as Paying Agent. The Trustee shall not be responsible for
the actions or inactions of any other Paying Agents (including the Company if acting as its own Paying Agent) and shall have no
control of any funds held by such other Paying Agents.

 

Section 15.10 Senior Debt Entitled to Rely.

 

The holders of Senior
Debt (including, without limitation, Designated Senior Debt) shall have the right to rely upon this Article 15, and no amendment
or modification of the provisions contained herein shall diminish the rights of such holders unless such holders shall have agreed
in writing thereto.

 

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Section 15.11 Reliance on Judicial Order or Certificate of
Liquidating Agent.

 

Upon any payment or
distribution of assets of the Company referred to in this Article, the Trustee and the Holders shall be entitled to rely upon any
order or decree entered by any court of competent jurisdiction in which such dissolution, winding up, liquidation, reorganization,
assignment for the benefit of creditors or marshalling of assets and liabilities of the Company or bankruptcy, insolvency, receivership
or other like proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee
for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders,
for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Debt
and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article.

 

Section 15.12 Trust Monies Not Subordinated.

 

Notwithstanding anything
contained herein to the contrary, payments from money, U.S. Government Obligations and/or Foreign Government Obligations held in
trust under Article 4 or Article 13 by the Trustee for the payment of the principal of, premium, if any, and interest on the Securities
shall not be subordinated to the prior payment in full of any Senior Debt of the Company or subject to the restrictions set forth
in this Article 15, and none of the Holders shall be obligated to pay over any such amount to the Company or any holder of Senior
Debt of the Company or any other creditor of the Company.

 

[The remainder of this page is intentionally
left blank.]

 

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

 

	 	B. RILEY FINANCIAL, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

	 	 	 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    68Exhibit 4.1

    

    

      NEITHER THIS WARRANT, NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT (COLLECTIVELY, THE “SECURITIES”), HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
        (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT AS PERMITTED UNDER
        THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS, PURSUANT TO REGISTRATION OR QUALIFICATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN
        INDEFINITE PERIOD OF TIME. THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT ANY PROPOSED TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE
        SECURITIES OR BLUE SKY LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE
        SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

       

      COMMON STOCK PURCHASE WARRANT

       

      BETTER CHOICE COMPANY INC.

      

      

      	
              Warrant Shares: 1,250,000

            	
              Issue Date: September 17, 2019

            

       

      THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Bruce Linton (the “Holder”) is
          entitled, upon the terms and subject to the limitations on exercise and the conditions set forth herein, at any time commencing upon the Exercise Period Start Date, as defined in Section 1(b) and expiring on September 17, 2029; (the “Expiration Date”) but not thereafter, to subscribe for and purchase from Better Choice Company Inc., a Delaware corporation (the “Company”), up to 1,250,000 shares (the “Warrant Shares”) of the Company’s common stock, par value $0.001 per
            share (“Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section
            2(f).

       

      Section 1.          Definitions. The following terms shall have the following meanings:

       

      a)        “Business Day” shall mean any day of the year, other than a Saturday, Sunday or
          any day on which major banks are generally closed for business in Toronto, Ontario or New York, New York.

       

      b)      “Exercise Period Start Date” shall be the earlier of (i) the twelve-month anniversary of the date of grant of the Warrants, being September 17, 2020 or (ii) immediately prior to a Change in Control (as such term is defined under the
        Company’s 2019 Incentive Award Plan) (a “Change in Control”).

       

      c)        “Trading Day” shall mean any day on which the Common Stock is traded on the
          Trading Market.

       

        

      
        
          

      

      d)        “Trading Market” shall mean the principal securities exchange or securities market, including an
          over-the-counter market, on which the Common Stock is then traded in the United States.

      

      

      Section 2.          Exercise.

       

      a)         Exercise of Warrant. The purchase rights represented by this Warrant Certificate, as defined in Section 4(c), may be
          exercised, in whole or in part, at any time or times after the Exercise Period Grant Date and on or before the Expiration Date by delivery (whether via facsimile, PDF copy, electronic mail or otherwise) to the Company (or such other office or
          agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed copy of the Notice of Exercise form annexed hereto and by payment to
          the Company of an amount equal to the aggregate Exercise Price of the Warrant Shares thereby purchased by wire transfer. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or
          notarization) of any Notice of Exercise form be required.

       

      b)        Cashless Exercise. This Warrant may also be exercised, in lieu of payment of the aggregate Warrant Price in the manner as
          specified in Section 2(a), but otherwise in accordance with the requirements of Section 2(a), by the Holder electing to receive Warrant Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised.
          Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Warrant Shares as are computed using the following formula:

       

      

      X = Y(A-B)/A

       

      

      where:

       

      
        	 	
                X =

              	
                the number of Warrant Shares to be issued to the Holder;

              

      

       

      
        
          	

                	Y =	
                  the number of Warrant Shares with respect to which this Warrant is being exercised (inclusive of the Warrant Shares surrendered to the Company in payment of the aggregate Exercise Price);

                

        

      

       

      
        
          	

                	A =	
                  the Fair Market Value (as determined pursuant to Section 2(c) below) of one Warrant Share; and

                

        

      

       

      
        	 	
                B =

              	
                the Exercise Price.

              

      

       

      c)        Fair Market Value. If shares of the Common Stock are then traded or quoted on a Trading Market, the
          fair market value of a Warrant Share shall be the closing price or last sale price of a share of the Common Stock reported for the Trading Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise
          to the Company. If shares of Common Stock are not then traded on a Trading Market, the fair market value of a Warrant Share shall be determined by a nationally or internationally recognized and independent firm of chartered accountants as may be
          selected by action by the board of directors of the Company in good faith.

       

        

      
        
          

      

      d)         Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair
          market value of one Warrant Share as determined in accordance with Section 2(c) above is greater than the Exercise Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to
          Section 2(b) above as to all Warrant Shares for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Warrant Shares issued upon such exercise to Holder in
          accordance with Section 2(g)(i) herein.

       

      e)         The Holder shall not be required to physically surrender this Warrant Certificate to the Company until the Holder has purchased
          all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case the Holder shall surrender this Warrant Certificate to the Company for cancellation within three (3) Trading Days after the date the final
          Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
          Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. Subject to Section 2(g)(ii), the Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the
            number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face of this Warrant Certificate.

       

      f)         Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $0.10,
          subject to adjustment as provided herein (the “Exercise Price”).

       

      g)        Mechanics of Exercise.

       

      i.          Delivery of Certificates Upon Exercise. Certificates for shares of Common
          Stock purchased hereunder shall be transmitted by the Company’s transfer agent to the Holder by either crediting the account of the Holder’s prime broker with The Depository Trust Company (“DTC”) through its Fast Automated Securities
          Transfer Program and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is five (5) Trading Days after the receipt by the Company of the Notice of Exercise (provided that payment of
          the Exercise Price has then been received by the Company) (such date, the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised upon proper delivery of the Notice of Exercise and payment of the Exercise Price
          or notice of cashless exercise in accordance with Section 2(b). The Warrant Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of the
          shares of Common Stock issuable on exercise of the Warrant exercised for all purposes, as of the date the Warrant has been exercised.

       

        

      
        
          

      

      ii.         Delivery of New Warrant Upon Exercise. If this Warrant shall have been
          exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant Certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant
          certificate evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant certificate shall in all other respects be identical with this Warrant Certificate.

       

      iii.        Rescission Rights. If the Company fails to transmit to the Holder a
          certificate or the certificates representing the Warrant Shares pursuant to Section 2(g)(i)by the Warrant Share Delivery Date, then, the Holder will have the right to rescind such exercise of Warrants.

       

      iv.        No Fractional Shares or Scrip. No fractional shares of Common Stock or scrip representing
          fractional shares of Common Stock shall be issued upon exercise of any of the Warrants. As to any fraction of a share of Common Stock which the Holder would otherwise be entitled to purchase upon exercise of any of the Warrants, the Company
          shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or deliver to the Holder that number of Common Stock to which the Holder is entitled
          rounded up to the nearest whole number.

       

      v.         Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares
          shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be
          issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this
          Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
          tax incidental thereto.

       

      vi.        Closing of Books. The Company will not close its stockholder books or
          records in any manner which prevents the timely exercise of any of the Warrants pursuant to the terms hereof.

       

        

      
        
          

      

      h)         Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not
          be exercisable by the Holder hereof to the extent (but only to the extent) that the Holder or any of its Affiliates would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect
          to the issuance of shares of Common Stock issuable upon exercise of any of the Warrants (the “Maximum Percentage”). Notwithstanding the forgoing, the Holder shall have the right to decrease or increase the Maximum Percentage to any other
          number (in no event to exceed 9.99%), with any increase to be effective only upon the Holder providing the Company with prior written notice of such increase, which shall be effective 61 days after delivery of such notice to the Company. For
          purposes of this Section 2(h), the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of Warrant Shares which are subject to the Notice of Exercise with respect to which such
          determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) exercise of the remaining, unexercised portion of this Warrant and beneficially owned by the Holder or any of its Affiliates, and (ii)
          exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder or any of its Affiliates that are subject to a limitation on conversion or exercise similar to the limitation
          contained herein. To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable securities owned by the Holder or any of its Affiliates) and of
          which such securities shall be exercisable (as among all such securities owned by the Holder) shall, subject to such Maximum Percentage limitation, be determined by the Holder, and the Company shall have no responsibility for determining the
          accuracy of the Holder’s determination. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of
          exercisability. For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with Section
          13(d) of the Exchange Act and the rules and regulations promulgated thereunder. The provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct this paragraph (or
          any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum
          Percentage limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant. The holders of Common Stock shall be third party beneficiaries of this paragraph and the Company may not waive this paragraph
          without the consent of holders of a majority of its outstanding Common Stock. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing to the Holder
          the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation, pursuant to this Warrant.

       

      Section 3.          Certain Adjustments.

       

      a)         Stock Dividends and Splits. If and whenever at any time after the date hereof and prior to the Expiration Date, the
          Company: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not
          include any shares of Common Stock issued by the Company upon exercise of any of the Warrants), (ii) subdivides, re-divides or changes its outstanding shares of Common Stock into a larger number of shares, (iii) reduces, combines or consolidates
          (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock into any shares of capital stock of the Company (collectively with the
          actions described in (i), (ii), (iii) and (iv), a “Share Reorganization”), then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury
          shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares of Common Stock issuable upon exercise of any
          of the Warrants shall be proportionately adjusted such that the aggregate Exercise Price shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of
          stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination, consolidation or re-classification, but if the Company shall legally abandon
          any such dividend, distribution, subdivision, combination, consolidation or reclassification prior to effecting such action, no adjustment shall be made pursuant to this Section 3(a) in respect of such action.

       

        

      
        
          

      

      b)         Pro Rata Distributions. If and whenever at any time after the date hereof and prior to the
          Expiration Date, the Company, distributes to all holders of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security other
          than a Share Reorganization, then, in each such case, the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such
          distribution by a fraction of which the denominator shall be the VWAP (as defined below) determined as of the record date, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record
          date of the portion of such assets or evidence of indebtedness or rights or warrants so distributed applicable to one outstanding share of the Common Stock as determined by a nationally or internationally recognized and independent firm of
          chartered accountants as may be selected by action by the board of directors in good faith; provided that in no event shall the Exercise Price be: (i) increased as a result of the application of this Section 3(b); or (ii) decreased below $0.10.
          Simultaneously with any adjustment to the Exercise Price pursuant to this Section 3(b), the number of Warrant Shares that may be purchased upon exercise of any of the Warrants shall be increased proportionately, so that after such adjustment the
          aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise contained
          herein). In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such
          adjustments shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above, but if the Company shall legally abandon any such distribution prior to effecting such distribution, no
          adjustments shall be made pursuant to this Section 3(b) in respect of such action.

       

      For purposes of this Section 3(b), “VWAP” means, for any date, the price of a share of Common Stock determined by the first of the following clauses that applies: (a) if
        the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as
        reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of the Common Stock for such date
        (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets
        Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as
        determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

       

      

      
        
          

      

      c)         Fundamental Transaction. If and whenever at any time after the date hereof and prior to the
          Expiration Date, (i) the Company, directly or indirectly, in one or more related transactions effects any amalgamation, merger or consolidation with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease,
          license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the
          Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
          Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, redesignation, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the
          Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
          combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any
          shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
          then, upon any subsequent exercise of any of the Warrants, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction
          (without regard to any limitation in Section 2(h) on the exercise of any of the Warrants), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
          consideration (together, the “Alternate Consideration”), if any, receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such
          Fundamental Transaction (without regard to any limitation in Section 2(h) on the exercise of any of the Warrants). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such
          Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a
          reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
          the Holder shall be given the same choice as to the Alternate Consideration it receives upon exercise of any of the Warrants following such Fundamental Transaction. Any such payment of such amount of such Alternative Consideration shall be made
          in the same form of consideration (whether securities, cash or property) as is given to the holders of Common Stock in such Fundamental Transaction, and if multiple forms of consideration are given, the consideration shall be paid to the Holder
          in the same proportion as such consideration is paid to the holders of Common Stock. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply
          with the provisions of this Section 3(c) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent Fundamental Transaction.

       

        

      
        
          

      

      d)         Calculations. All calculations under this Section 3 shall be made to the nearest cent or rounded down
          to the nearest whole share, as the case may be. For purposes of this Section 3, any calculation of the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall not include treasury shares, if any.
          Notwithstanding anything to the contrary in this Section 3, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least $0.01 per share in such price; provided, however,
          that any adjustments which by reason of the immediately preceding sentence are not required to be made shall be carried forward and taken into account in any subsequent adjustment. In any case in which this Section 3 shall require that an
          adjustment in the Exercise Price be made effective as of a record date for a specified event, if Holder exercises this Warrant after such record date, the Company may elect to defer, until the occurrence of such event, the issuance of the shares
          of Common Stock and other capital stock of the Company in excess of the shares of Common Stock and other capital stock of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided,
            however, that in such case the Company shall deliver to the Holder a due bill or other appropriate instrument evidencing the Holder’s right to receive such additional shares and/or other capital securities upon the occurrence of the event
          requiring such adjustment.

       

      e)         Par Value. Notwithstanding anything to the contrary in this Warrant, in no event shall the
        Exercise Price be reduced below the par value of the Company’s Common Stock.

       

      Section 4.          Transfer of Warrant.

       

      a)         Transferability. Subject to compliance with any applicable securities laws and Section 4(d), this Warrant and all
          rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company (or other designated agent), together with a written assignment
          of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such
          payment, the Company shall execute and deliver a new Warrant certificate or Warrant certificates in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and
          shall issue to the assignor a new Warrant certificate evidencing the portion of the Warrants not so assigned, and this Warrant Certificate shall promptly be cancelled. The Warrants, if properly assigned in accordance herewith, may be exercised by
          a new holder for the purchase of Warrant Shares without having a new Warrant Certificate issued.

       

        

      
        
          

      

      b)         New Warrants. The Warrants may be divided or combined with other share purchase warrants
          issued by the Company upon presentation hereof at the aforesaid office of the Company (or other designated agent), together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder
          or its agent or attorney. Subject to compliance with Section 6(b), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant certificate or Warrant certificates in exchange for
          the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date set forth on the first page of this Warrant Certificate and shall be
          identical with this Warrant Certificate, except as to the number of Warrant Shares issuable pursuant thereto.

       

      c)       Warrant Register. The Warrants will initially be held by the Holder through a physical copy of this Warrant (the “Warrant
            Certificate”). The Company shall deliver to the Holder a physical certificate in the form of this Warrant and the Company shall, thereafter, register this Warrant, upon records to be maintained by the Company for that purpose, in the name
          of the record holder hereof from time to time. The Company may deem and treat the registered holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
          absent actual notice to the contrary.

       

      d)       Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this
          Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities
          Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

       

      Section 5.         Ceasing to be Engaged by the Company or Resignation.

       

      Upon the Holder ceasing to be engaged by the Company for any reason, other than as a result of a termination by reason of Just Cause (as defined below) or as a result of the Holder’s resignation
        as an independent contractor of the Company, all Warrants which have not then vested will immediately prior to the date the Holder ceases to be engaged with the Company be deemed to become vested and such Warrants will remain exercisable until the
        Expiration Date. “Just Cause” as used in the immediately prior sentence shall mean the Holder’s willful failure to perform his duties (other than any such failure resulting from disability) if not cured
        within 30 days of receiving written notice from the Board detailing that failure.

       

      Section 6.         Miscellaneous.

       

      a)       No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or
          other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2.

       

        

      
        
          

      

      b)       Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
          reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to
          it, and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock
          certificate.

       

      c)       Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any
          right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

       

      d)       Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its
          authorized and unissued Common Stock a sufficient number of shares of Common Stock to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant (without regard to any limitations on exercise
          contained herein). The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for
          the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any
          applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this
          Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges
          created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

       

      e)         No Impairment. Except and to the extent as waived or consented to by the Holder, the Company shall not by any
          action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to
          avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the
          rights of the Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
          immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon
          exercise of any of the Warrants and (iii) use best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its
          obligations under this Warrant.

       

        

      
        
          

      

      f)         Governing Law. This Warrant shall be governed by, and construed in accordance with, the laws
          of the State of New York without giving effect to the conflicts of law principles thereof.

       

      g)        Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of
          the Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of
          this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those
          of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

       

      h)         Notices.

       

      i.        Notice Procedures. Any notice, request or other document required or
          permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions set out below.

       

      Notices to the Company shall be addressed to:

       

      Better Choice Company Inc.

      81 Prospect Street

      Brooklyn, NY 11201

      

      

      
        	 	
                Attention:

              	
                Damian Dalla-Longa

              

      

      
        	 	
                E-mail:

              	
                damian@bttrco.com

              

      

      

      

      Notices to the Holder shall be addressed:

      

      

      Bruce Linton

      [*Redacted*]

      

      

      
        	 	
                Attention:

              	
                Bruce Linton

              

      

      
        	 	
                E-mail:

              	
                [*Redacted*]

              

      

      

      

      ii.     Adjustment to Exercise Price. Whenever the Exercise
          Price or number of Warrant Shares is adjusted pursuant to any provision of Section 3, the Company shall promptly provide the Holder a notice setting forth the Exercise Price and number of Warrant Shares after such adjustment and setting forth a
          brief statement of the facts requiring such adjustment.

       

        

      
        
          

      

      iii.       Notice to Allow Exercise by the Holder. On or prior to the Expiration Date, if (A) the Company shall declare a dividend (or any other distribution in
        whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to
        subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to
        which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall
        authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register, at
        least ten (10) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or
        if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
        consolidation, merger, sale, transfer, share exchange or dissolution is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the
        Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
        not affect the validity of the corporate action required to be specified in such notice. The Holder shall remain entitled to exercise this Warrant following delivery of such notice in accordance with the terms set forth herein.

       

      i)        Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
          this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether
          such liability is asserted by the Company or by creditors of the Company.

       

      j)       Remedies. The Holder, in addition to being entitled to exercise all rights granted by law,
          including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
          provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

      

      

      k)       Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
          hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of the Holder. The provisions of this Warrant are intended to be for the benefit of any Holder
          from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

       

        

      
        
          

      

      l)         Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written
          consent of the Company and the Holder.

       

      m)       Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as
          to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
          the remainder of such provisions or the remaining provisions of this Warrant.

       

      n)         Confidentiality. The Holder agrees to keep confidential any proprietary information relating to the
          Company delivered by the Company pursuant to the terms of this Warrant; provided that nothing herein shall prevent the Holder from disclosing such information:

      (i) to any Affiliate of any holder of Warrants or Warrant Shares or any actual or potential transferee of the rights or obligations hereunder that agrees to be bound by this Section 6(n), (ii)
        upon order, subpoena, or other process of any court or administrative agency or otherwise required by law, (iii) upon the request or demand of any regulatory agency or authority having jurisdiction over such party, (iv) which has been publicly
        disclosed without breach, to the knowledge of the Holder, of any obligation to the Company, (v) which has been obtained from any Person that is not a party hereto or an Affiliate of any such party without any breach, to the knowledge of the Holder,
        of any obligation to the Company, (vi) in connection with the exercise of any remedy, or the resolution of any dispute hereunder, (vii) to the legal counsel or certified public accountants for any holder of Warrants or Warrant Shares, or (viii) as
        otherwise expressly contemplated by this Warrant. Notwithstanding the foregoing, the Company shall not provide material, non-public information or confidential or proprietary information to the Holder without such Holder’s written consent.

       

      o)         Dispute Resolution. In the case of a dispute as to the determination of the Exercise Price or the
          arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via electronic mail within two (2) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the
          case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination or arithmetic calculation
          being submitted to the Holder, then the Company shall, within two (2) Business Days submit via electronic mail (i) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved
          by the Holder or (ii) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the
          determinations or calculations and notify the Company and the Holder of the results no later than ten Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or
          calculation, as the case may be, shall be binding upon all parties absent demonstrable error. The expenses of the investment bank and accountant will be borne by the Company.

       

        

      
        
          

      

      p)         Headings. The headings used in this Warrant are for the convenience of reference only and shall not,
          for any purpose, be deemed a part of this Warrant.

       

        

      ********************

       

      (Signature Pages Follow)

       

      
        
          

      

      IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

       

      	 	
              BETTER CHOICE COMPANY, INC.

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title

            

      

      
        
          

      

      NOTICE OF EXERCISE

       

      TO: BETTER CHOICE COMPANY INC.

       

      (1) The undersigned hereby elects to purchase, pursuant to the provisions of the Warrant, as follows:

       

      ☐ ___________ Warrant Shares of the Company pursuant
          to the terms of the attached Warrant and tenders herewith payment of the exercise price, together with all applicable transfer taxes, if any.

       

      ☐ ___________ Warrant Shares pursuant to the terms of
          the cashless exercise provisions set forth in Section 2(b) of the attached Warrant and tenders herewith payment of all applicable transfer taxes, if any.

       

      (2) Payment shall take the form of lawful money of the United States

       

      (3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in
          such other name as is specified below:

      

      

      	 	 

      

      The Warrant Shares shall be delivered to the following DTC Account Number or by physical delivery of a certificate to:

       

      	 	 

      	 	 

      	 	 

      

      [SIGNATURE OF HOLDER]

       

      	
              Name of Investing Entity:

            	 

       

      	
              Signature of Authorized Signatory of Investing Entity:

            	 

       

      	
              Name of Authorized Signatory:

            	 

       

      	
              Title of Authorized Signatory:

            	 

       

      	
              Date:

            	 

      

      

      
        
          

      

      ASSIGNMENT FORM

       

      (To assign the foregoing warrant, execute

      this form and supply required information.

      Do not use this form to exercise the warrant.)

       

      FOR VALUE RECEIVED, [          ] all of or [          ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

       

      

      	 	
               whose address is

            
	 	 
	 	 
	 	 
	 	 

      

      

      Dated: _______________________ , _________

      

      

      

      	 	
              Holder’s Signature:

            	 	 
	 	
              Holder’s Address:

            	 	 
	 	 	 	 

      

      

      NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever.

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