Document:

Exhibit
4.1

 

ONE HUNDRED THIRTY-SEVENTH SUPPLEMENTAL
INDENTURE

 

Providing among other things for

 

FIRST MORTGAGE BONDS,

 

$75,649,000 Floating Rate Series due 2069

 

Dated as of September 19, 2019

 

 

 

CONSUMERS ENERGY COMPANY

 

TO

 

THE BANK OF NEW YORK MELLON,

 

TRUSTEE

 

Counterpart
_____ of 80

 

     

     

    

 

THIS ONE HUNDRED THIRTY-SEVENTH
SUPPLEMENTAL INDENTURE, dated as of September 19, 2019 (herein sometimes referred to as “this Supplemental Indenture”),
made and entered into by and between CONSUMERS ENERGY COMPANY, a corporation organized and existing under the laws of the State
of Michigan, with its principal executive office and place of business at One Energy Plaza, in Jackson, Jackson County, Michigan
49201, formerly known as Consumers Power Company (hereinafter sometimes referred to as the “Company”), and THE BANK
OF NEW YORK MELLON (formerly known as The Bank of New York), a New York banking corporation, with its corporate trust offices at
240 Greenwich Street, New York, New York 10286 (hereinafter sometimes referred to as the “Trustee”), as Trustee under
the Indenture dated as of September 1, 1945 between Consumers Power Company, a Maine corporation (hereinafter sometimes referred
to as the “Maine corporation”), and City Bank Farmers Trust Company (Citibank, N.A., successor, hereinafter sometimes
referred to as the “Predecessor Trustee”), securing bonds issued and to be issued as provided therein (hereinafter
sometimes referred to as the “Indenture”),

 

WHEREAS, at the close
of business on January 30, 1959, City Bank Farmers Trust Company was converted into a national banking association under the title
“First National City Trust Company”; and

 

WHEREAS, at the close
of business on January 15, 1963, First National City Trust Company was merged into First National City Bank; and

 

WHEREAS, at the close
of business on October 31, 1968, First National City Bank was merged into The City Bank of New York, National Association, the
name of which was thereupon changed to First National City Bank; and

 

WHEREAS, effective March
1, 1976, the name of First National City Bank was changed to Citibank, N.A.; and

 

WHEREAS, effective July
16, 1984, Manufacturers Hanover Trust Company succeeded Citibank, N.A. as Trustee under the Indenture; and

 

WHEREAS, effective June
19, 1992, Chemical Bank succeeded by merger to Manufacturers Hanover Trust Company as Trustee under the Indenture; and

 

WHEREAS, effective July
15, 1996, The Chase Manhattan Bank (National Association) merged with and into Chemical Bank which thereafter was renamed The Chase
Manhattan Bank; and

 

WHEREAS, effective November
11, 2001, The Chase Manhattan Bank merged with Morgan Guaranty Trust Company of New York and the surviving corporation was renamed
JPMorgan Chase Bank; and

 

WHEREAS, effective November
13, 2004, the name of JPMorgan Chase Bank was changed to JPMorgan Chase Bank, N.A.; and

 

WHEREAS, effective April
7, 2006, The Bank of New York succeeded JPMorgan Chase Bank, N.A. as Trustee under the Indenture; and

 

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WHEREAS, effective July
1, 2008, the name of The Bank of New York was changed to The Bank of New York Mellon; and

 

WHEREAS, the Indenture
was executed and delivered for the purpose of securing such bonds as may from time to time be issued under and in accordance with
the terms of the Indenture, the aggregate principal amount of bonds to be secured thereby being limited to $11,000,000,000 at any
one time outstanding (except as provided in Section 2.01 of the Indenture), and the Indenture describes and sets forth the property
conveyed thereby and is filed in the Office of the Secretary of State of the State of Michigan and is of record in the Office of
the Register of Deeds of each county in the State of Michigan in which this Supplemental Indenture is to be recorded; and

 

WHEREAS, the Indenture
has been supplemented and amended by various indentures supplemental thereto, each of which is filed in the Office of the Secretary
of State of the State of Michigan and is of record in the Office of the Register of Deeds of each county in the State of Michigan
in which this Supplemental Indenture is to be recorded; and

 

WHEREAS, the Company
and the Maine corporation entered into an Agreement of Merger and Consolidation, dated as of February 14, 1968, which provided
for the Maine corporation to merge into the Company; and

 

WHEREAS, the effective
date of such Agreement of Merger and Consolidation was June 6, 1968, upon which date the Maine corporation was merged into the
Company and the name of the Company was changed from “Consumers Power Company of Michigan” to “Consumers Power
Company”; and

 

WHEREAS, the Company
and the Predecessor Trustee entered into a Sixteenth Supplemental Indenture, dated as of June 4, 1968, which provided, among other
things, for the assumption of the Indenture by the Company; and

 

WHEREAS, said Sixteenth
Supplemental Indenture became effective on the effective date of such Agreement of Merger and Consolidation; and

 

WHEREAS, the Company
has succeeded to and has been substituted for the Maine corporation under the Indenture with the same effect as if it had been
named therein as the mortgagor corporation; and

 

WHEREAS, effective March
11, 1997, the name of Consumers Power Company was changed to Consumers Energy Company; and

 

WHEREAS, the Indenture
provides for the issuance of bonds thereunder in one or more series, and the Company, by appropriate corporate action in conformity
with the terms of the Indenture, has duly determined to create, and does hereby create, a new series of bonds under the Indenture
designated Floating Rate Series due 2069, which bonds shall also bear the descriptive title “First Mortgage Bonds”
(hereinafter provided for and hereinafter sometimes referred to as the “2069 Bonds” or the “Bonds”), the
bonds of which series are to be issued as registered bonds without coupons and are to bear interest at a variable rate reset each
interest period as set forth herein and are to mature on September 15, 2069, subject to the right of the Company to shorten such
maturity upon a Tax Event (as defined below) as provided in Section 7 hereof; and

 

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WHEREAS, the Company
and Morgan Stanley & Co. LLC, UBS Securities LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets,
LLC, Wells Fargo Securities, LLC and BofA Securities, Inc. (the “Underwriters”) have entered into an Underwriting Agreement
dated September 12, 2019, pursuant to which the Company agreed to sell and the Underwriters agreed to buy $75,649,000 in aggregate
principal amount of 2069 Bonds; and

 

WHEREAS, the registered
bonds without coupons of the 2069 Bonds and the Trustee’s Authentication Certificate thereon are to be substantially in the
following form, to wit:

 

{FORM OF REGISTERED BOND OF THE 2069 BONDS}

 

THIS BOND IS A GLOBAL
BOND REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR THE INDIVIDUAL BONDS REPRESENTED HEREBY, THIS GLOBAL BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL
BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), A NEW
YORK CORPORATION (THE “DEPOSITARY”), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CONSUMERS ENERGY COMPANY

FIRST MORTGAGE BOND

FLOATING RATE SERIES DUE 2069

 

	CUSIP: 210518 DG8	$__________
	ISIN: US210518DG82	 
	 	 
	No.:       	 

 

CONSUMERS ENERGY COMPANY,
a Michigan corporation (hereinafter called the “Company”), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of ________________ Dollars ($_________) on September 15, 2069 (subject to the right
of the Company to shorten such maturity upon a Tax Event (as defined and described below), the “Stated Maturity”),
and to pay to the registered holder hereof interest on said sum from and including the latest quarterly interest payment date to
which interest has been paid or duly made available for payment on the bonds of this series preceding the date hereof, unless the
date hereof be an interest payment date to which interest is being paid, in which case from and including the date hereof, or unless
the date hereof is prior to December 15, 2019 in which case from and including September 19, 2019 (or if this bond is dated between
the record date for any interest payment date and such interest payment date, then from and including such interest payment date,
provided, however, that if the Company shall default in payment of the interest due on such interest payment date, then from and
including the next preceding quarterly interest payment date to which interest has been paid or duly made available for payment
on the bonds of this series, or if such interest payment date is December 15, 2019, from and including September 19, 2019), in
each case to but excluding the next succeeding interest payment date or the date of maturity, as the case may be (each such period,
an “Interest Period”), at the Interest Rate (as defined below), until the principal hereof is paid or duly made available
for payment, payable on March 15, June 15, September 15 and December 15 in each year. The provisions of this bond are continued
below and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

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This bond shall not be
valid or become obligatory for any purpose unless and until it shall have been authenticated by the execution by the Trustee (as
defined below) or its successor in trust under the Indenture (as defined below) of the certificate hereon.

 

IN WITNESS WHEREOF, Consumers
Energy Company has caused this bond to be executed in its name by its Chairman of the Board, its President or one of its Vice Presidents
by his or her signature or a facsimile thereof, and its corporate seal or a facsimile thereof to be affixed hereto or imprinted
hereon and attested by its Secretary or one of its Assistant Secretaries by his or her signature or a facsimile thereof.

 

	 	CONSUMERS ENERGY COMPANY
	 	 
	Dated:	 
	 	By:	 
	 	Printed:	        
	 	Title:	 
	 	 
	Attest:	                                                                                                     	 

 

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TRUSTEE’S AUTHENTICATION CERTIFICATE

 

This is one of the bonds,
of the series designated therein, described in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON, 
	 	Trustee
	 	 
	 	By:   	 
	 	 	Authorized Officer

 

CONSUMERS ENERGY COMPANY

 

FIRST MORTGAGE BOND

FLOATING RATE SERIES DUE 2069

 

The interest payable
on any March 15, June 15, September 15 and December 15 will, subject to certain exceptions provided in the Indenture hereinafter
mentioned, be paid to the person in whose name this bond is registered at 5:00 p.m., New York City time, on the record date, which
shall be the March 1, June 1, September 1 or December 1 (whether or not such March 1, June 1, September 1 or December 1 shall be
a legal holiday or a day on which banking institutions in the Borough of Manhattan, The City of New York, are authorized to close)
preceding the relevant interest payment date, except that interest payable at the Stated Maturity shall be paid to the person to
whom the principal amount is paid. The initial interest payment date will be December 15, 2019. The principal of and the premium,
if any, and interest on this bond shall be payable at the office or agency of the Company in the Borough of Manhattan, The City
of New York, designated for that purpose, in any coin or currency of the United States of America which at the time of payment
is legal tender for public and private debts.

 

This bond is one of the
bonds of a series designated as First Mortgage Bonds, Floating Rate Series due 2069 (sometimes herein referred to as the “2069
Bonds” or the “Bonds”) issued under and in accordance with and secured by an indenture dated as of September
1, 1945, given by the Company (or its predecessor, Consumers Power Company, a Maine corporation) to City Bank Farmers Trust Company
(The Bank of New York Mellon, successor) (hereinafter sometimes referred to as the “Trustee”), together with indentures
supplemental thereto, heretofore or hereafter executed, to which indenture and indentures supplemental thereto (hereinafter referred
to collectively as the “Indenture”) reference is hereby made for a description of the property mortgaged and pledged,
the nature and extent of the security and the rights, duties and immunities thereunder of the Trustee and the rights of the holders
of said bonds and of the Trustee and of the Company in respect of such security, and the limitations on such rights. By the terms
of the Indenture, the bonds to be secured thereby are issuable in series which may vary as to date, amount, date of maturity, rate
of interest and in other respects as provided in the Indenture.

 

This Bond shall bear
interest quarterly at the Three-Month LIBOR Rate (as defined below) minus 30 basis points (0.30%) (the “Interest Rate”),
reset quarterly, provided that the Interest Rate shall not be less than 0.00%. The Interest Rate for the period from September
19, 2019 to, but excluding, December 15, 2019 was determined in accordance with the provisions set forth below on September 17,
2019. The Interest Rate for each subsequent Interest Period shall be reset quarterly on the related LIBOR Rate Reset Date (as defined
below). The Interest Rate in effect on any LIBOR Rate Reset Date will be the applicable Interest Rate as reset on that date, and
the Interest Rate applicable to any other day will be the Interest Rate as reset on the immediately preceding LIBOR Rate Reset
Date (or, in the case of any day preceding the first LIBOR Rate Reset Date, the Interest Rate that was determined in accordance
with the provisions set forth below on September 17, 2019). The Interest Rate for any Interest Period will at no time be higher
than the maximum rate then permitted by applicable law.

 

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In any case where any
interest payment date, redemption date, repayment date or maturity date of this Bond will not be a Business Day (as defined below),
then payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the interest payment date, redemption date, repayment date or maturity
date, and no interest shall accrue on the amount so payable for the period from and after such interest payment date, redemption
date, repayment date or maturity date, as the case may be, to such Business Day; provided, however, that if such next succeeding
Business Day in respect of any such interest payment date (but not in respect of any such redemption date, repayment date or maturity
date) is in the next succeeding calendar month, then such interest payment date shall be the immediately preceding Business Day.
If any LIBOR Rate Reset Date falls on a day that is not a Business Day, the LIBOR Rate Reset Date will be postponed to the next
succeeding Business Day, except that if that Business Day is in the next succeeding calendar month, the LIBOR Rate Reset Date shall
be the immediately preceding Business Day.

 

“Business Day” means any day,
other than a Saturday or Sunday, on which banks generally are open in New York, New York for the conduct of substantially all of
their commercial lending activities and on which interbank wire transfers can be made on the Fedwire system.

 

“Calculation Agent” means a banking
institution or trust company appointed by the Company to act as calculation agent, which initially shall be The Bank of New York
Mellon.

 

“LIBOR Business Day” means any
day on which dealings in deposits in U.S. dollars are transacted in the London Inter-Bank Market.

 

“LIBOR Interest Determination Date”
means (i) the second LIBOR Business Day preceding each LIBOR Rate Reset Date or (ii) September 17, 2019 in the case of the initial
Interest Period.

 

“LIBOR Rate Reset Date” means,
subject to the above paragraph immediately preceding the definition of “Business Day,” the March 15, June 15, September
15 and December 15 of each year continuing until the Stated Maturity, commencing on December 15, 2019.

 

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“Three-Month LIBOR
Rate” means the rate determined in accordance with the following provisions:

 

		(1)	On the related LIBOR Interest Determination Date, the Calculation Agent will determine the Three-Month
LIBOR Rate, which will be the rate for deposits in U.S. dollars having an index maturity of three months that appears on the Bloomberg
L.P. page “BBAM” (or on such other page as may replace the Bloomberg L.P. page “BBAM” on that service),
or, if on such interest determination date, the three-month LIBOR does not appear or is not available on the designated Bloomberg
L.P. page “BBAM” (or on such other page as may replace the Bloomberg L.P. page “BBAM” on that service),
the Reuters Page LIBOR01 (or such other page as may replace the Reuters Page LIBOR01 on that service), as of 11:00 a.m., London
time, on the LIBOR Interest Determination Date.

 

		(2)	If no rate appears on any of the pages described in clause (1) above on the LIBOR Interest Determination
Date, except as provided in clause (3) below, the Calculation Agent will request the principal London offices of four major reference
banks in the London Inter-Bank Market selected by the Company to provide the Calculation Agent with their offered quotations for
deposits in U.S. dollars for the period of three months, beginning on the applicable LIBOR Rate Reset Date, to prime banks in the
London Inter-Bank Market at approximately 11:00 a.m., London time, on that LIBOR Interest Determination Date and in a principal
amount of not less than $1,000,000. If at least two quotations are provided, then the Three-Month LIBOR Rate will be the average
of those quotations. If fewer than two quotations are provided, then the Three-Month LIBOR Rate will be the average of the rates
quoted at approximately 11:00 a.m., New York City time, on the LIBOR Interest Determination Date by three major banks (which may
include affiliates of underwriters of the Bonds) in New York City selected by the Company for loans in U.S. dollars to leading
European banks, having a three-month maturity and in a principal amount of not less than $1,000,000. If the banks selected by the
Company are not providing quotations in the manner described by this clause (2), the rate for the Interest Period following the
LIBOR Interest Determination Date will be the rate already in effect on that LIBOR Interest Determination Date.

 

		(3)	Notwithstanding clause (2) above, if the Company determines, in its sole discretion, that three-month
LIBOR has either been permanently discontinued or is no longer viewed as an acceptable benchmark rate in accordance with accepted
market practice for debt obligations such as the 2069 Bonds and the Company has notified the Calculation Agent of such determination
in writing (a “LIBOR Event”), the Calculation Agent will use, as directed in writing by the Company, as a substitute
for three-month LIBOR and for each future LIBOR Interest Determination Date, an alternative reference rate selected by a central
bank, reserve bank, monetary authority or similar institution (including any committee or working group thereof) that is consistent
with accepted market practice (such reference rate, the “Alternative Rate”). As part of such substitution, the Calculation
Agent will, as directed in writing by the Company, make such adjustments (“Adjustments”) to the Alternative Rate or
the spread thereon, as well as the business day convention, interest determination dates and related provisions and definitions,
in each case that are consistent with accepted market practice for the use of such Alternative Rate for debt obligations such as
the 2069 Bonds. If a LIBOR Event has occurred, but for any reason an Alternative Rate has not been determined, the Three-Month
LIBOR Rate will, until an Alternative Rate is determined in accordance with this clause (3), be equal to such rate on the last
LIBOR Interest Determination Date prior to the LIBOR Event.

 

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All percentages resulting
from any calculation of any Interest Rate for the 2069 Bonds will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 3.876545% (or 0.03876545) being rounded
to 3.87655% (or 0.0387655)), and all dollar amounts used in or resulting from such calculations will be rounded to the nearest
cent (with one-half cent being rounded upwards). Any percentage resulting from any calculation of any Interest Rate for the Bonds
less than 0.00% will be deemed to be 0.00% (or 0.0000).

 

Absent willful misconduct,
bad faith or manifest error, the Calculation Agent’s determination of the Three-Month LIBOR Rate (including the Alternative
Rate, if applicable, and any Adjustments thereto, in each case as directed in writing by the Company) and its calculation of the
applicable Interest Rate for each Interest Period will be final and binding on the Company, the Trustee, the Calculation Agent
and holders of the 2069 Bonds. The holders of the 2069 Bonds may obtain the Interest Rate for the current and preceding Interest
Periods by writing the Calculation Agent at The Bank of New York Mellon, Attention: Corporate Trust Administration, 240 Greenwich
Street, New York, New York 10286, or any successor appointed by the Company.

 

The Calculation Agent
shall, as soon as practicable after 11:00 a.m., London time, on each LIBOR Interest Determination Date, determine the Interest
Rate and the Company will calculate the amount of interest payable on the 2069 Bonds in respect of the applicable Interest Period
(the “Interest Amount”). The Interest Amount shall be calculated by multiplying the Interest Rate for that Interest
Period by a fraction, the numerator of which will be the actual number of days elapsed during that Interest Period (determined
by including the first day of the Interest Period and excluding the last day of the Interest Period), and the denominator of which
will be 360, and by multiplying the result by the aggregate principal amount of the 2069 Bonds. The determination of the Interest
Amount by the Company will (in the absence of willful misconduct, bad faith or manifest error) be final, conclusive and binding
on all concerned. None of the Trustee, the Calculation Agent or the Company (or any of their respective officers, directors, agents,
beneficiaries, employees or affiliates) shall have any liability to any person for (i) the selection of the reference banks or
the major banks or (ii) failure of the reference banks or the major banks to provide quotations to the Calculation Agent. Promptly
upon the determination of the Interest Rate and the calculation of the Interest Amount, the Calculation Agent and the Company,
respectively, will notify the Trustee of such Interest Rate and Interest Amount.

 

Any or all of the 2069
Bonds may be redeemed by the Company at its option, in whole or in part, at any time and from time to time on or after September
15, 2049 and prior to maturity, in amounts of $1,000 or any integral multiple of $1,000 in excess thereof. The redemption price
for any such 2069 Bonds being redeemed on any redemption date shall be equal to the applicable percentage of the principal amount
of such 2069 Bonds being redeemed set forth in the following table, plus accrued and unpaid interest, if any, on such 2069 Bonds
being redeemed to, but not including, the redemption date:

 

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	Redemption Date	 	Percentage	 
	September 15, 2049 to March 14, 2050	 	 	105.00	%
	March 15, 2050 to September 14, 2050	 	 	105.00	%
	September 15, 2050 to March 14, 2051	 	 	104.50	%
	March 15, 2051 to September 14, 2051	 	 	104.50	%
	September 15, 2051 to March 14, 2052	 	 	104.00	%
	March 15, 2052 to September 14, 2052	 	 	104.00	%
	September 15, 2052 to March 14, 2053	 	 	103.50	%
	March 15, 2053 to September 14, 2053	 	 	103.50	%
	September 15, 2053 to March 14, 2054	 	 	103.00	%
	March 15, 2054 to September 14, 2054	 	 	103.00	%
	September 15, 2054 to March 14, 2055	 	 	102.50	%
	March 15, 2055 to September 14, 2055	 	 	102.50	%
	September 15, 2055 to March 14, 2056	 	 	102.00	%
	March 15, 2056 to September 14, 2056	 	 	102.00	%
	September 15, 2056 to March 14, 2057	 	 	101.50	%
	March 15, 2057 to September 14, 2057	 	 	101.50	%
	September 15, 2057 to March 14, 2058	 	 	101.00	%
	March 15, 2058 to September 14, 2058	 	 	101.00	%
	September 15, 2058 to March 14, 2059	 	 	100.50	%
	March 15, 2059 to September 14, 2059	 	 	100.50	%
	September 15, 2059 and thereafter	 	 	100.00	%

 

If less than all of the
2069 Bonds are to be redeemed and (i) the 2069 Bonds are in global form, the interests in the 2069 Bonds to be redeemed shall be
selected for redemption by The Depository Trust Company, a New York corporation, or its duly appointed successor (the “Depository”),
in accordance with the Depository’s standard procedures therefor, or (ii) the 2069 Bonds are in definitive form, the Trustee
shall select the 2069 Bonds to be redeemed by lot. Notice of redemption shall be delivered not less than 10 nor more than 60 days
prior to the date fixed for redemption to the holders of the 2069 Bonds to be redeemed (which, as long as the 2069 Bonds are held
in the book-entry only system, will be the Depository (or its nominee); provided, however, that the failure to duly deliver such
notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2069 Bonds as to which
there shall have been no such failure or defect. If, at the time a notice of redemption is given, the moneys to fund the redemption
price are not on deposit with the Trustee, then, if such notice so provides, the redemption shall be subject to the receipt of
the moneys to fund the redemption price on or before the relevant redemption date and such notice of redemption shall be of no
force and effect unless such moneys are so received. On and after the date fixed for redemption (unless the Company shall default
in the payment of the 2069 Bonds or portions thereof to be redeemed at the applicable redemption price, together with accrued and
unpaid interest, if any, thereon to, but not including, such date), interest on the 2069 Bonds or the portions thereof so called
for redemption shall cease to accrue.

 

This bond is not redeemable
by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released property or in
any other manner except as set forth above.

 

The 2069 Bonds are repayable
at the option of the holder of such 2069 Bonds, in whole or in part, on the repayment dates and at the repayment prices (in each
case expressed as a percentage of the principal amount of such 2069 Bonds being repaid) set forth in the following table, and on
September 15 of every second year thereafter until September 15, 2066 (i.e. commencing on September 15, 2032, through and including
September 15, 2066), at 100% of the principal amount of such 2069 Bonds being repaid, plus, in each case, accrued and unpaid interest,
if any, on such 2069 Bonds being repaid to, but not including, the repayment date:

 

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	Repayment Date	 	Price	 
	September 15, 2020	 	 	98.00	%
	March 15, 2021	 	 	98.00	%
	September 15, 2021	 	 	98.00	%
	March 15, 2022	 	 	98.00	%
	September 15, 2022	 	 	98.00	%
	March 15, 2023	 	 	98.00	%
	September 15, 2023	 	 	98.00	%
	March 15, 2024	 	 	98.00	%
	September 15, 2024	 	 	98.00	%
	March 15, 2025	 	 	99.00	%
	September 15, 2025	 	 	99.00	%
	March 15, 2026	 	 	99.00	%
	September 15, 2026	 	 	99.00	%
	March 15, 2027	 	 	99.00	%
	September 15, 2027	 	 	99.00	%
	March 15, 2028	 	 	99.00	%
	September 15, 2028	 	 	99.00	%
	March 15, 2029	 	 	99.00	%
	September 15, 2029	 	 	99.00	%
	March 15, 2030	 	 	99.00	%
	September 15, 2030	 	 	100.00	%

 

A beneficial owner of
a 2069 Bond held in book-entry form shall give notice, at least 30 days but not more than 60 days before the applicable repayment
date, to elect to have its 2069 Bonds repaid, through its participant, to the Trustee, and shall effect delivery of such 2069 Bonds
by causing the participant to transfer such participant’s interest in the 2069 Bonds, on the Depository’s records,
to the Trustee. The requirement for physical delivery of 2069 Bonds in connection with a repayment of the 2069 Bonds at the option
of a beneficial owner will be deemed satisfied when the ownership rights in the 2069 Bonds are transferred by participants on the
Depository’s records and followed by a book-entry credit of 2069 Bonds to the Trustee’s account at the Depository.

 

In order for a 2069 Bond
not held in book-entry form to be repaid at the option of a holder, the Trustee must receive, at least 30 days but not more than
60 days before the applicable repayment date:

 

(1)   
the 2069 Bond with the form entitled “Option to Elect Repayment” in the 2069 Bond duly completed; or

 

(2)   
a facsimile transmission or a letter from a member of a national securities exchange or a member of the Financial Industry
Regulatory Authority, Inc. or a commercial bank or trust company in the United States, which must set forth:

 

•        
the name of the holder of the 2069 Bond;

 

•        
the principal
amount of the 2069 Bond;

 

•        
the principal
amount of the 2069 Bond to be repaid;

 

•        
the
certificate number or a description of the tenor and terms of the 2069 Bond; and

 

•        
a
statement that the option to elect repayment is being exercised and a guarantee that the 2069 Bond to be repaid, together with
the duly completed form entitled “Option to Elect Repayment” in the 2069 Bond, will be received by the Trustee not
later than the fifth Business Day after the date of that facsimile transmission or letter.

 

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The repayment
option may be exercised by the holder of a 2069 Bond for less than the entire principal amount of the 2069 Bond, but, in that
event, the principal amount of the 2069 Bond remaining outstanding after repayment must be in an authorized denomination.

 

If a Tax Event occurs,
the Company will have the right to shorten the Stated Maturity of the 2069 Bonds, without the consent of the holders of the 2069
Bonds:

 

•    to the minimum
extent required, in the opinion of nationally recognized independent tax counsel, so that, after shortening the Stated Maturity,
interest paid on the 2069 Bonds will be deductible for U.S. federal income tax purposes; or

 

•    if that counsel
cannot opine definitively as to such a minimum period, the minimum extent so required to maintain the Company’s interest
deduction,

 

in each case, to the
extent deductible under current law, as determined in good faith by the Company’s board of directors, after receipt of an
opinion of that counsel regarding the applicable legal standards. In that case, the amount payable on the 2069 Bonds on that new
maturity date will be equal to 100% of the principal amount of the 2069 Bonds, together with accrued and unpaid interest thereon,
if any, to, but not including, that new maturity date. If the Company elects to exercise its right to shorten the maturity of the
2069 Bonds when a Tax Event occurs, the Company will give notice to each holder of the 2069 Bonds not more than 60 days after the
occurrence of the Tax Event, stating the new maturity date of the 2069 Bonds. If the 2069 Bonds are solely registered in the name
of Cede & Co. and traded through the Depository, then such notice will be delivered to the Depository and transmitted by the
Depository in accordance with its practices.

 

“Tax Event”
means that, and shall be deemed to have occurred when, the Company shall have received an opinion of nationally recognized independent
tax counsel to the effect that, as a result of:

 

•    any amendment
to, clarification of or change (including any announced prospective amendment, clarification or change) in any law, or any regulation
thereunder, of the United States;

 

•    any judicial
decision, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any
notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an
“Administrative or Judicial Action”); or

 

•    any
amendment to, clarification of or change in any official position with respect to, or any interpretation of, an
Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally
accepted position or interpretation,

 

in each case, occurring on or after September 12, 2019, there is more than an
insubstantial increase in the risk that interest paid by the Company on the 2069 Bonds is not, or will not be, deductible, in
whole or in part, by the Company for U.S. federal income tax purposes.

 

    11

     

    

 

In case of certain defaults
as specified in the Indenture, the principal of this bond may be declared or may become due and payable on the conditions, at the
time, in the manner and with the effect provided in the Indenture. The holders of certain specified percentages of the bonds at
the time outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to
the extent and as provided in the Indenture, waive certain defaults thereunder and the consequences of such defaults.

 

The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the holders of not less than seventy-five per centum in
principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding,
including, if more than one series of bonds shall be at the time outstanding, not less than sixty per centum in principal amount
of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture
and of the rights and obligations of the Company and the rights of the holders of the bonds and coupons; provided, however, that
no such modification or alteration shall be made without the written approval or consent of the holder hereof which will (a) extend
the maturity of this bond or reduce the rate or extend the time of payment of interest hereon or reduce the amount of the principal
hereof or reduce any premium payable on the redemption hereof, (b) permit the creation of any lien, not otherwise permitted, prior
to or on a parity with the lien of the Indenture, or (c) reduce the aforesaid percentage of the principal amount of bonds the holders
of which are required to approve any such supplemental indenture.

 

The Company reserves
the right, without any consent, vote or other action by holders of the 2069 Bonds or any other series created after the Sixty-eighth
Supplemental Indenture, to amend the Indenture to reduce the percentage of the principal amount of bonds the holders of which are
required to approve any supplemental indenture (other than any supplemental indenture which is subject to the proviso contained
in the immediately preceding sentence) (a) from not less than seventy-five per centum (including sixty per centum of each series
affected) to not less than a majority in principal amount of the bonds at the time outstanding or (b) in case fewer than all series
are affected, not less than a majority in principal amount of the bonds of all affected series, voting together.

 

No recourse shall be
had for the payment of the principal of or premium, if any, or interest on this bond, or for any claim based hereon, or otherwise
in respect hereof or of the Indenture, to or against any incorporator, stockholder, director or officer, past, present or future,
as such, of the Company, or of any predecessor or successor company, either directly or through the Company, or such predecessor
or successor company, or otherwise, under any constitution or statute or rule of law, or by the enforcement of any assessment or
penalty, or otherwise, all such liability of incorporators, stockholders, directors and officers, as such, being waived and released
by the holder and owner hereof by the acceptance of this bond and being likewise waived and released by the terms of the Indenture.

 

    12

     

    

 

OPTION TO ELECT REPAYMENT

 

With respect to First Mortgage Bond

Floating Rate Series Due 2069

of Consumers Energy Company (the “Company”)

 

If you elect to have this Bond purchased
by the Company pursuant to the terms of the Bond,

 

• check this box:  ̈;
and

 

• state the principal amount of this
Bond: $____________.

 

If you want to elect to have only part of
this Bond purchased by the Company pursuant to the terms of the Bond,

 

• check this box:  ̈;

 

• state the principal amount of this
Bond to be purchased (must be in denominations of $1,000 or an integral multiple of $1,000 in excess thereof): $____________; and

 

• state the principal amount of this
Bond remaining after such repurchase (must be in denominations of $1,000 or an integral multiple of $1,000 in excess thereof):
$____________.

 

 

	Date:	    	       	By:   	 	 
	    	 	Name:           
	        	 	Title:  

 

Signature Guarantee: ____________________

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the registrar of the Bonds, which requirements include membership or participation
in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by such registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

Please print name and address of registered
holder:

 

Name: ____________________

 

Social Security or other Taxpayer Identification
Number, if any: ____________________

 

Address: ____________________________________________________________

 

{END OF FORM OF REGISTERED BOND OF THE 2069
BONDS}

 

- - - - - - - - - - - - - - -

 

    13

     

    

 

AND WHEREAS, all acts
and things necessary to make the Bonds, when duly executed by the Company and authenticated by the Trustee or its agent and issued
as prescribed in the Indenture, as heretofore supplemented and amended, and this Supplemental Indenture, the valid, binding and
legal obligations of the Company, and to constitute the Indenture, as supplemented and amended as aforesaid, as well as by this
Supplemental Indenture, a valid, binding and legal instrument for the security thereof, have been done and performed, and the creation,
execution and delivery of this Supplemental Indenture and the creation, execution and issuance of bonds subject to the terms hereof
and of the Indenture, as so supplemented and amended, have in all respects been duly authorized;

 

NOW, THEREFORE, in consideration
of the premises, of the acceptance and purchase by the holders thereof of the bonds issued and to be issued under the Indenture,
as supplemented and amended as above set forth, duly paid by the Trustee to the Company, and of other good and valuable considerations,
the receipt whereof is hereby acknowledged, and for the purpose of securing the due and punctual payment of the principal of and
premium, if any, and interest on all bonds now outstanding under the Indenture and the $75,649,000 principal amount of the 2069
Bonds, and all other bonds which shall be issued under the Indenture, as supplemented and amended from time to time, and for the
purpose of securing the faithful performance and observance of all covenants and conditions therein, and in any indenture supplemental
thereto, set forth, the Company has given, granted, bargained, sold, released, transferred, assigned, hypothecated, pledged, mortgaged,
confirmed, set over, warranted, alienated and conveyed and by these presents does give, grant, bargain, sell, release, transfer,
assign, hypothecate, pledge, mortgage, confirm, set over, warrant, alienate and convey unto The Bank of New York Mellon, as Trustee,
as provided in the Indenture, and its successor or successors in the trust thereby and hereby created and to its or their assigns
forever, all the right, title and interest of the Company in and to all the property, described in Section 15 hereof, together
(subject to the provisions of Article X of the Indenture) with the tolls, rents, revenues, issues, earnings, income, products and
profits thereof, excepting, however, the property, interests and rights specifically excepted from the lien of the Indenture as
set forth in the Indenture;

 

TOGETHER WITH all and
singular the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the premises, property, franchises
and rights, or any thereof, referred to in the foregoing granting clause, with the reversion and reversions, remainder and remainders
and (subject to the provisions of Article X of the Indenture) the tolls, rents, revenues, issues, earnings, income, products and
profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company
now has or may hereafter acquire in and to the aforesaid premises, property, franchises and rights and every part and parcel thereof;

 

SUBJECT, HOWEVER, with
respect to such premises, property, franchises and rights, to excepted encumbrances as said term is defined in Section 1.02 of
the Indenture, and subject also to all defects and limitations of title and to all encumbrances existing at the time of acquisition.

 

    14

     

    

 

TO HAVE AND TO HOLD all
said premises, property, franchises and rights hereby conveyed, assigned, pledged or mortgaged, or intended so to be, unto the
Trustee, its successor or successors in trust and their assigns forever;

 

BUT IN TRUST, NEVERTHELESS,
with power of sale for the equal and proportionate benefit and security of the holders of all bonds now or hereafter authenticated
and delivered under and secured by the Indenture and interest coupons appurtenant thereto, pursuant to the provisions of the Indenture
and of any supplemental indenture, and for the enforcement of the payment of said bonds and coupons when payable and the performance
of and compliance with the covenants and conditions of the Indenture and of any supplemental indenture, without any preference,
distinction or priority as to lien or otherwise of any bond or bonds over others by reason of the difference in time of the actual
authentication, delivery, issue, sale or negotiation thereof or for any other reason whatsoever, except as otherwise expressly
provided in the Indenture; and so that each and every bond now or hereafter authenticated and delivered thereunder shall have the
same lien, and so that the principal of and premium, if any, and interest on every such bond shall, subject to the terms thereof,
be equally and proportionately secured, as if it had been made, executed, authenticated, delivered, sold and negotiated simultaneously
with the execution and delivery thereof;

 

AND IT IS EXPRESSLY DECLARED
by the Company that all bonds authenticated and delivered under and secured by the Indenture, as supplemented and amended as above
set forth, are to be issued, authenticated and delivered, and all said premises, property, franchises and rights hereby and by
the Indenture and indentures supplemental thereto conveyed, assigned, pledged or mortgaged, or intended so to be, are to be dealt
with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes
expressed in the Indenture, as supplemented and amended as above set forth, and the parties hereto mutually agree as follows:

 

SECTION 1. There is hereby
created one series of bonds (the “2069 Bonds” or the “Bonds”) designated as hereinabove provided, which
shall also bear the descriptive title “First Mortgage Bond”, and the form thereof shall be substantially as hereinbefore
set forth. The 2069 Bonds shall be issued in the aggregate principal amount of $75,649,000, shall mature on September 15, 2069
(subject to the right of the Company to shorten such maturity upon a Tax Event as provided in Section 7 hereof, the “Stated
Maturity”) and shall be issued only as registered bonds without coupons in denominations of $1,000 and any integral multiple
of $1,000 in excess thereof. The serial numbers of the 2069 Bonds shall be such as may be approved by any officer of the Company,
the execution thereof by any such officer either manually or by facsimile signature to be conclusive evidence of such approval.
The principal of and the premium, if any, and the interest on said bonds shall be payable in any coin or currency of the United
States of America which at the time of payment is legal tender for public and private debts, at the office or agency of the Company
in the City of New York, designated for that purpose. Additional 2069 Bonds, without limitation as to amount (except as provided
in the Indenture), and without the consent of the holders of the then outstanding 2069 Bonds, but with the same terms as such outstanding
2069 Bonds (except the issue price and the issue date and, if applicable, the initial interest accrual date and the initial interest
payment date), may be authenticated and delivered in the manner provided in the Indenture, and any such additional 2069 Bonds would
constitute a single series with such outstanding 2069 Bonds.

 

    15

     

    

 

SECTION 2. The 2069 Bonds
shall bear interest quarterly at the Three-Month LIBOR Rate (as defined below) minus 30 basis points (0.30%) (the “Interest
Rate”), reset quarterly, provided that the Interest Rate shall not be less than 0.00%. The Interest Rate for the period from
September 19, 2019 to, but excluding, December 15, 2019 was determined in accordance with the provisions set forth below on September
17, 2019. The Interest Rate for each subsequent interest period shall be reset quarterly on the related LIBOR Rate Reset Date (as
defined below). The Interest Rate in effect on any LIBOR Rate Reset Date will be the applicable Interest Rate as reset on that
date, and the Interest Rate applicable to any other day will be the Interest Rate as reset on the immediately preceding LIBOR Rate
Reset Date (or, in the case of any day preceding the first LIBOR Rate Reset Date, the Interest Rate that was determined in accordance
with the provisions set forth below on September 17, 2019). The Interest Rate for any interest period will at no time be higher
than the maximum rate then permitted by applicable law.

 

If any LIBOR Rate Reset
Date falls on a day that is not a Business Day (as defined below), the LIBOR Rate Reset Date will be postponed to the next succeeding
Business Day, except that if that Business Day is in the next succeeding calendar month, the LIBOR Rate Reset Date shall be the
immediately preceding Business Day.

 

“Calculation Agent” means a banking
institution or trust company appointed by the Company to act as calculation agent, which initially shall be The Bank of New York
Mellon.

 

“LIBOR Business Day” means any
day on which dealings in deposits in U.S. dollars are transacted in the London Inter-Bank Market.

 

“LIBOR Interest Determination Date”
means (i) the second LIBOR Business Day preceding each LIBOR Rate Reset Date or (ii) September 17, 2019 in the case of the initial
interest period.

 

“LIBOR Rate Reset Date” means,
subject to the above paragraph immediately preceding the definition of “Calculation Agent,” the March 15, June 15,
September 15 and December 15 of each year continuing until the Stated Maturity, commencing on December 15, 2019.

 

“Three-Month LIBOR
Rate” means the rate determined in accordance with the following provisions:

 

		(1)	On the related LIBOR Interest Determination Date, the Calculation Agent will determine the Three-Month
LIBOR Rate, which will be the rate for deposits in U.S. dollars having an index maturity of three months that appears on the Bloomberg
L.P. page “BBAM” (or on such other page as may replace the Bloomberg L.P. page “BBAM” on that service),
or, if on such interest determination date, the three-month LIBOR does not appear or is not available on the designated Bloomberg
L.P. page “BBAM” (or on such other page as may replace the Bloomberg L.P. page “BBAM” on that service),
the Reuters Page LIBOR01 (or such other page as may replace the Reuters Page LIBOR01 on that service), as of 11:00 a.m., London
time, on the LIBOR Interest Determination Date.

 

    16

     

    

 

		(2)	If no rate appears on any of the pages described in clause (1) above on the LIBOR Interest Determination
Date, except as provided in clause (3) below, the Calculation Agent will request the principal London offices of four major reference
banks in the London Inter-Bank Market selected by the Company to provide the Calculation Agent with their offered quotations for
deposits in U.S. dollars for the period of three months, beginning on the applicable LIBOR Rate Reset Date, to prime banks in the
London Inter-Bank Market at approximately 11:00 a.m., London time, on that LIBOR Interest Determination Date and in a principal
amount of not less than $1,000,000. If at least two quotations are provided, then the Three-Month LIBOR Rate will be the average
of those quotations. If fewer than two quotations are provided, then the Three-Month LIBOR Rate will be the average of the rates
quoted at approximately 11:00 a.m., New York City time, on the LIBOR Interest Determination Date by three major banks (which may
include affiliates of the Underwriters) in New York City selected by the Company for loans in U.S. dollars to leading European
banks, having a three-month maturity and in a principal amount of not less than $1,000,000. If the banks selected by the Company
are not providing quotations in the manner described by this clause (2), the rate for the quarterly interest period following the
LIBOR Interest Determination Date will be the rate already in effect on that LIBOR Interest Determination Date.

 

		(3)	Notwithstanding clause (2) above, if the Company determines, in its sole discretion, that three-month
LIBOR has either been permanently discontinued or is no longer viewed as an acceptable benchmark rate in accordance with accepted
market practice for debt obligations such as the 2069 Bonds and the Company has notified the Calculation Agent of such determination
in writing (a “LIBOR Event”), the Calculation Agent will use, as directed in writing by the Company, as a substitute
for three-month LIBOR and for each future LIBOR Interest Determination Date, an alternative reference rate selected by a central
bank, reserve bank, monetary authority or similar institution (including any committee or working group thereof) that is consistent
with accepted market practice (such reference rate, the “Alternative Rate”). As part of such substitution, the Calculation
Agent will, as directed in writing by the Company, make such adjustments (“Adjustments”) to the Alternative Rate or
the spread thereon, as well as the business day convention, interest determination dates and related provisions and definitions,
in each case that are consistent with accepted market practice for the use of such Alternative Rate for debt obligations such as
the 2069 Bonds. If a LIBOR Event has occurred, but for any reason an Alternative Rate has not been determined, the Three-Month
LIBOR Rate will, until an Alternative Rate is determined in accordance with this clause (3), be equal to such rate on the last
LIBOR Interest Determination Date prior to the LIBOR Event.

 

All percentages resulting
from any calculation of any Interest Rate for the 2069 Bonds will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 3.876545% (or 0.03876545) being rounded
to 3.87655% (or 0.0387655)), and all dollar amounts used in or resulting from such calculations will be rounded to the nearest
cent (with one-half cent being rounded upwards). Any percentage resulting from any calculation of any Interest Rate for the Bonds
less than 0.00% will be deemed to be 0.00% (or 0.0000).

 

Absent willful misconduct,
bad faith or manifest error, the Calculation Agent’s determination of the Three-Month LIBOR Rate (including the Alternative
Rate, if applicable, and any Adjustments thereto, in each case as directed in writing by the Company) and its calculation of the
applicable Interest Rate for each interest period will be final and binding on the Company, the Trustee, the Calculation Agent
and holders of the 2069 Bonds. The holders of the 2069 Bonds may obtain the Interest Rate for the current and preceding interest
periods by writing the Calculation Agent at The Bank of New York Mellon, Attention: Corporate Trust Administration, 240 Greenwich
Street, New York, New York 10286, or any successor appointed by the Company.

 

    17

     

    

 

The Calculation Agent
shall, as soon as practicable after 11:00 a.m., London time, on each LIBOR Interest Determination Date, determine the Interest
Rate and the Company will calculate the amount of interest payable on the 2069 Bonds in respect of the applicable interest period
(the “Interest Amount”). The Interest Amount shall be calculated by multiplying the Interest Rate for that interest
period by a fraction, the numerator of which will be the actual number of days elapsed during that interest period (determined
by including the first day of the interest period and excluding the last day of the interest period), and the denominator of which
will be 360, and by multiplying the result by the aggregate principal amount of the 2069 Bonds. The determination of the Interest
Amount by the Company will (in the absence of willful misconduct, bad faith or manifest error) be final, conclusive and binding
on all concerned. None of the Trustee, the Calculation Agent or the Company (or any of their respective officers, directors, agents,
beneficiaries, employees or affiliates) shall have any liability to any person for (i) the selection of the reference banks or
the major banks or (ii) failure of the reference banks or the major banks to provide quotations to the Calculation Agent. Promptly
upon the determination of the Interest Rate and the calculation of the Interest Amount, the Calculation Agent and the Company,
respectively, will notify the Trustee of such Interest Rate and Interest Amount.

 

SECTION 3.

 

SECTION 3.01 Form of Bonds.

 

The 2069 Bonds shall
be issued initially in the form of one or more permanent global Bonds in definitive, fully registered form without interest coupons
with the global securities legend appearing in the form of 2069 Bond hereinbefore set forth endorsed thereon (a “Global Bond”),
which shall be deposited on behalf of the purchasers of the Bonds represented thereby with the Trustee, at its corporate trust
office, as securities custodian (or with such other securities custodian as the Depository (as defined below) may direct), and
registered in the name of the Depository or a nominee of the Depository, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. The aggregate principal amount of the Global Bonds may from time to time be increased or decreased
by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided. The depository for
the Global Bonds shall be The Depository Trust Company, a New York corporation, or its duly appointed successor (the “Depository”).
This Section 3.01 shall apply only to a Global Bond deposited with or on behalf of the Depository.

 

The Company shall execute
and the Trustee shall, in the case of each of the 2069 Bonds in accordance with this Section 3.01, authenticate and deliver initially
one or more Global Bonds for the 2069 Bonds which (a) shall be registered in the name of the Depository or the nominee of the Depository
and (b) shall be delivered by the Trustee to the Depository or pursuant to the Depository’s instructions or held by the Trustee
as securities custodian.

 

    18

     

    

 

Members of, or participants
in, the Depository (“Agent Members”) shall have no rights under this Supplemental Indenture with respect to any Global
Bond held on their behalf by the Depository or by the Trustee as the securities custodian or under such Global Bond, and the Company,
the Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such
Global Bond for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or
any agent of the Company from giving effect to any written certification, proxy or other authorization furnished by the Depository
or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the
exercise of the rights of a holder of a beneficial interest in any Global Bond.

 

Except as provided in
this Section 3.01, Section 3.02 or Section 3.03, owners of beneficial interests in Global Bonds shall not be entitled to receive
physical delivery of certificated Bonds.

 

SECTION 3.02. Transfer and
Exchange.

 

(a)              
Transfer and Exchange of Global Bonds.

 

(i)          
The transfer and exchange of Global Bonds or beneficial interests therein shall be effected through the Depository, in accordance
with this Supplemental Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of
the Depository therefor.

 

(ii)          
Notwithstanding any other provision of this Supplemental Indenture (other than the provisions set forth in Section 3.03), a Global
Bond may not be transferred as a whole or in part except by the Depository to a nominee of the Depository or by a nominee of the
Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository
or a nominee of such successor Depository.

 

(b)              
Cancellation or Adjustment of Global Bond. At such time as all beneficial interests in a Global Bond have either
been exchanged for certificated Bonds, redeemed, purchased or canceled, such Global Bond shall be canceled by the Trustee. At any
time prior to such cancellation, if any beneficial interest in a Global Bond is exchanged for certificated Bonds, redeemed, purchased
or canceled, the principal amount of Bonds represented by such Global Bond shall be reduced and an adjustment shall be made on
the books and records of the securities custodian with respect to such Global Bond.

 

(c)              
Obligations with Respect to Transfers and Exchanges of Bonds.

 

(i)          
To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate certificated
Bonds and Global Bonds at the security registrar’s request.

 

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

 

    19

     

    

 

(iii)          Prior
to the due presentation for registration of transfer of any Bond, the Company, the Trustee, the paying agent or the security registrar
may deem and treat the person in whose name a Bond is registered as the absolute owner of such Bond for the purpose of receiving
payment of principal of and premium, if any, and (subject to the record date provisions of the Bonds) interest on such Bond and
for all other purposes whatsoever, whether or not such Bond is overdue, and none of the Company, the Trustee, the paying agent
or the security registrar shall be affected by notice to the contrary.

 

(iv)          All
Bonds issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled
to the same benefits under the Indenture as the Bonds surrendered upon such transfer or exchange.

 

(d)              
No Obligation of Trustee.

 

(i)          
The Trustee (whether in its capacity as Trustee or otherwise) shall have no responsibility or obligation to any beneficial owner
of a Global Bond, Agent Member or other person with respect to the accuracy of the records of the Depository or its nominee or
of any Agent Member, with respect to any ownership interest in the Bonds or with respect to the delivery to any Agent Member,
beneficial owner or other person (other than the Depository) of any notice (including any notice of redemption) or the payment
of any amount, under or with respect to such Bonds. All notices and communications to be given to the holders and all payments
to be made to holders under the Bonds shall be given or made only to or upon the order of the registered holders (which shall
be the Depository or its nominee in the case of a Global Bond). The rights of beneficial owners in any Global Bond shall be exercised
only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be
fully protected in relying upon information furnished by the Depository with respect to its Agent Members and any beneficial owners.

 

(ii)          
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Bond (including
any transfers between or among Agent Members or beneficial owners in any Global Bond) 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
the Indenture.

 

SECTION 3.03. Certificated
Bonds.

 

(a)         A
Global Bond deposited with the Depository or with the Trustee as securities custodian pursuant to Section 3.01 shall be transferred
to the beneficial owners thereof in the form of certificated Bonds in an aggregate principal amount equal to the principal amount
of such Global Bond, in exchange for such Global Bond, only if such transfer complies with and is permitted by this Section 3.03
and complies with the conditions set forth in Article II of the Indenture.

 

    20

     

    

 

(b)         Any Global Bond that is transferable to the beneficial owners thereof pursuant to this Section 3.03 shall be surrendered
by the Depository to the Trustee at its corporate trust office to be so transferred, in whole or from time to time in part, without
charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Bond, an equal aggregate
principal amount of certificated Bonds of authorized denominations. Any portion of a Global Bond transferred pursuant to this Section
3.03 shall be executed, authenticated and delivered only in denominations of $1,000 principal amount and any integral multiple
of $1,000 in excess thereof and registered in such names as the Depository shall direct.

 

(c)         Subject to the provisions of Section 3.03(b), the registered holder of a Global Bond shall be entitled to grant proxies
and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take
any action which such holder is entitled to take under the Indenture or the Bonds.

 

(d)         If the Depository at any time is unwilling or unable to continue as a depository, defaults in the performance of its duties
as depository or ceases to be a clearing agency registered under the Securities Exchange Act of 1934 or other applicable statute
or regulation, and a successor depository is not appointed by the Company within 90 days, the Company will issue Bonds in definitive
form in exchange for the global securities relating to the Bonds. In addition, the Company may at any time and in its sole discretion
and subject to the Depository’s procedures determine not to have the Bonds or portions of the Bonds represented by one or
more global securities and, in that event, will issue individual Bonds in exchange for the global security or securities representing
such Bonds. Further, if the Company so specifies with respect to the Bonds, an owner of a beneficial interest in a global security
representing the Bonds may, on terms acceptable to the Company and the depositary for the global security, receive individual Bonds
in exchange for the beneficial interest. In any such instance, an owner of a beneficial interest in a global security will be entitled
to physical delivery in definitive form of Bonds represented by the global security equal in principal amount to the beneficial
interest, and to have the Bonds registered in its name. Bonds so issued in definitive form will be issued as registered Bonds in
denominations of $1,000 and integral multiples of $1,000.

 

SECTION 4. Any or all
of the 2069 Bonds may be redeemed by the Company at its option, in whole or in part, at any time and from time to time on or after
September 15, 2049 and prior to maturity, in amounts of $1,000 or any integral multiple of $1,000 in excess thereof. The redemption
price for any such 2069 Bonds being redeemed on any redemption date shall be equal to the applicable percentage of the principal
amount of such 2069 Bonds being redeemed set forth in the following table, plus accrued and unpaid interest, if any, on such 2069
Bonds being redeemed to, but not including, the redemption date:

 

    21

     

    

 

	Redemption Date	 	Percentage	 
	September 15, 2049 to March 14, 2050	 	 	105.00	%
	March 15, 2050 to September 14, 2050	 	 	105.00	%
	September 15, 2050 to March 14, 2051	 	 	104.50	%
	March 15, 2051 to September 14, 2051	 	 	104.50	%
	September 15, 2051 to March 14, 2052	 	 	104.00	%
	March 15, 2052 to September 14, 2052	 	 	104.00	%
	September 15, 2052 to March 14, 2053	 	 	103.50	%
	March 15, 2053 to September 14, 2053	 	 	103.50	%
	September 15, 2053 to March 14, 2054	 	 	103.00	%
	March 15, 2054 to September 14, 2054	 	 	103.00	%
	September 15, 2054 to March 14, 2055	 	 	102.50	%
	March 15, 2055 to September 14, 2055	 	 	102.50	%
	September 15, 2055 to March 14, 2056	 	 	102.00	%
	March 15, 2056 to September 14, 2056	 	 	102.00	%
	September 15, 2056 to March 14, 2057	 	 	101.50	%
	March 15, 2057 to September 14, 2057	 	 	101.50	%
	September 15, 2057 to March 14, 2058	 	 	101.00	%
	March 15, 2058 to September 14, 2058	 	 	101.00	%
	September 15, 2058 to March 14, 2059	 	 	100.50	%
	March 15, 2059 to September 14, 2059	 	 	100.50	%
	September 15, 2059 and thereafter	 	 	100.00	%

 

If less than all of the
2069 Bonds are to be redeemed and (i) the 2069 Bonds are in global form, the interests in the 2069 Bonds to be redeemed shall be
selected for redemption by the Depository, in accordance with the Depository’s standard procedures therefor, or (ii) the
2069 Bonds are in definitive form, the Trustee shall select the 2069 Bonds to be redeemed by lot. Notice of redemption shall be
delivered not less than 10 nor more than 60 days prior to the date fixed for redemption to the holders of the 2069 Bonds to be
redeemed (which, as long as the 2069 Bonds are held in the book-entry only system, will be the Depository (or its nominee); provided,
however, that the failure to duly deliver such notice, or any defect therein, shall not affect the validity of any proceedings
for the redemption of the 2069 Bonds as to which there shall have been no such failure or defect. If, at the time a notice of redemption
is given, the moneys to fund the redemption price are not on deposit with the Trustee, then, if such notice so provides, the redemption
shall be subject to the receipt of the moneys to fund the redemption price on or before the relevant redemption date and such notice
of redemption shall be of no force and effect unless such moneys are so received. On and after the date fixed for redemption (unless
the Company shall default in the payment of the 2069 Bonds or portions thereof to be redeemed at the applicable redemption price,
together with accrued and unpaid interest, if any, thereon to, but not including, such date), interest on the 2069 Bonds or the
portions thereof so called for redemption shall cease to accrue.

 

SECTION 5. The Bonds
are not redeemable by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released
property or in any other manner except as set forth in Section 4 hereof.

 

SECTION 6. The 2069 Bonds
are repayable at the option of the holder of such 2069 Bonds, in whole or in part, on the repayment dates and at the repayment
prices (in each case expressed as a percentage of the principal amount of such 2069 Bonds being repaid) set forth in the following
table, and on September 15 of every second year thereafter until September 15, 2066 (i.e. commencing on September 15, 2032, through
and including September 15, 2066), at 100% of the principal amount of such 2069 Bonds being repaid, plus, in each case, accrued
and unpaid interest, if any, on such 2069 Bonds being repaid to, but not including, the repayment date:

 

    22

     

    

 

	Repayment Date	 	Price	 
	September 15, 2020	 	 	98.00	%
	March 15, 2021	 	 	98.00	%
	September 15, 2021	 	 	98.00	%
	March 15, 2022	 	 	98.00	%
	September 15, 2022	 	 	98.00	%
	March 15, 2023	 	 	98.00	%
	September 15, 2023	 	 	98.00	%
	March 15, 2024	 	 	98.00	%
	September 15, 2024	 	 	98.00	%
	March 15, 2025	 	 	99.00	%
	September 15, 2025	 	 	99.00	%
	March 15, 2026	 	 	99.00	%
	September 15, 2026	 	 	99.00	%
	March 15, 2027	 	 	99.00	%
	September 15, 2027	 	 	99.00	%
	March 15, 2028	 	 	99.00	%
	September 15, 2028	 	 	99.00	%
	March 15, 2029	 	 	99.00	%
	September 15, 2029	 	 	99.00	%
	March 15, 2030	 	 	99.00	%
	September 15, 2030	 	 	100.00	%

 

A beneficial owner of
a 2069 Bond held in book-entry form shall give notice, at least 30 days but not more than 60 days before the applicable repayment
date, to elect to have its 2069 Bonds repaid, through its participant, to the Trustee, and shall effect delivery of such 2069 Bonds
by causing the participant to transfer such participant’s interest in the 2069 Bonds, on the Depository’s records,
to the Trustee. The requirement for physical delivery of 2069 Bonds in connection with a repayment of the 2069 Bonds at the option
of a beneficial owner will be deemed satisfied when the ownership rights in the 2069 Bonds are transferred by participants on the
Depository’s records and followed by a book-entry credit of 2069 Bonds to the Trustee’s account at the Depository.

 

In order for a 2069 Bond
not held in book-entry form to be repaid at the option of a holder, the Trustee must receive, at least 30 days but not more than
60 days before the applicable repayment date:

 

(1)   
the 2069 Bond with the form entitled “Option to Elect Repayment” in the 2069 Bond duly completed; or

 

(2)   
a facsimile transmission or a letter from a member of a national securities exchange or a member of the Financial Industry
Regulatory Authority, Inc. or a commercial bank or trust company in the United States, which must set forth:

 

•        the name of
the holder of the 2069 Bond;

 

•        the principal
amount of the 2069 Bond;

 

•        the principal
amount of the 2069 Bond to be repaid;

 

•        the
certificate number or a description of the tenor and terms of the 2069 Bond; and

 

•        a
statement that the option to elect repayment is being exercised and a guarantee that the 2069 Bond to be repaid, together with
the duly completed form entitled “Option to Elect Repayment” in the 2069 Bond, will be received by the Trustee not
later than the fifth Business Day after the date of that facsimile transmission or letter.

 

    23

     

    

 

The repayment option
may be exercised by the holder of a 2069 Bond for less than the entire principal amount of the 2069 Bond, but, in that event, the
principal amount of the 2069 Bond remaining outstanding after repayment must be in an authorized denomination.

 

SECTION 7. If a Tax Event
occurs, the Company will have the right to shorten the Stated Maturity of the 2069 Bonds, without the consent of the holders of
the 2069 Bonds:

 

•        to the minimum
extent required, in the opinion of nationally recognized independent tax counsel, so that, after shortening the Stated Maturity,
interest paid on the 2069 Bonds will be deductible for U.S. federal income tax purposes; or

 

•        if that counsel
cannot opine definitively as to such a minimum period, the minimum extent so required to maintain the Company’s interest
deduction,

 

in each case, to the
extent deductible under current law, as determined in good faith by the Company’s board of directors, after receipt of an
opinion of that counsel regarding the applicable legal standards. In that case, the amount payable on the 2069 Bonds on that new
maturity date will be equal to 100% of the principal amount of the 2069 Bonds, together with accrued and unpaid interest thereon,
if any, to, but not including, that new maturity date. If the Company elects to exercise its right to shorten the maturity of the
2069 Bonds when a Tax Event occurs, the Company will give notice to each holder of the 2069 Bonds not more than 60 days after the
occurrence of the Tax Event, stating the new maturity date of the 2069 Bonds. If the 2069 Bonds are solely registered in the name
of Cede & Co. and traded through the Depository, then such notice will be delivered to the Depository and transmitted by the
Depository in accordance with its practices.

 

“Tax Event”
means that, and shall be deemed to have occurred when, the Company shall have received an opinion of nationally recognized independent
tax counsel to the effect that, as a result of:

 

•        any amendment
to, clarification of or change (including any announced prospective amendment, clarification or change) in any law, or any regulation
thereunder, of the United States;

 

•        any judicial
decision, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any
notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an
“Administrative or Judicial Action”); or

 

•        any amendment
to, clarification of or change in any official position with respect to, or any interpretation of, an Administrative or Judicial
Action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation,

 

    24

     

    

 

in each case, occurring
on or after September 12, 2019, there is more than an insubstantial increase in the risk that interest paid by the Company on the
2069 Bonds is not, or will not be, deductible, in whole or in part, by the Company for U.S. federal income tax purposes.

 

SECTION 8. The Company
reserves the right, without any consent, vote or other action by the holders of the Bonds or of any subsequent series of bonds
issued under the Indenture, to make such amendments to the Indenture, as supplemented, as shall be necessary in order to amend
Section 17.02 to read as follows:

 

SECTION 17.02. With the consent
of the holders of not less than a majority in principal amount of the bonds at the time outstanding or their attorneys-in-fact
duly authorized, or, if fewer than all series are affected, not less than a majority in principal amount of the bonds at the time
outstanding of each series the rights of the holders of which are affected, voting together, the Company, when authorized by a
resolution, and the Trustee may from time to time and at any time 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
any supplemental indenture or modifying the rights and obligations of the Company and the rights of the holders of any of the bonds
and coupons; provided, however, that no such supplemental indenture shall (1) extend the maturity of any of the bonds or reduce
the rate or extend the time of payment of interest thereon, or reduce the amount of the principal thereof, or reduce any premium
payable on the redemption thereof, without the consent of the holder of each bond so affected, or (2) permit the creation of any
lien, not otherwise permitted, prior to or on a parity with the lien of this Indenture, without the consent of the holders of all
the bonds then outstanding, or (3) reduce the aforesaid percentage of the principal amount of bonds the holders of which are required
to approve any such supplemental indenture, without the consent of the holders of all the bonds then outstanding. For the purposes
of this Section, bonds shall be deemed to be affected by a supplemental indenture if such supplemental indenture adversely affects
or diminishes the rights of holders thereof against the Company or against its property. The Trustee may in its discretion determine
whether or not, in accordance with the foregoing, bonds of any particular series would be affected by any supplemental indenture
and any such determination shall be conclusive upon the holders of bonds of such series and all other series. Subject to the provisions
of Sections 16.02 and 16.03 hereof, the Trustee shall not be liable for any determination made in good faith in connection herewith.

 

Upon the
written request of the Company, accompanied by a resolution authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of bondholders as aforesaid (the instrument or instruments evidencing such
consent to be dated within one year of such request), the Trustee shall join with the Company in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture.

 

    25

     

    

 

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

 

The Company
and the Trustee, if they so elect, and either before or after such consent has been obtained, may require the holder of any bond
consenting to the execution of any such supplemental indenture to submit his bond to the Trustee or to ask such bank, banker or
trust company as may be designated by the Trustee for the purpose, for the notation thereon of the fact that the holder of such
bond has consented to the execution of such supplemental indenture, and in such case such notation, in form satisfactory to the
Trustee, shall be made upon all bonds so submitted, and such bonds bearing such notation shall forthwith be returned to the persons
entitled thereto.

 

Prior to
the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company
shall publish a notice, setting forth in general terms the substance of such supplemental indenture, at least once in one daily
newspaper of general circulation in each city in which the principal of any of the bonds shall be payable, or, if all bonds outstanding
shall be registered bonds without coupons or coupon bonds registered as to principal, such notice shall be sufficiently given if
mailed, first class, postage prepaid, and registered if the Company so elects, to each registered holder of bonds at the last address
of such holder appearing on the registry books, such publication or mailing, as the case may be, to be made not less than thirty
days prior to such execution. Any failure of the Company to give such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

 

SECTION 9. The Company
hereby appoints the Trustee as paying agent, calculation agent, registrar and transfer agent for the Bonds.

 

SECTION 10. As supplemented
and amended as above set forth, the Indenture is in all respects ratified and confirmed, and the Indenture and all indentures supplemental
thereto shall be read, taken and construed as one and the same instrument.

 

SECTION 11. The Trustee
assumes no responsibility for or in respect of the validity or sufficiency of this Supplemental Indenture or of the Indenture as
hereby supplemented or the due execution hereof by the Company or for or in respect of the recitals and statements contained herein
(other than those contained in the tenth and eleventh recitals hereof), all of which recitals and statements are made solely by
the Company.

 

    26

     

    

 

SECTION 12. This Supplemental
Indenture may be simultaneously executed in several counterparts and all such counterparts executed and delivered, each as an original,
shall constitute but one and the same instrument.

 

SECTION 13. In any case
where any interest payment date, redemption date, repayment date or maturity date of any 2069 Bond will not be a Business Day,
then payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the interest payment date, redemption date, repayment date or maturity
date, and no interest shall accrue on the amount so payable for the period from and after such interest payment date, redemption
date, repayment date or maturity date, as the case may be, to such Business Day; provided, however, that if such next succeeding
Business Day in respect of any such interest payment date (but not in respect of any such redemption date, repayment date or maturity
date) is in the next succeeding calendar month, then such interest payment date shall be the immediately preceding Business Day.
In the event the date of any notice required or permitted hereunder shall not be a Business Day, then (notwithstanding any other
provision of the Indenture or of any supplemental indenture thereto) such notice need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made on the date fixed for such notice. “Business
Day” means, with respect to Sections 2 and 6 and this Section 13, any day, other than a Saturday or Sunday, on which banks
generally are open in New York, New York for the conduct of substantially all of their commercial lending activities and on which
interbank wire transfers can be made on the Fedwire system.

 

SECTION 14. This Supplemental
Indenture and the 2069 Bonds shall be governed by and deemed to be a contract under, and construed in accordance with, the laws
of the State of Michigan, and for all purposes shall be construed in accordance with the laws of such state, except as may otherwise
be required by mandatory provisions of law.

 

SECTION 15. Detailed Description of
Property Mortgaged:

 

I.

ELECTRIC GENERATING PLANTS AND DAMS

 

All the electric generating
plants and stations of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any
supplement thereto and not heretofore released from the lien of the Indenture, including all powerhouses, buildings, reservoirs,
dams, pipelines, flumes, structures and works and the land on which the same are situated and all water rights and all other lands
and easements, rights of way, permits, privileges, towers, poles, wires, machinery, equipment, appliances, appurtenances and supplies
and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with
such plants and stations or any of them, or adjacent thereto.

 

    27

     

    

 

II.

ELECTRIC TRANSMISSION LINES

 

All the electric transmission
lines of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto
and not heretofore released from the lien of the Indenture, including towers, poles, pole lines, wires, switches, switch racks,
switchboards, insulators and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining
to or used, occupied or enjoyed in connection with such transmission lines or any of them or adjacent thereto; together with all
real property, rights of way, easements, permits, privileges, franchises and rights for or relating to the construction, maintenance
or operation thereof, through, over, under or upon any private property or any public streets or highways, within as well as without
the corporate limits of any municipal corporation. Also all the real property, rights of way, easements, permits, privileges and
rights for or relating to the construction, maintenance or operation of certain transmission lines, the land and rights for which
are owned by the Company, which are either not built or now being constructed.

 

III.

ELECTRIC DISTRIBUTION SYSTEMS

 

All the electric distribution
systems of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement
thereto and not heretofore released from the lien of the Indenture, including substations, transformers, switchboards, towers,
poles, wires, insulators, subways, trenches, conduits, manholes, cables, meters and other appliances and equipment, and all other
property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such distribution
systems or any of them or adjacent thereto; together with all real property, rights of way, easements, permits, privileges, franchises,
grants and rights, for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private
property or any public streets or highways within as well as without the corporate limits of any municipal corporation.

 

IV.

ELECTRIC SUBSTATIONS, SWITCHING STATIONS AND SITES

 

All the substations,
switching stations and sites of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture
or any supplement thereto and not heretofore released from the lien of the Indenture, for transforming, regulating, converting
or distributing or otherwise controlling electric current at any of its plants and elsewhere, together with all buildings, transformers,
wires, insulators and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining
to or used, occupied or enjoyed in connection with any of such substations and switching stations, or adjacent thereto, with sites
to be used for such purposes.

 

    28

     

    

 

V.

GAS COMPRESSOR STATIONS, GAS PROCESSING PLANTS,

DESULPHURIZATION STATIONS, METERING STATIONS, ODORIZING STATIONS, REGULATORS AND SITES

 

All the compressor stations,
processing plants, desulphurization stations, metering stations, odorizing stations, regulators and sites of the Company, constructed
or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture, for compressing, processing, desulphurizing, metering, odorizing and regulating manufactured or
natural gas at any of its plants and elsewhere, together with all buildings, meters and other appliances and equipment, and all
other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with any of such
purposes, with sites to be used for such purposes.

 

VI.

GAS STORAGE FIELDS

 

The natural gas rights
and interests of the Company, including wells and well lines (but not including natural gas, oil and minerals), the gas gathering
system, the underground gas storage rights, the underground gas storage wells and injection and withdrawal system used in connection
therewith, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and
not heretofore released from the lien of the Indenture: In the Overisel Gas Storage Field, located in the Township of Overisel,
Allegan County, and in the Township of Zeeland, Ottawa County, Michigan; in the Northville Gas Storage Field located in the Township
of Salem, Washtenaw County, Township of Lyon, Oakland County, and the Townships of Northville and Plymouth and City of Plymouth,
Wayne County, Michigan; in the Salem Gas Storage Field, located in the Township of Salem, Allegan County, and in the Township of
Jamestown, Ottawa County, Michigan; in the Ray Gas Storage Field, located in the Townships of Ray and Armada, Macomb County, Michigan;
in the Lenox Gas Storage Field, located in the Townships of Lenox and Chesterfield, Macomb County, Michigan; in the Ira Gas Storage
Field, located in the Township of Ira, St. Clair County, Michigan; in the Puttygut Gas Storage Field, located in the Township of
Casco, St. Clair County, Michigan; in the Four Corners Gas Storage Field, located in the Townships of Casco, China, Cottrellville
and Ira, St. Clair County, Michigan; in the Swan Creek Gas Storage Field, located in the Townships of Casco and Ira, St. Clair
County, Michigan; and in the Hessen Gas Storage Field, located in the Townships of Casco and Columbus, St. Clair County, Michigan.

 

VII.

GAS TRANSMISSION LINES

 

All the gas transmission
lines of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto
and not heretofore released from the lien of the Indenture, including gas mains, pipes, pipelines, gates, valves, meters and other
appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed
in connection with such transmission lines or any of them or adjacent thereto; together with all real property, right of way, easements,
permits, privileges, franchises and rights for or relating to the construction, maintenance or operation thereof, through, over,
under or upon any private property or any public streets or highways, within as well as without the corporate limits of any municipal
corporation.

 

    29

     

    

 

VIII.

GAS DISTRIBUTION SYSTEMS

 

All the gas distribution
systems of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement
thereto and not heretofore released from the lien of the Indenture, including tunnels, conduits, gas mains and pipes, service pipes,
fittings, gates, valves, connections, meters and other appliances and equipment, and all other property, real or personal, forming
a part of or appertaining to or used, occupied or enjoyed in connection with such distribution systems or any of them or adjacent
thereto; together with all real property, rights of way, easements, permits, privileges, franchises, grants and rights, for or
relating to the construction, maintenance or operation thereof, through, over, under or upon any private property or any public
streets or highways within as well as without the corporate limits of any municipal corporation.

 

IX.

OFFICE BUILDINGS, SERVICE BUILDINGS, GARAGES, ETC.

 

All office, garage, service
and other buildings of the Company, wherever located, in the State of Michigan, constructed or otherwise acquired by it and not
heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, together
with the land on which the same are situated and all easements, rights of way and appurtenances to said lands, together with all
furniture and fixtures located in said buildings.

 

X.

TELEPHONE PROPERTIES AND

RADIO COMMUNICATION EQUIPMENT

 

All telephone lines,
switchboards, systems and equipment of the Company, constructed or otherwise acquired by it and not heretofore described in the
Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, used or available for use in the
operation of its properties, and all other property, real or personal, forming a part of or appertaining to or used, occupied or
enjoyed in connection with such telephone properties or any of them or adjacent thereto; together with all real estate, rights
of way, easements, permits, privileges, franchises, property, devices or rights related to the dispatch, transmission, reception
or reproduction of messages, communications, intelligence, signals, light, vision or sound by electricity, wire or otherwise, including
all telephone equipment installed in buildings used as general and regional offices, substations and generating stations and all
telephone lines erected on towers and poles; and all radio communication equipment of the Company, together with all property,
real or personal (except any in the Indenture expressly excepted), fixed stations, towers, auxiliary radio buildings and equipment,
and all appurtenances used in connection therewith, wherever located, in the State of Michigan.

 

    30

     

    

 

XI.

OTHER REAL PROPERTY

 

All other real property
of the Company and all interests therein, of every nature and description (except any in the Indenture expressly excepted) wherever
located, in the State of Michigan, acquired by it and not heretofore described in the Indenture or any supplement thereto and not
heretofore released from the lien of the Indenture. Such real property includes but is not limited to the following described property,
such property is subject to any interests that were excepted or reserved in the conveyance to the Company:

 

ALCONA COUNTY

 

Certain land in Caledonia Township,
Alcona County, Michigan described as:

 

The East 330 feet
of the South 660 feet of the SW 1/4 of the SW 1/4 of Section 8, T28N, R8E, except the West 264 feet of the South 330 feet thereof;
said land being more particularly described as follows: To find the place of beginning of this description, commence at the Southwest
corner of said section, run thence East along the South line of said section 1243 feet to the place of beginning of this description,
thence continuing East along said South line of said section 66 feet to the West 1/8 line of said section, thence N 02 degrees
09’ 30” E along the said West 1/8 line of said section 660 feet, thence West 330 feet, thence S 02 degrees 09’
30” W, 330 feet, thence East 264 feet, thence S 02 degrees 09’ 30” W, 330 feet to the place of beginning.

 

ALLEGAN COUNTY

 

Certain land in Lee Township, Allegan
County, Michigan described as:

 

The NE 1/4 of the
NW 1/4 of Section 16, T1N, R15W.

 

ALPENA COUNTY

 

Certain land in Wilson and Green Townships,
Alpena County, Michigan described as:

 

All that part of
the S’ly 1/2 of the former Boyne City-Gaylord and Alpena Railroad right of way, being the Southerly 50 feet of a 100 foot
strip of land formerly occupied by said Railroad, running from the East line of Section 31, T31N, R7E, Southwesterly across said
Section 31 and Sections 5 and 6 of T30N, R7E and Sections 10, 11 and the E 1/2 of Section 9, except the West 1646 feet thereof,
all in T30N, R6E.

 

    31

     

    

 

 

ANTRIM COUNTY

 

Certain land in Mancelona Township,
Antrim County, Michigan described as:

 

The S 1/2 of the
NE 1/4 of Section 33, T29N, R6W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto
the State of Michigan in that certain deed running from the State of Michigan to August W. Schack and Emma H. Schack, his wife,
dated April 15, 1946 and recorded May 20, 1946 in Liber 97 of Deeds on page 682 of Antrim County Records.

 

ARENAC COUNTY

 

Certain land in Standish Township,
Arenac County, Michigan described as:

 

A parcel of land
in the SW 1/4 of the NW 1/4 of Section 12, T18N, R4E, described as follows: To find the place of beginning of said parcel of land,
commence at the Northwest corner of Section 12, T18N, R4E; run thence South along the West line of said section, said West line
of said section being also the center line of East City Limits Road 2642.15 feet to the W 1/4 post of said section and the place
of beginning of said parcel of land; running thence N 88 degrees 26’ 00” E along the East and West 1/4 line of said
section, 660.0 feet; thence North parallel with the West line of said section, 310.0 feet; thence S 88 degrees 26’ 00”
W, 330.0 feet; thence South parallel with the West line of said section, 260.0 feet; thence S 88 degrees 26’ 00” W,
330.0 feet to the West line of said section and the center line of East City Limits Road; thence South along the said West line
of said section, 50.0 feet to the place of beginning.

 

BARRY COUNTY

 

Certain land in Johnstown Township,
Barry County, Michigan described as:

 

A strip of land
311 feet in width across the SW 1/4 of the NE 1/4 of Section 31, T1N, R8W, described as follows: To find the place of beginning
of this description, commence at the E 1⁄4 post of said section; run thence N 00 degrees 55’ 00” E along the East
line of said section, 555.84 feet; thence N 59 degrees 36’ 20” W, 1375.64 feet; thence N 88 degrees 30’ 00”
W, 130 feet to a point on the East 1/8 line of said section and the place of beginning of this description; thence continuing N
88 degrees 30’ 00” W, 1327.46 feet to the North and South 1/4 line of said section; thence S 00 degrees 39’35”
W along said North and South 1/4 line of said section, 311.03 feet to a point, which said point is 952.72 feet distant N’ly
from the East and West 1/4 line of said section as measured along said North and South 1/4 line of said section; thence S 88 degrees
30’ 00” E, 1326.76 feet to the East 1/8 line of said section; thence N 00 degrees 47’ 20” E along said
East 1/8 line of said section, 311.02 feet to the place of beginning.

 

BAY COUNTY

 

Certain land in Frankenlust Township,
Bay County, Michigan described as:

 

The South 250 feet
of the N 1/2 of the W 1/2 of the W 1/2 of the SE 1/4 of Section 9, T13N, R4E.

 

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BENZIE COUNTY

 

Certain land in Benzonia Township,
Benzie County, Michigan described as:

 

A parcel of land
in the Northeast 1/4 of Section 7, Township 26 North, Range 14 West, described as beginning at a point on the East line of said
Section 7, said point being 320 feet North measured along the East line of said section from the East 1/4 post; running thence
West 165 feet; thence North parallel with the East line of said section 165 feet; thence East 165 feet to the East line of said
section; thence South 165 feet to the place of beginning.

 

BRANCH COUNTY

 

Certain land in Girard Township, Branch
County, Michigan described as:

 

A parcel of land
in the NE 1/4 of Section 23 T5S, R6W, described as beginning at a point on the North and South quarter line of said section at
a point 1278.27 feet distant South of the North quarter post of said section, said distance being measured along the North and
South quarter line of said section, running thence S89 degrees21’E 250 feet, thence North along a line parallel with the
said North and South quarter line of said section 200 feet, thence N89 degrees 21’W 250 feet to the North and South quarter
line of said section, thence South along said North and South quarter line of said section 200 feet to the place of beginning.

 

CALHOUN COUNTY

 

Certain land in Convis Township, Calhoun
County, Michigan described as:

 

A parcel of land
in the SE 1/4 of the SE 1/4 of Section 32, T1S, R6W, described as follows: To find the place of beginning of this description,
commence at the Southeast corner of said section; run thence North along the East line of said section 1034.32 feet to the place
of beginning of this description; running thence N 89 degrees 39’ 52” W, 333.0 feet; thence North 290.0 feet to the
South 1/8 line of said section; thence S 89 degrees 39’ 52” E along said South 1/8 line of said section 333.0 feet
to the East line of said section; thence South along said East line of said section 290.0 feet to the place of beginning. (Bearings
are based on the East line of Section 32, T1S, R6W, from the Southeast corner of said section to the Northeast corner of said section
assumed as North.)

 

CASS COUNTY

 

Certain easement rights located across
land in Marcellus Township, Cass County, Michigan described as:

 

The East 6 rods
of the SW 1/4 of the SE 1/4 of Section 4, T5S, R13W.

 

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CHARLEVOIX COUNTY

 

Certain land in South Arm Township,
Charlevoix County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 29, T32N, R7W, described as follows: Beginning at the Southwest corner of said section and running thence
North along the West line of said section 788.25 feet to a point which is 528 feet distant South of the South 1/8 line of said
section as measured along the said West line of said section; thence N 89 degrees 30’ 19” E, parallel with said South
1/8 line of said section 442.1 feet; thence South 788.15 feet to the South line of said section; thence S 89 degrees 29’
30” W, along said South line of said section 442.1 feet to the place of beginning.

 

CHEBOYGAN COUNTY

 

Certain land in Inverness Township,
Cheboygan County, Michigan described as:

 

A parcel of land
in the SW frl 1/4 of Section 31, T37N, R2W, described as beginning at the Northwest corner of the SW frl 1/4, running thence East
on the East and West quarter line of said Section, 40 rods, thence South parallel to the West line of said Section 40 rods, thence
West 40 rods to the West line of said Section, thence North 40 rods to the place of beginning.

 

CLARE COUNTY

 

Certain land in Frost Township, Clare
County, Michigan described as:

 

The East 150 feet
of the North 225 feet of the NW 1/4 of the NW 1/4 of Section 15, T20N, R4W.

 

CLINTON COUNTY

 

Certain land in Watertown Township,
Clinton County, Michigan described as:

 

The NE 1/4 of the
NE 1/4 of the SE 1/4 of Section 22, and the North 165 feet of the NW 1/4 of the NE 1/4 of the SE 1/4 of Section 22, T5N, R3W.

 

CRAWFORD COUNTY

 

Certain land in Lovells Township, Crawford
County, Michigan described as:

 

A parcel of land
in Section 1, T28N, R1W, described as: Commencing at NW corner said section; thence South 89 degrees53’30” East along
North section line 105.78 feet to point of beginning; thence South 89 degrees53’30” East along North section line 649.64
feet; thence South 55 degrees 42’30” East 340.24 feet; thence South 55 degrees 44’ 37”“ East 5,061.81
feet to the East section line; thence South 00 degrees 00’ 08”“ West along East section line 441.59 feet; thence
North 55 degrees 44’ 37” West 5,310.48 feet; thence North 55 degrees 42’30” West 877.76 feet to point of
beginning.

 

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EATON COUNTY

 

Certain land in Eaton Township, Eaton
County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 6, T2N, R4W, described as follows: To find the place of beginning of this description commence at the
Southwest corner of said section; run thence N 89 degrees 51’ 30” E along the South line of said section 400 feet to
the place of beginning of this description; thence continuing N 89 degrees 51’ 30” E, 500 feet; thence N 00 degrees
50’ 00” W, 600 feet; thence S 89 degrees 51’ 30” W parallel with the South line of said section 500 feet;
thence S 00 degrees 50’ 00” E, 600 feet to the place of beginning.

 

EMMET COUNTY

 

Certain land in Wawatam Township, Emmet
County, Michigan described as:

 

The West 1/2 of
the Northeast 1/4 of the Northeast 1/4 of Section 23, T39N, R4W.

 

GENESEE COUNTY

 

Certain land in Argentine Township,
Genesee County, Michigan described as:

 

A parcel of land
of part of the SW 1/4 of Section 8, T5N, R5E, being more particularly described as follows:

 

Beginning at a
point of the West line of Duffield Road, 100 feet wide, (as now established) distant 829.46 feet measured N01 degrees 42’56”W
and 50 feet measured S88 degrees 14’04”W from the South quarter corner, Section 8, T5N, R5E; thence S88 degrees 14’04”W
a distance of 550 feet; thence N01 degrees 42’56”W a distance of 500 feet to a point on the North line of the South
half of the Southwest quarter of said Section 8; thence N88 degrees 14’04”E along the North line of South half of the
Southwest quarter of said Section 8 a distance 550 feet to a point on the West line of Duffield Road, 100 feet wide (as now
established); thence S01 degrees 42’56”E along the West line of said Duffield Road a distance of 500 feet to the point
of beginning.

 

GLADWIN COUNTY

 

Certain land in Secord Township, Gladwin
County, Michigan described as:

 

The East 400 feet
of the South 450 feet of Section 2, T19N, R1E.

 

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GRAND TRAVERSE COUNTY

 

Certain land in Mayfield Township,
Grand Traverse County, Michigan described as:

 

A parcel of land
in the Northwest 1/4 of Section 3, T25N, R11W, described as follows: Commencing at the Northwest corner of said section, running
thence S 89 degrees19’15” E along the North line of said section and the center line of Clouss Road 225 feet, thence
South 400 feet, thence N 89 degrees19’15” W 225 feet to the West line of said section and the center line of Hannah
Road, thence North along the West line of said section and the center line of Hannah Road 400 feet to the place of beginning for
this description.

 

GRATIOT COUNTY

 

Certain land in Fulton Township, Gratiot
County, Michigan described as:

 

A parcel of land
in the NE 1/4 of Section 7, Township 9 North, Range 3 West, described as beginning at a point on the North line of George Street
in the Village of Middleton, which is 542 feet East of the North and South one-quarter (1/4) line of said Section 7; thence North
100 feet; thence East 100 feet; thence South 100 feet to the North line of George Street; thence West along the North line of George
Street 100 feet to place of beginning.

 

HILLSDALE COUNTY

 

Certain land in Litchfield Village,
Hillsdale County, Michigan described as:

 

Lot 238 of Assessors
Plat of the Village of Litchfield.

 

HURON COUNTY

 

Certain easement rights located across
land in Sebewaing Township, Huron County, Michigan described as:

 

The North 1/2 of
the Northwest 1/4 of Section 15, T15N, R9E.

 

INGHAM COUNTY

 

Certain land in Vevay Township, Ingham
County, Michigan described as:

 

A parcel of land
660 feet wide in the Southwest 1/4 of Section 7 lying South of the centerline of Sitts Road as extended to the North-South 1/4
line of said Section 7, T2N, R1W, more particularly described as follows: Commence at the Southwest corner of said Section 7, thence
North along the West line of said Section 2502.71 feet to the centerline of Sitts Road; thence South 89 degrees54’45”
East along said centerline 2282.38 feet to the place of beginning of this description; thence continuing South 89 degrees54’45”
East along said centerline and said centerline extended 660.00 feet to the North-South 1/4 line of said section; thence South 00
degrees07’20” West 1461.71 feet; thence North 89 degrees34’58” West 660.00 feet; thence North 00 degrees07’20”
East 1457.91 feet to the centerline of Sitts Road and the place of beginning.

 

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IONIA COUNTY

 

Certain land in Sebewa Township, Ionia
County, Michigan described as:

 

A strip of land
280 feet wide across that part of the SW 1/4 of the NE 1/4 of Section 15, T5N, R6W, described as follows:

 

To find the place
of beginning of this description commence at the E 1/4 corner of said section; run thence N 00 degrees 05’ 38” W along
the East line of said section, 1218.43 feet; thence S 67 degrees 18’ 24” W, 1424.45 feet to the East 1/8 line of said
section and the place of beginning of this description; thence continuing S 67 degrees 18’ 24” W, 1426.28 feet to the
North and South 1/4 line of said section at a point which said point is 105.82 feet distant N’ly of the center of said section
as measured along said North and South 1/4 line of said section; thence N 00 degrees 04’ 47” E along said North and
South 1/4 line of said section, 303.67 feet; thence N 67 degrees 18’ 24” E, 1425.78 feet to the East 1/8 line of said
section; thence S 00 degrees 00’ 26” E along said East 1/8 line of said section, 303.48 feet to the place of beginning.
(Bearings are based on the East line of Section 15, T5N, R6W, from the E 1/4 corner of said section to the Northeast corner of
said section assumed as N 00 degrees 05’ 38” W.)

 

IOSCO COUNTY

 

Certain land in Alabaster Township,
Iosco County, Michigan described as:

 

A parcel of land
in the NW 1/4 of Section 34, T21N, R7E, described as follows: To find the place of beginning of this description commence at the
N 1/4 post of said section; run thence South along the North and South 1/4 line of said section, 1354.40 feet to the place of beginning
of this description; thence continuing South along the said North and South 1/4 line of said section, 165.00 feet to a point on
the said North and South 1/4 line of said section which said point is 1089.00 feet distant North of the center of said section;
thence West 440.00 feet; thence North 165.00 feet; thence East 440.00 feet to the said North and South 1/4 line of said section
and the place of beginning.

 

ISABELLA COUNTY

 

Certain land in Chippewa Township,
Isabella County, Michigan described as:

 

The North 8 rods
of the NE 1/4 of the SE 1/4 of Section 29, T14N, R3W.

 

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JACKSON COUNTY

 

Certain land in Waterloo Township,
Jackson County, Michigan described as:

 

A parcel of land
in the North fractional part of the N fractional 1/2 of Section 2, T1S, R2E, described as follows: To find the place of beginning
of this description commence at the E 1/4 post of said section; run thence N 01 degrees 03’ 40” E along the East line
of said section 1335.45 feet to the North 1/8 line of said section and the place of beginning of this description; thence N 89
degrees 32’ 00” W, 2677.7 feet to the North and South 1/4 line of said section; thence S 00 degrees 59’ 25”
W along the North and South 1/4 line of said section 22.38 feet to the North 1/8 line of said section; thence S 89 degrees 59’
10” W along the North 1/8 line of said section 2339.4 feet to the center line of State Trunkline Highway M-52; thence N 53
degrees 46’ 00” W along the center line of said State Trunkline Highway 414.22 feet to the West line of said section;
thence N 00 degrees 55’ 10” E along the West line of said section 74.35 feet; thence S 89 degrees 32’ 00”
E, 5356.02 feet to the East line of said section; thence S 01 degrees 03’ 40” W along the East line of said section
250 feet to the place of beginning.

 

KALAMAZOO COUNTY

 

Certain land in Alamo Township, Kalamazoo
County, Michigan described as:

 

The South 350 feet
of the NW 1/4 of the NW 1/4 of Section 16, T1S, R12W, being more particularly described as follows: To find the place of beginning
of this description, commence at the Northwest corner of said section; run thence S 00 degrees 36’ 55” W along the
West line of said section 971.02 feet to the place of beginning of this description; thence continuing S 00 degrees 36’ 55”
W along said West line of said section 350.18 feet to the North 1/8 line of said section; thence S 87 degrees 33’ 40”
E along the said North 1/8 line of said section 1325.1 feet to the West 1/8 line of said section; thence N 00 degrees 38’
25” E along the said West 1/8 line of said section 350.17 feet; thence N 87 degrees 33’ 40” W, 1325.25 feet to
the place of beginning.

 

KALKASKA COUNTY

 

Certain land in Kalkaska Township,
Kalkaska County, Michigan described as:

 

The NW 1/4 of the
SW 1/4 of Section 4, T27N, R7W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto
the State of Michigan in that certain deed running from the Department of Conservation for the State of Michigan to George Welker
and Mary Welker, his wife, dated October 9, 1934 and recorded December 28, 1934 in Liber 39 on page 291 of Kalkaska County Records,
and subject to easement for pipeline purposes as granted to Michigan Consolidated Gas Company by first party herein on April 4,
1963 and recorded June 21, 1963 in Liber 91 on page 631 of Kalkaska County Records.

 

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KENT COUNTY

 

Certain land in Caledonia Township,
Kent County, Michigan described as:

 

A parcel of land
in the Northwest fractional 1/4 of Section 15, T5N, R10W, described as follows: To find the place of beginning of this description
commence at the North 1/4 corner of said section, run thence S 0 degrees 59’ 26” E along the North and South 1/4 line
of said section 2046.25 feet to the place of beginning of this description, thence continuing S 0 degrees 59’ 26” E
along said North and South 1/4 line of said section 332.88 feet, thence S 88 degrees 58’ 30” W 2510.90 feet to a point
herein designated “Point A” on the East bank of the Thornapple River, thence continuing S 88 degrees 53’ 30”
W to the center thread of the Thornapple River, thence NW’ly along the center thread of said Thornapple River to a point
which said point is S 88 degrees 58’ 30” W of a point on the East bank of the Thornapple River herein designated “Point
B”, said “Point B” being N 23 degrees 41’ 35” W 360.75 feet from said above-described “Point
A”, thence N 88 degrees 58’ 30” E to said “Point B”, thence continuing N 88 degrees 58’ 30”
E 2650.13 feet to the place of beginning. (Bearings are based on the East line of Section 15, T5N, R10W between the East 1/4 corner
of said section and the Northeast corner of said section assumed as N 0 degrees 59’ 55” W.)

 

LAKE COUNTY

 

Certain land in Pinora and Cherry Valley
Townships, Lake County, Michigan described as:

 

A strip of land
50 feet wide East and West along and adjoining the West line of highway on the East side of the North 1/2 of Section 13 T18N, R12W.
Also a strip of land 100 feet wide East and West along and adjoining the East line of the highway on the West side of following
described land: The South 1/2 of NW 1/4, and the South 1/2 of the NW 1/4 of the SW 1/4, all in Section 6, T18N, R11W.

 

LAPEER COUNTY

 

Certain land in Hadley Township, Lapeer
County, Michigan described as:

 

The South 825 feet
of the W 1/2 of the SW 1/4 of Section 24, T6N, R9E, except the West 1064 feet thereof.

 

LEELANAU COUNTY

 

Certain land in Cleveland Township,
Leelanau County, Michigan described as:

 

The North 200 feet
of the West 180 feet of the SW 1/4 of the SE 1/4 of Section 35, T29N, R13W.

 

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LENAWEE COUNTY

 

Certain land in Madison Township, Lenawee
County, Michigan described as:

 

A strip of land
165 feet wide off the West side of the following described premises: The E 1/2 of the SE 1/4 of Section 12. The E 1/2 of the NE
1/4 and the NE 1/4 of the SE 1/4 of Section 13, being all in T7S, R3E, excepting therefrom a parcel of land in the E 1/2 of the
SE 1/4 of Section 12, T7S, R3E, beginning at the Northwest corner of said E 1/2 of the SE 1/4 of Section 12, running thence East
4 rods, thence South 6 rods, thence West 4 rods, thence North 6 rods to the place of beginning.

 

LIVINGSTON COUNTY

 

Certain land in Cohoctah Township,
Livingston County, Michigan described as:

 

Parcel 1

 

The East 390 feet
of the East 50 rods of the SW 1/4 of Section 30, T4N, R4E.

 

Parcel 2

 

A parcel of land
in the NW 1/4 of Section 31, T4N, R4E, described as follows: To find the place of beginning of this description commence at the
N 1/4 post of said section; run thence N 89 degrees 13’ 06” W along the North line of said section, 330 feet to the
place of beginning of this description; running thence S 00 degrees 52’ 49” W, 2167.87 feet; thence N 88 degrees 59’
49” W, 60 feet; thence N 00 degrees 52’ 49” E, 2167.66 feet to the North line of said section; thence S 89 degrees
13’ 06” E along said North line of said section, 60 feet to the place of beginning.

 

MACOMB COUNTY

 

Certain land in Macomb Township, Macomb
County, Michigan described as:

 

A parcel of land
commencing on the West line of the E 1/2 of the NW 1/4 of fractional Section 6, 20 chains South of the NW corner of said E 1/2
of the NW 1/4 of Section 6; thence South on said West line and the East line of A. Henry Kotner’s Hayes Road Subdivision
#15, according to the recorded plat thereof, as recorded in Liber 24 of Plats, on page 7, 24.36 chains to the East and West 1/4
line of said Section 6; thence East on said East and West 1/4 line 8.93 chains; thence North parallel with the said West line of
the E 1/2 of the NW 1/4 of Section 6, 24.36 chains; thence West 8.93 chains to the place of beginning, all in T3N, R13E.

 

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MANISTEE COUNTY

 

Certain land in Manistee Township,
Manistee County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 20, T22N, R16W, described as follows: To find the place of beginning of this description, commence at
the Southwest corner of said section; run thence East along the South line of said section 832.2 feet to the place of beginning
of this description; thence continuing East along said South line of said section 132 feet; thence North 198 feet; thence West
132 feet; thence South 198 feet to the place of beginning, excepting therefrom the South 2 rods thereof which was conveyed to Manistee
Township for highway purposes by a Quitclaim Deed dated June 13, 1919 and recorded July 11, 1919 in Liber 88 of Deeds on page 638
of Manistee County Records.

 

MASON COUNTY

 

Certain land in Riverton Township,
Mason County, Michigan described as:

 

Parcel 1:
The South 10 acres of the West 20 acres of the S 1/2 of the NE 1/4 of Section 22, T17N, R17W.

 

Parcel 2:
A parcel of land containing 4 acres of the West side of highway, said parcel of land being described as commencing 16 rods South
of the Northwest corner of the NW 1/4 of the SW 1⁄4 of Section 22, T17N, R17W, running thence South 64 rods, thence NE’ly
and N’ly and NW’ly along the W’ly line of said highway to the place of beginning, together with any and all right,
title, and interest of Howard C. Wicklund and Katherine E. Wicklund in and to that portion of the hereinbefore mentioned highway
lying adjacent to the E’ly line of said above described land.

 

MECOSTA COUNTY

 

Certain land in Wheatland Township,
Mecosta County, Michigan described as:

 

A parcel of land
in the SW 1/4 of the SW 1/4 of Section 16, T14N, R7W, described as beginning at the Southwest corner of said section; thence East
along the South line of Section 133 feet; thence North parallel to the West section line 133 feet; thence West 133 feet to the
West line of said Section; thence South 133 feet to the place of beginning.

 

MIDLAND COUNTY

 

Certain land in Ingersoll Township,
Midland County, Michigan described as:

 

The West 200 feet
of the W 1/2 of the NE 1/4 of Section 4, T13N, R2E.

 

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MISSAUKEE COUNTY

 

Certain land in Norwich Township, Missaukee
County, Michigan described as:

 

A parcel of land
in the NW 1/4 of the NW 1/4 of Section 16, T24N, R6W, described as follows: Commencing at the Northwest corner of said section,
running thence N 89 degrees 01’ 45” E along the North line of said section 233.00 feet; thence South 233.00 feet; thence
S 89 degrees 01’ 45” W, 233.00 feet to the West line of said section; thence North along said West line of said section
233.00 feet to the place of beginning. (Bearings are based on the West line of Section 16, T24N, R6W, between the Southwest and
Northwest corners of said section assumed as North.)

 

MONROE COUNTY

 

Certain land in Whiteford Township,
Monroe County, Michigan described as:

 

A parcel of land
in the SW1/4 of Section 20, T8S, R6E, described as follows: To find the place of beginning of this description commence at the
S 1/4 post of said section; run thence West along the South line of said section 1269.89 feet to the place of beginning of this
description; thence continuing West along said South line of said section 100 feet; thence N 00 degrees 50’ 35” E,
250 feet; thence East 100 feet; thence S 00 degrees 50’ 35” W parallel with and 16.5 feet distant W’ly of as
measured perpendicular to the West 1/8 line of said section, as occupied, a distance of 250 feet to the place of beginning.

 

MONTCALM COUNTY

 

Certain land in Crystal Township, Montcalm
County, Michigan described as:

 

The N 1/2 of the
S 1/2 of the SE 1/4 of Section 35, T10N, R5W.

 

MONTMORENCY COUNTY

 

Certain land in the Village of Hillman,
Montmorency County, Michigan described as:

 

Lot 14 of Hillman
Industrial Park, being a subdivision in the South 1/2 of the Northwest 1/4 of Section 24, T31N, R4E, according to the plat thereof
recorded in Liber 4 of Plats on Pages 32-34, Montmorency County Records.

 

MUSKEGON COUNTY

 

Certain land in Casnovia Township,
Muskegon County, Michigan described as:

 

The West 433 feet
of the North 180 feet of the South 425 feet of the SW 1/4 of Section 3, T10N, R13W.

 

NEWAYGO COUNTY

 

Certain land in Ashland Township, Newaygo
County, Michigan described as:

 

The West 250 feet
of the NE 1/4 of Section 23, T11N, R13W.

 

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OAKLAND COUNTY

 

Certain land in Wixcom City, Oakland
County, Michigan described as:

 

The E 75 feet of
the N 160 feet of the N 330 feet of the W 526.84 feet of the NW 1/4 of the NW 1/4 of Section 8, T1N, R8E, more particularly described
as follows: Commence at the NW corner of said Section 8, thence N 87 degrees 14’ 29” E along the North line of said
Section 8 a distance of 451.84 feet to the place of beginning for this description; thence continuing N 87 degrees 14’ 29”
E along said North section line a distance of 75.0 feet to the East line of the West 526.84 feet of the NW 1/4 of the NW 1/4 of
said Section 8; thence S 02 degrees 37’ 09” E along said East line a distance of 160.0 feet; thence S 87 degrees 14’
29” W a distance of 75.0 feet; thence N 02 degrees 37’ 09” W a distance of 160.0 feet to the place of beginning.

 

OCEANA COUNTY

 

Certain land in Crystal Township, Oceana
County, Michigan described as:

 

The East 290 feet
of the SE 1/4 of the NW 1/4 and the East 290 feet of the NE 1/4 of the SW 1/4, all in Section 20, T16N, R16W.

 

OGEMAW COUNTY

 

Certain land in West Branch Township,
Ogemaw County, Michigan described as:

 

The South 660 feet
of the East 660 feet of the NE 1/4 of the NE 1/4 of Section 33, T22N, R2E.

 

OSCEOLA COUNTY

 

Certain land in Hersey Township, Osceola
County, Michigan described as:

 

A parcel of land
in the North 1/2 of the Northeast 1/4 of Section 13, T17N, R9W, described as commencing at the Northeast corner of said Section;
thence West along the North Section line 999 feet to the point of beginning of this description; thence S 01 degrees 54’
20” E 1327.12 feet to the North 1/8 line; thence S 89 degrees 17’ 05” W along the North 1/8 line 330.89 feet;
thence N 01 degrees 54’ 20” W 1331.26 feet to the North Section line; thence East along the North Section line 331
feet to the point of beginning.

 

OSCODA COUNTY

 

Certain land in Comins Township, Oscoda
County, Michigan described as:

 

The East 400 feet
of the South 580 feet of the W 1/2 of the SW 1/4 of Section 15, T27N, R3E.

 

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OTSEGO COUNTY

 

Certain land in Corwith Township, Otsego
County, Michigan described as:

 

Part of the NW
1/4 of the NE 1/4 of Section 28, T32N, R3W, described as: Beginning at the N 1/4 corner of said section; running thence S 89 degrees
04’ 06” E along the North line of said section, 330.00 feet; thence S 00 degrees 28’ 43” E, 400.00 feet;
thence N 89 degrees 04’ 06” W, 330.00 feet to the North and South 1/4 line of said section; thence N 00 degrees 28’
43” W along the said North and South 1/4 line of said section, 400.00 feet to the point of beginning; subject to the use
of the N’ly 33.00 feet thereof for highway purposes.

 

OTTAWA COUNTY

 

Certain land in Robinson Township,
Ottawa County, Michigan described as:

 

The North 660 feet
of the West 660 feet of the NE 1/4 of the NW 1/4 of Section 26, T7N, R15W.

 

PRESQUE ISLE COUNTY

 

Certain land in Belknap and Pulawski
Townships, Presque Isle County, Michigan described as:

 

Part of the South
half of the Northeast quarter, Section 24, T34N, R5E, and part of the Northwest quarter, Section 19, T34N, R6E, more fully described
as: Commencing at the East 1⁄4 corner of said Section 24; thence N 00 degrees15’47” E, 507.42 feet, along the
East line of said Section 24 to the point of beginning; thence S 88 degrees15’36” W, 400.00 feet, parallel with the
North 1/8 line of said Section 24; thence N 00 degrees15’47” E, 800.00 feet, parallel with said East line of Section
24; thence N 88 degrees15’36”E, 800.00 feet, along said North 1/8 line of Section 24 and said line extended; thence
S 00 degrees15’47” W, 800.00 feet, parallel with said East line of Section 24; thence S 88 degrees15’36”
W, 400.00 feet, parallel with said North 1/8 line of Section 24 to the point of beginning.

 

Together with a
33 foot easement along the West 33 feet of the Northwest quarter lying North of the North 1/8 line of Section 24, Belknap Township,
extended, in Section 19, T34N, R6E.

 

ROSCOMMON COUNTY

 

Certain land in Gerrish Township, Roscommon
County, Michigan described as:

 

A parcel of land
in the NW 1/4 of Section 19, T24N, R3W, described as follows: To find the place of beginning of this description commence at the
Northwest corner of said section, run thence East along the North line of said section 1,163.2 feet to the place of beginning of
this description (said point also being the place of intersection of the West 1/8 line of said section with the North line of said
section), thence S 01 degrees 01’ E along said West 1/8 line 132 feet, thence West parallel with the North line of said section
132 feet, thence N 01 degrees 01’ W parallel with said West 1/8 line of said section 132 feet to the North line of said section,
thence East along the North line of said section 132 feet to the place of beginning.

 

    44

     

    

 

SAGINAW COUNTY

 

Certain land in Chapin Township, Saginaw
County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 13, T9N, R1E, described as follows: To find the place of beginning of this description commence at the
Southwest corner of said section; run thence North along the West line of said section 1581.4 feet to the place of beginning of
this description; thence continuing North along said West line of said section 230 feet to the center line of a creek; thence S
70 degrees 07’ 00” E along said center line of said creek 196.78 feet; thence South 163.13 feet; thence West 185 feet
to the West line of said section and the place of beginning.

 

SANILAC COUNTY

 

Certain easement rights located across
land in Minden Township, Sanilac County, Michigan described as:

 

The Southeast 1/4
of the Southeast 1/4 of Section 1, T14N, R14E, excepting therefrom the South 83 feet of the East 83 feet thereof.

 

SHIAWASSEE COUNTY

 

Certain land in Burns Township, Shiawassee
County, Michigan described as:

 

The South 330 feet
of the E 1/2 of the NE 1/4 of Section 36, T5N, R4E.

 

ST. CLAIR COUNTY

 

Certain land in Ira Township, St. Clair
County, Michigan described as:

 

The N 1/2 of the
NW 1/4 of the NE 1/4 of Section 6, T3N, R15E.

 

ST. JOSEPH COUNTY

 

Certain land in Mendon Township, St.
Joseph County, Michigan described as:

 

The North 660 feet
of the West 660 feet of the NW 1/4 of SW 1/4, Section 35, T5S, R10W.

 

TUSCOLA COUNTY

 

Certain land in Millington Township,
Tuscola County, Michigan described as:

 

A strip of land
280 feet wide across the East 96 rods of the South 20 rods of the N 1/2 of the SE 1/4 of Section 34, T10N, R8E, more particularly
described as commencing at the Northeast corner of Section 3, T9N, R8E, thence S 89 degrees 55’ 35” W along the South
line of said Section 34 a distance of 329.65 feet, thence N 18 degrees 11’ 50” W a distance of 1398.67 feet to the
South 1/8 line of said Section 34 and the place of beginning for this description; thence continuing N 18 degrees 11’
50” W a distance of 349.91 feet; thence N 89 degrees 57’ 01” W a distance of 294.80 feet; thence S 18 degrees
11’ 50” E a distance of 350.04 feet to the South 1/8 line of said Section 34; thence S 89 degrees 58’ 29”
E along the South 1/8 line of said section a distance of 294.76 feet to the place of beginning.

 

    45

     

    

 

VAN BUREN COUNTY

 

Certain land in Covert Township, Van
Buren County, Michigan described as:

 

All that part of
the West 20 acres of the N 1/2 of the NE fractional 1/4 of Section 1, T2S, R17W, except the West 17 rods of the North 80 rods,
being more particularly described as follows: To find the place of beginning of this description commence at the N 1/4 post of
said section; run thence N 89 degrees 29’ 20” E along the North line of said section 280.5 feet to the place of beginning
of this description; thence continuing N 89 degrees 29’ 20” E along said North line of said section 288.29 feet; thence
S 00 degrees 44’ 00” E, 1531.92 feet; thence S 89 degrees 33’ 30” W, 568.79 feet to the North and South
1/4 line of said section; thence N 00 degrees 44’ 00” W along said North and South 1/4 line of said section 211.4 feet;
thence N 89 degrees 29’ 20” E, 280.5 feet; thence N 00 degrees 44’ 00” W, 1320 feet to the North line of
said section and the place of beginning.

 

WASHTENAW COUNTY

 

Certain land in Manchester Township,
Washtenaw County, Michigan described as:

 

A parcel of land
in the NE 1/4 of the NW 1/4 of Section 1, T4S, R3E, described as follows: To find the place of beginning of this description commence
at the Northwest corner of said section; run thence East along the North line of said section 1355.07 feet to the West 1/8 line
of said section; thence S 00 degrees 22’ 20” E along said West 1/8 line of said section 927.66 feet to the place of
beginning of this description; thence continuing S 00 degrees 22’ 20” E along said West 1/8 line of said section 660
feet to the North 1/8 line of said section; thence N 86 degrees 36’ 57” E along said North 1/8 line of said section
660.91 feet; thence N 00 degrees22’ 20” W, 660 feet; thence S 86 degrees 36’ 57” W, 660.91 feet to the
place of beginning.

 

WAYNE COUNTY

 

Certain land in Livonia City, Wayne
County, Michigan described as:

 

Commencing at the
Southeast corner of Section 6, T1S, R9E; thence North along the East line of Section 6 a distance of 253 feet to the point of beginning;
thence continuing North along the East line of Section 6 a distance of 50 feet; thence Westerly parallel to the South line of Section
6, a distance of 215 feet; thence Southerly parallel to the East line of Section 6 a distance of 50 feet; thence easterly
parallel with the South line of Section 6 a distance of 215 feet to the point of beginning.

 

    46

     

    

 

WEXFORD COUNTY

 

Certain land in Selma Township, Wexford
County, Michigan described as:

 

A parcel of land
in the NW 1/4 of Section 7, T22N, R10W, described as beginning on the North line of said section at a point 200 feet East of the
West line of said section, running thence East along said North section line 450 feet, thence South parallel with said West section
line 350 feet, thence West parallel with said North section line 450 feet, thence North parallel with said West section line 350
feet to the place of beginning.

 

SECTION 16. The Company
is a transmitting utility under Section 9501(2) of the Michigan Uniform Commercial Code (M.C.L. 440.9501(2)) as defined in M.C.L.
440.9102(1)(aaaa).

 

IN WITNESS WHEREOF, said
Consumers Energy Company has caused this Supplemental Indenture to be executed in its corporate name by its Chairman of the Board,
President, a Vice President or its Treasurer and its corporate seal to be hereunto affixed and to be attested by its Secretary
or an Assistant Secretary, and said The Bank of New York Mellon, as Trustee as aforesaid, to evidence its acceptance hereof, has
caused this Supplemental Indenture to be executed in its corporate name by a Vice President and its corporate seal to be hereunto
affixed and to be attested by an authorized signatory, in several counterparts, all as of the day and year first above written.

 

    47

     

    

 

	 	CONSUMERS ENERGY COMPANY
	 	 
	(SEAL)	By:    	/s/ Srikanth Maddipati
	 	 	Srikanth Maddipati
	Attest:	 	Vice President and Treasurer
	 	 
	/s/ Terry L. Christian	 
	Terry L. Christian	 
	Assistant Secretary	 
	 	 
	 	 
	STATE OF MICHIGAN	)                                               	 
	 	     ss.	 
	COUNTY OF JACKSON	)	 

 

The foregoing instrument
was acknowledged before me this 19th day of September, 2019, by Srikanth Maddipati, Vice President and Treasurer of CONSUMERS ENERGY
COMPANY, a Michigan corporation, on behalf of the corporation.

 

	 	/s/ Margaret Hillman
	 	Margaret Hillman, Notary Public
	{Seal}	State of Michigan, County of Jackson
	 	My Commission Expires: 06/14/22
	 	Acting in the County of Jackson

 

    S-1

     

    

 

	 	THE BANK OF NEW YORK MELLON,
	 	AS TRUSTEE
	 	 
	(SEAL)	By:  	/s/ Laurence J. O’Brien                                                 
	 	 	Laurence J. O’Brien
	Attest:	 	Vice President
	 	 
	/s/ Latoya S. Elvin	 
	Latoya S. Elvin	 
	Vice President	 
	 	 
	 	 
	 	 
	STATE OF NEW JERSEY           )	 
	                                                              ss.	 
	COUNTY OF PASSAIC              )	 

 

The foregoing instrument
was acknowledged before me this 19th day of September, 2019, by Laurence J. O’Brien, a Vice President of THE BANK OF NEW
YORK MELLON, as Trustee, a New York banking corporation, on behalf of the bank.

 

	 	/s/ Rosemarie Socorro-Garcia
	 	Rosemarie Socorro-Garcia
	 	Notary Public, State of New Jersey
	 	My Commission Expires
	 	December 05, 2021

 

	Prepared by:	When recorded, return to:
	Melissa M. Gleespen	Consumers Energy Company
	One Energy Plaza, EP12-246	Business Services Real Estate Dept.
	Jackson, MI 49201	Attn: Margaret Hillman, EP11-215
	 	One Energy Plaza
	 	Jackson, MI 49201

 

    S-2Exhibit 10.1

 

JERASH HOLDINGS
(US), INC.

 

AMENDED
AND RESTATED

2018 STOCK
INCENTIVE PLAN

 

Section 1

PURPOSES

 

The Jerash Holdings
(US), Inc. Amended and Restated 2018 Stock Incentive Plan (the “Plan”) is established to (a) promote the
long-term interests of Jerash Holdings (US), Inc., a Delaware corporation (the “Company”) and its stockholders
by strengthening the ability of the Company and its subsidiaries to attract, motivate and retain employees, officers, and other
persons who provide valuable services to the Company and its subsidiaries, (b) encourage such persons to hold an equity interest
in the Company, and (c) enhance the mutuality of interest between such persons and stockholders in improving the value of
the Company’s common stock.

 

Section 2

DEFINITIONS

 

As used in the Plan,
the following terms will have the respective meanings set forth below, and other capitalized terms used in the Plan will have the
respective meanings given such capitalized terms in the Plan.

 

“Award”
means any Option, Restricted Stock, Restricted Stock Unit, dividend equivalent or other award granted under the Plan.

 

“Award Agreement”
means the written or electronic agreement setting forth the terms and provisions applicable to an Award granted under the Plan.

 

“Board”
means the Board of Directors of the Company.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any reference in the Plan to any section of the Code shall be deemed
to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such
section, regulations or guidance.

 

“Common Stock”
means the Company’s common stock, par value $0.001 per share, or any other security into which the common stock shall
be changed pursuant to the adjustment provisions of Section 12.

 

“Consultant”
means any natural person who is engaged by the Company or any Subsidiary to render consulting or advisory services.

 

“Director”
means a member of the Board who is not an Employee.

 

“Employee”
means an officer or other employee of the Company or a Subsidiary, including a member of the Board who is an employee of the Company
or a Subsidiary.

 

     

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any reference in the Plan to any section of (or rule
promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such
section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

 

“Fair Market
Value” of shares of Common Stock as of any date means, (a) if the shares of Common Stock are listed or admitted to trading
on the New York Stock Exchange, Nasdaq Stock Market or other principal national securities exchange, the per share closing price
of the Common Stock as reported on the New York Stock Exchange, Nasdaq Stock Market or other principal national securities exchange,
as applicable, on that date, or if there were no reported prices on such date, on the last preceding date on which the prices were
reported, or (b) if the shares of Common Stock are not quoted on the New York Stock Exchange, Nasdaq Stock Market or other principal
national securities exchange, but the shares of Common Stock are reported on the over-the-counter market, the arithmetic mean of
the high and low prices as reported in the over-the-counter market on that date, or if there were no reported prices on such date,
on the last preceding date on which the prices were reported, and (c) if the shares of Common Stock are not quoted on the New York
Stock Exchange, Nasdaq Stock Market or other principal national securities exchange, and are not reported on the over-the-counter
market on that date, the Fair Market Value of the shares of Common Stock as determined by the Committee in its good faith judgment,
and in compliance with the requirements of Section 422 of the Code for Incentive Stock Options and Section 409A of the Code for
Nonqualified Stock Options. The Fair Market Value of any property other than Common Stock shall be the market value of such property
as determined by the Committee using such methods or procedures as it shall establish from time to time.

 

“Grant Date”
means the date on which the granting of an Award is authorized by the Committee, or such other date as may be specified in
such authorization.

 

“Option”
means an option to purchase shares of Common Stock granted under Section 7, and includes both Incentive Stock Options
and Nonqualified Stock Options.

 

“Participant”
means any Eligible Person to whom an Award is granted.

 

“Restricted
Stock” means an Award of shares of Common Stock granted under Section 8, the rights of ownership of which may be
subject to restrictions prescribed by the Committee.

 

“Restricted
Stock Unit” means an Award measured by shares of Common Stock that is granted under Section 8, the terms of which
are subject to restrictions prescribed by the Committee.

 

“Subsidiary”
means any corporation, limited liability company, partnership, joint venture or similar entity in which the Company owns, directly
or indirectly, an equity interest possessing more than 50% of the combined voting power of the total outstanding equity interests
of such entity.

 

“Substitute
Awards” shall mean Awards granted under the Plan in assumption of, or in substitution or exchange for, outstanding awards
previously granted by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines.

 

    	 	2	 

     

    

 

Section 3

ADMINISTRATION

 

3.1             
Administration of Plan.

 

(a)             
The Plan shall be administered by the Compensation Committee of the Board (the “Committee”), which shall
consist of two or more members of the Board, each of whom (i) is a “Non-Employee Director” within the meaning of Rule
16b-3 under the Exchange Act, and (ii) meets the independence requirements established the Nasdaq Stock Market rules and any other
regulations applicable to compensation committee members as in effect from time to time; provided, however, the Board shall have
the right to exercise, in whole or in part, the authority of the Committee hereunder with respect to certain persons or classes
of persons as Participants, in which case as to those persons and as to such authority taken or retained by the Board, references
to the Committee herein shall refer to the Board.

 

(b)             
Subject to applicable law, the Committee may delegate some or all of its power and authority hereunder to the Board or to
the Chief Executive Officer or other executive officer of the Company as the Committee deems appropriate; provided, however, that
the Committee may not delegate its power and authority with regard to the selection for participation in the Plan of an officer,
Director or other person subject to Section 16 of the Exchange Act or decisions concerning the timing, pricing or amount of an
Award to such an officer, Director or other person. All references in the Plan to the “Committee” shall be, as applicable,
to the Committee or any other committee or individual to whom the Board or the Committee has delegated authority to administer
the Plan.

 

3.2             
Administration and Interpretation by Committee.

 

(a)             
Except for the terms and conditions explicitly set forth in the Plan, the Committee shall have full power and exclusive
authority and discretion, subject to such orders or resolutions not inconsistent with the provisions of the Plan as may from time
to time be adopted by the Board or the Committee, to: (i) select the Eligible Persons to whom Awards may from time to time
be granted under the Plan; (ii) determine the type or types of Award to be granted to each Eligible Person under the Plan;
(iii) determine the number of shares of Common Stock to be covered by each Award granted under the Plan; (iv) determine
the terms and conditions of any Award granted under the Plan; (v) approve the forms of Award Agreements for use under the
Plan; (vi) determine whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common
Stock or other property or canceled or suspended; (vii) determine whether, to what extent and under what circumstances cash,
shares of Common Stock, other property and other amounts payable with respect to an Award shall be deferred either automatically
or at the election of the Participant; (viii) interpret and administer the Plan, any Award Agreements and any other instrument
or agreement entered into under the Plan; (ix) establish such rules and regulations and appoint such agents as it shall deem
appropriate in its sole discretion for the proper administration of the Plan; (x) reconcile any inconsistency, correct any
defect, and supply any omission in the Plan, or any Award or Award Agreement; (xi) make all factual and legal determinations
under the Plan, Awards, and Award Agreements; (xii) add provisions to an Award or Award Agreement, or vary the provisions
of an Award, to accommodate the laws of applicable foreign jurisdictions and provide Participants with favorable treatment under
these laws; and (xiii) make any other determination and take any other action that the Committee deems necessary or desirable
in its sole discretion for administration of the Plan. Decisions of the Committee shall be final, conclusive and binding on all
persons, including the Company, any Participant, any stockholder and any person eligible to receive an Award hereunder.

 

    	 	3	 

     

    

 

(b)             
The Committee in its exclusive discretion may make non-uniform and selective determinations among Eligible Persons to receive
Awards, or who have received Awards, regardless of whether they are similarly situated. In furtherance of this Section 3.2(b)
and not in limitation thereof, the Committee in its exclusive discretion may enter into non-uniform and selective Award Agreements.
Other than pursuant to Section 12, the Committee shall not without the approval of the Company’s stockholders (i) lower
the option price per share of Common Stock of an Option after it is granted, (ii) cancel an Option in exchange for cash or
another Award (other than in connection with Substitute Awards), and (iii) take any other action with respect to an Option
that would be treated as a repricing under U.S. generally applicable accounting standards.

 

3.3             
Limitation of Liability. No member of the Board or Committee, and no officer or
employee acting on behalf of the Board or Committee, will be personally liable for any act or omission in the Plan’s administration,
other than an act or omission due to that person’s gross negligence or intentional misconduct. No member of the Board or
Committee will be personally liable for any act or omission of any other member of the Board or Committee. Each member of the Board
or Committee, and each officer and employee acting on behalf of the Board or Committee, may rely upon information or advice provided
by the Company’s officers, accountants, actuaries, compensation consultants, and counsel. No member of the Board or a Committee,
and no officer or employee acting on behalf of the Board or a Committee, will be personally liable for any act or omission taken
in good faith reliance on the information or advice.

 

Section 4

STOCK SUBJECT TO PLAN

 

4.1             
Available Shares. Subject to adjustment from time to time as provided in Section 12,
the maximum aggregate number of shares of Common Stock available for issuance under the Plan shall be 1,784,250 shares. If an Award
entitles the holder thereof to receive or purchase shares of Common Stock, the number of shares covered by such Award or to which
such Award relates shall be counted against the maximum aggregate number of shares of Common Stock available for issuance under
the Plan on the Grant Date of such Award. If any shares of Common Stock subject to an Award are forfeited, expire or otherwise
terminate without issuance of such shares, or any Award is settled for cash or otherwise does not result in the issuance of all
or a portion of the shares of Common Stock subject to such Award, such shares of Common Stock shall, to the extent of such forfeiture,
expiration, termination, cash settlement or non-issuance, again be available for issuance under the Plan; provided, however, shares
of Common Stock subject to an Award under the Plan shall not again be made available for issuance under the Plan if such shares
are surrendered to or withheld by the Company either (a) in payment of the Exercise Price of an Option, or (b) to satisfy any tax
withholding obligation incident to the exercise, vesting or settlement of an Award.

 

    	 	4	 

     

    

 

4.2             
Incentive Stock Options Shares. Subject to adjustment from time to time as provided
in Section 12, the maximum aggregate number of shares of Common Stock available for issuance through Incentive Stock Options
shall be 1,784,250 shares.

 

4.3             
Substitute Awards. The number of shares of Common Stock covered by a Substitute
Award or to which a Substitute Award relates shall not be counted against the maximum aggregate number of shares of Common Stock
available for issuance under the Plan.

 

4.4             
Source of Shares. Shares of Common Stock delivered by the Company or a Subsidiary,
as applicable, in settlement of Awards (including Substitute Awards) may be authorized and unissued shares of Common Stock, shares
of Common Stock held in the treasury of the Company, or a combination of the foregoing. 

 

Section 5

ELIGIBILITY

 

An Award may be granted
to any Employee, Consultant or Director whom the Committee from time to time selects, including prospective Employees conditioned
on their becoming Employees (each, an “Eligible Person”). Notwithstanding the foregoing, an Award of Incentive
Stock Options may only be granted to an Employee of the Company, or of a Subsidiary that is also a “subsidiary corporation”
of the Company within the meaning of Section 424(f) of the Code.

 

Section 6

AWARDS

 

6.1             
Grant of Awards. The Committee may from time to time grant Awards of Options, Restricted
Stock, Restricted Stock Units or other Awards under the Plan to one or more Eligible Persons. The Committee shall have the authority,
in its discretion, to determine the Eligible Persons to receive one or more Awards, the type or types of Awards to be granted under
the Plan, and the terms of any Awards granted, consistent with the terms of the Plan. Such Awards may be granted either alone or
in addition to any other type of Award. The provisions governing Awards need not be the same with respect to each Participant.

 

6.2             
Award Agreement. Awards granted under the Plan shall be evidenced by an Award Agreement
that shall contain such terms, conditions, limitations and restrictions as the Committee shall deem advisable and are not inconsistent
with the Plan or applicable law.

 

Section 7

OPTIONS

 

7.1             
Grant of Options. The Committee may grant Options. Subject to the provisions of
the Plan, an Option shall vest and be fully exercisable as may be determined by the Committee in its discretion and provided in
an applicable Award Agreement.

 

7.2             
Option Type. An Option granted may be either of a type that complies with the requirements
for “incentive stock options” in Section 422 of the Code (“Incentive Stock Option”) or of a type
that does not comply with such requirements (“Nonqualified Stock Option”). The aggregate Fair Market Value (determined
at the time that the Incentive Stock Option is granted) of the shares of Common Stock with respect to which Incentive Stock Options
are exercisable for the first time by any Participant during any calendar year under the Plan and under any other option plan of
the Company or a Subsidiary shall not exceed $100,000, and any Option granted in excess of this limitation shall be treated as
a Nonqualified Stock Option.

 

    	 	5	 

     

    

 

7.3             
Option Exercise Price. Except as otherwise permitted for Substitute Awards pursuant
to Section 14.6, the exercise price (“Exercise Price”) per share of Common Stock for each Option granted
under the Plan shall not be less than 100% of the Fair Market Value of such share of Common Stock, determined as of the Grant Date.
In the case of an individual who on the Grant Date owns (or is deemed to own pursuant to Section 424(d) of the Code) more than
10% of the voting power of all classes of stock of the Company or any Subsidiary (a “Ten Percent Stockholder”),
the Exercise Price per share of Common Stock for an Incentive Stock Option shall not be less than 110% of the Fair Market Value
of such share of Common Stock on the Gant Date. 

 

7.4             
Option Term. Options granted under the Plan shall vest and become exercisable in
such manner and on such date or dates, and shall expire after such period, not to exceed 10 years, each as determined by the Committee
and set forth in the applicable Award Agreement; provided, however, the term of an Incentive Stock Option granted to a Ten Percent
Stockholder may not exceed five years.

 

7.5             
Exercise of Option. To the extent an Option has vested and become exercisable,
the Option may be exercised by the Participant in whole or in part from time to time by delivery to the Company or its designee
of a written or electronic notice of exercise, in accordance with the terms of the applicable Award Agreement and any procedures
established by the Committee for such exercise, accompanied by payment of the Exercise Price as described in Section 7.6, and payment
of any taxes required to be withheld as described in Section 10. An Option may be exercised only for whole shares. The Committee
may exclude one or more methods for exercising an Option in countries outside the United States.

 

7.6             
Payment of Exercise Price. The aggregate Exercise Price payable upon the exercise
of an Option shall be payable: (a) in cash, check or wire transfer; (b) to the extent permitted by the Committee, by tendering
(either actually or by attestation) shares of Common Stock already owned by the Participant; (c) by delivery of a properly executed
exercise notice directing the Company to withhold shares of Common Stock issuable pursuant to exercise of the Option with a fair
market value sufficient to pay the Exercise Price; (d) at the discretion of the Committee, by authorizing a third party to sell,
on behalf of the Participant, the appropriate number of shares of Common Stock otherwise issuable to the Participant upon the exercise
of the Option and to remit to the Company a sufficient portion of the sale proceeds to pay the Exercise Price for the shares of
Common Stock being acquired; or (e) by such other consideration as the Committee may permit in its sole discretion. The Committee
may exclude one or more methods for paying the Exercise Price of an Option in countries outside the United States.

 

7.7             
Post-Termination Exercises. The Committee shall establish and set forth in each
Award Agreement that evidences an Option whether the Option shall continue to be exercisable, and the terms and conditions of such
exercise, after a termination of employment or service, any of which provisions may be waived or modified by the Committee at any
time.

 

    	 	6	 

     

    

 

Section 8

RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

8.1             
Grant of Restricted Stock and Restricted Stock Units. The Committee may grant Restricted
Stock and Restricted Stock Units on such terms and conditions and subject to such repurchase or forfeiture restrictions, if any
(which may be based on continuous employment with or service to the Company or a Subsidiary or the achievement of any performance
criteria), as the Committee shall determine in its sole discretion , which terms, conditions and restrictions shall be set forth
in the applicable Award Agreement.

 

8.2             
Issuance of Shares. Subject to applicable laws, upon the satisfaction of any
terms, conditions and restrictions prescribed with respect to Restricted Stock or Restricted Stock Units, or upon a Participant’s
release from any terms, conditions and restrictions of Restricted Stock or Restricted Stock Units, as determined by the Committee
in its sole discretion, and subject to the provisions of Section 10, (a) the shares of Common Stock covered by an Award
of Restricted Stock shall become freely transferable by the Participant, and (b) the Restricted Stock Units shall be paid in cash,
shares of Common Stock or a combination thereof, as the Committee shall determine in its sole discretion. Any fractional shares
subject to such Awards shall be paid to the Participant in cash.

 

8.3             
Dividends and Dividend Equivalents. Participants holding shares of Restricted Stock
or Restricted Stock Units may, if the Committee so determines, be credited with dividends paid with respect to the shares of Restricted
Stock, or dividend equivalents with respect to Restricted Stock Units, while they are so held in a manner determined by the Committee
in its sole discretion; provided, however, any dividends paid with respect to shares of Restricted Stock and dividend equivalents
with respect to Restricted Stock Units shall be subject to the vesting of the underlying Restricted Stock or Restricted Stock Units.
The Committee, in its sole discretion, may determine the form of payment of dividends or dividend equivalents, including cash,
shares of Common Stock, Restricted Stock or Restricted Stock Units.

 

8.4             
Waiver of Restrictions. Notwithstanding any other provisions of the Plan, the Committee,
in its sole discretion, may waive the repurchase or forfeiture period and any other terms, conditions or restrictions on any Restricted
Stock or Restricted Stock Unit under such circumstances and subject to such terms and conditions as the Committee shall deem appropriate
in its sole discretion, including upon the occurrence of a Participant’s death, disability or retirement, or upon a change
in control.

 

Section 9

OTHER AWARDS

 

In addition to the
Awards described in Section 7 and Section 8, and subject to the terms of the Plan, the Committee may grant other incentives
payable in cash or in shares of Common Stock under the Plan as it determines to be in the best interests of the Company and subject
to such other terms and conditions as it deems appropriate in its sole discretion. The Committee may exclude the use of one or
more other Awards in countries outside the United States.

 

    	 	7	 

     

    

 

Section 10

WITHHOLDING

 

To the extent required
by applicable federal, state, local or foreign law, a Participant (or authorized transferee) shall make arrangements satisfactory
to the Company for the satisfaction of any withholding tax obligations that arise by reason of the grant, vesting, exercise or
payment of an Award. The Company shall not be required to issue shares of Common Stock or to recognize the disposition of such
shares until such obligations are satisfied. Subject to applicable law, the Company may: (a) deduct from any cash payment
made to a Participant under the Plan an amount that satisfies all or any portion of any withholding tax obligations; (b) require
the Participant through payroll withholding, cash payment, or otherwise to satisfy all or any portion of the withholding tax obligations;
(c) withhold a portion of the shares of Common Stock that otherwise would be issued to the Participant upon grant, vesting
or exercise of the Award by considering applicable minimum statutory withholding rates or other applicable withholding rates, including
maximum applicable rates; (d) to the extent permitted by the Committee in its sole discretion, allow the Participant to tender
shares of Common Stock previously acquired; (e)  at the discretion of the Committee, allow the Participant to authorize a
third party to sell, on behalf of the Participant, the appropriate number of shares of Common Stock otherwise issuable to the Participant
upon the exercise of an Option and to remit to the Company a sufficient portion of the sale proceeds to satisfy the withholding
tax obligations, considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum
applicable rates; or (f) provide for the satisfaction of any withholding tax obligation through any combination of the foregoing
methods. The Committee may exclude one or more methods for satisfying any tax withholding associated with the exercise of an Option
in countries outside the United States.

 

Section 11

ASSIGNABILITY

 

Unless provided otherwise
by the Committee, no Award or interest in an Award may be sold, assigned, pledged (as collateral for a loan or as security for
the performance of an obligation or for any other purpose) or transferred by the Participant or made subject to attachment or similar
proceedings otherwise than by will or by the applicable laws of descent and distribution, except to the extent a Participant designates
one or more beneficiaries on a Company-approved form who may exercise the Award or receive payment under the Award after the Participant’s
death. During a Participant’s lifetime, an Award may be exercised only by the Participant.

 

Section 12

ADJUSTMENTS

 

12.1            Adjustment
of Shares. In the event of any changes in the Common Stock or capital structure of the Company
by reason of any reorganization, reclassification, recapitalization, combination of shares, stock splits, reverse stock splits,
spin-offs, the payment of a stock dividend or extraordinary cash dividend, or other distribution of the Common Stock for which
no consideration is received by the Company or otherwise occurring after the Grant Date of any Award, then Awards granted under
the Plan and any Award Agreements, the Exercise Price of Options, the maximum aggregate number of shares of Common Stock that
may be issued under the Plan set forth in Section 4.1 and the maximum aggregate number of shares of Common Stock that may
be issued as Incentive Stock Options set forth in Section 4.2, shall be equitably adjusted or substituted, as to the number,
price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve the
economic intent of such Award. Notwithstanding anything to the contrary herein, any adjustment to Awards granted pursuant to the
Plan shall comply with the applicable requirements, provisions and restrictions of the Code and applicable law. No right to purchase
fractional shares shall result from any adjustment in Awards pursuant to Section 12.1. In case of any such adjustment, the shares
subject to the Award shall be rounded down to the nearest whole share. Notice of any adjustment shall be given by the Company
to each Participant which shall have been so adjusted and such adjustment (whether or not notice is given) shall be effective
and binding for all purposes of the Plan.

 

    	 	8	 

     

    

 

12.2            Limitations. The grant of Awards shall in no way affect the Company’s right
to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate
or sell or transfer all or any part of its business or assets.

 

Section 13

AMENDMENT AND TERMINATION

 

13.1            Amendment,
Suspension or Termination of Plan. Subject to applicable law, the Board may amend, suspend or
terminate the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable; provided, however,
that, to the extent required by applicable law, stockholder approval shall be required for any amendment to the Plan. No amendment
may be effective, without the approval of the stockholders of the Company, if approval of such amendment is required in order
that transactions in Company securities under the Plan be exempt from the operation of Section 16 of the Exchange Act or if such
amendment, with respect to the issuance of Incentive Stock Options, either: (a) materially increases the number of shares
of Common Stock which may be issued under the Plan, except as provided for in Section 12; or (b) materially modifies the
requirements as to eligibility for participation in the Plan (unless designed to comport with applicable law). The amendment,
suspension or termination of the Plan or a portion thereof or the amendment of an outstanding Award shall not, without the Participant’s
consent, materially adversely affect any rights under any Award theretofore granted to the Participant under the Plan.

 

13.2            Amendment
of Awards. Subject to applicable law and the Plan, the Committee will have the exclusive authority
and discretion to amend any Award or Award Agreement. If the amendment will have a material adverse effect on a Participant’s
rights, or result in a material increase in the Participant’s obligations, the Committee must obtain the Participant’s
written consent to the amendment. 

 

13.3            Term
of the Plan. Unless sooner terminated as provided herein, the Plan shall terminate 10 years
from the Effective Date. After the Plan is terminated, no future Awards may be granted, but Awards previously granted shall remain
outstanding in accordance with their applicable terms and conditions and the Plan’s terms and conditions.

 

    	 	9	 

     

    

 

Section 14

GENERAL

 

14.1            No
Individual Rights. No individual or Participant shall have any claim to be granted any Award
under the Plan, and the Company has no obligation for uniformity of treatment of Participants under the Plan. Furthermore, nothing
in the Plan or any Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to
confer on any Participant any right to continue in the employ or service of, or to continue any other relationship with, the Company
or any Subsidiary, or limit in any way the right of the Company or any Subsidiary to terminate a Participant’s employment,
service or other relationship at any time, with or without cause.

 

14.2            Issuance
of Shares. In the event that the Board or the Committee determines in its sole discretion that
the listing, qualification or registration of the shares issued under the Plan on any securities exchange or quotation or trading
system or under any applicable law (including state securities laws) or governmental regulation is necessary as a condition to
the issuance of such shares under the Award, the Award may not be exercised in whole or in part unless such listing, qualification,
consent or approval has been unconditionally obtained.

 

14.3            No Rights as Stockholder. Unless otherwise determined by the Committee in its discretion,
a Participant to whom an Award of Restricted Stock has been made shall have ownership of such shares of Common Stock, including
the right to vote the same and to receive dividends or other distributions made or paid with respect to such Common Stock (subject
to the limitations set forth in Section 8.3). Unless otherwise determined by the Committee in its discretion, a Participant
to whom an Award of Options, Restricted Stock Units or any other Award (other than an Award of Restricted Stock) is made shall
have no rights as a stockholder with respect to any shares of Common Stock or as a holder with respect to other securities, if
any, issuable pursuant to any such Award until the date of the issuance of a stock certificate to the Participant or the entry
on the Participant’s behalf of an uncertificated book position on the records of the Company’s transfer agent and registrar
for such Common Stock or other instrument of ownership, if any. Except as provided in Section 12, no adjustment shall be made
for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities, other property
or other forms of consideration, or any combination thereof) for which the record date is prior to the date such book entry is
made or a stock certificate or other instrument of ownership, if any, is issued.

 

14.4            No
Trust or Fund. The Plan is intended to constitute an “unfunded” plan. Nothing contained
herein shall require the Company to segregate any monies or other property, or shares of Common Stock, or to create any trusts,
or to make any special deposits for any immediate or deferred amounts payable to any Participant, and no Participant shall have
any rights that are greater than those of a general unsecured creditor of the Company.

 

14.5            Successors.
All obligations of the Company under the Plan with respect to Awards shall be binding on any successor to the Company, whether
the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all the business and/or assets of the Company.

 

    	 	10	 

     

    

 

14.6            Substitute
Awards. Notwithstanding any other provision of the Plan, the terms of Substitute Awards may
vary from the terms set forth in the Plan to the extent the Committee deems appropriate to conform, in whole or in part, to the
provisions of the awards in substitution for which they are granted.

 

14.7            Severability.
If any provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to
any person, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the
Committee’s determination, materially altering the intent of the Plan or the Award, such provision shall be stricken as
to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.

 

14.8            Choice
of Law. The Plan, all Awards granted thereunder and all determinations made and actions taken
pursuant hereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State
of Delaware, without giving effect to principles of conflicts of law.

 

14.9            Electronic Delivery and Signatures. Any reference in the Plan, an Award or an Award
Agreement to a written document includes without limitation any document delivered electronically or posted on the Company’s
or a Subsidiary’s intranet or other shared electronic medium controlled by the Company or Subsidiary. The Committee and any
Participant may use facsimile and PDF signatures in signing any Award or Award Agreement, in exercising any Option, or in any other
written document in the Plan’s administration. The Committee and each Participant are bound by facsimile and PDF signatures,
and acknowledge that the other party relies on facsimile and PDF signatures.

 

14.10          Headings and Captions. The headings and captions in the Plan are used only for
convenience, and do not construe, define, expand, interpret, or limit any provision of the Plan.

 

14.11          Gender
and Number. Whenever the context may require, any pronoun includes the corresponding masculine,
feminine, or neuter form, and the singular includes the plural and vice versa.

 

14.12          Construction.
The terms “includes,” “including,” “includes without limitation,” and “including without
limitation” are not to be construed to limit any provision or item that precedes or follows these terms (whether in the
same section or another section) to the specific or similar provisions or items that follow these terms. 

 

Section 15

EFFECTIVE DATE

 

The Plan initially
became effective upon its adoption by the Board on March 21, 2018 (the “Prior Plan”). On July ___, 2019, the
Board adopted the amended and restated Plan (the “Amended Plan”), subject to subsequent approval by the stockholders
of the Company no later than the 2019 annual meeting (the “Effective Date”). If the Amended Plan is approved
by the Company’s stockholders, (a) Awards granted prior to the Effective Date shall remain subject to the terms of the Prior
Plan, and (b) the expiration date of the Amended Plan, on and after which date no further Awards may be granted hereunder, shall
be the 10th anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then outstanding,
and the terms and conditions of the Plan shall continue to apply to such Awards. If the Company’s stockholders do not approve
the Amended Plan, the Prior Plan and the Awards granted thereunder shall continue in effect in accordance with their terms.

 

*****

 

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