Document:

Exhibit 10.8

 

CHINA YCT INTERNATIONAL GROUP, INC.

                                           2018 STOCK INCENTIVE PLAN

	
1.

	
Purpose

The China YCT International Group, Inc. 2018 Stock Incentive Plan is intended to promote the best interests of China YCT International Group, Inc. (the "Corporation") and its stockholders by (i) assisting the Corporation and its Affiliates in the recruitment and retention of persons with ability and initiative, (ii) providing an incentive to such persons to contribute to the growth and success of the Corporation's businesses by affording such persons equity participation in the Corporation and (iii) associating the interests of such persons with those of the Corporation and its Affiliates and stockholders.

	2.	
Definitions

As used in this Plan the following definitions shall apply:

A. "Affiliate" means (i) any Subsidiary, (ii) any Parent, (iii) any corporation, or trade or business (including, without limitation, a partnership, limited liability company or other entity) which is directly or indirectly controlled fifty percent (50%) or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) by the Corporation or one of its Affiliates, and (iv) any other entity in which the Corporation or any of its Affiliates has a material equity interest and which is designated as an "Affiliate" by resolution of the Committee.

B. "Award" means any Option or Stock Award granted hereunder.

	
C.

	
        "Board" means the Board of Directors of the Corporation.

D. "Cause" means: (i) conduct involving a felony criminal offense under U. S. federal or state law or an equivalent violation of the laws of any other country; (ii) dishonesty, fraud, self-dealing or material violations of civil law in the course of fulfilling the Participant's employment or other assigned duties on behalf of the Corporation; (iii) breach of any confidentiality, employment, or other written agreement with the Corporation; or (iv) willful misconduct injurious to the Corporation or any of its Subsidiaries or Affiliates as shall be determined by the Committee.

E. A "Change in Control" shall mean the occurrence during the term of the Plan of any "person" (as such term is used in Section 13(c) and 14(d) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or a corporation owned directly or indirectly by the stockholders of the Corporation, becoming the " beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Corporation's then outstanding voting securities.

F. "Code" means the Internal Revenue Code of 1986, and any amendments thereto.

G. "Committee" means the Board or any Committee of the Board to which the Board has delegated any responsibility for the implementation, interpretation or administration of this Plan. As of the date of the Plan, the Board has initially delegated responsibility for the administration of the Plan to the Corporation's Compensation Committee.

H. "Common Stock" means the common stock, $0.01 par value, of the Corporation.

I. "Consultant" means (i) any person performing consulting or advisory services for the Corporation or any Affiliate, or (ii) a director of an Affiliate.

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J. "Corporation" means China YCT International Group, Inc., a Delaware corporation.

K.  "Corporation Law" means the Delaware General Corporation Law.

L. "Deferral Period" means the period of time during which Deferred Shares are subject to deferral limitations under Section 7.D of this Plan.

M. "Deferred Shares" means an award pursuant to Section 7.D of this Plan of the right to receive shares of Common Stock at the end of a specified Deferral Period.

N. "Director" means a member of the Board.

O. "Eligible Person" means an employee of the Corporation or an Affiliate (including a corporation that becomes an Affiliate after the adoption of this Plan), a Director or a Consultant to the Corporation or an Affiliate (including a corporation that becomes an Affiliate after the adoption of this Plan).

P. "Exchange Act" means the Securities Exchange Act of 1934, as amended.

Q.  "Fair Market Value" means, on any given date, the current fair market value of the shares of Common Stock as determined as follows:

R. If the Common Stock is traded on a national securities exchange, the closing price for the day of determination as quoted on such market or exchange, including the NASDAQ Global Market or NASDAQ Capital Market, or the OTC Bulletin Board, whichever is the primary market or exchange for trading of the Common Stock or if no trading occurs on such date, the last day on which trading occurred, or such other appropriate date as determined by the Committee in its discretion, as reported in The Wall Street Journal or such other source as the Committee deems reliable;

S. If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high and the low asked prices for the Common Stock for the day of determination; or

T. In the absence of an established market for the Common Stock, Fair Market Value shall be determined by the Committee in good faith.

U. "Incentive Stock Option" means an Option (or portion thereof) intended to qualify for special tax treatment under Section 422 of the Code.

V. "Nonqualified Stock Option" means an Option (or portion thereof) which is not intended or does not for any reason qualify as an Incentive Stock Option.

W. "Option" means any option to purchase shares of Common Stock granted under this Plan.

X. "Parent" means any corporation (other than the Corporation) in an unbroken chain of corporations ending with the Corporation if each of the corporations (other than the Corporation) owns stock possessing at least fifty percent (50%) of the total combined voting power of all classes of stock in one of the other corporations in such chain.

Y. "Participant" means an Eligible Person who (i) is selected by the Committee or an authorized officer of the Corporation to receive an Award and (ii) is party to an agreement setting forth the terms of the Award, as appropriate.

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Z. "Performance Agreement" means an agreement described in Section 8 of this Plan.

AA.  "Performance Objectives" means the Performance objectives established pursuant to this Plan for Participants who have received grants of Performance Shares or, when so determined by the Committee, Stock Awards. Performance Objectives may be described in terms of Corporation-wide objectives or objectives that are related to the Performance of the individual Participant or the Affiliate, subsidiary, division, department or function within the Corporation or Affiliate in which the Participant is employed or has responsibility as determined by the Committee. Any Performance Objectives applicable to Awards to the extent that such an Award is intended to qualify as "Performance-based compensation" under Section  162(m) of the Code shall be limited to specified levels of or increases in the Corporation's or a business unit's performance, including  return on equity, earnings per share, total earnings, earnings growth, return on capital, return on assets, economic value added, earnings before interest and taxes, earnings before interest, taxes, depreciation and amortization, sales growth, gross margin return on investment, increase in the Fair Market Value of the shares, share price (including but not limited to growth measures and total stockholder return), net operating profit, cash flow (including, but not limited to, operating cash flow and free cash flow), cash flow return on investments (which equals net cash flow divided by total capital), internal rate of return, increase in net present value or expense targets.

BB. "Performance Period" means a period of time established under Section 8 of this Plan within which the Performance Objectives relating to a Performance Share or Stock Award are to be achieved.

CC. "Performance Share" means a bookkeeping entry that records the equivalent of one share of Common Stock awarded pursuant to Section 8 of this Plan.

DD. "Plan" means this China YCT International Group, Inc. 2018 Stock Incentive Plan.

EE. "Repricing" means, other than in connection with an event described in Section 9 of this Plan, (i) lowering the exercise price of an Option or Stock Appreciation Right after it has been granted or (ii) canceling an Option or Stock Appreciation Right at a time when the exercise price exceeds the then Fair Market Value of the Common Stock in exchange for another Option or Stock Award.

FF. "Restricted Stock Award" means an award of Common Stock under Section 7.B.

GG.  "Securities Act" means the Securities Act of 1933, as amended.

HH. "Stock Award" means a Stock Bonus Award, Restricted Stock Award, Stock Appreciation Right, Deferred Shares, or Performance Shares.

II.  "Stock Bonus Award" means an award of Common Stock under Section 7.A.

JJ. "Stock Appreciation Right" means an award of a right of the Participant under Section 7.C to receive a payment in cash or shares of Common Stock (or a combination thereof) based on the increase in Fair Market Value of the shares of Common Stock covered by the award between the date of grant of such award and the Fair Market Value of the Common Stock on the date of exercise of such Stock Appreciation Right.

KK. "Stock Award Agreement" means an agreement (written or electronic) between the Corporation and a Participant setting forth the specific terms and conditions of a Stock Award granted to the Participant under Section 7. Each Stock Award Agreement shall be subject to the terms and conditions of this Plan and shall include such terms and conditions as the Committee shall authorize.

LL. "Stock Option Agreement" means an agreement (written or electronic) between the Corporation and a Participant setting forth the specific terms and conditions of an Option granted to the Participant. Each Stock Option Agreement shall be subject to the terms and conditions of this Plan and shall include such terms and conditions as the Committee shall authorize.

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MM. "Subsidiary" means any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation if each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing at least fifty percent (50%) of the total combined voting power of all classes of stock in one of the other corporations in such chain.

NN. "Ten Percent Owner" means any Eligible Person owning at the time an Option is granted more than ten percent (10%) of the total combined voting power of all classes of stock of the Corporation or of a Parent or Subsidiary. An individual shall, in accordance with Section 424(d) of the Code, be considered to own any voting stock owned (directly or indirectly) by or for such Eligible Person's brothers, sisters, spouse, ancestors and lineal descendants and any voting stock owned (directly or indirectly) by or for a corporation, partnership, estate or trust shall be considered as being owned proportionately by or for its stockholders, partners, or beneficiaries.

3. Administration

A. Delegation to Board Committee. The Board shall be the sole Committee of this Plan unless the Board delegates all or any portion of its authority to administer this Plan to a Committee. To the extent not prohibited by the charter or bylaws of the Corporation, the Board may delegate all or a portion of its authority to administer this Plan to a Committee of the Board appointed by the Board and constituted in compliance with the applicable Corporation Law. The Committee shall consist solely of two (2) or more Directors who are (i) Non-Employee Directors (within the meaning of Rule 16b-3 under the Exchange Act) for purposes of exercising administrative authority with respect to Awards granted to Eligible Persons who are subject to Section 16 of the Exchange Act; (ii) to the extent required by the rules of the market on which the Corporation's shares are traded or the exchange on which the Corporation' shares are listed, "independent" within the meaning of such rules; and (iii) at such times as an Award under this Plan by the Corporation is subject to Section 162(m) of the Code (to the extent relief from the limitation of Section 162(m) of the Code is sought with respect to Awards and administration of the Awards by a committee of "outside directors" is required to receive such relief) "outside directors" within the meaning of Section l 62(m) of the Code.

B. Delegation to Officers. The Committee may delegate to one or more officers of the Corporation the authority to grant and administer Awards to Eligible Persons who are not Directors or executive officers of the Corporation; provided that the Committee shall have fixed the total number of shares of Common Stock that may be subject to such Awards. No officer holding such a delegation is authorized to grant Awards to himself or herself. In addition to the Committee, the officer or officers to whom the Committee has delegated the authority to grant and administer Awards shall have all powers delegated to the Committee with respect to such Awards. Such delegation shall be subject to the limitations of Section 78.200 (3) (or any successor provision) of the Corporation Law.

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C. Powers of the Committee. Subject to the provisions of this Plan, and in the case of a Committee appointed by the Board, the specific duties delegated to such Committee, the Committee (and the officers to whom the Committee has delegated such authority) shall have the authority:

	
(i)

	
To construe and interpret all provisions of this Plan and all Stock Option Agreements, Stock Award Agreements and Performance Agreements under this Plan.

	
(ii)

	
To determine the Fair Market Value of Common Stock.

	
(iii)

	
To select the Eligible Persons to whom Awards are granted from time to time hereunder.

	
(iv)

	
To determine the number of shares of Common Stock covered by an Award; to determine whether an Option shall be an Incentive Stock Option or Nonqualified Stock Option; and to determine such other terms and conditions, not inconsistent with the terms of this Plan, of each such Award. Such terms and conditions include, but are not limited to, the exercise price of an Option, purchase price of Common Stock subject to a Stock Award, the time or times when Options or Stock Awards may be exercised or Common Stock issued thereunder, the right of the Corporation to repurchase Common Stock issued pursuant to the exercise of an Option or a Stock Award and other restrictions or limitations (in addition to those contained in this Plan) on the forfeitability or transferability of Options, Stock Awards or Common Stock issued upon exercise of an Option or pursuant to an Award. Such terms may include conditions which shall be determined by the Committee and need not be uniform with respect to Participants.

	
(v)

	
To accelerate the time at which any Option or Stock Award may be exercised, or the time at which a Stock Award or Common Stock issued under this Plan may become transferable or non- forfeitable.

	
(vi)

	
To determine whether and under what circumstances an Option may be settled in cash, shares of Common Stock or other property under Section 6.H instead of Common Stock.

	
(vii)

	
To waive, amend, cancel, extend, renew, accept the surrender of, modify or accelerate the vesting of or lapse of restrictions on all or any portion of an outstanding Award. Except as otherwise provided by this Plan, the Stock Option Agreement, Stock Award Agreement or Performance Agreement or as required to comply with applicable law, regulation or rule, no amendment, cancellation or modification shall, without a Participant's consent, adversely affect any rights of the Participant; provided, however, that (x) an amendment or modification that may cause an Incentive Stock Option to become a Nonqualified Stock Option shall not be treated as adversely affecting the rights of the Participant and (y) any other amendment or modification of any Stock Option Agreement, Stock Award Agreement or Performance Agreement that does not, in the opinion of the Committee, adversely affect any rights of any Participant, shall not require such Participant's consent. Notwithstanding the foregoing, the restrictions on the Repricing of Options and Stock Appreciation Rights, as set forth in this Plan, may not be waived.

	
(viii)

	
To prescribe the form of Stock Option Agreements, and Stock Award Agreements and Performance Agreements; to adopt policies and procedures for the exercise of Options or Stock Awards, including the satisfaction of withholding obligations; to adopt, amend, and rescind policies and procedures pertaining to the administration of this Plan; and to make all other determinations necessary or advisable for the administration of this Plan. The Award's effectiveness will not be dependent on any signature unless specifically so provided in the Award Agreement. Awards shall generally be subject to a three year vesting period and no more than 60% of Awards to executives and directors may have a vesting period of less than three years; provided, however, that vesting may accelerate in the event of Change in Control and certain other events as set forth in Section 9 herein, and in the events of death, disability or retirement, as will be specified in the Award Agreement.

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The express grant in this Plan of any specific power to the Committee shall not be construed as limiting any power or authority of the Committee; provided that the Committee or any committee of the Board may not exercise any right or power reserved to the Board. Any decision made, or action taken, by the Committee or in connection with the administration of this Plan shall be final, conclusive and binding on all persons having an interest in this Plan.

	
4.

	
Eligibility

A. Eligibility for Awards. Awards, other than Incentive Stock Options, may be granted to any Eligible Person selected by the Committee. Incentive Stock Options may be granted only to employees of the Corporation or a Parent or Subsidiary.

B. Eligibility of Consultants. A Consultant shall be an Eligible Person only if the offer or sale of the Corporation's securities would be eligible for registration on Form S-8 Registration Statement because of the identity and nature of the service provided by such person, unless the Corporation determines that an offer or sale of the Corporation's securities to such person will satisfy another exemption from the registration under the Securities Act and complies with the securities laws of all other jurisdictions applicable to such offer or sale.

C. Substitution Awards. The Committee may make Awards and may grant Options under this Plan by assumption, in substitution or replacement of Performance shares, phantom shares, stock awards, stock options, stock appreciation rights or similar awards granted by another entity (including an Affiliate) in connection with a merger, consolidation, acquisition of property or stock or similar transaction. Notwithstanding any provision of this Plan (other than the maximum number of shares of Common Stock that may be issued under this Plan), the terms of such assumed, substituted, or replaced Awards shall be as the Committee, in its discretion, determines is appropriate.

	
5.

	
Common Stock Subject to Plan

A. Share Reserve and Limitations on Grants. Subject to adjustment as provided in Section 9, the maximum aggregate number of shares of Common Stock that may be (i) issued under this Plan pursuant to the exercise of Options, (ii) issued pursuant to Stock Awards, (iii) covered by Stock  Appreciation Rights (without regard to whether payment on exercise of the Stock Appreciation Right is made in cash or shares of Common Stock) and (iv) covered by Performance Shares shall be limited 15% of the shares of Common Stock outstanding, which calculation shall be made on the first business day of a new fiscal year; provided that, the Plan shall be vested with an initial grant of 3,000,000 shares of Common Stock. Thereafter, the evergreen provision of 15% shall govern the Plan. The number shares of Common Stock subject to the Plan shall be subject to adjustment as provided in Section 9. Subject to adjustment as provided in Section 9, and notwithstanding any provision hereto to the contrary, shares subject to the Plan shall include shares forfeited in a prior year as provided herein. For purposes of determining the number of shares of Common Stock available under this Plan, shares of Common  Stock withheld by the Corporation to satisfy applicable tax withholding obligations pursuant to Section 10 of this Plan shall be deemed issued under this Plan. No single participant may receive more than 25% of the total shares awarded in any single year.

B. Reversion of Shares. If an Option or Stock Award is terminated, expires or becomes unexercisable, in whole or in pa1t, for any reason, the unissued or unpurchased shares of Common Stock (or shares subject to an unexercised Stock Appreciation Right) which were subject thereto shall become available for future grant under this Plan. Shares of Common Stock that have been actually issued under this Plan shall not be returned to the share reserve for future grants under this Plan; except that shares of Common Stock issued pursuant to a Stock Award which are forfeited to the Corporation or repurchased by the Corporation at the original purchase price of such shares, shall be returned to the share reserve for future grant under this Plan.

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C. Source of Shares. Common Stock issued under this Plan may be shares of authorized and unissued Common Stock or shares of previously issued Common Stock that have been reacquired by the Corporation.

	6.	
Options

A. Award. In accordance with the provisions of Section 4, the Committee will designate each

Eligible Person to whom an Option is to be granted and will specify the number of shares of Common Stock covered by such Option. The Stock Option Agreement shall specify whether the Option is an Incentive Stock Option or Nonqualified Stock Option, the vesting schedule applicable to such Option and any other terms of such Option. No Option that is intended to be an Incentive Stock Option shall be invalid for failure to qualify as an Incentive Stock Option.

B. Option Price. The exercise price per share for Common Stock subject to an Option shall be determined by the Committee, but shall comply with the following:

(i) The exercise price per share for Common Stock subject to an Option shall not be less than one hundred percent (100%) of the Fair Market Value on the date of grant.

(ii) The exercise price per share for Common Stock subject to an Incentive Stock Option granted to a Participant who is deemed to be a Ten Percent Owner on the date such option is granted, shall not be less than one hundred ten percent ( 110%) of the Fair Market Value on the date of grant.

	
C.

	
Maximum Option Period. The maximum period during which an Option may be exercised shall be ten (10) years from the date such Option was granted. In the case of an Incentive Stock Option that is granted to a Participant who is or is deemed to be a Ten Percent Owner on the date of grant, such Option shall not be exercisable after the expiration of five (5) years from the date of grant.

D. Maximum Value of Options which are Incentive Stock Options. To the extent that the aggregate Fair Market Value of the Common Stock with respect to which Incentive Stock Options granted to any person are exercisable for the first time during any calendar year (under all stock option plans of the Corporation or any Parent or Subsidiary) exceeds $100,000 (or such other amount provided in Section 422 of the Code), the Options are not Incentive Stock Options. For purposes of this section, the Fair Market Value of the Common Stock will be determined as of the time the Incentive Stock Option with respect to the Common Stock is granted. This section will be applied by taking Incentive Stock Options into account in the order in which they are granted.

E. Non-transferability. Options granted under this Plan which are intended to be Incentive Stock Options shall be nontransferable except by will or by the Laws of descent and distribution and during the lifetime of the Participant shall be exercisable by only the Participant to whom the Incentive Stock Option is granted. Except to the extent transferability of a Nonqualified Stock Option is provided for in the Stock Option Agreement or is approved by the Committee, during the lifetime of the Participant to whom the Nonqualified Stock Option is granted, such Option may be exercised only by the Participant. If the Stock Option Agreement so provides or the Committee so approves, a Nonqualified Stock Option may be transferred by a Participant through a gift or domestic relations order to the Participant's family members to the extent in compliance with applicable securities laws and regulations and provided that such transfer is not a transfer for value (within the meaning of applicable securities laws and regulations). The holder of a Nonqualified Stock Option transferred pursuant to this section shall be bound by the same terms and conditions that governed the Option during the period that it was held by the Participant. No right or interest of a Participant in any Option shall be liable for, or subject to, any lien, obligation, or liability of such Participant.

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F.

	
Vesting. Options will vest as provided in the Stock Option Agreement.

G. Exercise. Subject to the provisions of this Plan and the applicable Stock Option Agreement, an Option may be exercised to the extent vested in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with this Plan and the applicable Stock Option Agreement with respect to the remaining shares subject to the Option. An Option may not be exercised with respect to fractional shares of Common Stock.

H. Payment. Unless otherwise provided by the Stock Option Agreement, payment of the exercise price for an Option shall be made in cash or a cash equivalent acceptable to the Committee or if the Common Stock is traded on an established securities market, by payment of the exercise price by a broker-dealer or by the Option holder with cash advanced by the broker-dealer if the exercise notice is accompanied by the Option holder's written irrevocable instructions to deliver the Common Stock acquired upon exercise of the Option to the broker-dealer or by delivery of the Common Stock to the broker-dealer with an irrevocable commitment by the broker-dealer to forward the exercise price to the Corporation. With the consent of the Committee, payment of all or a part of the exercise price of an Option may also be made (i) by surrender to the Corporation (or delivery to the Corporation of a properly executed form of attestation of ownership) of shares of Common Stock that have been held for such period prior to the date of exercise as is necessary  to avoid adverse accounting treatment to the Corporation, or (ii) any other method acceptable to the Committee, including without limitation, the withholding of shares receivable upon settlement of the option in payment of the exercise price. If Common Stock is used to pay all or part of the exercise price, the sum of the cash or cash equivalent and the Fair Market Value (determined as of the date of exercise) of the shares surrendered must not be less than the Option price of the shares for which the Option is being exercised.

I. Stockholder Rights. No Participant shall have any rights as a stockholder with respect to shares subject to an Option until the date of exercise of such Option and the certificate for shares of Common Stock to be received on exercise of such Option has been issued by the Corporation.

J. Disposition and Stock Certificate Legends for Incentive Stock Option Shares. A Participant shall notify the Corporation of any sale or other disposition of Common Stock acquired pursuant to an Incentive Stock Option if such sale or disposition occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the Participant. Such notice shall be in writing and directed to the Chief Financial Officer of the Corporation or is his/her absence, the Chief Executive Officer. The Corporation may require that certificates evidencing shares of Common Stock purchased upon the exercise of Incentive Stock Option issued under this Plan be endorsed with a legend in substantially the following form:

THE SHARES EVIDENCED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR  TO               ,  20    ,  IN THE ABSENCE OF A WRITTEN STATEMENT FROM   THE CORPORATION TO THE EFFECT THAT THE CORPORATION IS AWARE OF THE FACTS OF SUCH SALE OR TRANSFER.

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The blank contained in this legend shall be filled in with the date that is the later of (i) one year and one day after the date of the exercise of such Incentive Stock Option or (ii) two years and one day after the grant of such Incentive Stock Option.

K. No Repricing. In no event shall the Committee permit a Repricing of any Option without the approval of the stockholders of the Corporation.

7. Stock Awards

A. Stock Bonus Awards. Each Stock Award Agreement for a Stock Bonus Award shall be in such form and shall contain such terms and conditions (including provisions relating to consideration, vesting, reacquisition of shares following termination, and transferability of shares) as the Committee shall deem appropriate. The terms and conditions of Stock Award Agreements for Stock Bonus Awards may change from time to time, and the terms and conditions of separate Stock Bonus Awards need not be identical.

B. Restricted Stock Awards. Each Stock Award Agreement for a Restricted Stock Award shall be in such form and shall contain such terms and conditions (including provisions relating to purchase price, consideration, vesting, reacquisition of shares following termination, and transferability of shares) as the Committee shall deem appropriate. The terms and conditions of the Stock Award Agreements for Restricted Stock Awards may change from time to time, and the terms and conditions of separate Restricted Stock Awards need not be identical. Vesting of (or forfeiture of) any grant of Restricted Stock Awards may be further conditioned upon the attainment of Performance Objectives established by the Committee in accordance with the applicable provisions of Section 8 of this Plan regarding Performance Shares.

C. Stock Appreciation Rights. Each Stock Award Agreement for Stock Appreciation Rights shall be in such form and shall contain such terms and conditions (including provisions relating to vesting, reacquisition of shares following termination, and transferability of shares) as the Committee shall deem appropriate. The terms and conditions of Stock Appreciation Rights may change from time to time, and the terms and conditions of separate Stock Appreciation Rights need not be identical. No Stock Appreciation Right shall be exercisable after the expiration of seven (7) years from the date such Stock Appreciation Right is granted. The base price per share for each share of Common Stock covered by an Award of Stock Appreciation Rights shall not be less than one hundred percent (100%) of the Fair Market Value of a share of Common Stock on the date of grant. In no event shall the Committee permit a Repricing of any Stock Appreciation Right without the approval of the stockholders of the Corporation.

D. Deferred Shares. The Committee may authorize grants of Deferred Shares to Participants upon such terms and conditions as the Committee may determine in accordance with the following provisions:

	
(i)

	
Each grant shall constitute the agreement by the Corporation to issue or transfer shares of Common Stock to the Participant in the future in consideration of the performance of services, subject to the fulfillment during the Deferral Period of such conditions as the Committee may specify.

	
(ii)

	
Each grant may be made without additional consideration from the Participant or in consideration of a payment by the Participant that is less than the Fair Market Value on the date of grant.

	
(iii)

	
Each grant shall provide that the Deferred Shares covered thereby shall be subject to a Deferral Period, which shall be fixed by the Committee on the date of grant, and any grant or sale may provide for the earlier termination of such period in the event of a Change in Control of the Corporation or other similar transaction or event.

	
(i)

	

 

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(iv)

	
During the Deferral Period, the Participant shall not have any right to transfer any rights under the subject Award, shall not have any rights of ownership in the Deferred Shares and shall not have any right to vote such shares, but the Committee may on or after the date of grant, authorize the payment of dividend or other distribution equivalents on such shares in cash or additional shares on a current, deferred or contingent basis.

	
(v)

	
Any grant of the vesting thereof may be further conditioned upon the attainment of Performance Objectives established by the Committee in accordance with the applicable provisions of Section 8 of this Plan regarding Performance Shares.

	
(vi)

	
Each grant shall be evidenced by an agreement delivered to and accepted by the Participant and containing such terms and provisions as the Committee may determine consistent with this Plan.

8. Performance Shares

A. The Committee may authorize grants of Performance Shares, which shall become payable to the Participant upon the achievement of specified Performance Objectives, upon such terms and conditions as the Committee may determine in accordance with the following provisions:

	
(i)

	
Each grant shall specify the number of Performance Shares to which it pertains, which may be subject to adjustment to reflect changes in compensation or other factors.

	
(ii)

	
The Performance Period with respect to each Performance Share shall commence on the date established by the Committee and may be subject to earlier termination in the event of a Change in Control of the Corporation or similar transaction or event.

	
(iii)

	
Each grant shall specify the Performance Objectives that are to be achieved by the Participant.

	
(iv)

	
Each grant may specify in respect of the specified Performance Objectives a minimum acceptable level of achievement below which no payment will be made and may set forth a formula for determining the amount of any payment to be made if performance is at or above such minimum acceptable level but falls short of the maximum achievement of the specified Performance Objectives.

	
(v)

	
Each grant shall specify the time and manner of payment of Performance Shares that shall have been earned, and any grant may specify that any such amount may be paid by the Corporation in cash, shares of Common Stock or any combination thereof and may either grant to the Participant or reserve to the Committee the right to elect among those alternatives.

	
(vi)

	
Any grant of Performance Shares may specify that the amount payable with respect thereto may not exceed a maximum specified by the Committee on the date of grant.

	
(vii)

	
Any grant of Performance Shares may provide for the payment to the Participant of dividend or other distribution equivalents thereon in cash or additional shares of Common Stock on a current, deferred or contingent basis.

	
(viii)

	
If provided in the terms of the grant and subject to the requirements of Section l 62(m) of the Code (in the case of Awards intended to qualify for exception therefrom), the Committee may adjust Performance Objectives and the related minimum acceptable level of achievement if, in the sole judgment of the Committee, events or transactions have occurred after the date of grant that are unrelated to the performance of the Participant and result in distortion of the Performance Objectives or the related minimum acceptable level of achievement.

	
(ix)

	
Each grant shall be evidenced by an agreement that shall be delivered to and accepted by the Participant, which shall state that the Performance Shares are subject to all of the terms and conditions of this Plan and such other terms and provisions as the Committee may determine consistent with this Plan.

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9. Changes in Capital Structure

A. No Limitations of Rights. The existence of outstanding Awards shall not affect in any way the right or power of the Corporation or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Corporation's capital structure or its business, or any merger or consolidation of the Corporation, or any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Corporation, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

B. Changes in Capitalization. If the Corporation shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend, or other increase or reduction of the number of shares of the Common Stock outstanding, without receiving consideration therefore in money, services or property, then (i) the number, class, and per share price of shares of Common Stock subject to outstanding Options and other Awards hereunder and (ii) the number and class of shares then reserved for issuance under this Plan and the maximum number of shares for which Awards may be granted to a Participant during a specified time period shall be appropriately and proportionately  adjusted. The conversion of convertible securities of the Corporation shall not be treated as effected ''without receiving consideration." The Committee shall make such adjustments, and its determinations shall be final, binding and conclusive.

C. Merger, Consolidation or Asset Sale. If the Corporation is merged or consolidated with another entity or sells or otherwise disposes of substantially all of its assets to another company while Options or Stock Awards remain outstanding under this Plan, unless provisions are made in connection with such transaction for the continuance of this Plan and/or the assumption or substitution of such Options or Stock Awards with new options or stock awards covering the stock of the successor company, or parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices, then all outstanding Options and Stock Awards which have not been continued, assumed or for which a substituted award has not been granted shall, whether or not vested or then exercisable, unless otherwise specified in the Stock Option Agreement or Stock Award Agreement, terminate immediately as of the effective date of any such merger, consolidation or sale.

D. Limitation on Adjustment. Except as previously expressly provided, neither the issuance by the Corporation of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Corporation convertible into such shares or other securities, nor the increase or decrease of the number of authorized shares of stock, nor the addition or deletion of classes of stock, shall affect, and no adjustment by reason thereof shall be made with respect to, the number, class or price of shares of Common Stock then subject to outstanding Options or Stock Awards.

11

10. Withholding of Taxes

The Corporation or an Affiliate shall have the right, before any certificate for any Common Stock is delivered, to deduct or withhold from any payment owed to a Participant any amount that is necessary in order to satisfy any withholding requirement that the Corporation or Affiliate in good faith believes is imposed upon it in connection with U.S. federal, state, or local taxes, including transfer taxes, as a result of the issuance of, or lapse of restrictions on, such Common Stock, or otherwise require such Participant to make provision for payment of any such withholding amount. Subject to such conditions as may be established by the Committee, the Committee may permit a Participant to (i) have Common Stock otherwise issuable under an Option or Stock Award withheld to the extent necessary to comply with minimum statutory withholding rate requirements, (ii) tender back to the Corporation shares of Common Stock received pursuant to an Option or Stock Award to the extent necessary to comply with minimum statutory withholding rate requirements for supplemental income, (iii) deliver to the Corporation previously acquired Common Stock, (iv) have funds withheld from payments of wages, salary or other cash compensation due the Participant, (v) pay the Corporation or its Affiliate in cash, in order to satisfy part or all of the obligations for any taxes required to be withheld or otherwise deducted and paid by the Corporation or its Affiliate with respect to the Option or Stock Award; or (vi) establish a 10b5-l trading plan for withheld stock designed to facilitate the sale of stock in connection with the vesting of such shares, the proceeds of which shall be utilized to make all applicable withholding payments in a manner to be coordinated by the Corporation's Chief Financial Officer.

	
11.

	
Compliance with Law and Approval of Regulatory Bodies

A. General Requirements. No Option or Stock Award shall be exercisable, no Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered, and no payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the Corporation is a party, and the rules of all domestic stock exchanges or quotation systems on which the Corporation's shares may be listed. The Corporation shall have the right to rely on an opinion of its counsel as to such compliance. Any share certificate issued to evidence Common Stock when a Stock Award is granted or for which an Option or Stock Award is exercised may bear such legends and statements as the Committee may deem advisable to assure compliance with federal and state laws and regulations. No Option or Stock Award shall be exercisable, no Stock Award shall be granted, no Common Stock shall be issued, no certificate for shares shall be delivered, and no payment shall be made under this Plan until the Corporation has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters.

B. Participant Representations. The Committee may require that a Participant, as a condition to receipt or exercise of a particular award, execute and deliver to the Corporation a written statement, in form satisfactory to the Committee, in which the Participant represents and warrants that the shares are being acquired for such person's own account, for investment only and not with a view to the resale or distribution thereof. The Participant shall, at the request of the Committee, be required to represent and warrant in writing that any subsequent resale or distribution of shares of Common Stock by the Participant shall be made only pursuant to either (i) a registration statement on an appropriate form under the Securities Act of 1933, which registration statement has become effective and is current with regard to the shares being sold, or (ii) a specific exemption from the registration requirements of the Securities Act of 1933, but in claiming such exemption the Participant shall, prior to any offer of sale or sale of such shares, obtain a prior favorable written opinion of counsel, in form and substance satisfactory to counsel for the Corporation, as to the application of such exemption thereto.

12

	
12.

	
General Provisions

A. Effect on Employment and Service. Neither the adoption of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof) shall (i) confer upon any individual any right to continue in the employ or service of the Corporation or an Affiliate, (ii) in any way affect any right and power of the Corporation or an Affiliate to change an individual's duties or terminate the employment or service of any individual at any time with or without assigning a reason therefor or (iii) except to the extent the Committee grants an Option or Stock Award to such individual, confer on any individual the right to participate in the benefits of this Plan.

B. Use of Proceeds. The proceeds received by the Corporation from the sale of Common Stock pursuant to this Plan shall be used for general corporate purposes.

C. Unfunded Plan. This Plan, insofar as it provides for grants, shall be unfunded, and the Corporation shall not be required to segregate any assets that may at any time be represented by grants under this Plan. Any liability of the Corporation to any person with respect to any grant under this Plan shall be based solely upon any contractual obligations that may be created pursuant to this Plan. No such obligation of the Corporation shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Corporation.

D. Rules of Construction. Headings are given to the Sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law.

E. Choice of Law. This Plan and all Stock Option Agreements and Stock Award Agreements entered into under this Plan shall be interpreted under the Corporation Law excluding (to the greatest extent permissible by law) any rule of law that would cause the application of the laws of any jurisdiction other than the Corporation Law.

F. Fractional Shares. The Corporation shall not be required to issue fractional shares pursuant to this Plan. The Committee may provide for elimination of fractional shares or the settlement of such fraction shares in cash.

G. Foreign Employees. In order to facilitate the making of any grant or combination of grants under this Plan, the Committee may provide for such special terms for Awards to Participants who are foreign nationals, or who are employed by the Corporation or any Affiliate outside of the United States, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements or alternative versions of, this Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of this Plan, as then in effect, unless this Plan could have been amended to eliminate such inconsistency without further approval by the stockholders of the Corporation.

13. Amendment and Termination

The Board may amend or terminate this Plan from time to time; provided, however, stockholder approval shall be required for any amendment that (i) increases the aggregate number of shares of Common Stock that may be issued under this Plan, except as contemplated by Section 5.A or Section 9.B; (ii) changes the class of employees eligible to receive Incentive Stock Options; (iii) modifies the restrictions on Repricing's set forth in this Plan; or (iv) is required by the terms of any applicable laws, regulations or rules, including the rules of any market on which the Corporation shares are traded or exchange on which the Corporation shares are listed. Except as specifically permitted by this Plan, Stock Option Agreement or Stock Award Agreement or as required to comply with applicable laws, regulations or rules, no amendment shall, without a Participant's consent, adversely affect any rights of such Participant under any Option or Stock Award outstanding at the time such amendment is made; provided, however, that an amendment that may cause an Incentive Stock Option to become a Nonqualified Stock Option shall not be treated as adversely affecting the rights of the Participant. Any amendment requiring stockholder approval shall be approved by the stockholders of the Corporation within twelve (12) months of the date such amendment is adopted by the Board.

13

14.   Effective Date of Plan; Duration of Plan

A. This Plan shall be effective upon adoption by the Board, subject to approval within twelve (12) months by the stockholders of the Corporation. In the event that the stockholders of the Corporation shall not approve this Plan within such twelve (12) month period, this Plan shall terminate. Unless and until the Plan has been approved by the stockholders of the Corporation, no Option or Stock Award may be exercised, and no shares of Common Stock may be issued under the Plan. In the event that the stockholders of the Corporation shall not approve the Plan within such twelve (12) month period, the Plan and any previously granted Options or Stock Awards shall terminate.

B. Unless previously terminated, this Plan will terminate ten (10) years after the earlier of (i) the date this Plan is adopted by the Board, or (ii) the date this Plan is approved by the stockholders, except that Awards that are granted under this Plan prior to its termination will continue to be administered under the terms of this Plan until the Awards terminate or are exercised.

IN WITNESS WHEREOF, the Corporation has caused this Plan to be executed by a duly authorized officer as of the date of adoption of this Plan by the Board of Directors.

CHINA YCT INTERNATIONAL GROUP, INC.

By: /s/ Tinghe Yan

    Tinghe Yan, Chief Executive Officer

Date: April 21, 2018

 

14Exhibit 4.3

 

BIOHITECH GLOBAL, INC.

 

AND

 

_______________________,

TRUSTEE

 

____________________

 

INDENTURE

 

DATED AS OF

 

_______, 2018

 

DEBT SECURITIES

 

    	 	 	 

     

    

 

BIOHITECH GLOBAL, INC.

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE
ACT OF 1939

AND INDENTURE, DATED AS OF _______ ___,
2018

 

	Section of Trust Indenture Act of 1939	 	Section(s) of Indenture
	 	 	 
	§ 310(a)(1)	 	609
	(a)(2)	 	609
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	609
	(b)	 	608, 610
	§ 311(a)	 	613
	(b)	 	613
	(c)	 	Not Applicable
	§ 312(a)	 	701, 702 (a)
	(b)	 	702 (b)
	(c)	 	702 (b)
	§ 313(a)	 	703 (a)
	(b)	 	703 (a)
	(c)	 	703 (a)
	(d)	 	703 (b)
	§ 314(a)	 	704, 1005
	(b)	 	Not Applicable
	(c)(1)	 	103
	(c)(2)	 	103
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	103
	§ 315(a)	 	601 (a)
	(b)	 	602
	(c)	 	601 (b)
	(d)	 	601 (c)
	(d)(1)	 	601 (c) (1)
	(d)(2)	 	601 (c) (2)
	(d)(3)	 	601 (c) (3)
	(e)	 	511
	§ 316(a)(1)(A)	 	505
	(a)(1)(B)	 	504
	(a)(2)	 	Not Applicable
	(a)(last sentence)	 	101
	(b)	 	507
	(c)	 	105
	§ 317(a)(1)	 	503
	(a)(2)	 	509
	(b)	 	1003
	§ 318(a)	 	108
	(b)	 	Not Applicable
	(c)	 	108

 

 

  

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

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	SECTION 101.	DEFINITIONS.	1
	SECTION 102.	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.	8
	SECTION 103.	COMPLIANCE CERTIFICATES AND OPINIONS.	9
	SECTION 104.	FORM OF DOCUMENTS DELIVERED TO TRUSTEE.	9
	SECTION 105.	ACTS OF HOLDERS; RECORD DATES.	10
	SECTION 106.	NOTICES, ETC., TO TRUSTEE AND COMPANY.	11
	SECTION 107.	NOTICE TO HOLDERS; WAIVER.	12
	SECTION 108.	CONFLICT WITH TRUST INDENTURE ACT.	12
	SECTION 109.	EFFECT OF HEADINGS AND TABLE OF CONTENTS.	12
	SECTION 110.	SUCCESSORS AND ASSIGNS.	12
	SECTION 111.	SEPARABILITY CLAUSE.	12
	SECTION 112.	BENEFITS OF INDENTURE.	12
	SECTION 113.	GOVERNING LAW.	13
	SECTION 114.	LEGAL HOLIDAYS.	13
	SECTION 115.	CORPORATE OBLIGATION.	13
	SECTION 116.	WAIVER OF TRIAL JURY.	13
	SECTION 117.	FORCE MAJEURE.	13
	 	 	 
	ARTICLE II SECURITY FORMS	14
	 	 	 
	SECTION 201.	FORMS GENERALLY.	14
	SECTION 202.	FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.	14
	SECTION 203.	SECURITIES IN GLOBAL FORM.	14
	SECTION 204.	BOOK-ENTRY SECURITIES.	15
	 	 	 
	ARTICLE III THE SECURITIES	17
	 	 	 
	SECTION 301.	AMOUNT UNLIMITED; ISSUABLE IN SERIES.	17
	SECTION 302.	DENOMINATIONS.	19
	SECTION 303.	EXECUTION, AUTHENTICATION, DELIVERY AND DATING.	19
	SECTION 304.	TEMPORARY SECURITIES.	20
	SECTION 305.	REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.	21
	SECTION 306.	MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.	22
	SECTION 307.	PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.	23
	SECTION 308.	PERSONS DEEMED OWNERS.	24
	SECTION 309.	CANCELLATION.	24
	SECTION 310.	COMPUTATION OF INTEREST.	25
	SECTION 311.	CUSIP NUMBERS.	25
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE; LEGAL DEFEASANCE AND  COVENANT DEFEASANCE	25
	 	 	 
	SECTION 401.	SATISFACTION AND DISCHARGE OF INDENTURE.	25
	SECTION 402.	OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.	26

 

    	 	 	 

     

    

 

	SECTION 403.	LEGAL DEFEASANCE AND DISCHARGE.	26
	SECTION 404.	COVENANT DEFEASANCE.	27
	SECTION 405.	CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.	27
	SECTION 406.	DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.	28
	SECTION 407.	REPAYMENT TO COMPANY.	29
	SECTION 408.	REINSTATEMENT.	29
	 	 	 
	ARTICLE V REMEDIES	29
	 	 	 
	SECTION 501.	EVENTS OF DEFAULT.	29
	SECTION 502.	ACCELERATION.	31
	SECTION 503.	OTHER REMEDIES.	31
	SECTION 504.	WAIVER OF PAST DEFAULTS.	31
	SECTION 505.	CONTROL BY MAJORITY.	32
	SECTION 506.	LIMITATION ON SUITS.	32
	SECTION 507.	RIGHTS OF HOLDERS OF SECURITIES TO RECEIVE PAYMENT.	32
	SECTION 508.	COLLECTION SUIT BY TRUSTEE.	32
	SECTION 509.	TRUSTEE MAY FILE PROOFS OF CLAIM.	33
	SECTION 510.	PRIORITIES.	33
	SECTION 511.	UNDERTAKING FOR COSTS.	33
	 	 	 
	ARTICLE VI THE TRUSTEE	34
	 	 	 
	SECTION 601.	CERTAIN DUTIES AND RESPONSIBILITIES.	34
	SECTION 602.	NOTICE OF DEFAULTS.	35
	SECTION 603.	CERTAIN RIGHTS OF TRUSTEE.	35
	SECTION 604.	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.	36
	SECTION 605.	MAY HOLD SECURITIES.	37
	SECTION 606.	MONEY HELD IN TRUST.	37
	SECTION 607.	COMPENSATION AND REIMBURSEMENT.	37
	SECTION 608.	DISQUALIFICATION; CONFLICTING INTERESTS.	38
	SECTION 609.	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.	38
	SECTION 610.	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.	38
	SECTION 611.	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.	40
	SECTION 612.	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.	41
	SECTION 613.	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.	41
	SECTION 614.	APPOINTMENT OF AUTHENTICATING AGENT.	41
	 	 	 
	ARTICLE VII HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY	42
	 	 	 
	SECTION 701.	COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.	42
	SECTION 702.	PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.	43
	SECTION 703.	REPORTS BY TRUSTEE.	43
	SECTION 704.	REPORTS BY COMPANY.	43
	 	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE,  TRANSFER OR LEASE	44

 

    	 	 	 

     

    

 

	SECTION 801.	COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.	44
	SECTION 802.	SUCCESSOR PERSON SUBSTITUTED.	45
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	45
	 	 	 
	SECTION 901.	WITHOUT CONSENT OF HOLDERS.	45
	SECTION 902.	WITH CONSENT OF HOLDERS.	46
	SECTION 903.	COMPLIANCE WITH TRUST INDENTURE ACT.	47
	SECTION 904.	REVOCATION AND EFFECT OF CONSENTS.	47
	SECTION 905.	NOTATION ON OR EXCHANGE OF SECURITIES.	47
	SECTION 906.	TRUSTEE TO SIGN AMENDMENTS, ETC.	47
	 	 	 
	ARTICLE X COVENANTS	48
	 	 	 
	SECTION 1001.	PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.	48
	SECTION 1002.	MAINTENANCE OF OFFICE OR AGENCY.	48
	SECTION 1003.	MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.	48
	SECTION 1004.	EXISTENCE.	49
	SECTION 1005.	STATEMENT BY OFFICERS AS TO DEFAULT.	50
	SECTION 1006.	WAIVER OF CERTAIN COVENANTS.	50
	SECTION 1007.	ADDITIONAL AMOUNTS.	50
	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	51
	 	 	 
	SECTION 1101.	APPLICABILITY OF ARTICLE.	51
	SECTION 1102.	ELECTION TO REDEEM; NOTICE TO TRUSTEE.	51
	SECTION 1103.	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.	51
	SECTION 1104.	NOTICE OF REDEMPTION.	52
	SECTION 1105.	DEPOSIT OF REDEMPTION PRICE.	52
	SECTION 1106.	SECURITIES PAYABLE ON REDEMPTION DATE.	52
	SECTION 1107.	SECURITIES REDEEMED IN PART.	53
	SECTION 1108.	PURCHASE OF SECURITIES.	53
	 	 	 
	ARTICLE XII SINKING FUNDS	53
	 	 	 
	SECTION 1201.	APPLICABILITY OF ARTICLE.	53
	SECTION 1202.	SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.	54
	SECTION 1203.	REDEMPTION OF SECURITIES FOR SINKING FUND.	54
	 	 	 
	ARTICLE XIII MEETINGS OF HOLDERS OF SECURITIES	54
	 	 	 
	SECTION 1301.	PURPOSES FOR WHICH MEETINGS MAY BE CALLED.	54
	SECTION 1302.	CALL, NOTICE AND PLACE OF MEETINGS.	54
	SECTION 1303.	PERSONS ENTITLED TO VOTE AT MEETINGS.	55
	SECTION 1304.	QUORUM; ACTION.	55
	SECTION 1305.	DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS.	56
	SECTION 1306.	COUNTING VOTES AND RECORDING ACTION OF MEETINGS.	56

 

    	 	 	 

     

    

   

INDENTURE

 

THIS Indenture, dated
as of ________ ___, 2018, between BioHiTech Global, Inc., a corporation duly organized and existing under the laws of the State
of Delaware (herein called the “Company”), having its principal office at 80 Red Schoolhouse Road, Chestnut Ridge,
New York 10977 , and ________________, a ________ banking corporation, as Trustee (herein called the “Trustee”) the
office of the Trustee at which at the date hereof its corporate trust business is principally administered being ______________________.

 

RECITALS OF THE COMPANY

 

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

 

The Securities of each
series will be in such form as may be established by or pursuant to a Board Resolution or in one or more indentures supplemental
hereto, in each case with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted
by this Indenture, and may have such letters, numbers, or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined
by the officers executing such Securities, as evidenced by their execution of the Securities.

 

This Indenture is subject
to the provisions of the Trust Indenture Act and the rules and regulations of the SEC promulgated thereunder that are required
to be part of this Indenture and, to the extent applicable, shall be governed by such provisions.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE
I

 

DEFINITIONS AND OTHER
PROVISIONS

OF GENERAL APPLICATION

 

SECTION 101.       DEFINITIONS.

 

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

 

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

 

    	 	 	 

     

    

 

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

 

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

 

Certain terms, used principally
in Article V, are defined in Section 102.

 

“Act” when
used with respect to any Holder, has the meaning specified in Section 105.

 

“Additional Amounts”
means any additional amounts that are required by the express terms of a Security or by or pursuant to a Board Resolution, under
circumstances specified therein or pursuant thereto, to be paid by the Company with respect to certain taxes, assessments or other
governmental charges imposed on certain Holders and that are owing to such Holders.

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee to act on behalf of the Trustee pursuant to Section 614 to authenticate
Securities of one or more series.

 

“Authorized Newspaper”
means a newspaper, in the English language or in an official language of the country of publication, customarily published on each
Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection
with which the term is used or in the financial community of such place. Where successive publications are required to be made
in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting
the foregoing requirements and in each case on any Business Day.

 

“Board of Directors”
means

 

(1)         with
respect to a corporation, the board of directors of the corporation;

 

(2)         with
respect to a partnership, the board of directors of the general partner of the partnership; and

 

(3)         with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Board Resolution”
means, with respect to any Person, a resolution of such Person duly adopted by the Board of Directors of such Person and in full
force and effect.

 

“Book-Entry Security”
has the meaning specified in Section 204.

 

    	 	-2-	 

     

    

 

“Business Day,”
when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
which banking institutions in that Place of Payment or the city in which the Corporate Trust Office is located are authorized or
obligated by law or executive order to close.

 

“Capital Lease
Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital
lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.

 

“Capital Stock”
means:

 

(i)          in
the case of a corporation, corporate stock;

 

(ii)         in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(iii)        in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(iv)        any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

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

 

“Company Request”
and “Company Order” mean, respectively, a written request or order signed in the name of the Company by its Chairman
of the Board, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller, an Assistant Controller,
its Secretary or an Assistant Secretary, and delivered to the Trustee.

 

“Corporate Trust
Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date hereof is that indicated in the introductory paragraph of this Indenture or such other address
as the Trustee may designate from time to time by notice to the Holders and the Company.

 

“Currency Agreement”
means, with respect to any specified Person, any foreign exchange contract, currency swap agreement or other similar agreement
or arrangement designed to protect such specified Person against fluctuations in currency values.

 

“Default”
means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an
Event of Default.

 

“Defaulted Interest”
has the meaning specified in Section 307.

 

“Depositary”
means, with respect to the Securities of any series issuable or issued in the form of a global Security, the Person designated
as Depositary by the Company pursuant to Section 301 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary
hereunder, and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any series shall mean the Depositary with respect to the Securities of that series.

 

    	 	-3-	 

     

    

 

“Dollar”
or “$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be
legal tender for the payment of public and private debts.

 

“Event of Default”
has the meaning specified in Section 501.

 

“GAAP” means
generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the
United States of America, as in effect as of the date of issuance of Securities.

 

“Guarantee”
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct
or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements), of all or any part of Indebtedness.

 

“Guarantor”
means any Subsidiary that incurs a Guarantee.

 

“Hedging Agreement”
means, with respect to any Person, any agreement with respect to the hedging of price risk associated with the purchase of commodities
used in the business of such Person, so long as any such agreement has been entered into in the ordinary course of business and
not for purposes of speculation.

 

“Holder”
when used with respect to any Security, means the Person in whose name the Security is registered in the Security Register.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent, in respect of:

 

(1)         borrowed
money;

 

(2)         evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) (other
than obligations with respect to letters of credit securing obligations (other than obligations described in clause (1), (2) and
(4) of this definition) entered into in the ordinary course of business of such Person to the extent that such letters of credit
are not drawn upon);

 

(3)         banker’s
acceptances;

 

(4)         any
Capital Lease Obligations;

 

(5)         the
balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense
or trade payable incurred in the ordinary course of business; or

 

(6)         any
Hedging Agreements,

 

if and to the extent any of the preceding
items (other than letters of credit and Hedging Agreements) would appear as a liability upon a balance sheet of the specified Person
prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured
by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the
extent not otherwise included, the guarantee by the specified Person of any indebtedness of any other Person.

 

    	 	-4-	 

     

    

 

The amount of any Indebtedness
outstanding as of any date shall be:

 

(1)         the
accreted value thereof, in the case of any Indebtedness issued with original issue discount; and

 

(2)         the
principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series
of Securities established as contemplated by Section 301 and the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument.

 

“Interest Payment
Date,” means the Stated Maturity of an installment of interest on such Security.

 

“Interest Swap
Obligations,” means the obligations of any Person pursuant to any arrangement with any other Person, whereby directly or
indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or
a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other Person calculated by
applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate
swaps, options, caps, floors, collars and similar agreements.

 

“Lien” means
any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale
or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest).

 

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

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, the President or a Vice President, and by the Treasurer,
the Controller, the Secretary or an Assistant Treasurer, Assistant Controller or Assistant Secretary, of the Company, and delivered
to the Trustee, which certificate shall be in compliance with Section 103 hereof.

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for or an employee of the Company, rendered, if applicable, in accordance
with Section 314(c) of the Trust Indenture Act, which opinion shall be in compliance with Section 103 hereof.

 

“Original Issue
Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

 

    	 	-5-	 

     

    

 

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

 

(i)          Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

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

 

(iii)        Securities
that have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company;

 

provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, or whether a quorum is present at a meeting of Holders of Securities, (a) the principal
amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the principal amount
thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to
Section 502, (b) the principal amount of a Security denominated in a foreign currency shall be the U.S. Dollar equivalent, determined
by the Company on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue
Discount Security, the U.S. Dollar equivalent, determined on the date of original issuance of such Security, of the amount determined
as provided in (a) above), of such Security and (c) Securities owned by the Company or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver
or upon any such determination as to the presence of a quorum, only Securities which the Trustee knows to be so owned shall be
so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is
not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent”
means any Person, which may include the Company, authorized by the Company to pay the principal of (and premium, if any) or interest
on any one or more series of Securities on behalf of the Company.

 

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

 

“Place of Payment”
when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if any)
and interest on the Securities of that series are payable as specified in accordance with Section 301 subject to the provisions
of Section 1002.

 

“Post-Petition
Interest” means any interest that accrues after the commencement of any case, proceeding or other action relating to the
bankruptcy, insolvency or reorganization of the Company (or would accrue but for the operation of applicable bankruptcy or insolvency
laws), whether or not such interest is allowed or allowable as a claim in any such proceeding.

 

    	 	-6-	 

     

    

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

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

 

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

 

“Registered Security”
means any Security in the form established pursuant to Section 201 which is registered in the Security Register.

 

“Regular Record
Date” for the interest payable on any Interest Payment Date on the Registered Securities of any series means the date specified
for that purpose as contemplated by Section 301, or, if not so specified, the last day of the calendar month preceding such Interest
Payment Date if such Interest Payment Date is the fifteenth day of the calendar month or the fifteenth day of the calendar month
preceding such Interest Payment Date if such Interest Payment Date is the first day of a calendar month, whether or not such day
shall be a Business Day.

 

“Responsible Officer”
when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee including any vice-president,
assistant vice-president, assistant treasurer, trust officer or any other officer who customarily performs functions similar to
those performed by the Persons who at the time shall be such officers who have direct responsibility for the administration of
the Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject.

 

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

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 305.

 

“Special Record
Date” for the payment of any Defaulted Interest on the Registered Securities of any series means a date fixed by the Trustee
pursuant to Section 307.

 

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

 

“Subsidiary”
means, with respect to any specified Person:

 

(i)          any
corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election
of directors under ordinary circumstances shall at the time be owned, directly or indirectly by such Person; or

 

(ii)         any
other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or indirectly,
owned by such Person.

 

    	 	-7-	 

     

    

 

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

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as provided
in Section 903.

 

“United States”
means the United States of America (including the States and the District of Columbia) and its “possessions,” which
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

“United States
Alien” means any Person who, for United States federal income tax purposes, is a foreign corporation, a nonresident alien
individual, a nonresident alien or foreign fiduciary of an estate or trust, or a foreign partnership.

 

“U.S. Government
Obligations” means direct noncallable obligations of, or noncallable obligations the payment of principal of and interest
on which is guaranteed by, the United States of America, or to the payment of which obligations or guarantees the full faith and
credit of the United States of America is pledged, or beneficial interests in a trust the corpus of which consists exclusively
of money or such obligations or a combination thereof.

 

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

 

“Wholly Owned Subsidiary”
of any Person means any Subsidiary of such Person of which all the outstanding voting securities (other than in the case of a Restricted
Subsidiary that is incorporated in a jurisdiction other than a State in the United States of America or the District of Columbia,
directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable
law) are owned by such Person or any Wholly Owned Subsidiary of such Person.

 

“Yield to Maturity”
when used with respect to any Original Issue Discount Security, means the yield to maturity, if any, set forth on the face thereof.

 

SECTION 102.     INCORPORATION
BY REFERENCE OF TRUST INDENTURE ACT.

 

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

 

“Bankruptcy Act”
means the Bankruptcy Act or Title 11 of the United States Code, as amended.

 

“indenture securities”
means the Securities.

 

“indenture securityholder”
means a Holder.

 

“indenture to be
qualified” means this Indenture.

 

    	 	-8-	 

     

    

 

“indenture trustee”
or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company or any other obligor on the Securities.

 

All terms used in this
Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by
SEC rule under the Trust Indenture Act and not otherwise defined herein have the meanings assigned to them therein.

 

SECTION 103.     COMPLIANCE
CERTIFICATES AND OPINIONS.

 

Except as otherwise expressly
provided by this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision
of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent,
if any (including any covenants the compliance with which constitutes a condition precedent), provided for in this Indenture relating
to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions
precedent, if any (including any covenants the compliance with which constitutes a condition precedent), have been complied with,
except that in the case of any such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need
be furnished.

 

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

 

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

 

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

 

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

 

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

 

SECTION 104.     FORM
OF DOCUMENTS DELIVERED TO TRUSTEE.

 

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

 

    	 	-9-	 

     

    

 

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

 

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

 

SECTION 105.     ACTS
OF HOLDERS; RECORD DATES.

 

(1)         Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required,
to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments and so voting at any
such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding of any Person
of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved
in the manner provided in Section 1306.

 

The Company may set in
advance a record date for purposes of determining the identity of Holders of Registered Securities entitled to vote or consent
to any action by vote or consent authorized or permitted under this Indenture. If not set by the Company prior to the first solicitation
of a Holder of Registered Securities of such series made by any Person in respect of any such action, or in the case of any such
vote, prior to such vote, the record date for any such action or vote shall be the later of 30 days prior to such first solicitation
of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. If a record
date is fixed, those Persons who were Holders of Outstanding Registered Securities at such record date (or their duly designated
proxies), and only those Persons, shall be entitled with respect to such Securities to take such action by vote or consent or to
revoke any vote or consent previously given, whether or not such Persons continue to be Holders after such record date. Promptly
after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice thereof to be given
to the Trustee in writing in the manner provided in Section 106 and to the relevant Holders as set forth in Section 107.

 

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

 

(3)         The
principal amount and serial numbers of Registered Securities held by any Person, and the date of holding the same, shall be proved
by the Security Register.

 

    	 	-10-	 

     

    

 

(4)         Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security. Any Holder or subsequent Holder may revoke the request,
demand, authorization, direction, notice, consent or other Act as to his Security or portion of his Security; provided,
however, that such revocation shall be effective only if the Trustee receives the notice of revocation before the date the
Act becomes effective.

 

SECTION 106.     NOTICES,
ETC., TO TRUSTEE AND COMPANY.

 

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

 

(1)         the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or

 

(2)         the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified
in the first paragraph of this Indenture or at any other address previously furnished in writing to the Trustee by the Company,
Attention: Corporate Secretary.

 

The Company or the Trustee,
by notice to the other, may designate additional or different addresses for subsequent notices or communications.

 

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

 

Any notice or communication
to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next-day delivery to its address shown on the Security Register. Any notice or communication shall also be so mailed
to any Person described in TIA Section 313(c), to the extent required by the TIA. Failure to mail a notice or communication to
a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

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

 

If the Company mails
a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 

    	 	-11-	 

     

    

 

SECTION 107.     NOTICE
TO HOLDERS; WAIVER.

 

Where this Indenture
provides for notice to Holders of Securities of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such
Holder as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice.

 

In case by reason of
the suspension of regular mail service, or by reason of any other cause it shall be impracticable to give such notice to Holders
of Registered Securities by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder. In any case in which notice to Holders of Registered Securities is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Registered Security, shall
affect the sufficiency of such notice with respect to other Holders of Registered Securities.

 

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

SECTION 108.     CONFLICT
WITH TRUST INDENTURE ACT.

 

If any provision hereof
limits, qualifies or conflicts with any provision of the Trust Indenture Act or another provision hereof required to be included
in this Indenture by any of the provisions of the Trust Indenture Act, such provision of the Trust Indenture Act shall control.
If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded,
the former provision shall be deemed to apply to this Indenture as so modified or to be excluded.

 

SECTION
109.     EFFECT OF HEADINGS AND TABLE OF CONTENTS.

 

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

 

SECTION
110.     SUCCESSORS AND ASSIGNS.

 

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

 

SECTION
111.     SEPARABILITY CLAUSE.

 

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

 

SECTION
112.     BENEFITS OF INDENTURE.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder,
any Authenticating Agent, Paying Agent and Security Registrar, and the Holders, any benefit or any legal or equitable right, remedy
or claim under this Indenture.

 

    	 	-12-	 

     

    

 

SECTION
113.     GOVERNING LAW.

 

This Indenture and the
Securities shall be governed by and construed in accordance with the laws of the State of New York, but without giving effect to
applicable principles of conflicts of law to the extent the application of the laws of another jurisdiction would be required thereby.

 

SECTION
114.     LEGAL HOLIDAYS.

 

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

 

SECTION
115.     CORPORATE OBLIGATION.

 

No recourse may be taken,
directly or indirectly, against any incorporator, subscriber to the capital stock, stockholder, officer, director or employee of
the Company or the Trustee or of any predecessor or successor of the Company or the Trustee with respect to the Company’s
obligations on the Securities or the obligations of the Company or the Trustee under this Indenture or any certificate or other
writing delivered in connection herewith.

 

SECTION
116.     WAIVER OF TRIAL JURY.

 

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

 

SECTION
117.     FORCE MAJEURE.

 

In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

 

    	 	-13-	 

     

    

 

ARTICLE
II

 

SECURITY FORMS

 

SECTION
201.     FORMS GENERALLY.

 

The Securities of each
series shall be Registered Securities and shall be in substantially such form or forms (including temporary or permanent global
form) as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such
Securities, as evidenced by their execution of the Securities. If temporary Securities of any series are issued in global form
as permitted by Section 304, the form thereof shall be established as provided in the preceding sentence. A copy of the Board Resolution
establishing the form or forms of Securities of any series (or any such temporary global Security) shall be delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities
(or any such temporary global Security).

 

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

 

SECTION
202.     FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.

 

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

 

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

 

	 	By	 
	 	 	AUTHORIZED OFFICER”

 

SECTION
203.     SECURITIES IN GLOBAL FORM.

 

If Securities of a series
are issuable in global form, as contemplated by Section 301, then, notwithstanding clause (10) of Section 301 and the provisions
of Section 302, any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein
and may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that
the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement
of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified
in such Security or in a Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the provisions
of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form in
the manner and upon instructions given by the Person or Persons specified in such Security or in the applicable Company Order.
If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section
103 and need not be accompanied by an Opinion of Counsel.

 

The provisions of the
last sentence of Section 303 shall apply to any Security in global form if such Security was never issued and sold by the Company
and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with
Section 103 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities
represented thereby, together with the written statement contemplated by the last sentence of Section 303.

 

    	 	-14-	 

     

    

 

Notwithstanding the provisions
of Sections 201 and 307, unless otherwise specified as contemplated by Section 301, payment of principal of (and premium, if any)
and interest on any Security in permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions
of Section 308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company or of the
Trustee shall treat a Person as the Holder of such principal amount of Outstanding Securities represented by a global Security
as shall be specified in a written statement, if any, of the Holder of such global Security, which is produced to the Security
Registrar by such Holder.

 

Global Securities may
be issued in either temporary or permanent form. Permanent global Securities will be issued in definitive form.

 

SECTION
204.     BOOK-ENTRY SECURITIES.

 

Notwithstanding any provision
of this Indenture to the contrary:

 

(a)          At
the discretion of the Company, any Registered Security may be issued from time to time, in whole or in part, in permanent global
form registered in the name of a Depositary, or its nominee. Each such Registered Security in permanent global form is hereafter
referred to as a “Book-Entry Security.” Subject to Section 303, upon such election, the Company shall execute, and
the Trustee or an Authenticating Agent shall authenticate and deliver, one or more Book-Entry Securities that (i) are denominated
in an amount equal to the aggregate principal amount of the Outstanding Securities of such series if elected in whole or such lesser
amount if elected in part, (ii) are registered in the name of the Depositary or its nominee, (iii) are delivered by the Trustee
or an Authenticating Agent to the Depositary or pursuant to the Depositary’s instructions and (iv) bear a legend in substantially
the following form (or such other form as the Depositary and the Company may agree upon):

 

UNLESS THIS SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY], TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [NOMINEE OF THE DEPOSITARY] OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY] (AND ANY PAYMENT IS MADE TO [NOMINEE OF THE DEPOSITARY] OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY]), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [NOMINEE OF THE DEPOSITARY], HAS AN INTEREST HEREIN.

 

(b)          Any
Book-Entry Security shall be initially executed and delivered as provided in Section 303. Notwithstanding any other provision of
this Indenture, unless and until it is exchanged in whole or in part for Registered Securities not issued in global form, a Book-Entry
Security may not be transferred except as a whole by the Depositary to a nominee of such Depositary, by a nominee of such Depositary
to such Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary.

 

    	 	-15-	 

     

    

 

(c)          If
at any time the Depositary notifies the Company or the Trustee that it is unwilling or unable to continue as Depositary for any
Book-Entry Securities, the Company shall appoint a successor Depositary, whereupon the retiring Depositary shall surrender or cause
the surrender of its Book-Entry Security or Securities to the Trustee. The Trustee shall promptly notify the Company upon receipt
of such notice. If a successor Depositary has not been so appointed by the effective date of the resignation of the Depositary,
the Book-Entry Securities will be issued as Registered Securities not issued in global form, in an aggregate principal amount equal
to the principal amount of the Book-Entry Security or Securities theretofore held by the Depositary.

 

The Company
may at any time and in its sole discretion determine that the Securities shall no longer be Book-Entry Securities represented by
a global certificate or certificates, and will so notify the Depositary. Upon receipt of such notice, the Depositary shall promptly
surrender or cause the surrender of its Book-Entry Security or Securities to the Trustee. Concurrently therewith, Registered Securities
not issued in global form will be issued in an aggregate principal amount equal to the principal amount of the Book-Entry Security
or Securities theretofore held by the Depositary.

 

Upon any
exchange of Book-Entry Securities for Registered Securities not issued in global form as set forth in this Section 204(c), such
Book-Entry Securities shall be cancelled by the Trustee, and Securities issued in exchange for such Book-Entry Securities pursuant
to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Book-Entry Securities,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee or any
Authenticating Agent shall deliver such Securities to the Persons in whose names such Securities are so registered.

 

(d)          The
Company and the Trustee shall be entitled to treat the Person in whose name any Book-Entry Security is registered as the Holder
thereof for all purposes of the Indenture and any applicable laws, notwithstanding any notice to the contrary received by the Trustee
or the Company; and the Trustee and the Company shall have no responsibility for transmitting payments to, communication with,
notifying, or otherwise dealing with any beneficial owners of any Book-Entry Security. Neither the Company nor the Trustee shall
have any responsibility or obligations, legal or otherwise, to the beneficial owners or to any other party including the Depositary,
except for the Holder of any Book-Entry Security; provided however, notwithstanding anything herein to the contrary, (i)
for the purposes of determining whether the requisite principal amount of Outstanding Securities have given, made or taken any
request, demand, authorization, direction, notice, consent, waiver, instruction or other action hereunder as of any date, the Trustee
shall treat any Person specified in a written statement of the Depositary with respect to any Book-Entry Securities as the Holder
of the principal amount of such Securities set forth therein and (ii) nothing herein shall prevent the Company, the Trustee, or
any agent of the Company or Trustee, from giving effect to any written certification, proxy or other authorization furnished by
a Depositary with respect to any Book-Entry Securities, or impair, as between a Depositary and holders of beneficial interests
in such Securities, the operation of customary practices governing the exercise of the rights of the Depositary as Holder of such
Securities.

 

(e)          So
long as any Book-Entry Security is registered in the name of a Depositary or its nominee, all payments of the principal of (and
premium, if any) and interest on such Book-Entry Security and redemption thereof and all notices with respect to such Book-Entry
Security shall be made and given, respectively, in the manner provided in the arrangements of the Company with such Depositary.

 

    	 	-16-	 

     

    

 

ARTICLE
III

 

THE SECURITIES

 

SECTION
301.     AMOUNT UNLIMITED; ISSUABLE IN SERIES.

 

The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be
issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 

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

 

(2)         any
limit, if any, upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu
of, other Securities of the series pursuant to Section 304, 305, 306, 905 or 1107);

 

(3)         whether
Securities of the series are to be issuable as Registered Securities, whether any Securities of the series are to be issuable initially
in temporary global form and whether any Securities of the series are to be issuable in permanent global form, as Book-Entry Securities
or otherwise, and, if so, whether beneficial owners of interests in any such permanent global Security may exchange such interests
for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such
exchanges may occur, if other than in the manner provided in Section 305, and the Depositary for any global Security or Securities;

 

(4)         the
manner in which any interest payable on a temporary global Security on any Interest Payment Date will be paid if other than in
the manner provided in Section 304;

 

(5)         the
date or dates on which the principal of (and premium, if any, on) the Securities of the series is payable or the method of determination
thereof;

 

(6)         the
rate or rates, or the method of determination thereof, at which the Securities of the series shall bear interest, if any, whether
and under what circumstances Additional Amounts with respect to such Securities shall be payable, the date or dates from which
such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and, if other than as set forth
in Section 101, the Regular Record Date for the interest payable on any Registered Securities on any Interest Payment Date;

 

(7)         if
other than the Corporate Trust Office of the Trustee, the place or places where, subject to the provisions of Section 1002, the
principal of (and premium, if any), any interest on and any Additional Amounts with respect to the Securities of the series shall
be payable;

 

(8)         the
period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms
and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company
is to have that option, and the manner in which the Company must exercise any such option;

 

    	 	-17-	 

     

    

 

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

 

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

 

(11)        the
currency or currencies (including composite currencies) in which payment of the principal of (and premium, if any), any interest
on and any Additional Amounts with respect to the Securities of the series shall be payable if other than the currency of the United
States of America;

 

(12)        if
the principal of (and premium, if any) or interest on the Securities of the series are to be payable, at the election of the Company
or a Holder thereof, in a currency or currencies (including composite currencies) other than that in which the Securities are stated
to be payable, the currency or currencies (including composite currencies) in which payment of the principal of (and premium, if
any) and interest on and any Additional Amounts with respect to Securities of such series as to which such election is made shall
be payable, and the periods within which and the terms and conditions upon which such election is to be made;

 

(13)        if
the amount of payments of principal of (and premium, if any), any interest on and any Additional Amounts with respect to the Securities
of the series may be determined with reference to any commodities, currencies or indices, or values, rates or prices, the manner
in which such amounts shall be determined;

 

(14)        if
other than the entire principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

(15)        any
additional means of satisfaction and discharge of this Indenture with respect to Securities of the series pursuant to Section 401,
any additional conditions to discharge pursuant to Section 401, 402, 403, 404, or 405, and the application, if any, of Section
403 and 404;

 

(16)        any
deletions or modifications of or additions to the Events of Default set forth in Section 501, the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502, or the covenants of
the Company set forth in Article X pertaining to the Securities of the series;

 

(17)        the
terms, if any, on which the Securities of any series may be converted into or exchanged for stock or other securities of the Company
or other entities, any specific terms relating to the adjustment thereof and the period during which such Securities may be so
converted or exchanged;

 

(18)        whether
the Securities of a series will be issued as part of units consisting of Securities and other securities of the Company or another
issuer; and

 

(19)        any
other terms of the series permitted under the provisions of the Trust Indenture Act.

 

    	 	-18-	 

     

    

 

All Securities of any
one series shall be substantially identical except, in the case of Registered Securities, as to denomination and except as may
otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined
in the manner provided, in the Officers’ Certificate referred to above or in any such indenture supplemental hereto.

 

All Securities of any
one series need not be issued at the same time and, unless otherwise provided in such Board Resolution or supplemental indenture,
a series may be reopened for issuances of additional Securities of such series pursuant to a Board Resolution or in any indenture
supplemental hereto.

 

At the option of the
Company, interest on the Registered Securities of any series that bears interest may be paid by mailing a check or otherwise transmitting
payment to the address of any Holder as such address shall appear in the Security Register.

 

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

 

SECTION 302.     DENOMINATIONS.

 

The Securities of each
series shall be issuable in such denominations as shall be specified as contemplated by Section 301. In the absence of any such
provisions with respect to the Securities of any series, the Registered Securities of such series denominated in Dollars shall
be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. Unless otherwise provided as contemplated
by Section 301 with respect to any series of Securities, any Securities of a series denominated in a currency other than Dollars
shall be issuable in denominations that are the equivalent, as determined by the Company by reference to the noon buying rate in
the City of New York for cable transfers for such currency, as such rate is reported or otherwise made available by the Federal
Reserve Bank of New York, on the applicable issue date for such Securities, of $2,000 and any integral multiple of $1,000 in excess
thereof.

 

SECTION
303.      EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

 

The Securities shall
be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President, its Chief Financial
Officer, its Treasurer or one of its Vice Presidents, under its corporate seal reproduced thereon or affixed thereto attested by
its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.
Coupons shall bear the facsimile signature of the Chairman of the Board, President, Treasurer or any Vice President of the Company.

 

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

 

At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities,
and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities as in this Indenture provided
and not otherwise.

 

    	 	-19-	 

     

    

 

If the form or terms
of the Securities of the series have been established in or pursuant to one or more Board Resolutions or Officer’s Certificate
as permitted by Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be given (in addition to the other documents required by Section 103
hereof), and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(a)          if
the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such form
has been established in conformity with the provisions of this Indenture;

 

(b)          if
the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms
have been established in conformity with the provisions of this Indenture; and

 

(c)          that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance
with their terms, except as such enforcement is subject to the effect of bankruptcy, insolvency, fraudulent conveyance, reorganization
or other laws relating to or affecting creditors’ rights, and general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law); provided that such Opinion of Counsel need express no opinion as to
whether a court in the United States would render a money judgment in currency other than that of the United States.

 

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

 

Each Security shall be
dated the date of its authentication.

 

No Security shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but
never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in
Section 309 together with a written statement (which need not comply with Section 103 and need not be accompanied by an Opinion
of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security
shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

SECTION
304.     TEMPORARY SECURITIES.

 

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

 

    	 	-20-	 

     

    

 

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

 

All Outstanding temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of
the same series and of like tenor authenticated and delivered hereunder.

 

SECTION
305.     REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

 

The Company shall cause
to be kept for each series of Securities at one of the offices or agencies maintained pursuant to Section 1002 a register (the
register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities of such series.
The Trustee is hereby initially appointed “Security Registrar” for the purpose of registering Securities and transfers
of Securities as herein provided.

 

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

 

At the option of the
Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series and of like tenor,
of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such
office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities that the Holder making the exchange is entitled to receive.

 

    	 	-21-	 

     

    

 

Notwithstanding the foregoing,
except as otherwise specified as contemplated by Section 301, any permanent global Security shall be exchangeable only as provided
in this paragraph. If the beneficial owners of interests in a permanent global Security are entitled to exchange such interest
for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified
as contemplated by Section 301, then without unnecessary delay but in any event not later than the earliest date on which such
interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities of that series in an aggregate principal
amount equal to the principal amount of such permanent global Security, executed by the Company. On or after the earliest date
on which such interests may be so exchanged, such permanent global Security shall be surrendered from time to time in accordance
with instructions given to the Trustee and the Depositary (which instructions shall be in writing but need not comply with Section
103 or be accompanied by an Opinion of Counsel) or such other depositary as shall be specified in the Company Order with respect
thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities
of the same series without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent
global Security, a like aggregate principal amount of other definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such permanent global Security to be exchanged; provided, however, that no such
exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities of that series
is to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in part, such permanent global
Security marked to evidence the partial exchange shall be returned by the Trustee to the Depositary or such other depositary referred
to above in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange for
any portion of a permanent global Security after the close of business at the office or agency where such exchange occurs on (i)
any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii)
any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of
Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed
date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date
or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent
global Security is payable in accordance with the provisions of this Indenture.

 

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

 

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

 

No service charge shall
be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchange pursuant to Section 304, 905 or 1107 not involving any transfer.

 

The Company shall not
be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of Securities of such series selected for redemption
and ending at the close of business on the day of the mailing of the relevant notice of redemption or (ii) to register the transfer
of or exchange any Registered Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part.

 

SECTION
306.     MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

 

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

 

    	 	-22-	 

     

    

 

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

 

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

 

Upon the issuance of
any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fee and expenses of the Trustee) connected
therewith.

 

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

 

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

 

SECTION
307.     PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

 

Interest on any Registered
Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person
in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest. Unless otherwise provided with respect to the Securities of any series, payment of interest may be made
at the option of the Company by check mailed or delivered to the address of any Person entitled thereto as such address shall appear
in the Security Register.

 

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

 

    	 	-23-	 

     

    

 

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

 

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

 

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

 

SECTION
308.     PERSONS DEEMED OWNERS.

 

Prior to due presentment
of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose
of receiving payment of principal of (and premium, if any) and (subject to Sections 305 and 307) interest on such Registered Security
and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent
of the Company or the Trustee shall be affected by notice to the contrary.

 

SECTION
309.     CANCELLATION.

 

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

 

    	 	-24-	 

     

    

 

SECTION
310.     COMPUTATION OF INTEREST.

 

Except as otherwise specified
as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the
basis of a year comprising twelve 30-day months.

 

SECTION
311.     CUSIP NUMBERS.

 

The Company, in issuing
the Securities, may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption
and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers.

 

ARTICLE
IV

 

SATISFACTION AND
DISCHARGE; LEGAL DEFEASANCE AND

COVENANT DEFEASANCE

 

SECTION
401.     SATISFACTION AND DISCHARGE OF INDENTURE.

 

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

 

(1)         either

 

(A)         all
such Securities of such series theretofore authenticated and delivered (other than (i) such Securities which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) such Securities of such series for whose
payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

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

 

(i)          have
become due and payable, or

 

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

 

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

 

    	 	-25-	 

     

    

 

and the Company, in the case
of (B)(i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee, as funds in trust for such purpose, an
amount in the currency or currencies or currency unit or units in which such Securities of such series are payable or U.S. Government
Obligations maturing as to principal and interest in such amounts and at such times as will, together with any interest thereon,
be sufficient to pay and discharge the entire indebtedness on such Securities of such series not theretofore delivered to the Trustee
for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction
and discharge of this Indenture with respect to the Outstanding Securities of such series pursuant to this Section 401, the obligations
of the Company to the Trustee under Section 607 and to any Authenticating Agent under Section 614 and, if money or U.S. Government
Obligations shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations
of the Trustee under Section 406, Article VI and the last paragraph of Section 1003 shall survive such satisfaction and discharge.

 

SECTION
402.     OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

In addition to the Company’s
rights under Section 401 (which shall not be affected by this Section 402), the Company may, at the option of its Board of Directors
evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 403 or 404 hereof
applied to all Outstanding Securities of any series upon compliance with the conditions set forth in Sections 403 through 406 hereof.

 

SECTION
403.     LEGAL DEFEASANCE AND DISCHARGE.

 

Upon the Company’s
exercise under Section 402 hereof of the option applicable to this Section 403, the Company and the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 405 hereof, be deemed to have been discharged from their obligations with
respect to all Outstanding Securities of a series on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by the Outstanding Securities of a series, which shall thereafter be deemed to be “outstanding”
only for the purposes of Section 406 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have
satisfied all its other obligations under such Securities and this Indenture (and the Trustee, on demand of and at the expense
of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive
until otherwise terminated or discharged hereunder: (a) the rights of Holders of Outstanding Securities of any series to receive
payments in respect of the principal of, premium, if any, and interest, if any, on such Securities when such payments are due from
the trust referred to in Section 405, (b) the Company’s obligations with respect to such Securities under Sections 304, 305,
306 and 1002 of this Indenture, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
obligations in connection therewith and (d) this Article IV. Subject to compliance with Sections 402 through 406 hereof, the Company
may exercise its option under this Section 403 notwithstanding the prior exercise of its option under Section 404 hereof.

 

    	 	-26-	 

     

    

 

SECTION
404.     COVENANT DEFEASANCE.

 

Upon the Company’s
exercise under Section 402 hereof of the option applicable to this Section 404, the Company shall, subject to the satisfaction
of the conditions set forth in Section 405 hereof, be released from the operation of Section 801 hereof with respect to the Outstanding
Securities of a series and any other covenant contained in the Board Resolution or supplemental indenture relating to such series
on and after the date the conditions set forth in Section 405 are satisfied (hereinafter, “Covenant Defeasance”), and
the Securities of such series shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver,
consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue
to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities shall not be
deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the Outstanding
Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission
to comply shall not constitute a Default or an Event of Default under Section 501 hereof, but, except as specified above, the remainder
of this Indenture and such series of Securities shall be unaffected thereby. In addition, upon the Company’s exercise under
Section 402 hereof of the option applicable to this Section 404 hereof, subject to the satisfaction of the conditions set forth
in Section 405 hereof, Sections 501(3) through 501(6) and Section 501(9) hereof shall not constitute Events of Default.

 

SECTION
405.     CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.

 

The following shall be
the conditions to the application of either Section 403 or 404 hereof to the Outstanding Securities of any series:

 

In order to exercise
either Legal Defeasance or Covenant Defeasance:

 

(a)          the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Securities, cash in United States
dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, to pay the principal of,
or interest and premium, if any, on the Outstanding Securities of such series on the Stated Maturity or on the applicable redemption
date, as the case may be, and the Company must specify whether the Securities are being defeased to maturity or to a particular
redemption date;

 

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

 

(c)          in
the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to
the Trustee confirming that the Holders of the Outstanding Securities of such series will not recognize income, gain or loss for
federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

    	 	-27-	 

     

    

 

(d)          no
Default or Event of Default shall have occurred and be continuing either: (i) on the date of such deposit (other than a Default
or Event of Default resulting from the borrowing of funds to be applied to such deposit); or (ii) insofar as Events of Default
from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit;

 

(e)          such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under any material
agreement or instrument (other than this Indenture) to which the Company is a party or by which the Company is bound;

 

(f)          the
Company must have delivered to the Trustee an Opinion of Counsel to the effect that, assuming no intervening bankruptcy of the
Company or any Guarantor between the date of deposit and the 91st day following the deposit and assuming that no Holder is an “insider”
of the Company under applicable bankruptcy law, after the 91st day following the deposit, the trust funds will not be subject to
the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally;

 

(g)          the
Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Securities over the other creditors of the Company with the intent of defeating, hindering,
delaying or defrauding creditors of the Company or others; and

 

(h)          the
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

SECTION
406.    DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

Subject to Section 407
hereof, all money and non callable U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 406, the “Trustee”) pursuant to Section 401 or
404 hereof in respect of the Outstanding Securities of any series shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Securities and this Indenture, to the payment, either directly or through any paying agent (including
the Company acting as paying agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become
due thereon in respect of principal, premium on , if any, and interest, but such money need not be segregated from other funds
except to the extent required by law.

 

The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government
Obligations deposited pursuant to Section 401 or 404 hereof or the principal and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities.

 

Anything in this Article
IV to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request
of the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 401 or 404 hereof which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance
or Covenant Defeasance or satisfaction and discharge of this Indenture.

 

    	 	-28-	 

     

    

 

SECTION
407.     REPAYMENT TO COMPANY.

 

Any money deposited with
the Trustee or any paying agent, or then held by the Company, in trust for the payment of the principal of, premium on, if any,
or interest on any Securities and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Company on its written request or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Securities shall thereafter, as an unsecured creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such paying agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such paying agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The
Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

 

SECTION
408.     REINSTATEMENT.

 

If the Trustee or Paying
Agent is unable to apply any money or U.S. Government Obligations deposited with respect to Securities of any series in accordance
with Section 401, 403 or 404 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture with
respect to the Securities of such series and the Securities of such series shall be revived and reinstated as though no deposit
had occurred pursuant to Section 401, 403 or 404 hereof until such time as the Trustee or Paying Agent is permitted to apply all
such money or U.S. Government Obligations in accordance with Section 401, 403 or 404 hereof, as the case may be; provided,
however, that, if the Company makes any payment of principal of, premium on, if any, or interest on any Securities following
the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive
such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent.

 

ARTICLE
V

 

REMEDIES

 

SECTION
501.     EVENTS OF DEFAULT.

 

An “Event of Default”
on a series occurs if:

 

(1)         the
Company defaults in the payment of interest on any Security of such series when the same becomes due and payable and the Default
continues for a period of 30 days;

 

(2)         the
Company defaults in the payment of the principal of any Security of such series when the same becomes due and payable at maturity,
upon redemption or otherwise;

 

(3)         the
Company fails to comply with any of its other agreements in the Securities of such series or this Indenture (as they relate thereto)
and the Default continues for the period and after the notice specified below (except in the case of a default with respect to
any Change of Control Provisions or Article VIII (or any replacement provisions contemplated by Article VIII), which will constitute
Events of Default with notice but without passage of time);

 

    	 	-29-	 

     

    

 

(4)         the
acceleration of any Indebtedness of the Company in an amount of $50 million or more, individually or in the aggregate, and such
acceleration does not cease to exist, or such Indebtedness is not satisfied, in either case within five days after such acceleration;

 

(5)        the
failure by the Company to make any principal or interest payment in an amount of $50 million or more, individually or in the aggregate,
in respect of Indebtedness of the Company within five days of such principal or interest becoming due and payable (after giving
effect to any applicable grace period set forth in the documents governing such Indebtedness);

 

(6)         a
final judgment or judgments in an amount of $50 million or more, individually or in the aggregate, for the payment of money having
been entered by a court or courts of competent jurisdiction against the Company and such judgment or judgments is not satisfied,
stayed, annulled or rescinded within 90 days after being entered;

 

(7)         the
Company pursuant to or within the meaning of any Bankruptcy Law:

 

(a)          commences
a voluntary case,

 

(b)          consents
to the entry of an order for relief against it in an involuntary case,

 

(c)          consents
to the appointment of a Custodian of it or for all or substantially all of its property, or

 

(d)          makes
a general assignment for the benefit of creditors;

 

(8)         a
court of competent jurisdiction enters into an order or decree under any Bankruptcy Law that:

 

(a)          is
for relief against the Company in an involuntary case,

 

(b)          appoints
a Custodian of the Company or for all or substantially all of its property, or

 

(c)          orders
the liquidation of the Company,

 

and the order or decree
remains unstayed and in effect for 60 days; or

 

(9)         any
other Event of Default occurs with respect to Securities of that series as provided in the supplemental indenture or Board Resolutions
establishing such series of Securities.

 

The term “Bankruptcy
Law” means the Bankruptcy Act or any similar Federal or State law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

    	 	-30-	 

     

    

 

A Default under clause
(3) above is not an Event of Default until the Trustee notifies the Company, or the Holders of at least 25% in principal amount
of the Securities of the applicable series notify the Company and the Trustee of the Default and (except in the case of a default
with respect to any provisions of any supplemental indenture or Board Resolution establishing such series of Securities giving
the Holders of Securities of such series the right to require the Company to repurchase or redeem such Securities of such series
upon the occurrence of a change of control prior to the final maturity date of such Securities of such series (“Change of
Control Provisions”) or Article VIII (or any replacement provisions contemplated by Article VIII)) the Company does not cure
the Default within 90 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state
that the notice is a “Notice of Default.”

 

SECTION
502.     ACCELERATION.

 

If any Event of Default
(other than an Event of Default specified in clause (7) or (8) of Section 501 hereof) with respect to Securities of any series
occurs and is continuing, either the Trustee or the Holders of at least 25% in principal amount of the then Outstanding Securities
of that series may declare all the Securities of that series to be due and payable immediately. Upon any such declaration, the
Securities of that series shall become due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by Holders). Notwithstanding the foregoing, if an Event of Default specified in clause (7) or (8) of Section 501 hereof occurs
with respect to any series of Securities, all outstanding Securities of that series shall become due and payable without further
action or notice. The Holders of a majority in aggregate principal amount of Securities of any series then Outstanding by notice
to the Trustee may on behalf of the Holders of all of the Securities of that series waive any existing Default or Event of Default
and its consequences under this Indenture except a continuing Default or Event of Default in the payment of interest or premium,
if any, on, or the principal of, the Securities of that series.

 

SECTION
503.     OTHER REMEDIES.

 

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

 

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

 

SECTION
504.     WAIVER OF PAST DEFAULTS.

 

Holders of not less than
a majority in aggregate principal amount of the then outstanding Securities in any series by notice to the Trustee may on behalf
of the Holders of all of the Securities of that series waive any existing Default or Event of Default and its consequences hereunder,
except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Securities
of that series (including in connection with an offer to purchase) (provided, however, that the Holders of a majority
in aggregate principal amount of the then outstanding Securities of any series may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration, with respect to that series). Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

    	 	-31-	 

     

    

 

SECTION
505.     CONTROL BY MAJORITY.

 

With respect to any series
of Securities, Holders of a majority in principal amount of the then outstanding Securities of that series may direct the time,
method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power
conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee
determines may be unduly prejudicial to the rights of other Holders of Securities of any series or that may involve the Trustee
in personal liability.

 

SECTION
506.     LIMITATION ON SUITS.

 

A Holder of a Security
of any series may pursue a remedy with respect to this Indenture or the Securities of that series only if:

 

(a)        the
Holder of a Security of that series gives to the Trustee written notice of a continuing Event of Default;

 

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

 

(c)        such
Holder of a Security or Holders of Securities offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense;

 

(d)        the
Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision
of indemnity; and

 

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

 

A Holder of a Security
may not use this Indenture to prejudice the rights of another Holder of a Security or to obtain a preference or priority over another
Holder of a Security.

 

SECTION
507.     RIGHTS OF HOLDERS OF SECURITIES TO RECEIVE PAYMENT.

 

Notwithstanding any other
provision of this Indenture, the right of any Holder of a Security of any series to receive payment of principal, premium, if any,
and interest on the Security, on or after the respective due dates expressed in the Security (including in connection with an offer
to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder.

 

SECTION
508.     COLLECTION SUIT BY TRUSTEE.

 

With respect to the Securities
of any series, if an Event of Default specified in clause (1) or (2) of Section 501 hereof occurs and is continuing, the Trustee
is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of
principal of, premium on, if any, and interest remaining unpaid on the Securities of that series and interest on overdue principal
and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

    	 	-32-	 

     

    

 

SECTION
509.     TRUSTEE MAY FILE PROOFS OF CLAIM.

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Securities of any series allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Securities), its creditors or its property and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby
authorized by each Holder of that series to make such payments to the Trustee, and in the event that the Trustee shall consent
to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section
607 of this Indenture. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 607 of this Indenture out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and
all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of any series of Securities any
plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any Holder,
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

SECTION
510.     PRIORITIES.

 

If the Trustee collects
any money pursuant to this Article, it shall pay out the money in the following order:

 

(a)          First:
to the Trustee, its agents and attorneys for amounts due under Section 607 of this Indenture, including payment of all compensation,
expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

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

 

(c)          Third:
to the Company or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a
record date and payment date for any payment to Holders of Securities pursuant to this Section 510.

 

SECTION
511.     UNDERTAKING FOR COSTS.

 

In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee,
a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to Section 507 hereof, or a suit
by Holders of more than 10% in principal amount of the then outstanding Securities of any series.

 

    	 	-33-	 

     

    

 

ARTICLE
VI

 

THE TRUSTEE

 

SECTION
601.     CERTAIN DUTIES AND RESPONSIBILITIES.

 

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

 

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

 

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

 

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

 

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

 

(1)         this
Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

 

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

 

(3)         the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with the direction
of the Holders of a majority in principal amount of the Outstanding Securities of any series or of all series, determined as provided
in Section 505, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and

 

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

 

    	 	-34-	 

     

    

 

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

 

SECTION
602.     NOTICE OF DEFAULTS.

 

Within 90 days after
the occurrence of any Default or Event of Default with respect to the Securities of any series, the Trustee shall give notice of
such Default or Event of Default known to the Trustee to all Holders of Securities of such series in the manner provided in Section
107 and in compliance with the Trust Indenture Act, unless such Default or Event of Default shall have been cured or waived; provided,
however, that, except in the case of a Default or Event of Default in the payment of the principal of (or premium, if any)
or interest on or any Additional Amounts with respect to any Security of such series or in the payment of any sinking fund installment
with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board
of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interest of the Holders of Securities of such series; and provided,
further, that in the case of any Default or Event of Default of the character specified in Section 501(3) with respect to
Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof.

 

SECTION
603.     CERTAIN RIGHTS OF TRUSTEE.

 

Subject to the provisions
of Section 601:

 

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

 

(b)          any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and
any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

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

 

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

 

(e)          the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction;

 

    	 	-35-	 

     

    

 

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

 

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

 

(h)          the
Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Securities of any series for
which it is acting as Trustee unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default
or (2) written notice of such Default or Event of Default which is in fact such a default shall have been received by the Trustee
at the Corporate Trust Office of the Trustee and such notice references the Securities and this Indenture by the Company or any
other obligor on such Securities or by any Holder of such Securities;

 

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

 

(j)          
in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action;

 

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

 

(l)          the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

SECTION
604.     NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

 

The recitals contained
herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company
of Securities or the proceeds thereof.

 

    	 	-36-	 

     

    

 

SECTION
605.     MAY HOLD SECURITIES.

 

The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same
rights it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

SECTION
606.     MONEY HELD IN TRUST.

 

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

 

SECTION
607.     COMPENSATION AND REIMBURSEMENT.

 

The Company agrees:

 

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

 

(2)         except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the compensation and the
reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be
determined to have been caused by its own negligence or willful misconduct; and

 

(3)         to
indemnify the Trustee and each of its directors, officers, employees, agents and/or representatives for, and to hold each of them
harmless against, any loss, liability or expense incurred without negligence or willful misconduct on each of their part, arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses
of defending themselves against any claim or liability in connection with the exercise or performance of any of the Trustee’s
powers or duties hereunder.

 

As security for the performance
of the obligations of the Company under this Section 607, the Trustee shall have a lien prior to the Securities on all property
and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, premium, if any,
or interest, if any, on or any Additional Amounts with respect to particular Securities.

 

Any expenses and compensation
for any services rendered by the Trustee after the occurrence of an Event of Default (including the reasonable charges and expenses
of its counsel) specified in clause (7) or (8) of Section 501 shall constitute expenses and compensation for services of administration
under all applicable federal or state bankruptcy, insolvency, reorganization or other similar laws.

 

    	 	-37-	 

     

    

 

The provisions of this
Section 607 and any lien arising hereunder shall survive the resignation or removal of the Trustee or the discharge of the Company’s
obligations under this Indenture and the termination of this Indenture.

 

SECTION
608.     DISQUALIFICATION; CONFLICTING INTERESTS.

 

(a)          If
the Trustee has or shall acquire any conflicting interest, as defined in this Section 608, with respect to the Securities of any
series, it shall, within 90 days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest
or resign with respect to the Securities of that series in the manner and with the effect hereinafter specified in this Article.

 

(b)          In
the event that the Trustee shall fail to comply with the provisions of Subsection (a) of this Section 608 with respect to the Securities
of any series, the Trustee shall, within 10 days after the expiration of such 90-day period, transmit by mail to all Holders of
Securities of that series, as their names and addresses appear in the Security Register, notice of such failure in compliance with
the Trust Indenture Act.

 

(c)          For
the purposes of this Section, the term “conflicting interest” shall have the meaning specified in Section 310(b) of
the Trust Indenture Act and the Trustee shall comply with Section 310(b) of the Trust Indenture Act; provided, that there
shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act with respect to the Securities of any series
any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of
the Company are outstanding, if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are
met. For purposes of the preceding sentence, the optional provision permitted by the second sentence of Section 310(b)(1) of the
Trust Indenture Act shall be applicable.

 

SECTION
609.     CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

 

There shall at all times
be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America,
any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $50 million and subject to supervision or examination by Federal or State (or the District of Columbia)
authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section 609, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

 

The Indenture shall always
have a Trustee who satisfies the requirements of Sections 310(a)(1), 310(a)(2) and 310(a)(5) of the Trust Indenture Act.

 

SECTION
610.     RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

 

(a)          No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.

 

    	 	-38-	 

     

    

 

(b)          The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the resigning Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Company
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(c)          The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If the instrument of acceptance
by a successor Trustee required by Section 611 shall not have been delivered to the resigning Trustee within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

(d)          If
at any time:

 

(1)         the
Trustee shall fail to comply with Section 608(a) after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Security for at least six months, or

 

(2)         the
Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or
by any such Holder of Securities, or

 

(3)         the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company
by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 505, any Holder who has
been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and such successor Trustee or Trustees shall comply with the applicable
requirements of Section 611. If no successor Trustee with respect to the Securities of any series shall have been so appointed
by the Company and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(f)          The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by
first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear in the Security
Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address
of its Corporate Trust Office.

 

    	 	-39-	 

     

    

 

SECTION
611.     ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

 

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

 

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

 

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

 

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

 

    	 	-40-	 

     

    

 

SECTION
612.     MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

 

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

 

SECTION
613.     PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

 

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

 

SECTION
614.     APPOINTMENT OF AUTHENTICATING AGENT.

 

The Trustee may appoint
an Authenticating Agent or Agents that shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon
original issue and upon exchange, registration of transfer or partial redemption or pursuant to Section 306, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery
on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized
and doing business under the laws of the United States of America, any State thereof or the District of Columbia having a combined
capital and surplus of not less than $50 million or equivalent amount expressed in a foreign currency and subject to supervision
or examination by Federal or State (or the District of Columbia) authority or authority of such country. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section 614, the combined capital and surplus of such Authenticating Agent shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 614, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section 614.

 

Any corporation into
which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section 614, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 614, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders
as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section 614.

 

    	 	-41-	 

     

    

 

The Trustee agrees to
pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 614, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607.

 

If an appointment is
made pursuant to this Section 614, the Securities may have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternate certificate of authentication in the following form:

 

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

 

	 	 	 
	 	 	AS TRUSTEE
	 	 	 
	 	By	 
	 	 	AS AUTHENTICATING AGENT
	 	 	 
	 	By	 
	 	 	AS AUTHORIZED SIGNATORY”

 

Notwithstanding any provision
of this Section 614 to the contrary, if at any time any Authenticating Agent appointed hereunder with respect to any series of
Securities shall not also be acting as the Security Registrar hereunder with respect to any series of Securities, then, in addition
to all other duties of an Authenticating Agent hereunder, such Authenticating Agent shall also be obligated (i) to furnish to the
Security Registrar promptly all information necessary to enable the Security Registrar to maintain at all times an accurate and
current Security Register and (ii) prior to authenticating any Security denominated in a foreign currency, to ascertain from the
Company the units of such foreign currency that are required to be determined by the Company pursuant to Section 302.

 

ARTICLE
VII

 

HOLDER’S LISTS
AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION
701.     COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

 

With respect to each
series of Securities, the Company will furnish or cause to be furnished to the Trustee:

 

(a)          semi-annually,
not more than 15 days after each Regular Record Date relating to that series (or, if there is no Regular Record Date relating to
that series, on January 1 and July 1), a list, in such form as the Trustee may reasonably require, of the names and addresses of
the Holders of that series as of such dates, and

 

    	 	-42-	 

     

    

 

(b)          at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content, such list to be dated as of a date not more than 15 days prior to the time such list is furnished;

 

provided, that so long as the Trustee
is the Security Registrar, the Company shall not be required to furnish or cause to be furnished such a list to the Trustee. The
Company shall otherwise comply with Section 312(a) of the Trust Indenture Act.

 

SECTION
702.     PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

 

(a)          The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of each series contained
in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders of each series
received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished. The Trustee shall otherwise comply with Section 312(a) of the Trust Indenture
Act.

 

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

 

SECTION
703.     REPORTS BY TRUSTEE.

 

(a)          Within
60 days after May 15 of each year commencing with the year 2018, the Trustee shall transmit by mail to Holders a brief report dated
as of such May 15 that complies with Section 313(a) of the Trust Indenture Act. The Trustee shall comply with Section 313(b) of
the Trust Indenture Act. The Trustee shall transmit by mail all reports as required by Sections 313(c) and 313(d) of the Trust
Indenture Act.

 

(b)          A
copy of each report pursuant to Subsection (a) of this Section 703 shall, at the time of its transmission to Holders, be filed
by the Trustee with each stock exchange upon which any Securities are listed, with the SEC and with the Company. The Company will
notify the Trustee when any Securities are listed or delisted on any stock exchange.

 

SECTION
704.     REPORTS BY COMPANY.

 

The Company shall file
with the Trustee, within 15 days after the Company is required to file the same with the SEC, copies of the annual reports and
of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to
time by rules and regulations prescribe) which the Company may be required to file with the SEC pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934, as amended, and shall otherwise comply with Section 314(a) of the Trust Indenture
Act.

 

Delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).

 

    	 	-43-	 

     

    

 

ARTICLE
VIII

 

CONSOLIDATION, MERGER,
CONVEYANCE,

TRANSFER OR LEASE

 

SECTION
801.     COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

 

(a)          The
Company shall not, directly or indirectly, in any transaction or series of related transactions: (1) consolidate or merge with
or into another Person (whether or not the Company is the surviving corporation); (2) sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole, or (3) assign
any of its obligations under the Securities and this Indenture, in one or more related transactions, to another Person; unless:

 

(i)          either:
(A) the Company is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other
than the Company) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made is a corporation
organized or existing under the laws of the United States, any state thereof or the District of Columbia;

 

(ii)          the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, conveyance or other disposition shall have been made assumes all the obligations of the Company under the Securities
and this Indenture pursuant to agreements reasonably satisfactory to the Trustee;

 

(iii)          immediately
after such transaction no Default or Event of Default exists;

 

(iv)          the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such merger,
consolidation or sale, assignment, transfer, conveyance or other disposition of such properties or assets or assignment of its
obligations under the Securities and this Indenture and such supplemental indenture, if any, comply with this Indenture.

 

(b)          The
Company shall not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions,
to any other Person.

 

(c)          Notwithstanding
the foregoing, this Section 801 shall not apply to a sale, assignment, transfer, conveyance or other disposition of assets between
or among the Company and any of its Wholly Owned Subsidiaries.

 

    	 	-44-	 

     

    

 

SECTION
802.     SUCCESSOR PERSON SUBSTITUTED.

 

Upon any consolidation
or merger, any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of
the Company, or any assignment of the obligations under the Securities and this Indenture in accordance with Section 801 hereof,
the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, assignment,
transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the
“Company” shall refer instead to the successor corporation and not to the Company), and may exercise every right and
power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein;
provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of
and interest on the Securities except in the case of a sale of all of the Company’s assets that meets the requirements of
Section 801 hereof.

 

ARTICLE
IX

 

SUPPLEMENTAL INDENTURES

 

SECTION
901.     WITHOUT CONSENT OF HOLDERS.

 

Notwithstanding Section
902 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Securities of any series without
the consent of any Holder of a Security of any series:

 

(a)          to
cure any ambiguity, defect or inconsistency;

 

(b)          to
provide for uncertificated Securities in addition to or in place of certificated Securities or to alter the provisions of Article
II of this Indenture (including the related definitions) in a manner that does not materially adversely affect any Holder;

 

(c)          to
establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of this Indenture;

 

(d)          to
provide for the assumption of the Company’s or any Guarantor’s obligations to the Holders of the Securities by a successor
to the Company pursuant to Article VIII of this Indenture;

 

(e)          to
make any change that would provide any additional rights or benefits to the Holders of the Securities or that does not adversely
affect the legal rights hereunder of any such Holder;

 

(f)          to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act;

 

(g)          to
evidence and provide the acceptance of the appointment of a successor Trustee pursuant to Sections 610 and 611 of this Indenture;
and

 

(h)          to
add a Guarantor of the Securities.

 

Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture,
and upon receipt by the Trustee of the documents described in Section 603 of this Indenture, the Trustee shall join with the Company
in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter
into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

    	 	-45-	 

     

    

 

SECTION
902.     WITH CONSENT OF HOLDERS.

 

Except as provided below
in this Section 902, the Company and the Trustee may amend or supplement this Indenture and the Securities of any series may be
amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount at maturity of Securities
of that series then Outstanding voting as a single class (including, without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, that series of Securities), and, subject to Sections 504 and 507 hereof, any
existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if
any, and interest, if any, on such Securities, except a payment default resulting from an acceleration that has been rescinded)
or compliance with any provision of this Indenture or such Securities may be waived with the consent of the Holders of a majority
in aggregate principal amount at maturity of the then Outstanding Securities of that series voting as a single class (including
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, that series of Securities).

 

Upon the request of the
Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the
filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of that series of Securities as aforesaid,
and upon receipt by the Trustee of the documents described in Section 603 of this Indenture, the Trustee shall join with the Company
in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly 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 amended or supplemental indenture.

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 902 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After an amendment, supplement
or waiver under this Section becomes effective, the Company shall mail to the Holders of Securities of any series affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.

 

Subject to Sections 504
and 507 hereof, the Holders of a majority in aggregate principal amount at maturity of a series of Securities then Outstanding
voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the
Securities. However, without the consent of each Holder of a series of Securities affected, an amendment or waiver under this Section
902 may not (with respect to the series of Securities held by a non-consenting Holder):

 

(a)          reduce
the principal amount of the then Outstanding Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)        reduce
the principal of or change the fixed maturity of any Security or alter any of the provisions with respect to the redemption of
the Securities unless otherwise specifically provided for in the supplemental indenture;

 

(c)        reduce
the rate of or change the time for payment of interest on any Security;

 

    	 	-46-	 

     

    

 

(d)        waive
a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Securities (except a rescission
of acceleration of the Securities by the Holders of any series of Securities of at least a majority in aggregate principal amount
of the then Outstanding Securities of that series and a waiver of the payment default that resulted from such acceleration);

 

(e)        make
any Security payable in money other than that stated in the Security;

 

(f)        make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Securities to receive
payments of principal of, or interest or premium, if any, on the Securities;

 

(g)        waive
a redemption payment with respect to any Security (other than as may be specifically permitted by the supplemental indenture);

 

(h)        cause
the Securities to become subordinated in right of payment to any other Indebtedness;

 

(i)        release
any Guarantor from any of its obligations under its Guarantee or this Indenture, except in accordance with the terms thereof; or

 

(j)        make
any change in Sections 504 or 507 or the foregoing amendment and waiver provisions.

 

SECTION
903.     COMPLIANCE WITH TRUST INDENTURE ACT.

 

Every amendment or supplement
to this Indenture or the Securities shall be set forth in a amended or supplemental indenture that complies with the Trust Indenture
Act as then in effect.

 

SECTION
904.     REVOCATION AND EFFECT OF CONSENTS.

 

Until an amendment, supplement
or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder of a Security and
every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder of a Security or subsequent Holder of a Security
may revoke the consent as to its Security if the Trustee receives written notice of revocation before the date the waiver, supplement
or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter
binds every Holder.

 

SECTION
905.     NOTATION ON OR EXCHANGE OF SECURITIES.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Security thereafter authenticated. The Company in exchange
for all Securities of a series may issue and the Trustee shall, upon receipt of a written order from the Company to authenticate
such Securities, authenticate new Securities that reflect the amendment, supplement or waiver.

 

SECTION
906.     TRUSTEE TO SIGN AMENDMENTS, ETC.

 

The Trustee shall sign
any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental indenture
until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee shall be given and (subject
to Section 601 of this Indenture) shall be fully protected in relying upon, in addition to the documents required by Section 603
this Indenture, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture.

 

    	 	-47-	 

     

    

 

ARTICLE
X

 

COVENANTS

 

SECTION
1001.     PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

 

The Company covenants
and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of (and premium, if
any), interest on and any Additional Amounts with respect to the Securities of that series in accordance with the terms of the
Securities and this Indenture.

 

SECTION
1002.     MAINTENANCE OF OFFICE OR AGENCY.

 

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

 

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

 

SECTION
1003.     MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

 

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

 

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

 

    	 	-48-	 

     

    

 

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

 

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

 

(2)         give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any
payment of principal (and premium, if any), interest on or any Additional Amounts with respect to the Securities of that series;
and

 

(3)         at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

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

 

Any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any)
or interest on any Security of any series and remaining unclaimed for three years after such principal (and premium, if any) or
interest has become due and payable shall, unless otherwise required by mandatory provisions of applicable escheat, or abandoned
or unclaimed property law, be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper in
the Borough of Manhattan, the City of New York and in such other Authorized Newspapers as the Trustee shall deem appropriate, notice
that such money remains unclaimed and that, after a date specified herein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will, unless otherwise required by mandatory provisions of
applicable escheat, or abandoned or unclaimed property law, be repaid to the Company.

 

SECTION
1004.     EXISTENCE.

 

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

 

    	 	-49-	 

     

    

 

SECTION
1005.     STATEMENT BY OFFICERS AS TO DEFAULT.

 

The Company shall deliver
to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such officer signing such certificate, that to the best of his or her knowledge the
Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in
the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default
shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the
Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred
and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Securities is prohibited
or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect
thereto.

 

The Company shall, so
long as any of the Securities are outstanding, deliver to the Trustee, forthwith and in any event within five days upon any officer
becoming aware of any Default or Event of Default or an event which, with notice or the lapse of time or both, would constitute
an Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is
taking or proposes to take with respect thereto.

 

SECTION
1006.     WAIVER OF CERTAIN COVENANTS.

 

The Company may omit
in any particular instance to comply with any covenant or condition set forth in Section 1005, or any covenant added for the benefit
of any series of Securities as contemplated by Section 301 (unless otherwise specified pursuant to Section 301) if before or after
the time for such compliance the Holders of a majority in principal amount of the Outstanding Securities of all series affected
by such omission (acting as one class) shall, by Act of such Holders, either waive such compliance in such instance or generally
waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except
to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties
of the Trustee in respect of any such covenant or condition shall remain in full force and effect.

 

SECTION
1007.     ADDITIONAL AMOUNTS.

 

If the Securities of
a series expressly provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series
Additional Amounts as expressly provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of
the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received from
the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional
Amounts provided for in this Section 1007 to the extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof pursuant to the provisions of this Section 1007 and express mention of the payment of Additional Amounts (if
applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made.

 

If the Securities of
a series provide for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect
to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which
a payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium
or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate,
the Company shall furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee,
with an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal
of and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series who are United
States Aliens without withholding for or on account of any tax, assessment or other governmental charge described in the Securities
of that series. If any such withholding shall be required, then such Officers’ Certificate shall specify by country the amount,
if any, required to be withheld on such payments to such Holders of Securities and the Company will pay to such Paying Agent the
Additional Amounts required by this Section. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold
them harmless against any loss, liability or expense reasonably incurred without negligence or willful misconduct on their part
arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished
pursuant to this Section 1007.

 

    	 	-50-	 

     

    

 

ARTICLE
XI

 

REDEMPTION OF SECURITIES

 

SECTION
1101.     APPLICABILITY OF ARTICLE.

 

Securities of any series
which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified
as contemplated by Section 301 for Securities of any series) in accordance with this Article.

 

SECTION
1102.     ELECTION TO REDEEM; NOTICE TO TRUSTEE.

 

The election of the Company
to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of
less than all the Securities of any series, the Company shall, a reasonable period prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal
amount of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish
the Trustee with an Officers’ Certificate evidencing compliance with such restriction.

 

SECTION
1103.     SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

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

 

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

 

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

 

    	 	-51-	 

     

    

 

SECTION
1104.     NOTICE OF REDEMPTION.

 

Notice of redemption
shall be given in the manner provided in Section 107 to each Holder of Securities to be redeemed not less than 30 nor more than
60 days prior to the Redemption Date.

 

All notices of redemption
shall state:

 

(1)         the
Redemption Date,

 

(2)         the
Redemption Price,

 

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

 

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

 

(5)         the
place or places where such Securities are to be surrendered for payment of the Redemption Price,

 

(6)         that
the redemption is for a sinking fund, if such is the case, and

 

(7)         the
“CUSIP” number, if applicable.

 

A notice of redemption
as contemplated by Section 107 need not identify particular Registered Securities to be redeemed. Notice of redemption of Securities
to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request and provision to
the Trustee of the notice information 10 days prior to delivery of the notice, by the Trustee in the name and at the expense of
the Company.

 

SECTION
1105.     DEPOSIT OF REDEMPTION PRICE.

 

On or before 10:00 a.m.,
New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company
is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay
the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any Additional
Amounts with respect to all the Securities to be redeemed on that date.

 

SECTION
1106.     SECURITIES PAYABLE ON REDEMPTION DATE.

 

Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price
and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance
with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest (and any Additional
Amounts) to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

 

    	 	-52-	 

     

    

 

If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid,
bear interest from the Redemption Date at the rate prescribed therefor in the Security or, in the case of Original Issue Discount
Securities, the Securities’ Yield to Maturity.

 

SECTION
1107.     SECURITIES REDEEMED IN PART.

 

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

 

SECTION
1108.     PURCHASE OF SECURITIES.

 

Unless otherwise specified
as contemplated by Section 301, the Company and any Affiliate of the Company may at any time purchase or otherwise acquire Securities
in the open market or by private agreement. Such acquisition shall not operate as or be deemed for any purpose to be a redemption
of the indebtedness represented by such Securities. Any Securities purchased or acquired by the Company may be delivered to the
Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied. Section 309 shall apply
to all Securities so delivered.

 

ARTICLE
XII

 

SINKING FUNDS

 

SECTION
1201.     APPLICABILITY OF ARTICLE.

 

The provisions of this
Article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated
by Section 301 for Securities of such series.

 

The minimum amount of
any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is
herein referred to as an “optional sinking fund payment.” Unless otherwise provided by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund
payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

    	 	-53-	 

     

    

 

SECTION
1202.     SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

 

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

 

SECTION
1203.     REDEMPTION OF SECURITIES FOR SINKING FUND.

 

Not less than 45 days
prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment
for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash
and the portion thereof, if any, which is to be satisfied by delivery of or by crediting Securities of that series pursuant to
Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections 1106 and 1107.

 

ARTICLE
XIII

 

MEETINGS OF HOLDERS
OF SECURITIES

 

SECTION
1301.     PURPOSES FOR WHICH MEETINGS MAY BE CALLED.

 

A meeting of Holders
of Securities of any or all series may be called at any time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given
or taken by Holders of Securities of such series.

 

SECTION
1302.     CALL, NOTICE AND PLACE OF MEETINGS.

 

(a)          The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1301, to be
held at such time and at such place in the Borough of Manhattan, the City of New York, or in any other location, as the Trustee
shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting
and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 107, not
less than 20 nor more than 180 days prior to the date fixed for the meeting.

 

(b)          In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in aggregate principal amount of the
Outstanding Securities of any series, shall have requested the Trustee for any such series to call a meeting of the Holders of
Securities of such series for any purpose specified in Section 1301, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting
within 30 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein,
then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the
time and the place in the Borough of Manhattan, the City of New York for such meeting and may call such meeting for such purposes
by giving notice thereof as provided in Subsection (a) of this Section.

 

    	 	-54-	 

     

    

 

SECTION
1303.     PERSONS ENTITLED TO VOTE AT MEETINGS.

 

To be entitled to vote
at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of
such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding
Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting
of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel and any representatives of the Company and its counsel.

 

SECTION
1304.     QUORUM; ACTION.

 

The Persons entitled
to vote a majority in aggregate principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series. In the absence of a quorum within 30 minutes of the time appointed for any such meeting,
the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case, the meeting
may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of
such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Subject
to Section 1305(d), notice of the reconvening of any adjourned meeting shall be given as provided in Section 1302(a), except that
such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.
Notice of the reconvening of an adjourned meeting shall state expressly that Persons entitled to vote a majority in principal amount
of the Outstanding Securities of such series shall constitute a quorum.

 

Except as limited by
the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted by the affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding
Securities of that series; provided, however, that, except as limited by the proviso to Section 902, any resolution
with respect to any request, demand, authorization, direction, notice, consent or waiver which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage that is less than a majority in aggregate principal amount
of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid by the affirmative vote of the Holders of such specified percentage in aggregate principal amount of the
Outstanding Securities of that series.

 

Except as limited by
the fourth paragraph of Section 902, any resolution passed or decision taken at any meeting of Holders of Securities of any series
duly held in accordance with this Section shall be binding on all the Holders of Securities of such series, whether or not present
or represented at the meeting.

 

    	 	-55-	 

     

    

 

SECTION
1305.     DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS.

 

(a)          The
holding of Securities shall be proved in the manner specified in Section 105 and the appointment of any proxy shall be proved in
the manner specified in Section 105. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 105 or other proof.

 

(b)          The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in Section 1302(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in aggregate principal amount of the
Outstanding Securities of such series represented at the meeting.

 

(c)          At
any meeting each Holder of a Security of such series and each proxy shall be entitled to one vote for each $1,000 principal amount
(or such other amount of the minimum denomination of any series of Securities as may be provided in the establishment of such series
as contemplated by Section 301 hereof) of the Outstanding Securities of such series held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and
ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as
a Holder of a Security of such series or as a proxy.

 

(d)          Any
meeting of Holders of Securities of any series duly called pursuant to Section 1302 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of such series
represented at the meeting; and the meeting may be held as so adjourned without further notice.

 

SECTION
1306.     COUNTING VOTES AND RECORDING ACTION OF MEETINGS.

 

The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures
of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with
the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the
meeting and there shall be attached to such record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that such notice was given as provided in Section 1302 and, if applicable, Section 1304. Each copy shall be signed and
verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company,
and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

* * *

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

 

[Signatures on following
page]

 

    	 	-56-	 

     

    

 

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

 

	 	BIOHITECH GLOBAL, INC.
	 	 	 
	 	By:	                             
	 	Name:
	 	Title:
	 	 
	 	___________________, as Trustee
	 	 	 
	 	By:  	      
	 	Name:
	 	Title:

 

    	 	S-1

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