Document:

EX-10.20

 Exhibit 10.20 

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. 
 PANDION THERAPEUTICS HOLDCO LLC 

SAFE 
 (Simple Agreement
for Future Equity) 
 THIS CERTIFIES THAT in exchange for the payment by Versant Vantage I, L.P. (the “Investor”) of
$6,000,000 (the “Purchase Amount”) on or about June 24, 2020, Pandion Therapeutics Holdco LLC, a Delaware limited liability company (the “Company”), issues to the Investor the right to certain of the
Company’s Capital Shares, subject to the terms described below. 
  

	 	1.	 Events 

(a)    Equity Financing. If there is an Equity Financing before the termination of this Safe, on the initial
closing of such Equity Financing, this Safe will automatically convert into the number of Standard Preferred Shares equal to the Purchase Amount divided by the price per share of the Standard Preferred Shares. 

In connection with the automatic conversion of this Safe into Standard Preferred Shares, the Investor will execute and deliver to the Company
all of the transaction documents related to the Equity Financing, provided, that such documents are the same documents to be entered into with the purchasers of Standard Preferred Shares. 

(b)    Initial Public Offering. If there is an Initial Public Offering prior to March 31, 2021 and
before the termination of this Safe, on the closing of such Initial Public Offering, this Safe will automatically convert into the number of Common Shares equal to the quotient obtained from dividing the Purchase Amount divided by the IPO Price.

 (c)    Change of Control. If there is a Change of Control before the termination of this Safe, this
Safe will automatically be entitled (subject to the liquidation priority set forth in Section 1(f) below) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such
Change of Control, equal to the greater of (i) the Purchase Amount (the “Cash-Out Amount”) or (ii) the amount payable on the number of Common Shares equal to the Purchase Amount
divided by the Liquidity Price (the “Conversion Amount”). If any of the Company’s securityholders are given a choice as to the form and amount of Proceeds to be received in a Change of Control, the Investor will be given the
same choice, provided that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor’s failure to satisfy any requirement or limitation generally
applicable to the Company’s securityholders, or under any applicable laws. 
 Notwithstanding the preceding paragraph, if there is a
Change of Control prior to April 1, 2021 and before the termination of this Safe, immediately prior to such Change of Control, the Investor may elect to convert this Safe into that number of the Company’s Series B Preferred Shares (the
“Series B Preferred Shares”) equal to the quotient obtained by dividing the Purchase Amount by the Original Issue Price (as defined in the Company’s Amended and Restated Operating Agreement, dated as of March 23, 2020, as
amended, the “Operating Agreement”) of the Series B Preferred Shares (the “Optional Conversion Price”). 

 Notwithstanding the foregoing, in connection with a Change of Control intended to qualify as
a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its Board of Directors (the “Board”) in good faith for such
Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, provided that such reduction (A) does not reduce the total Proceeds payable to such Investor and (B) is
applied in the same manner and on a pro rata basis to all securityholders who have equal priority to the Investor under Section 1(f). 

(d)    Optional Conversion. If this Safe remains outstanding on or after April 1, 2021, the Investor
may elect to convert this Safe into that number of Series B Preferred Shares equal to the quotient obtained by dividing the Purchase Amount by the Optional Conversion Price. 

(e)     Dissolution Event. If there is a Dissolution Event before the termination of this Safe, the
Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(f) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor
immediately prior to the consummation of the Dissolution Event. 
 (f)    Liquidation Priority. In a
Change of Control in which the Investor does not elect to convert this Safe into Series B Preferred Shares or a Dissolution Event, this Safe is intended to operate like standard non-participating preferred
shares. The Investor’s right to receive its Cash-Out Amount, subject to the distribution provisions set forth in the Company’s Operating Agreement, is: 

(i)    Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and
convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Capital Shares); 

(ii)    On par with payments for other Safes and/or preferred shares, and if the applicable Proceeds are insufficient to
permit full payments to the Investor and such other Safes and/or preferred shares, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes and/or preferred shares in proportion to the full payments that would
otherwise be due; and 
 (iii)    Senior to payments for Common Shares. 

The Investor’s right to receive its Conversion Amount is (A) on par with payments for Common Shares and other Safes and/or preferred
shares who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Common Shares basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case,
to the extent such payments are Cash-Out Amounts or similar liquidation preferences). 

(g)    Termination. This Safe will automatically terminate immediately following the earliest to occur of:
(i) the issuance of Capital Shares to the Investor pursuant to the automatic conversion or optional conversion of this Safe under Sections 1(a), 1(b), 1(c) and 1(d); or (ii) the payment, or setting aside for payment, of amounts due the
Investor pursuant to Section 1(c) or Section 1(e). 
  

	 	2.	 Definitions 

“Capital Shares” means the capital shares of the Company, including, without limitation, the Common Shares, as defined
in the Operating Agreement, the Preferred Shares, as defined in the Operating Agreement and any other Shares, other than Incentive Shares, as defined in the Operating Agreement. 

“Change of Control” means (a) a merger or consolidation in which (i) the Company is a constituent party or
(ii) a subsidiary of the Company is a constituent party and the Company issues shares of its equity interests pursuant to such merger or consolidation, except such merger or consolidation involving the Company or a subsidiary of the
Company in which the shares outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares or 

  
 -2- 

 
equity interests that represent, immediately following such merger or consolidation, a majority, by voting power, of the shares or equity interests of (1) the surviving or resulting entity
or (2) if the surviving or resulting entity is a wholly owned subsidiary of another entity immediately following such merger or consolidation, the parent entity of such surviving or resulting entity; or (b) the sale, lease, transfer,
exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole or the
sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries,
except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Dissolution Event” means (i) the dissolution of the Company upon the approval of the Company’s Board,
(ii) the time at which there are no members, unless the Company is continued in accordance with the Delaware Limited Liability Company Act, as in effect at the time of the filing of the Certificate of Formation of the Company, dated
December 31, 2018, with the Office of the Secretary of State of the State of Delaware, and as thereafter amended from time to time (the “Act”), or (iii) the entry of a decree of judicial dissolution under Section 18.802 of
the Act. 
 “Equity Financing” means a bona fide transaction or series of transactions with the principal purpose of
raising capital, pursuant to which the Company issues and sells Shares that have a preference pari passu or senior to the Preferred Shares after the date hereof, resulting in gross proceeds to the Company of at least $50,000,000, excluding this Safe
and any other securities of the Company converted into equity in such transaction. 
 “Initial Public Offering” means the
closing of the Company’s first firm commitment underwritten initial public offering of Common Shares pursuant to a registration statement filed under the Securities Act. 

“IPO Price” means the price per share at which the Common Shares are offered and sold to the public in the Initial Public
Offering. 
 “Liquidity Price” means the fair market value of the Common Shares at the time of the Change of Control
(determined by reference to the purchase price payable in connection with the Change of Control, taking into account the conversion of the Safe, if the Conversion Amount would be higher than the Cash Out Amount). 

“Proceeds” means cash and other assets (including without limitation share consideration) that are proceeds from the Change
of Control or the Dissolution Event, as applicable, and legally available for distribution. 
 “Safe” means an instrument
containing a future right to Capital Shares, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company’s business operations. References to “this Safe” mean this specific instrument.

 “Shares” means Shares as defined in the Operating Agreement. 

“Standard Preferred Shares” means the Shares issued to the investors investing new money in the Company in connection with
the initial closing of the Equity Financing. 

  
 -3- 

	 	3.	 Company Representations 

(a)    The Company is a limited liability company duly organized, validly existing and in good standing under the laws of
its state of formation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted. 

(b)    The execution, delivery and performance by the Company of this Safe is within the power of the Company and has
been duly authorized by all necessary actions on the part of the Company. This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity. 

(c)    No consents or approvals are required in connection with the performance of this Safe, other than: (i) the
Company’s limited liability company and member approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary limited liability company approvals for the authorization of Capital Shares issuable
pursuant to Section 1. 
  

	 	4.	 Investor Representations 

(a)    The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its
obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the
enforcement of creditors’ rights generally and general principles of equity. 
 (b)    The Investor is an
accredited investor as such term is defined in Rule 501 of Regulation D under thve Securities Act, and acknowledges and agrees that if not an accredited investor at the time of an Equity Financing, the Company may void this Safe and return
the Purchase Amount. The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the
Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for
investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The
Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the
Investor’s financial condition and is able to bear the economic risk of such investment for an indefinite period of time. 
  

	 	5.	 Tax Matters 

(a)    The parties acknowledge and agree that, for United States federal, state and local tax purposes, this Safe shall be
treated as a partnership interest in the Company and, from the date of issuance of this Safe, the Investor shall be treated as a partner of the Company. The parties agree that, for purposes of Treasury Regulation
Section 1.721-2, this Safe shall be treated as convertible equity in the Company and the conversion feature of this Safe shall be treated as a noncompensatory option. The parties shall not take (or cause
any of their respective affiliates to take) any action or position for tax purposes that is inconsistent with this Section 5. 

(b)    Immediately prior to the issuance of this Safe, the Company shall adjust the capital accounts of the members of
the Company based on the fair market value of the Company’s assets and shall allocate the unrealized income, gain, loss or deduction inherent in the Company’s assets that has not previously been reflected in the members’ capital
accounts among the members in accordance with the Treasury Regulations under Section 704 of the Code and the Operating Agreement. 

  
 -4- 

 (c)     The Company shall establish and maintain a capital account for
the Investor in accordance with the Treasury Regulations under Section 704 of the Code. The initial capital account balance of the Investor as of the date of issuance of this Safe shall be equal to the Purchase Amount. Net Profits and Net
Losses (as defined in the Operating Agreement) and items of income, gain, loss, deduction or credit of the Company shall be allocated to the Investor in accordance with Article V of the Operating Agreement as if the Investor were a Member (as such
term is used in the Operating Agreement). In addition, the Investor agrees that it shall be subject to Sections 4.03 (Withholding and Taxes) and 8.03 (Partnership Representative) of the Operating Agreement as if it were a Member. 

(d)    The Company shall be permitted to deduct and withhold from amounts payable to the Investor hereunder such amounts
as the Company reasonably determines that it is required to deduct and withhold pursuant to applicable law. 
  

	 	6.	 Miscellaneous 

(a)    Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Investor.

 (b)    Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by
overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such
party’s address listed on the signature page, as subsequently modified by written notice. 
 (c)    The Investor
is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Shares for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company member or
rights to vote for the election of directors or on any matter submitted to Company members, or to give or withhold consent to any limited liability company action or to receive notice of meetings, until shares have been issued on the terms described
in Section 1. 
 (d)    Neither this Safe nor the rights in this Safe are transferable or assignable, by operation
of law or otherwise, by either party without the prior written consent of the other; provided, however, that this Safe and/or its rights may be assigned without the Company’s consent by the Investor (i) to the Investor’s
estate, heirs, executors, administrators, guardians and/or successors in the event of Investor’s death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with
the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of,
or shares the same management company with, the Investor; and provided, further, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reincorporation to change the Company’s domicile.
In the event of any transfer or assignment of this Safe by the Investor, the Investor agrees that it shall comply with Section 9.01(f) of the Operating Agreement. 

(e)    In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or
unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be
deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby. 

(f)    All rights and obligations hereunder will be governed by the laws of the State of Delaware, without regard to the
conflicts of law provisions of such jurisdiction. 

  
 -5- 

 (g)    By executing this Safe, the Investor consents to (i) the
conversion of the Company into a corporation in connection with an Initial Public Offering and (ii) the issuance of shares of common stock of such corporation upon the automatic conversion of this Safe on the closing of an Initial Public
Offering as set forth in Section 1(b) in lieu of issuing Common Shares upon such conversion. The Investor agrees to reasonably cooperate and to take such actions and execute such documents as the Board may reasonably request, in order to
consummate any proposed conversion into a corporation. In connection with a conversion of this Safe into Capital Shares of the Company, the Investor will execute and deliver to the Company such documents as are reasonably requested by the Company to
effectuate such conversion, including a counterpart signature page or joinder to the Operating Agreement in the form provided to the Investor by the Company. 

(Signature page follows) 

  
 -6- 

 IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly
executed and delivered. 
  

			
	PANDION THERAPEUTICS HOLDCO LLC
		
	By:	 	/s/ Rahul
Kakkar                                    
	Name:	 	Rahul Kakkar
	Title:	 	Chief Executive Officer
		
	Address:	 	134 Coolidge Avenue                            
	
	Watertown, MA
02472                                        
  
	
	Email:                                   
                                 

  
 -7- 

 IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly
executed and delivered. 
  

			
	INVESTOR:
	
	VERSANT VANTAGE I, L.P.
	By: Versant Vantage I GP, L.P.
	By: Versant Vantage I GP-GP, LLC
		
	By:	 	/s/ Bradley
Bolzon                                    
	Name:	 	Bradley Bolzon
	Title:	 	Managing Director
		
	Address:	 	One Sansome Street, Suite 3630
		 	San Francisco, CA 94104                        
	
	Email:                                   
                                     

  
 -8-Exhibit 4.7

 

SMARTFINANCIAL, INC.

 

SENIOR DEBT INDENTURE

 

DATED AS OF                  , 20

 

, AS TRUSTEE

 

     

     

    

 

TABLE OF CONTENTS

Page Number

 

	Article I        DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	 	Section 1.1 	Definitions.	1
	 	Section 1.2 	Other Definitions.	4
	 	Section 1.3 	Incorporation by Reference of Trust Indenture Act	4
	 	Section 1.4	Rules Of Construction	4
	 	 	 	 
	Article II       THE SECURITIES	5
	 	 
	 	Section 2.1 	Issuable In Series	5
	 	Section 2.2  	Establishment Of Terms Of Series Of Securities	5
	 	Section 2.3 	Execution and Authentication.	7
	 	Section 2.4	Registrar and Paying Agent	8
	 	Section 2.5 	Paying Agent to Hold Money in Trust	8
	 	Section 2.6 	Securityholder Lists	8
	 	Section 2.7 	Transfer and Exchange	9
	 	Section 2.8 	Mutilated, Destroyed, Lost and Stolen Securities	9
	 	Section 2.9 	Outstanding Securities	9
	 	Section 2.10 	Treasury Securities	10
	 	Section 2.11 	Temporary Securities	10
	 	Section 2.12  	Cancellation	10
	 	Section 2.13  	Defaulted Interest	11
	 	Section 2.14  	Global Securities.	11
	 	Section 2.15  	CUSIP Numbers	12
	 	 	 	 
	Article III      REDEMPTION	12
	 	 
	 	Section 3.1 	Notice To Trustee	12
	 	Section 3.2 	Selection of Securities to be Redeemed	12
	 	Section 3.3 	Notice of Redemption	13
	 	Section 3.4 	Effect of Notice of Redemption	13
	 	Section 3.5  	Deposit of Redemption Price	14
	 	Section 3.6 	Securities Redeemed in Part	14
	 	 	 	 
	Article IV     COVENANTS	14
	 	 
	 	Section 4.1 	Payment of Principal and Interest	14
	 	Section 4.2 	SEC Reports	14
	 	Section 4.3 	Compliance Certificate	14
	 	Section 4.4  	Stay, Extension and Usury Laws	14
	 	Section 4.5  	Corporate Existence	15
	 	Section 4.6  	Taxes	15
	 	 	 	 
	Article V       SUCCESSORS	15
	 	 
	 	Section 5.1 	When Company May Merge, Etc	15
	 	Section 5.2  	Successor Corporation Substituted	15
	 	 	 	 
	Article VI      DEFAULTS AND REMEDIES	15
	 	 
	 	Section 6.1  	Events of Default.	15
	 	Section 6.2  	Acceleration of Maturity; Rescission and Annulment	17
	 	Section 6.3  	Collection Of Indebtedness And Suits For Enforcement By Trustee	17

 

    i

     

    

 

	 	Section 6.4 	Trustee May File Proofs Of Claim	18
	 	Section 6.5 	Trustee May Enforce Claims Without Possession Of Securities	18
	 	Section 6.6  	Application of Money Collected	18
	 	Section 6.7  	Limitation On Suits	19
	 	Section 6.8  	Unconditional Right of Holders to Receive Principal and Interest	19
	 	Section 6.9  	Restoration of Rights and Remedies	19
	 	Section 6.10 	Rights and Remedies Cumulative	19
	 	Section 6.11 	Delay or Omission Not Waiver	20
	 	Section 6.12 	Control by Holders	20
	 	Section 6.13 	Waiver Of Past Defaults	20
	 	Section 6.14 	Undertaking For Costs	20
	 	 	 	 
	Article VII     TRUSTEE	21
	 	 
	 	Section 7.1 	Duties of Trustee.	21
	 	Section 7.2 	Rights of Trustee.	22
	 	Section 7.3  	Individual Rights of Trustee	23
	 	Section 7.4  	Trustee’s Disclaimer	24
	 	Section 7.5  	Notice Of Defaults	24
	 	Section 7.6  	Reports by Trustee to Holders	24
	 	Section 7.7  	Compensation and Indemnity	24
	 	Section 7.8  	Replacement of Trustee	25
	 	Section 7.9  	Successor Trustee by Merger, Etc	26
	 	Section 7.10 	Eligibility; Disqualification	26
	 	Section 7.11  	Referential Collection of Claims Against Company	26
	 	 	 	 
	Article VIII   SATISFACTION AND DISCHARGE; DEFEASANCE	26
	 	 
	 	Section 8.1  	Satisfaction and Discharge of Indenture	26
	 	Section 8.2  	Application of Trust Funds; Indemnification.	27
	 	Section 8.3  	Legal Defeasance of Securities of any Series	28
	 	Section 8.4  	Covenant Defeasance	29
	 	Section 8.5 	Repayment to Company	30
	 	 	 	 
	Article IX     AMENDMENTS AND WAIVERS	30
	 	 
	 	Section 9.1 	Without Consent of Holders	30
	 	Section 9.2 	With Consent of Holders	31
	 	Section 9.3  	Limitations	31
	 	Section 9.4 	Compliance With Trust Indenture Act	32
	 	Section 9.5  	Revocation and Effect of Consents	32
	 	Section 9.6  	Notation on or Exchange of Securities	32
	 	Section 9.7  	Trustee Protected	32
	 	 	 	 
	Article X       MISCELLANEOUS	33
	 	 
	 	Section 10.1 	Trust Indenture Act Controls	33
	 	Section 10.2 	Notices	33
	 	Section 10.3 	Communication by Holders with Other Holders	34
	 	Section 10.4 	Certificate and Opinion as to Conditions Precedent	34
	 	Section 10.5  	Statements Required in Certificate or Opinion	34
	 	Section 10.6  	Rules by Trustee and Agents	34
	 	Section 10.7  	Legal Holidays	34
	 	Section 10.8  	No Recourse Against Others	34
	 	Section 10.9  	Counterparts	35
	 	Section 10.10   	Governing Laws	35
	 	Section 10.11 	  No Adverse Interpretation of Other Agreements	35
	 	Section 10.12  	 Successors	35
	 	Section 10.13  	 Severability	35
	 	Section 10.14  	 Table of Contents, Headings, Etc	35
	 	 	 	 
	Article XI     SINKING FUNDS	35
	 	 
	 	Section 11.1 	  Applicability of Article	35
	 	Section 11.2  	 Satisfaction Of Sinking Fund Payments With Securities	36
	 	Section 11.3 	  Redemption Of Securities For Sinking Fund	36

 

    ii

     

    

 

CROSS REFERENCE TABLE

 

	Trust Indenture	 	Indenture
	Act Section	 	Section
	Section 310	(a)(1)	7.10
	 	(a)(2)	7.10
	 	(a)(3)	N/A
	 	(a)(4)	N/A
	 	(a)(5)	7.10
	 	(b)	7.10
	Section 311	(a)	7.11
	 	(b)	7.11
	 	(c)	N/A
	Section 312	(a)	2.6
	 	(b)	10.3
	 	(c)	10.3
	Section 313	(a)	7.6
	 	(b)(1)	7.6
	 	(b)(2)	7.6
	 	(c)(1)	7.6
	 	(d)	7.6
	Section 314	(a)	4.2, 10.5
	 	(b)	N/A
	 	(c)(1)	10.4
	 	(c)(2)	10.4
	 	(c)(3)	N/A
	 	(d)	N/A
	 	(e)	10.5
	 	(f)	N/A
	Section 315	(a)	7.1
	 	(b)	7.5
	 	(c)	7.1
	 	(d)	7.1
	 	(e)	6.14
	Section 316	(a)	2.10
	 	(a)(1)(A)	6.12
	 	(a)(1)(B)	6.13
	 	(b)	6.8
	Section 317	(a)(1)	6.3
	 	(a)(2)	6.4
	 	(b)	2.5
	Section 318	(a)	10.1
	 	 	 

 

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

 

    iii

     

    

 

This
Senior Debt Indenture, dated
as of                , 20 is made by and between SMARTFINANCIAL, INC., a Tennessee corporation (the “Company”), and
, not in its individual capacity but solely as trustee (the “Trustee”).

 

Each party agrees as
follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under
this Indenture:

 

Article
I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1              
Definitions.

 

“Additional
Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein
or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which 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” (including, with correlative
meanings, the terms “controlled by” and “under common control with”), as used with respect to any person,
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such person, whether through the ownership of voting securities or by agreement or otherwise.

 

“Agent”
means any Registrar, Paying Agent or Service Agent.

 

“Board of
Directors” means the Board of Directors of the Company or any duly authorized committee thereof.

 

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

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto
for a particular Series, any day except a Saturday, Sunday, a legal holiday or any other day on which banking institutions in the
City of New York, New York, any Place of Payment, or the city in which the Corporate Trust Office is located, are authorized or
required by law, regulation or executive order to close.

 

“Capital Stock”
means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company Order”
means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

 

“Company Request”
means a written request signed in the name of the Company by its Chief Executive Officer, the President or a Vice President, and
by its Treasurer, an Assistant Treasurer, 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 located at , Attention: , or such other address as the Trustee may designate from
time to time by notice to the Company.

 

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

 

“Depository”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to the Securities
of any Series shall mean the Depository with respect to the Securities of such Series.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the Stated Maturity thereof pursuant to Section 6.2.

 

“Dollars”
and “$” means the currency of the United States of America. “Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

“GAAP”
means generally accepted accounting principles in the United States 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 have been approved by a significant segment of the accounting
profession, which are in effect as of the date of determination.

 

“Global Security”
or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant
to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered
in the name of such Depository or nominee.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

“Indenture”
means this Senior Debt Indenture as amended or supplemented from time to time and shall include the form and terms of particular
Series of Securities established as contemplated hereunder.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,”
when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security
or such 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.

 

“Officer”
means the Chief Executive Officer, the President, any Vice President, the Treasurer, the Secretary, any Assistant Treasurer or
any Assistant Secretary of the Company.

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

 

    - 2 -

     

    

 

“Opinion of
Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or outside counsel designated by the Corporation, rendered, if applicable, in accordance
with Section 314(c) of the Trust Indenture Act.

 

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

 

“Place of
Payment”, when used with respect to the Securities of or within any Series, means the place or places where the principal
of (and premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by Section 2.1.

 

“principal”
or “principal amount” of a Security means the principal amount of the Security plus, when appropriate, the premium,
if any, on, and any Additional Amounts in respect of, the Security.

 

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

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2.

 

“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”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other
Subsidiaries of that person or a combination thereof.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent
required by any such amendment, the Trust Indenture Act as so amended.

 

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

 

    - 3 -

     

    

 

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

 

Section 1.2              
Other Definitions.

 

	Term	Defined in Section
	“Bankruptcy Law”	6.1
	“Custodian”	6.1
	“Event of Default”	6.1
	“Legal Holiday”	10.7
	“mandatory sinking fund payment”	11.1
	“optional sinking fund payment”	11.1
	“Paying Agent”	2.4
	“Registrar”	2.4
	“Service Agent”	2.4
	“successor person”	5.1

 

Section 1.3              Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA,
the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

 

“Commission”
means the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Securityholder.

 

“indenture to
be qualified” means this Indenture.

 

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

 

“obligor”
on the indenture securities means the Company and any successor obligor upon the Securities.

 

All other terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA
and not otherwise defined herein are used herein as so defined.

 

Section 1.4              
Rules of Construction. Unless the context otherwise requires:

 

		(a)	a term has the meaning assigned to it;

 

		(b)	an accounting term not otherwise defined has the meaning assigned to it
in accordance with generally accepted accounting principles;

 

    - 4 -

     

    

 

		(c)	references to “generally accepted accounting principles” and
 “GAAP” shall mean generally accepted accounting principles, consistently applied, in effect as of the time when and
for the period as to which such accounting principles are to be applied;

 

		(d)	“or” is not exclusive;

 

		(e)	words in the singular include the plural, and in the
plural include the singular; and

 

		(f)	provisions apply to successive events and transactions.

 

Article
II

THE SECURITIES

 

Section 2.1             
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. All Securities of a Series
shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, supplemental indenture
or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution.
In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the
method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are
to be determined. Securities may differ between Series in respect of any matters; provided that all Series of Securities
shall be equally and ratably entitled to the benefits of this Indenture.

 

Section 2.2             
Establishment of Terms of Series of Securities. At or prior to the issuance of any
Securities within a Series, the following shall be established (as to the Series generally, in the case of Section 2.2(a)
and either as to such Securities within the Series or as to the Series generally, in the case of Sections 2.2(b) through 2.2(q))
by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture
or an Officers’ Certificate:

 

		(a)	the title of the Series (which shall distinguish the Securities of that particular Series from
the Securities of any other Series);

 

		(b)	the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities
of the Series will be issued;

 

		(c)	any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

		(d)	the date or dates on which the principal of the Securities of the Series is payable;

 

		(e)	the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used
to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial
index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall
accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest
payable on any interest payment date;

 

    - 5 -

     

    

 

		(f)	the Place of Payment where the principal of and interest, if any, on the Securities of the Series
shall be payable, where the Securities of such 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 such Series and this Indenture may be served, and the method
of such payment, if by wire transfer, mail or other means;

 

		(g)	if applicable, the period or periods within which, the price or prices at which and the terms and
conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;

 

		(h)	the obligation, if any, of the Company to redeem or purchase the 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 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;

 

		(i)	the dates, if any, on which and the price or prices at which the Securities of the Series will
be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

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

 

		(k)	the forms of the Securities of the Series in fully registered form (and whether the Securities
will be issuable as Global Securities);

 

		(l)	if other than the entire principal amount thereof, the portion of the principal amount of the Securities
of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

		(m)	the provisions, if any, relating to any lien, security or encumbrance provided for the Securities
of the Series;

 

		(n)	any addition to or change in the Events of Default which applies to any Securities of the Series
and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof
due and payable pursuant to Section 6.2;

 

		(o)	any addition to or change in the covenants set forth in Article IV or V which applies to Securities
of the Series;

 

		(p)	any other terms of the Securities of the Series (which may modify or delete any provision of this
Indenture insofar as it applies to such Series); and

 

		(q)	any depositories, interest rate calculation agents, exchange rate calculation agents or other agents
with respect to Securities of such Series if other than those appointed herein.

 

All Securities of any
one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to
above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities
of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

    - 6 -

     

    

 

Section
2.3              
Execution and Authentication.

 

Two Officers shall
sign the Securities for the Company by manual, facsimile signature or electronic signature. Unless otherwise provided herein or
in any other Securities, the words “execute”, “execution”, “signed”, and “signature”
and words of similar import used in or related to any document to be signed in connection with this Indenture, any other Securities
or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed
to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable,
to the fullest extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic
Transactions Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree
to accept electronic signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures
approved by such Trustee.

 

If an Officer whose
signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless
be valid.

 

A Security shall not
be valid until authenticated by the manual signature of the Trustee or an authenticating agent. Such a signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order
may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent
or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication
unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.2, except as provided in Section 2.8.

 

Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on:
(a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have
the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines
that such action may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would expose the
Trustee to personal liability.

 

The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

    - 7 -

     

    

 

Section
2.4              Registrar
and Paying Agent. The Company shall maintain, with respect to each Series of Securities, at
the Place of Payment specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such
Series may be presented or surrendered for payment (the “Paying Agent”), where Securities of such Series may
be surrendered for registration of transfer or exchange (the “Registrar”) and where notices and demands (other
than service of process) to or upon the Company in respect of the Securities of such Series and this Indenture may be served (the
 “Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their
transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the
name or address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any such
required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands (other than any service
of process).

 

The Company may also
from time to time designate one or more co-registrars, additional paying agents or additional service agents 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 obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant
to Section 2.2 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 name or address of any such co-registrar, additional paying agent or additional
service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional
paying agent; and the term “Service Agent” includes any additional service agent.

 

The Company hereby
appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying
Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5              
Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent (other
than the Trustee) to hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held
by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing
of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have
no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.

 

Section 2.6              
Securityholder Lists. The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and
shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at
such times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require,
of the names and addresses of Securityholders of each Series of Securities; provided that no such list need be furnished by the
Company to the Trustee so long as the Trustee is acting as Registrar. The Trustee may destroy any list furnished to it as provided
in Section 2.6 upon receipt of a new list so furnished.

 

    - 8 -

     

    

 

Section 2.7               Transfer
and Exchange. Where Securities of a Series are presented to the Registrar or a co-registrar
with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To
permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted
herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges
pursuant to Section 2.11, 3.6 or 9.6).

 

Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business 15 days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, (b) to register the transfer of
or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of
any such Securities selected, called or being called for redemption in part, or (c) to register the transfer of or exchange Securities
of any Series between a record date and the relevant payment date.

 

Section 2.8              
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 make available for delivery in exchange therefor
a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered
to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such
security or satisfactory 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 written 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 written request the Trustee shall authenticate and make available for delivery, in lieu of any
such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding.

 

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

 

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

 

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

 

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

 

Section 2.9              
Outstanding Securities. The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest
on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not
outstanding.

 

    - 9 -

     

    

 

If a Security is replaced
pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security
is held by a bona fide purchaser.

 

If the Paying Agent
(other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series
money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to
be outstanding and interest on them ceases to accrue (to the extent of the Maturity of such Security if less than the entire principal
amount is due and payable on such date of Maturity).

 

A Security does not
cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

 

Section 2.10           
Treasury Securities. In determining whether the Holders of the required principal amount
of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities
of a Series owned by the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be
protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Securities of a Series
that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.

 

Section 2.11           
Temporary Securities. Until definitive Securities are ready for delivery, the Company
may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and the Trustee upon written request shall authenticate definitive Securities
of the same Series and Stated Maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall have
the same rights under this Indenture as the definitive Securities.

 

Section 2.12           
Cancellation. All Securities and coupons surrendered for payment, redemption, repayment
at the option of the Holder, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and coupons and Securities and coupons
surrendered directly to the Trustee for any such purpose 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 may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall
be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered
to the Trustee for cancellation. 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. Cancelled Securities and coupons held by the Trustee
shall be destroyed by the Trustee in accordance with its customary procedures. The Company by Company Order may direct the Trustee
to deliver a certificate of such destruction to the Company.

 

    - 10 -

     

    

 

Section
2.13           
Defaulted Interest. If the Company defaults in a payment of interest on a Series
of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the
record date and payment date. At least 10 days before the record date, the Company shall mail to the Trustee and to each Securityholder
of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay
defaulted interest in any other lawful manner.

 

Section 2.14           
Global Securities.

 

		(a)	Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’
Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global
Securities and the Depository for such Global Security or Securities.

 

		(b)	Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section
2.7 and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 for Securities registered in the
names of Holders other than the Depository for such Security or its nominee only if (i) such Depository notifies the Company that
it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository registered as
a clearing agency under the Exchange Act within 90 days of such event, (ii) the Company executes and delivers to the Trustee an
Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with
respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is
exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depository
shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and
terms.

 

Except as provided in this Section
2.14(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a
nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

		(c)	Legend. Any Global Security issued hereunder shall bear a legend in substantially the following
form:

 

“This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee
of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or
its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository
to a nominee of the Depository, by a nominee of the Depository
to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a
nominee of such a successor Depository.”

 

    - 11 -

     

    

 

		(d)	Acts of Holders. The Depository, as a Holder, may appoint agents and otherwise authorize
participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under this Indenture.

 

		(e)	Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified
as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder
thereof.

 

		(f)	Consents, Declaration and Directions. Except as provided in Section 2.14(e), the Company,
the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series
represented by a Global Security as shall be specified in a written statement of the Depository with respect to such Global Security,
for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this
Indenture.

 

Section 2.15           
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
elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission
of such numbers.

 

Article
III

REDEMPTION

 

Section 3.1              
Notice to Trustee. The Company may, with respect to any Series of Securities, reserve
the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof
prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities
is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal
amount of Series of Securities to be redeemed. The Company shall give the notice at least 45 days before the redemption date (or
such shorter notice as may be acceptable to the Trustee).

 

Section 3.2              
Selection of Securities to be Redeemed. Unless otherwise indicated for a particular
Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of any
Series issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected
not more than 45 days prior to the redemption date by the Trustee, from the Outstanding Securities of such Series issued on such
date with the same terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate, and,
in the case of Global Securities, in accordance with the procedures of the Depository; provided that such method complies
with the rules of any national securities exchange or quotation system on which the Securities are listed (and the Company shall
notify the Trustee of any such listing), and 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; provided, however,
that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum
authorized denomination for Securities of such Series.

 

    - 12 -

     

    

 

The Trustee shall promptly
notify the Company and the Registrar (if other than itself) 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 Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which
has been or is to be redeemed.

 

Notwithstanding the
foregoing, if any Security to be redeemed is a Global Security then any partial redemption of that Series of Securities will be
made in accordance with the Depository’s applicable procedures among all Holders of such Series of Securities.

 

Section 3.3             
Notice of Redemption. Unless otherwise indicated for a particular Series by Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption
date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.

 

The
notice shall identify the Securities of the Series to be redeemed and shall state:

 

		(a)	the redemption date;

 

		(b)	the redemption price and accrued interest, if any, to the redemption date payable as provided;

 

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

 

		(d)	that Securities of the Series called for redemption must be surrendered to the Paying Agent to
collect the redemption price;

 

		(e)	that interest on Securities of the Series called for redemption ceases to accrue on and after the
redemption date;

 

		(f)	the CUSIP number, if any;

 

		(g)	any conditions precedent that must be satisfied prior to the redemption; and

 

		(h)	any other information as may be required by the terms of the particular Series or the Securities
of a Series being redeemed.

 

At the Company’s
written request given at least five Business Days prior to the date such notice is given to Holders, the Trustee shall give the
notice of redemption in the Company’s name and at its expense.

 

Section 3.4              Effect
of Notice of Redemption. Once notice of redemption is mailed or published as provided in
Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price, subject to, with respect to any redemption that is conditioned upon the satisfaction of any conditions precedent, (i)
the delay of such redemption date until such time as any or all of such conditions precedent have been satisfied or (ii) the
revocation of such redemption if the Company determines that such conditions precedent will not be satisfied. Upon surrender
to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to, but excluding, the
redemption date; provided 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 at the close of
business on the relevant record date therefor according to their terms and the terms of this Indenture.

 

    - 13 -

     

    

 

Section 3.5              
Deposit of Redemption Price. On or before the redemption date, the Company shall deposit
with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed
on that date.

 

Section 3.6              
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part,
the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount
to the unredeemed portion of the Security surrendered.

 

Article
IV

COVENANTS

 

Section 4.1              
Payment of Principal and Interest. The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the
Securities of that Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.2              
SEC Reports. The Company shall deliver to the Trustee within 15 days after it files
them 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 by rules and regulations prescribe) which the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA Section 314(a). 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 conclusively
rely exclusively on an Officers’ Certificate).

 

Section 4.3               Compliance
Certificate. The Company shall deliver to the Trustee, within 120 days after the end of
each fiscal year of the Company, 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/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 hereof (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which he may have knowledge).

 

The Company will, so
long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or 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 4.4              
Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully
do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture or the Securities and the Company (to the extent it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law
has been enacted.

 

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Section
4.5              
Corporate Existence.
Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect
its corporate existence and the rights (charter and statutory), licenses and franchises of the Company; provided, however, that
the Company shall not be required to preserve any such right, license or franchise if the Board of Directors shall determine that
the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a
whole and that the loss thereof is not adverse in any material respect to the Holders.

 

Section 4.6              
Taxes. The Company shall pay prior to delinquency all taxes, assessments and governmental
levies, except as contested in good faith and by appropriate proceedings.

 

Article
V

SUCCESSORS

 

Section 5.1              
When Company May Merge, Etc. The Company shall not consolidate with or merge with or
into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”),
nor shall the Company permit any other person to consolidate with or merge into it or convey, transfer or lease all or substantially
all of its properties and assets to it, in either case unless:

 

		(a)	the Company is the surviving corporation or the successor person (if other than the Company) is
a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s
obligations on the Securities and under this Indenture; and

 

		(b)	immediately after giving effect to the transaction, and treating any indebtedness that becomes
the obligation of the Company or any of its Subsidiaries as having been incurred at the effective date of such transaction no Default
or Event of Default shall have occurred and be continuing.

 

The Company shall deliver
to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and
an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Section 5.2              
Successor Corporation Substituted. Upon any consolidation or merger, or any sale, lease,
conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or
other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however,
that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from
all obligations and covenants under this Indenture and the Securities.

 

Article
VI

DEFAULTS AND REMEDIES

 

Section 6.1              
Events of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing
Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit
of said Event of Default:

 

    -15-

     

    

 

		(a)	default in the payment of any interest on any Security of that Series when it becomes due and payable,
and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with
the Trustee or with a Paying Agent prior to the expiration of such period of 30 days);

 

		(b)	default in the payment of principal of any Security of that Series at its Maturity;

 

		(c)	default in the deposit of any sinking fund payment, when and as due in respect of any Security
of that Series;

 

		(d)	default in the performance or breach of any covenant or warranty of the Company in this Indenture
(other than a covenant or warranty for which the consequences of nonperformance or breach are addressed elsewhere in this Section
6.1 and other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities
other than that Series), which default or breach continues uncured or unwaived in accordance with the provisions of this Indenture
for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of not less than 25.0% in principal amount of the outstanding Securities of that Series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder;

 

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

 

		i.	commences a voluntary case,

 

		ii.	consents to the entry of an order for relief against it in an involuntary case,

 

		iii.	consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

		iv.	makes a general assignment for the benefit of its creditors, or

 

		v.	generally is unable to pay its debts as the same become due; or

 

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

 

		i.	is for relief against the Company in an involuntary case,

 

		ii.	appoints a Custodian of the Company or for all or substantially all of its property, or

 

		iii.	orders the liquidation of the Company, and the order or decree remains unstayed
and in effect for 60 days; or

 

		(g)	any other Event of Default provided with respect to Securities of that Series, which is specified
in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2(n).

 

    -16-

     

    

 

The term “Bankruptcy
Law” means title 11, U.S. Code 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.

 

Section 6.2              
Acceleration of Maturity; Rescission and Annulment. Except to the extent provided
otherwise in the establishing Board Resolution, supplemental indenture or Officers’ Certificate for such Series, if an Event
of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default
referred to in Section 6.1(e) or 6.1(f)), then in every such case the Trustee or the Holders of not less than 25.0% in aggregate
principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that
Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and
accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or portion
thereof) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in
Section 6.1(e) or 6.1(f) shall occur, the principal amount (or portion thereof) of and accrued and unpaid interest, if any, on
all outstanding Securities shall automatically become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.

 

At any time after such
a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal
and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 6.13.

 

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

 

Section 6.3              
Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants
that if:

 

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

 

		(b)	default is made in the payment of principal of any Security at the Maturity thereof, or

 

		(c)	default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

 

then, the Company will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue
principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

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

 

    -17-

     

    

 

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

 

Section 6.4              
Trustee may File Proofs of Claim. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company
or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee
(irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal
or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, (a) to file and prove a claim for
the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding,
and (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

Section 6.5              
Trustee may Enforce Claims Without Possession of Securities. All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 6.6              
Application of Money Collected. Any money collected by the Trustee pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of
such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid:

 

First: To the payment
of all amounts due the Trustee under Section 7.7; and

 

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

 

    -18-

     

    

 

Third: To the Company.

 

Section 6.7              
Limitation on Suits. No Holder of any Security of any Series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:

 

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

 

		(b)	the Holders of not less than 25.0% in principal amount of the outstanding Securities of that Series
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;

 

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

 

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

 

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

 

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

 

Section 6.8              
Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

 

Section 6.9              
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in
such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted.

 

Section 6.10            Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

    -19-

     

    

 

Section 6.11           
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder
of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.

 

Section 6.12           
Control by Holders. The Holders of a majority in principal amount of the outstanding
Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series;
provided that:

 

		(a)	the Trustee shall have the right to decline to follow any such direction if the Trustee, being
advised by counsel, determines that such direction shall be in conflict with any rule of law or with this Indenture;

 

		(b)	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction; and

 

		(c)	the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability or expense for which it is not adequately indemnified, or is unduly prejudicial to the rights of any other Holder (it
being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are
unduly prejudicial to such Holders).

 

Section 6.13            Waiver
of Past Defaults. The Holders of not less than a majority in principal amount of the
outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default
hereunder with respect to such Series and its consequences, except a Default (a) in the payment of the principal of or
interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount
of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration) or (b) in respect of a covenant or provision hereof which cannot be modified or
amended without the consent of the Holder of each outstanding Security of such Series affected. Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon.

 

Section 6.14            Undertaking
for Costs. All parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption date).

 

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Article
VII

TRUSTEE

 

Section 7.1              
Duties of Trustee.

 

		(a)	The Trustee, prior to the occurrence of an Event of Default with respect to the Securities and
after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise
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 their own affairs.

 

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

 

		i.	The Trustee need perform only those duties that are specifically set forth in this Indenture and
no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee. The Trustee shall not
be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers.
The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers
under this Indenture. The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed
as an obligation or duty to do so.

 

		ii.	The Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to
the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture.

 

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

 

		i.	This paragraph does not limit the effect of paragraph (b) of this Section.

 

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

 

		iii.	The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken
by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture with respect to the Securities of such Series.

 

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		(d)	Every provision of this Indenture
that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (g) of this Section.

 

		(e)	The Trustee may refuse to perform any duty or exercise any right or power at the request or direction
of any Holder or Holders pursuant to this Indenture, unless such Holder or Holders shall have offered and, if requested, provided
to the Trustee security or indemnity satisfactory to the Trustee in its sole and absolute discretion against any costs, losses,
liabilities and expenses which might be incurred by it in compliance with such request or direction.

 

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

 

		(g)	No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur
any financial liability in the performance of any of its duties, 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 satisfactory indemnity against such risk is not assured to
it.

 

		(h)	The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections,
immunities and standard of care as are set forth in paragraphs (b) and (c) of this Section with respect to the Trustee.

 

Section 7.2              
Rights of Trustee.

 

		(a)	The Trustee may rely on and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, judgment, 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 person, not only as to due execution, validity and effectiveness, but also as to the truth and accuracy of any information
contained therein. The Trustee need not investigate any fact or matter stated in the document.

 

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

 

		(c)	The Trustee may act through agents and shall not be responsible for the misconduct or negligence
of any agent appointed with due care. No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible
for any act or omission by any Depository.

 

		(d)	The Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute negligence
or willful misconduct.

 

		(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 of Securities unless such Holders shall have offered
to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction.

 

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		(f)	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
without negligence and in good faith and in reliance thereon.

 

		(g)	The Trustee may conclusively rely upon and shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit.

 

		(h)	The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Securities generally or the Securities of a particular Series and this Indenture.

 

		(i)	Delivery of reports, information and documents (including, without limitation, reports contemplated
in this Section) to the Trustee is for information purposes only, and the Trustee’s receipts thereof shall not constitute
actual or constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with covenants under this Indenture, Securities, and guarantees (if any), as to which the Trustee
is entitled to rely exclusively on Officers’ Certificates.

 

		(j)	The Trustee shall have no responsibility for monitoring the Company’s compliance with any
of its covenants under this Indenture.

 

		(k)	The Trustee shall not be responsible or liable for punitive, special, indirect, incidental 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 actions.

 

		(l)	Any permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture
shall not be construed as a duty.

 

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

 

		(n)	The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of any Series, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.

 

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Section 7.3              
Individual Rights of Trustee. The Trustee in its individual or any other capacity may
become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same
rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections
7.10 and 7.11.

 

Section 7.4              
Trustee’s Disclaimer. The Trustee makes no representation as to the validity
or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the
Securities, and it shall not be responsible for any statement in the Securities other than its authentication. In accepting the
trust hereby created, the Trustee acts solely as Trustee under this Indenture and not in its individual capacity and all persons,
including without limitation the Holders of Securities and the Company having any claim against the Trustee arising from this Indenture
shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein.

 

Section
7.5              
Notice of Defaults. If a Default or Event of Default occurs and is continuing with
respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to
each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or,
if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of
a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the
notice if and so long as it in good faith determines that withholding the notice is in the interests of Securityholders of that
Series.

 

Section 7.6              
Reports by Trustee to Holders. Within 60 days after April 15 in each year, the Trustee
shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief
report dated as of such April 15, in accordance with, and to the extent required under, TIA Section 313.

 

A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange, if any, on which
the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed
on any stock exchange.

 

Section 7.7              
Compensation and Indemnity. The Company shall pay to the Trustee from time to time
compensation for its services hereunder as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it in connection with the
performance of its duties under this Indenture. Such expenses shall include the reasonable compensation and expenses of the Trustee’s
agents and counsel.

 

The Company shall
indemnify each of the Trustee and any predecessor Trustee for and hold it harmless, (including the cost of defending itself)
against any and all loss, liability, claim, suit or expense (including attorneys’ fees and expenses, and including
other than taxes based upon, measured by or determined by the income of the Trustee), including without limitation the costs
and expenses of defending itself against any third-party claim (whether asserted by any Holder or any other person), without
negligence or willful misconduct, as finally determined by a court of competent jurisdiction, arising out of or in connection
with its acceptance or administration of the trust or trusts hereunder, including the performance of its duties or the
exercise of its powers hereunder and including the enforcement of this Agreement (including, without limitation, this Section
7.7). With respect to any such claim other than a claim brought by the Company, (i) the Trustee shall notify the Company
promptly of any claim for which it may seek indemnity, (ii) the Company may at its option defend the claim, in which event
the Trustee shall cooperate in the defense and the Trustee may have one separate counsel and the Company shall pay the
reasonable fees and expenses of such counsel and (iii) the Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee.

 

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To secure the Company’s
payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property
held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.1(e) or 6.1(f) occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

The
provisions of this Section shall survive the resignation or removal of the Trustee and the termination of this Indenture.

 

Section 7.8              
Replacement of Trustee. A resignation or removal of the Trustee and appointment of
a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section.

 

The Trustee may resign
with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed
resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect
to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one
or more Series if:

 

		(a)	the Trustee fails to comply with Section 7.10;

 

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

 

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

 

		(d)	the Trustee becomes incapable of acting.

 

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

 

If a successor Trustee
with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of
the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

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A successor
Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after
that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien
provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is
acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of
each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations
under Section 7.7 shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by
it prior to such replacement.

 

Section 7.9              
Successor Trustee by Merger, Etc. Any corporation or other entity 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 or acquiring all or substantially all the corporate trust
business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee
hereunder, provided 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. 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, or by succession to
or acquisition of all or substantially all of the corporate trust business of, such successor Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.10           
Eligibility; Disqualification. This Indenture shall always have a Trustee who satisfies
the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee shall always have a combined capital and surplus
of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA
Section 310(b).

 

Section 7.11           
Referential Collection of Claims Against Company. The Trustee is subject to TIA Section
311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject
to TIA Section 311(a) to the extent indicated.

 

Article
VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1              
Satisfaction and Discharge of Indenture. This Indenture shall upon Company Order cease
to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)           either:

 

		i.	all Securities theretofore authenticated and delivered (other than Securities that have been destroyed,
lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

		ii.	all such Securities not theretofore delivered to the Trustee for cancellation

 

(1)               
have become due and payable, or

 

(2)               
will become due and payable at their Stated Maturity within one year, or

 

(3)               
 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; or

 

(4)               
are deemed paid and discharged pursuant to Section 8.3, as applicable;

 

    - 26 -

     

    

 

and the Company, in the case of clauses
(1), (2) and (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount
sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due
and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

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

 

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

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2
and 8.5 shall survive.

 

Section 8.2              
Application of Trust Funds; Indemnification.

 

		(a)	Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section
8.1, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received
by the Trustee in respect of U.S. Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held
in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (other than the Company acting as its own Paying Agent) as the Trustee may determine, to the persons
entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee
or to make mandatory sinking fund payments or analogous payments as contemplated by Section 8.3 or 8.4.

 

		(b)	The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against U.S. Government Obligations deposited pursuant to Section 8.3 or 8.4 or the interest and principal received
in respect of such obligations other than any payable by or on behalf of Holders.

 

		(c)	The Trustee shall deliver or
pay to the Company from time to time upon Company Request any U.S. Government Obligations or money held by it as provided in Section
8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to
be deposited for the purpose for which such U.S. Government Obligations or money were deposited or received. This provision shall
not authorize the sale by the Trustee of any U.S. Government Obligations held under this Indenture.

 

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Section
8.3              Legal
Defeasance of Securities of any Series. Unless this Section 8.3 is otherwise specified, pursuant
to Section 2.2(p), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the outstanding Securities of any Series on the 90th day after the date of the deposit referred to
in subparagraph (c) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series,
shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments
acknowledging the same), except as to:

 

		(a)	the rights of Holders of Securities of such Series to receive, from the trust funds described in
subparagraph (c) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities
of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory
sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance
with the terms of this Indenture and the Securities of such Series;

 

		(b)	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

 

		(c)	the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following
conditions shall have been satisfied:

 

		i.	the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section
8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security
for and dedicated solely to the benefit of the Holders of such Securities, cash in Dollars and/or U.S. Government Obligations,
which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and
interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such
installments of interest or principal and such sinking fund payments are due;

 

		ii.	such deposit will not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound;

 

		iii.	no Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit or during the period ending on the 90th day after such date;

 

		iv.	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel to the effect that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling,
or (B) since the date of execution 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 Securities of such Series
will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge
and will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the
case if such deposit, defeasance and discharge had not occurred;

 

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		v.	the Company shall have delivered
to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring
the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company; and

 

		vi.	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been
complied with.

 

Section 8.4             Covenant
Defeasance. Unless this Section 8.4 is otherwise specified pursuant to Section 2.2(p) to be
inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph
(a) hereof, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition
set forth under Sections 4.2, 4.3, 4.4, 4.6, and 5.1 as well as any additional covenants specified in a supplemental indenture
for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2(p) (and
the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under
Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution
or an Officers’ Certificate delivered pursuant to Section 2.2(n) and designated as an Event of Default shall not constitute
a Default or Event of Default hereunder, with respect to the Securities of such Series; provided that the following conditions
shall have been satisfied:

 

		(a)	With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited
(except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, cash in Dollars and/or
U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms,
will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before
the due date of any payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent
certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment
of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on
the dates such installments of interest or principal and such sinking fund payments are due;

 

		(b)	Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound;

 

		(c)	No Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit or during the period ending on the 90th day after such date;

 

		(d)	The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders
of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit
and 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 deposit and covenant defeasance had not occurred;
and

 

    - 29 -

     

    

 

		(e)	The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this
Section have been complied with.

 

Section 8.5              
Repayment to Company. The Trustee and the Paying Agent shall pay to the Company upon
request any money held by them for the payment of principal and interest that remains unclaimed for six months. After that, Securityholders
entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates
another person.

 

Article
IX

AMENDMENTS AND WAIVERS

 

Section 9.1              
Without Consent of Holders. The Company and the Trustee may amend or supplement this
Indenture or the Securities of one or more Series without the consent of any Securityholder by indentures supplemental hereto:

 

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

 

		(b)	to comply with Article V;

 

		(c)	to evidence the succession of another corporation to the Company, or successive successions, pursuant
to Article XI, and the assumption by the successor corporation of the covenants, agreements and obligations of the Company herein
and in the Securities;

 

		(d)	to add to the covenants of the Company such further covenants, restrictions, conditions or provisions
as its Board of Directors shall consider to be for the protection of the holders of Securities, and to make the occurrence, or
the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions an Event
of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth, with
such period of grace, if any, and subject to such conditions as such supplemental indenture may provide;

 

		(e)	[reserved];

 

		(f)	to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary
to effect the qualification of this Indenture under the TIA, or under any similar federal statute hereafter enacted, and to add
to this Indenture such other provisions as may be expressly permitted by the TIA, excluding however, the provisions referred to
in Section 316(a)(2) of the TIA or any corresponding provision in any similar federal statute hereafter enacted;

 

		(g)	to add any additional Events of Default (and if such Events of Default are to be for the benefit
of less than all Series of Securities, stating that such are expressly being included solely for the benefit of such Series);

 

		(h)	to modify, eliminate or add to any of the provisions of this Indenture; provided that any
such change or elimination (i) shall become effective only when there is no Security of any Series Outstanding and created prior
to the execution of such supplemental indenture that is entitled to the benefit of such
provision or (ii) shall not apply to any Security Outstanding;

 

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

 

		(j)	to make any change that does not adversely affect the rights of any Securityholder;

 

		(k)	to provide for the issuance of and establish the form and terms and conditions of Securities of
any Series as permitted by this Indenture;

 

		(l)	to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with
respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or

 

		(m)	to comply with requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA.

 

Section 9.2              
With Consent of Holders. The Company and the Trustee may enter into a supplemental
indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each
Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders
of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding
Securities of any Series by written notice to the Trustee (including consents obtained in connection with a tender offer or exchange
offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities
with respect to such Series.

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this Section becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice briefly
describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3              
Limitations. Without the consent of each Securityholder affected, an amendment or waiver
may not:

 

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

 

		(b)	reduce the rate of or extend the time for payment of interest (including default interest) on any
Security;

 

		(c)	reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or
postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

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		(d)	reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

		(e)	waive a Default or Event of Default in the payment of the principal of or interest, if any, on
any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal
amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

 

		(f)	make the principal of or interest, if any, on any Security payable in any currency other than that
stated in the Security;

 

		(g)	make any change in Section 6.8, 6.13, or 9.3 (this sentence); or

 

		(h)	waive a redemption payment with respect to any Security.

 

Section 9.4              
Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities
of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.5              
Revocation and Effect of Consents. Until an amendment is set forth in a supplemental
indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental
indenture or the date the waiver becomes effective.

 

Any amendment or waiver
once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security
who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security.

 

Section 9.6              
Notation on or Exchange of Securities. The Trustee may place an appropriate notation
about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of
that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment
or waiver.

 

Section 9.7              
Trustee Protected. In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officers’ Certificate
and Opinion of Counsel stating that all conditions precedent have been satisfied, the execution of such supplemental indenture
is authorized or permitted by this Indenture and that such supplemental indenture is the legal, valid and binding obligation of
the Company, enforceable against the Company in accordance with its terms. The Trustee shall sign all supplemental indentures,
except that the Trustee need not sign any supplemental indenture that adversely affects it.

 

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Article
X

MISCELLANEOUS

 

Section 10.1           
Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies,
or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed
provision shall control.

 

Section 10.2           
Notices. Any notice or communication by the Company or the Trustee to the other, or
by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail:

 

if to the Company:

 

SmartFinancial, Inc.

5401 Kingston Pike, Suite 600

Knoxville, Tennessee 37919

Attention: Ronald J. Gorczynski,
Chief Financial Officer

Telephone: (865) 437-5700

 

if to the Trustee:

 

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

 

Any notice or communication
to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to
mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect
to other Securityholders of that or any other Series.

 

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

 

If the Company mails
a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event or
any other communication (including any notice of redemption or repurchase) to a Securityholder of a Security (whether by mail or
otherwise), such notice shall be sufficiently given if given to Depository (or its designee) pursuant to the applicable procedures
from Depository or its designee, including by electronic mail in accordance with accepted practices at Depository.

 

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Section 10.3            Communication
by Holders with Other Holders. Securityholders of any Series may communicate pursuant to
TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under
this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA Section 312(c).

 

Section 10.4           
Certificate and Opinion as to Conditions Precedent. Upon any request or application
by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

		(a)	an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

		(b)	an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

 

Section 10.5           
Statements Required in Certificate or Opinion. Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section
314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

 

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

 

		(b)	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;

 

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

 

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

 

Section 10.6           
Rules by Trustee and Agents. The Trustee may make reasonable rules for action by, or
a meeting of, Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its
functions.

 

Section 10.7            Legal
Holidays. Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date
is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period.

 

Section 10.8           
No Recourse Against Others. A director, officer, employee or shareholder, as such,
of the Company shall not have any liability for any obligations of the Company under the Securities or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives
and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

    - 34 -

     

    

 

Section 10.9            Counterparts.
This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format
(e.g., “.pdf” or “.tif”) transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or electronic format (e.g., “.pdf” or “.tif”) shall be
deemed to be their original signatures for all purposes.

 

Section 10.10       
Governing Laws; Waiver of Jury Trial; Jurisdiction.
THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED 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 (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AMONG THE
PARTIES HERETO ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

The parties hereby
(i) irrevocably submit to the exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city
of New York, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection
that such courts are an inconvenient forum or do not have jurisdiction over any party.

 

Section 10.11       
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret
another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

Section 10.12       
Successors. All agreements of the Company in this Indenture and the Securities shall
bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 10.13       
Severability. In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

 

Section 10.14       
Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table, and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Article
XI

SINKING FUNDS

 

Section 11.1           
Applicability of Article. The provisions of this Article shall be applicable to any
sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security
of such Series issued pursuant to this Indenture.

 

The minimum amount
of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the
redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

 

    - 35 -

     

    

 

Section
11.2           
Satisfaction of Sinking Fund Payments with Securities. The Company may, in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to
the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either
at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund)
or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of
such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the
Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which
the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at
the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund
payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant
to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash
payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of
a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to
the next succeeding sinking fund payment; provided, however, that the Trustee or such Paying Agent shall from time
to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid
principal amount equal to the cash payment required to be released to the Company.

 

Section 11.3           
Redemption of Securities for Sinking Fund. Not less than 45 days (unless otherwise
indicated in the Board Resolution, supplemental indenture or Officers’ Certificate in respect of a particular Series of Securities)
prior 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 mandatory 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 delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to
be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount
therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental
indenture in respect of a particular Series of Securities) 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 3.2 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 3.3. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4,
3.5 and 3.6.

 

[Signature page follows]

 

    - 36 -

     

    

 

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

 

	 	SMARTFINANCIAL, INC.
	 
	 	By:	                                
	 	 	Name:
	 	 	Title:
	 
	, as Trustee
	 
	 	By:	 
	 	 	Name:
	 	 	Title:

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