Document:

Employment Agreement

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into
effective as of this 5th day of October, 2015, by and between CenterState Bank of Florida, N.A., a national banking association (the “Bank”), and Robert L. Epling (the
“Executive”). 
 WHEREAS, the Executive and the Bank desire for the Executive
to serve as the Senior Vice President and Community President of the Bank effective upon the closing of the merger of Community Bank of South Florida, Inc. with and into CenterState Banks, Inc. (“BHC”) pursuant to the terms
of the Agreement and Plan of Merger by and between Community Bank of South Florida, Inc. and BHC dated as of October 5, 2015 (the “Merger”). 

NOW THEREFORE, in consideration of these premises, the mutual covenants contained herein,
and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 

ARTICLE 1 

EMPLOYMENT 

1.1 Employment. Effective with the closing of the Merger, which date shall be the “Employment Date,” the Bank
shall employ the Executive to serve as Senior Vice President and Community President of the Bank according to the terms and conditions of this Agreement and for the period stated in section 1.2. The Executive shall serve under the direction of the
South Florida Regional President of the Bank. The Executive’s responsibility shall include leadership for the South Dade and Monroe County banking markets, including all lending and deposit taking activities as well as community relations. The
Executive shall serve the Bank faithfully, diligently, competently, and to the best of the Executive’s ability. The Executive shall exclusively devote full working time, energy, and attention to the business of the Bank and to the promotion of
the Bank’s interests throughout the term of this Agreement. Without the written consent of the Bank, the Executive shall not render services to or for any person, firm, bank, or other entity or organization in exchange for compensation,
regardless of the form in which the compensation is paid and regardless of whether it is paid directly or indirectly to the Executive. Nothing in this section 1.1 shall prevent the Executive from managing personal investments and affairs and
participating in community/philanthropic activities (including serving as a member of the Santa Fe Health (Av-Med) Board of Directors), provided that doing so does not interfere with the proper performance of the Executive’s duties and
responsibilities under this Agreement. The Executive also shall serve as a member of any local Advisory Board organized by the Bank. 

1.2 Term. The initial term of employment shall be a period of one year, commencing on the Employment Date (the “Employment
Term”). The employment of the Executive may be continued after such one-year period upon the mutual agreement of both the Executive and the Bank. 

ARTICLE 2 

COMPENSATION 

2.1 Base Salary. In consideration of the Executive’s performance of the obligations under this Agreement, the Bank shall pay or
cause to be paid to the Executive a salary at the 

 
annual rate of not less than $297,000, payable in installments in accordance with the Bank’s regular pay practices. The Executive’s salary is referred to in this Agreement as the
“Base Salary.” 
 2.2 Benefit Plans and Perquisites. (a) Benefit plans. The Executive shall be
entitled throughout the term of this Agreement to participate in any and all officer or employee compensation and benefit plans in effect from time to time, including without limitation plans providing pension, medical, dental, disability, and group
life benefits, including the Bank’s 401(k) Plan, and to receive any and all other fringe benefits provided from time to time, provided that the Executive satisfies the eligibility requirements for any such plans or benefits. 

(b) Reimbursement of business expenses. Subject to guidelines issued from time to time by the Bank and upon submission of documentation
to support expense reimbursement in conformity with applicable requirements of federal income tax laws and regulations, the Executive shall be entitled to reimbursement for all reasonable business expenses incurred performing the obligations under
this Agreement, including but not limited to all reasonable business travel and entertainment expenses incurred while acting at the request of or in the service of the Bank. The Executive also shall be entitled to receive (i) a monthly cell
phone and I-Pad allowance of $125.00, and (ii) mileage reimbursement for travel related to Bank business at the Bank’s standard mileage reimbursement amount as established from time to time. 

(c) Vacation. The Executive shall be entitled to paid annual vacation and sick leave in accordance with the policies established from
time to time by the Bank. 
 ARTICLE 3 

EMPLOYMENT TERMINATION 

3.1 Termination Because of Death or Disability. (a) Death. The Executive’s employment shall terminate automatically at
the Executive’s death. If the Executive dies in active service to the Bank, the Executive’s estate shall receive any sums due to the Executive as Base Salary and reimbursement of expenses through the end of the month in which death
occurred, any bonus or Incentive Compensation earned through the date of death, including any unvested amounts awarded for previous years, and for the remainder of the Employment Term after the Executive’s death the Bank shall provide without
cost to the Executive’s family continuing health care coverage under COBRA substantially identical to that provided for the Executive before death. 

(b) Disability. By delivery of written notice 30 days in advance to the Executive, the Bank may terminate the Executive’s
employment if the Executive is disabled. For purposes of this Agreement the Executive shall be considered “disabled” if an independent physician selected by the Bank and reasonably acceptable to the Executive or the
Executive’s legal representative determines that, because of illness or accident, the Executive is unable to perform the Executive’s duties and will be unable to perform the Executive’s duties for a period of 90 consecutive days, and
the Insurance Company that is providing the Executive’s disability insurance coverage concurs that the Executive is considered “disabled” pursuant to the terms and conditions of the insurance policy(s) in place contemplated in section
2.2 (a). The Executive shall not be considered disabled, however, if the Executive returns to work on a full-time basis 

  
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within 30 days after the Bank gives notice of termination due to disability. If the Executive’s employment terminates because of disability, the Executive shall receive the Base Salary
earned through the date on which termination became effective, any reimbursement of expenses incurred through the date of termination, any unpaid bonus or Incentive Compensation earned through the date of termination, including any unvested amounts
awarded for previous years, any payments the Executive is eligible to receive under any disability insurance program in which the Executive participates, and such other benefits to which the Executive may be entitled under the Bank’s benefit
plans, policies, and agreements, or the provisions of this Agreement. 
 3.2 Involuntary Termination with Cause. The Bank may
terminate the Executive’s employment with Cause. If the Executive’s employment terminates with Cause, the Executive shall receive the Base Salary through the date on which termination becomes effective and reimbursement of expenses to
which the Executive is entitled when termination becomes effective. The Executive shall not be deemed to have been terminated with Cause under this Agreement unless and until there is delivered to the Executive a copy of a resolution adopted at a
meeting of the board of directors called and held for the purpose, which resolution shall (x) contain findings that in the board’s good faith opinion the Executive has committed an act constituting Cause, and (y) specify
the particulars thereof. For purposes of this Agreement “Cause” means any of the following – 
  

	 	(a)	gross negligence or gross neglect of duties to the Bank, 

  

	 	(b)	conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s employment with the Bank, or 

 

	 	(c)	fraud, disloyalty, dishonesty, or willful violation of any law or significant Bank policy committed in connection with the Executive’s employment and resulting in a material adverse effect on the Bank.

 3.3 Involuntary Termination Without Cause and Voluntary Termination with Good Reason. With written notice to the
Executive 90 days in advance, the Bank may terminate the Executive’s employment without Cause. Termination shall take effect at the end of the 90-day period. With advance written notice to the Bank as provided in clause (y), the
Executive may terminate employment with Good Reason. If the Executive’s employment terminates involuntarily without Cause or voluntarily but with Good Reason, the Executive shall be entitled to receive the Base Salary earned through the date of
termination, any reimbursement of expenses incurred through the date of termination, and such other benefits to which the Executive may be entitled under the Bank’s benefit plans, policies, and agreements, or the provisions of this Agreement.
In addition, the Executive shall be entitled to the benefits specified in Article 4 of this Agreement. For purposes of this Agreement a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if the
conditions of the safe-harbor definition of good reason contained in Internal Revenue Code section 409A are satisfied, as the same may be amended from time to time. References in this Agreement to Internal Revenue Code section 409A include rules,
regulations, and guidance of general application issued by the Department of the Treasury under section 409A. For purposes of clarification and without intending to affect the foregoing reference to section 409A for the

  
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definition of Good Reason, as of the Employment Date the safe-harbor definition of separation from service for good reason in Rule 1.409A-1(n)(2)(ii) would provide as follows – 

(x) a voluntary termination by the Executive shall be considered a voluntary termination with Good Reason if any of the following occur
without the Executive’s advance written consent, and the term Good Reason shall mean the occurrence of any of the following without the Executive’s advance written consent – 

 

	 	1)	any reduction of the Executive’s Base Salary, 

  

	 	2)	a material diminution of the Executive’s authority, duties, or responsibilities, 

  

	 	3)	a material change in the geographic location at which the Executive must perform services for the Bank which, for purposes of this section 3.3(x)(3) shall be a location outside the 20 mile radius from Homestead,
Florida, or 

  

	 	4)	any other action or inaction that constitutes a material breach by the Bank of this Agreement. 

(y) the Executive must give notice to the Bank of the existence of one or more of the conditions described in clause
(x) within 90 days after the initial existence of the condition, and the Bank shall have 30 days thereafter to remedy the condition. In addition, the Executive’s voluntary termination because of the existence of one or more of the
conditions described in clause (x) must occur within 6 months after the initial existence of the condition. 
 3.4 Voluntary
Termination by the Executive Without Good Reason. If the Executive terminates employment voluntarily but without Good Reason, the Executive shall receive the Base Salary earned through the date of termination, any reimbursement of expenses
incurred through the date of termination, any unpaid vested cash bonus or Incentive Compensation earned through the date of termination, and such other benefits to which the Executive may be entitled under the Bank’s benefit plans, policies,
and agreements, or the provisions of this Agreement. 
 3.5 Termination Generally. If at employment termination the Executive is
serving as a director of the Bank, the Executive shall be deemed to have resigned as a director effective immediately after termination, regardless of whether the Executive submits a formal, written resignation as director. All files, records,
documents, manuals, books, forms, reports, memoranda, studies, data, calculations, recordings or correspondence, in whatever form they may exist, and all copies, abstracts and summaries of the foregoing, and all physical items related to the
business of the Bank, its affiliates, and their respective directors and officers, whether of a public nature or not, and whether prepared by Executive or not, are and at employment termination shall remain the exclusive property of the Bank,
without the Bank’s advance written consent shall not be removed from their premises except as required in the course of providing services under this Agreement, and at termination shall be promptly returned by the Executive to the Bank. 

  
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 ARTICLE 4 

SEVERANCE COMPENSATION 

4.1 Cash Severance after Termination Without Cause or Termination with Good Reason. If the Executive’s employment terminates
involuntarily but without Cause or voluntarily but with Good Reason, on the first day of the first month after the month in which the Executive’s employment terminates the Bank shall pay to the Executive in a single lump sum cash without
discount for the time value of money in an amount equal to the then Base Salary for the remainder of the Employment Term. 
 4.2
Release. The Executive shall be entitled to no compensation or other benefits under this Article 4 unless (x) within 90 days after the Executive’s employment termination the Executive shall have entered into a release in form
satisfactory to the Executive and the Bank acknowledging the Bank’s and the Executive’s remaining obligations and discharging both parties, as well as the Bank’s officers, directors, and employees for their actions for or on behalf of
the Bank, from any other claims or obligations arising out of the Executive’s employment by the Bank, including the circumstances of the Executive’s employment termination (and except for claims that are otherwise precluded from being
released by applicable law and any remaining obligations of the Bank under this Agreement), and (y) within that 90-day period the release shall have become irrevocable, final, and binding on the Executive under all applicable law, with
expiration of all applicable revocation periods. If the final day of the 90-day period for execution and finality of a liability release occurs in the taxable year after the year in which the Executive’s employment termination occurs, the
benefits to the Executive under this Article 4 shall be payable in the taxable year in which the 90-day period ends and shall not be paid in the taxable year in which employment termination occurs. Nothing in this section 4.2 is intended to abrogate
the Executive’s review and revocation rights under the Older Workers’ Benefit Protection Act that may be included in any such release, and the 90-day period shall be extended if necessary to permit Executive to exercise such rights. The
non-compete and other covenants contained in Article 7 of this Agreement are not contingent on the Executive entering into a release under this section 4.2 and shall be effective regardless of whether the Executive enters into the release. 

ARTICLE 5 

[INTENTIONALLY OMITTED] 

ARTICLE 6 

CONFIDENTIALITY AND CREATIVE WORK 

6.1 Non-disclosure. The Executive covenants and agrees not to reveal to any person, firm, or bank any confidential information of any
nature concerning the Bank or its business, or anything connected therewith. As used in this Article 6, the term “confidential information” means all of the Bank’s and affiliates’ confidential and proprietary
information and trade secrets in existence on the date hereof or existing at any time during the term of this Agreement, including but not limited to – 

(a) the whole or any portion or phase of any business plans, financial information, purchasing data, supplier data, accounting data, or other
financial information, 
 (b) the whole or any portion or phase of any research and development information, design procedures, algorithms
or processes, or other technical information, 

  
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 (c) the whole or any portion or phase of any marketing or sales information, sales records,
customer lists, customer information, employee lists, employee information, financial products and services, financial products and services pricing, financial information and projections, or other sales information, and 

(d) trade secrets, as defined from time to time by the laws of the State of Florida. 

However, confidential information excludes information that – as of the date hereof or at any time after the date hereof – is
published or disseminated without obligation of confidence or that becomes a part of the public domain (x) by or through action of the Bank, or (y) otherwise than by or at the direction of the Executive. This section 6.1 does
not prohibit disclosure required by an order of a court having jurisdiction or a subpoena from an appropriate governmental agency or disclosure made by the Executive in the ordinary course of business and within the scope of the Executive’s
authority or any disclosure required by applicable law. 
 6.2 Return of Materials. The Executive agrees to deliver or return to the
Bank upon termination, upon expiration of this Agreement, or as soon thereafter as possible, all written information and any other similar items furnished by the Bank or prepared by the Executive in connection with the Executive’s services
hereunder and in the possession of the Executive. The Executive will retain no copies thereof after termination of this Agreement or termination of the Executive’s employment. 

6.3 Creative Work. The Executive agrees that all creative work and work product, including but not limited to all technology, business
management tools, processes, software, patents, trademarks, and copyrights developed by the Executive during the term of this Agreement, regardless of when or where such work or work product was produced, constitutes work made for hire, all rights
of which are owned by the Bank. The Executive hereby assigns to the Bank all rights, title, and interest, whether by way of copyrights, trade secret, trademark, patent, or otherwise, in all such work or work product, regardless of whether the same
is subject to protection by patent, trademark, or copyright laws. This section 6.3 shall not be construed to require assignment to the Bank of the Executive’s right, title, and interest in creative work and work product, including but not
limited to inventions, patents, trademarks, and copyrights, developed by the Executive entirely on the Executive’s own time and without using the Bank’s equipment, supplies, facilities, or trade secrets unless the creative work or work
product (x) relates to the Bank’s business or actual or demonstrably anticipated research or development or (y) results from any work performed by the Executive for the Bank. However, to enable the Bank to determine the
rights of the Bank and the Executive in any creative work and work product developed by the Executive that the Executive considers nonassignable under this section 6.3, including but not limited to inventions, patents, trademarks, and copyrights,
the Executive shall during the term of this Agreement timely report to the Bank all such creative work and work product. 
 6.4
Injunctive Relief. The Executive hereby acknowledges that the enforcement of this Article 6 is necessary to ensure the preservation, protection, and continuity of the business, trade secrets, and goodwill of the Bank, and that the restrictions
set forth in Article 6 are reasonable in terms of time, scope, territory, and in all other respects. The Executive acknowledges that it is impossible to measure in money the damages that will accrue to the Bank

  
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if the Executive fails to observe the obligations imposed by Article 6. Accordingly, if the Bank institutes an action to enforce the provisions hereof, the Executive hereby waives the claim or
defense that an adequate remedy at law is available to the Bank and the Executive agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. If there is a breach or threatened breach by the Executive of the
provisions of Article 6, the Bank shall be entitled to an injunction without bond to restrain the breach or threatened breach, and the prevailing party in any the proceeding shall be entitled to reimbursement for all costs and expenses, including
reasonable attorneys’ fees. The existence of any claim or cause of action by the Executive against the Bank shall not constitute and shall not be asserted as a defense by the Executive to enforcement of Article 6. 

6.5 Affiliates’ Confidential Information is Covered. For purposes of this Agreement the term “affiliate”
includes the BHC and any entity that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with the BHC or the Bank. 

6.6 Survival of Obligations. The Executive’s obligations under Article 6 shall survive employment termination regardless of the
manner in which termination occurs. 
 ARTICLE 7 

COMPETITION AFTER EMPLOYMENT TERMINATION 

7.1 Restrictions on the Executive’s Post-Employment Activities. The restrictions in this Article 7 have been negotiated,
presented to and accepted by the Executive contemporaneous with the offer and acceptance by the Executive of this Agreement. The Bank’s decision to enter into this Agreement is conditioned upon the Executive’s agreement to be bound by the
restrictions contained in this Article 7. This Article 7 shall be void if a Change in Control occurs before the Executive’s employment termination. For purposes of this Article 7 the term “Bank” includes not only the Bank but also the
BHC. 
 (a) Promise of no solicitation. The Executive promises and agrees that during the Restricted Period (as defined below) and in
the Restricted Territory (as defined below) the Executive shall1: 
 1. not
directly or indirectly solicit or attempt to solicit any Customer (as defined below) to accept or purchase Financial Products or Services (as defined below) of the same nature, kind, or variety as provided to the Customer by the Bank during the
two years immediately before the Executive’s employment termination with the Bank, 
 2. not directly or indirectly influence or
attempt to influence any Customer, joint venturer, or other business partner of the Bank to alter that person or entity’s business relationship with the Bank in any respect, and 

	 	

  

	1 	For example, the promise of no solicitation applies if the Executive is conducting prohibited business in the Restricted Territory or if the entity with, for or to whom the Executive is conducting prohibited
business is located within the Restricted Territory. 

  
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 3. not accept the Financial Products or Services business of any Customer or provide
Financial Products or Services to any Customer on behalf of anyone other than the Bank. 
 (b) Promise of no competition. The
Executive promises and agrees that during the Restricted Period in the Restricted Territory the Executive shall not engage, undertake, or participate in the business of providing, selling, marketing, or distributing Financial Products or
Services of a similar nature, kind, or variety (x) as offered by the Bank to Customers during the two years immediately before the Executive’s employment termination with the Bank, and (y) as offered by the Bank to any
of its Customers during the Restricted Period.2 Subject to the above provisions and conditions of this subparagraph (b), the Executive promises that during the Restricted Period the Executive
shall not become employed by or serve as a director, partner, consultant, agent, or owner of 5% or more of the outstanding stock of or contractor to any entity providing these prohibited Financial Products or Services that is located in or
conducts business in the Restricted Territory. 
 (c) Promise of no raiding/hiring. The Executive promises and agrees that during the
Restricted Period the Executive shall not solicit or attempt to solicit and shall not encourage or induce in any way any employee, joint venturer, or business partner of the Bank to terminate an employment or contractual relationship
with the Bank. The Executive agrees that the Executive shall not hire any person employed by Bank during the two-year period before the Executive’s employment termination with the Bank or any person employed by the Bank during the
Restricted Period. 
 (d) Promise of no disparagement. The Executive promises and agrees that during the Restricted Period the
Executive shall not cause statements to be made (whether written or oral) that reflect negatively on the business reputation of the Bank. The Bank likewise promises and agrees that during the Restricted Period the Bank shall not cause
statements to be made (whether written or oral) that reflect negatively on the reputation of the Executive. Nothing herein is intended to restrict the Executive or the Bank from testifying truthfully in response to any lawfully served subpoena or
other legal process. 
 (e) Acknowledgment. The Executive and the Bank acknowledge and agree that the provisions of this Article 7
have been negotiated and carefully determined to be reasonable and necessary for the protection of legitimate business interests of the Bank. Both parties agree that a violation of Article 7 is likely to cause immediate and irreparable harm that
will give rise to the need for court ordered injunctive relief. In the event of a breach or threatened breach by the Executive of any provision of this Agreement, the Bank shall be entitled to obtain an injunction without bond restraining the
Executive from violating the terms of this Agreement and to institute an action against the Executive to recover damages from the Employee for such breach. These remedies for default or breach are in addition to any other remedy or form of redress
provided under Florida law. The parties acknowledge that the provisions of this Article 7 
  

	2 	 For example, the promise of no competition applies if the Executive is conducting prohibited business in the Restricted Territory or if the
entity with, for or to whom the Executive is conducting prohibited business is located within the Restricted Territory. 

  
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survive termination of the employment relationship, but the provisions of this Article 7 shall be null and void if a Change in Control occurs before employment termination. The parties agree that
if any of the provisions of this Article 7 are deemed unenforceable by a court of competent jurisdiction, that such provisions may be stricken as independent clauses by the court in order to enforce the remaining territory restrictions and that the
intent of the parties is to afford the broadest restriction on post-employment activities as set forth in this Agreement. Without limiting the generality of the foregoing, without limiting the remedies available to the Bank for violation of this
Agreement, and without constituting an election of remedies, if the Executive violates any of the terms of Article 7 the Executive shall forfeit on the Executive’s own behalf and that of beneficiary(ies) any rights to and interest in any
severance or other benefits under this Agreement or other contract the Executive has with the Bank or the Bank. 
 (f) Definitions:
1. “Restricted Period” as used herein means the 18-month period immediately after the Executive’s termination and/or separation of employment with the Bank, regardless of the reason for termination and/or separation. The Restricted
Period shall be extended in an amount equal to any time period during which a violation of Article 7 of this Agreement is proven. 
 2.
“Restricted Territory” as used herein means Dade, Monroe and contiguous Counties in Florida. 
 3. “Customer” as used
herein means any individual, joint venturer, entity of any sort, or other business partner of the Bank, with, for or to whom the Bank has provided Financial Products or Services during the last two years of the Executive’s employment with the
Bank; or any individual, joint venturer, entity of any sort, or business partner whom the Bank has identified as a prospective customer of Financial Products or Services within the last two years of the Executive’s employment with the Bank.

 4. “Financial Products or Services” as used herein means any product or service that a financial institution or a financial
holding company could offer by engaging in any activity that is financial in nature or incidental to such a financial activity under section 4(k) of the Bank Holding Company Act of 1956 and that is offered by the Bank or an affiliate on the date of
the Executive’s employment termination, including but not limited to banking activities and activities that are closely related and a proper incident to banking, or other products or services of the type of which the Executive was involved
during the Executive’s employment with the Bank. 
 5. “Change in Control” means a change in control as defined in Internal
Revenue Code section 409A, as the same may be amended from time to time. For purposes of clarification and without intending to affect the foregoing reference to section 409A for the definition of Change in Control, as of the Employment Date a
Change in Control as defined in Rule 1.409A-3(i)(5) would provide as follows — 
 (a) Change in ownership: a change in ownership
of the BHC occurs on the date any one person or group accumulates ownership of BHC stock constituting more than 50% of the total fair market value or total voting power of BHC stock, or 

  
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 (b) Change in effective control: (x) any one person or more than one person
acting as a group acquires within a 12-month period ownership of BHC stock possessing 30% or more of the total voting power of BHC stock, or (y) a majority of the BHC’s board of directors is replaced during any 12-month period by
directors whose appointment or election is not endorsed in advance by a majority of the BHC’s board of directors, or 
 (c) Change
in ownership of a substantial portion of assets: a change in ownership of a substantial portion of the BHC’s assets occurs if in a 12-month period any one person or more than one person acting as a group acquires from the BHC assets having
a total gross fair market value equal to or exceeding 40% of the total gross fair market value of all of the BHC’s assets immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the
BHC’s assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with the assets. 

ARTICLE 8 

MISCELLANEOUS 

8.1 Successors and Assigns. (a) This Agreement is binding on successors. This Agreement shall be binding upon the Bank and
any successor to the Bank, including any persons acquiring directly or indirectly all or substantially all of the business or assets of the Bank by purchase, merger, consolidation, reorganization, or otherwise. But this Agreement and the Bank’s
obligations under this Agreement are not otherwise assignable, transferable, or delegable by the Bank. By agreement in form and substance satisfactory to the Executive, the Bank shall require any successor to all or substantially all of the business
or assets of the Bank expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Bank would be required to perform had no succession occurred. 

(b) This Agreement is enforceable by the Executive’s heirs. This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, legatees, estate and guardian. 

(c) This Agreement is personal in nature and is not assignable. This Agreement is personal in nature. Without written consent of the
other parties, no party shall assign, transfer, or delegate this Agreement or any rights or obligations under this Agreement except as expressly provided herein. Without limiting the generality or effect of the foregoing, the Executive’s right
to receive payments hereunder is not assignable or transferable, whether by pledge, creation of a security interest, or otherwise, except for a transfer by the Executive’s will or by the laws of descent and distribution. If the Executive
attempts an assignment or transfer that is contrary to this section 8.1, the Bank shall have no liability to pay any amount to the assignee or transferee. 

8.2 Governing Law, Jurisdiction and Forum. This Agreement shall be construed under and governed by the internal laws of the State of
Florida, without giving effect to any conflict of laws provision or rule (whether of the State of Florida or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Florida. By entering into
this Agreement, the Executive acknowledges that the Executive is subject to the jurisdiction of both the federal and state courts in the State of Florida. Any actions or proceedings instituted under this Agreement shall be brought and tried solely
in courts located in 

  
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Polk County, Florida or in the federal court having jurisdiction in Winter Haven, Florida. The Executive expressly waives the right to have any such actions or proceedings brought or tried
elsewhere. 
 8.3 Entire Agreement. This Agreement sets forth the entire agreement of the parties concerning the employment of the
Executive. Any oral or written statements, representations, agreements, or understandings made or entered into prior to or contemporaneously with the execution of this Agreement are hereby rescinded, revoked, and rendered null and void. 

8.4 Notices. Any notice under this Agreement shall be deemed to have been effectively made or given if in writing and personally
delivered, delivered by mail properly addressed in a sealed envelope, postage prepaid by certified or registered mail, delivered by a reputable overnight delivery service, or sent by facsimile. Unless otherwise changed by notice, notice shall be
properly addressed to the Executive if addressed to the most current address of the Executive in the personnel records of the Bank at the time of the delivery of such notice, and properly addressed to the Bank at 1101 1st Street South, Winter Haven, Florida 33880, Attention: President and Chief Executive Officer. 

8.5 Severability. If there is a conflict between any provision of this Agreement and any statute, regulation, or judicial precedent,
the latter shall prevail, but the affected provisions of this Agreement shall be curtailed and limited solely to the extent necessary to bring them within the requirements of law. If any provision of this Agreement is held by a court of competent
jurisdiction to be indefinite, invalid, void or voidable, or otherwise unenforceable, the remainder of this Agreement shall continue in full force and effect unless that would clearly be contrary to the intentions of the parties or would result in
an injustice. 
 8.6 Captions and Counterparts. The captions in this Agreement are solely for convenience. The captions do not
define, limit, or describe the scope or intent of this Agreement. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 

8.7 Amendment and Waiver. This Agreement may not be amended, released, discharged, abandoned, changed, or modified except by an
instrument in writing signed by each of the parties hereto. The failure of any party hereto to enforce at any time any of the provisions of this Agreement shall not be construed to be a waiver of any such provision or affect the validity of this
Agreement or any part thereof or the right of any party thereafter to enforce each and every such provision. No waiver or any breach of this Agreement shall be held to be a waiver of any other or subsequent breach. 

8.8 FDIC Part 359 Limitations. Despite any contrary provision within this Agreement, any payments made to the Executive under this
Agreement, or otherwise, shall be subject to compliance with 12 U.S.C. 1828 and FDIC Regulation 12 CFR Part 359, Golden Parachute Indemnification Payments, and any other regulations or guidance promulgated thereunder. 

8.9 Consultation with Counsel and Interpretation of this Agreement. The Executive has had the assistance of counsel of the
Executive’s choosing in the negotiation of this 

  
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Agreement or the Executive has chosen not to have the assistance of counsel. Both parties hereto having participated in the negotiation and drafting of this Agreement, they hereby agree that
there shall not be strict interpretation against either party in any review of this Agreement in which interpretation of the Agreement is an issue. 

8.10 Compliance with Internal Revenue Code Section 409A. The Bank and the Executive intend that their exercise of authority or
discretion under this Agreement shall comply with section 409A of the Internal Revenue Code of 1986. If when the Executive’s employment terminates the Executive is a specified employee, as defined in section 409A of the Internal Revenue Code of
1986, and if any payments under this Agreement, including Articles 4 or 5, will result in additional tax or interest to the Executive because of section 409A, then despite any provision of this Agreement to the contrary the Executive shall not be
entitled to the payments until the earliest of (x) the date that is at least six months after termination of the Executive’s employment for reasons other than the Executive’s death, (y) the date of the
Executive’s death, or (z) any earlier date that does not result in additional tax or interest to the Executive under section 409A. As promptly as possible after the end of the period during which payments are delayed under this
provision, the entire amount of the delayed payments shall be paid to the Executive in a single lump sum. If any provision of this Agreement does not satisfy the requirements of section 409A, the provision shall be applied in a manner consistent
with those requirements despite any contrary provision of this Agreement. If any provision of this Agreement would subject the Executive to additional tax or interest under section 409A, the Bank shall reform the provision. However, the Bank shall
maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and the Bank shall not be required to incur any additional compensation expense as a result of
the reformed provision. References in this Agreement to section 409A of the Internal Revenue Code of 1986 include rules, regulations, and guidance of general application issued by the Department of the Treasury under Internal Revenue Code section
409A. 
 IN WITNESS WHEREOF, the parties have executed this
Employment Agreement as of the date first written above. 
  

							
	EXECUTIVE	    	 	    	CENTERSTATE BANK OF FLORIDA, N.A.
				
	 /s/ John C. Corbett
	    		    	By:	 	 /s/ John C. Corbett

	 Robert L. Epling
	    		    		 	John C. Corbett
		    		    	Its:	 	President and Chief Executive Officer

  
 12Exhibit 4.3

 

JAMES RIVER GROUP HOLDINGS, LTD. 

 

INDENTURE 

 

Dated as of _________ __ , 20__

 

[Name of Trustee] 

 

Trustee

 

    	 	 	 

     

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	 	 
	Article I. DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.1.	Definitions	1
	Section 1.2.	Other Definitions	3
	Section 1.3.	Incorporation by Reference of Trust Indenture Act	4
	Section 1.4.	Rules of Construction	4
	 	 	 
	Article II. THE SECURITIES	4
	Section 2.1.	Issuable in Series	4
	Section 2.2.	Establishment of Terms of Series of Securities	5
	Section 2.3.	Execution and Authentication	6
	Section 2.4.	Registrar and Paying Agent	7
	Section 2.5.	Paying Agent to Hold Money in Trust	7
	Section 2.6.	Securityholder Lists	8
	Section 2.7.	Transfer and Exchange	8
	Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities	8
	Section 2.9.	Outstanding Securities	9
	Section 2.10.	Treasury Securities	9
	Section 2.11.	Temporary Securities	9
	Section 2.12.	Cancellation	9
	Section 2.13.	Defaulted Interest	10
	Section 2.14.	Global Securities	10
	Section 2.15.	CUSIP Numbers	11
	 	 	 
	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	12
	Section 3.4.	Effect of Notice of Redemption	13
	Section 3.5.	Deposit of Redemption Price	13
	Section 3.6.	Securities Redeemed in Part	13
	 	 	 
	Article IV. COVENANTS	13
	Section 4.1.	Payment of Principal and Interest	13
	Section 4.2.	SEC Reports	13
	Section 4.3.	Compliance Certificate	14
	Section 4.4.	Stay, Extension and Usury Laws	14
	 	 	 
	Article V. SUCCESSORS	14
	Section 5.1.	When Company May Merge, Etc.	14
	Section 5.2.	Successor Corporation Substituted	14
	 	 	 
	Article VI. DEFAULTS AND REMEDIES	15
	Section 6.1.	Events of Default	15
	Section 6.2.	Acceleration of Maturity; Rescission and Annulment	16

 

    	 	i	 

     

    

 

	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	16
	Section 6.4.	Trustee May File Proofs of Claim	17
	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities	17
	Section 6.6.	Application of Money Collected	17
	Section 6.7.	Limitation on Suits	18
	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest	18
	Section 6.9.	Restoration of Rights and Remedies	18
	Section 6.10.	Rights and Remedies Cumulative	18
	Section 6.11.	Delay or Omission Not Waiver	19
	Section 6.12.	Control by Holders	19
	Section 6.13.	Waiver of Past Defaults	19
	Section 6.14.	Undertaking for Costs	19
	 	 	 
	Article VII. TRUSTEE	20
	Section 7.1.	Duties of Trustee	20
	Section 7.2.	Rights of Trustee	21
	Section 7.3.	Individual Rights of Trustee	21
	Section 7.4.	Trustee’s Disclaimer	21
	Section 7.5.	Notice of Defaults	22
	Section 7.6.	Reports by Trustee to Holders	22
	Section 7.7.	Compensation and Indemnity	22
	Section 7.8.	Replacement of Trustee	22
	Section 7.9.	Successor Trustee by Merger, Etc.	23
	Section 7.10.	Eligibility; Disqualification	23
	Section 7.11.	Preferential Collection of Claims Against Company	23
	 	 	 
	Article VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	24
	Section 8.1.	Satisfaction and Discharge of Indenture	24
	Section 8.2.	Application of Trust Funds; Indemnification	24
	Section 8.3.	Legal Defeasance of Securities of any Series	25
	Section 8.4.	Covenant Defeasance	26
	Section 8.5.	Repayment to Company	27
	Section 8.6.	Reinstatement	27
	 	 	 
	Article IX. AMENDMENTS AND WAIVERS	27
	Section 9.1.	Without Consent of Holders	27
	Section 9.2.	With Consent of Holders	28
	Section 9.3.	Limitations	28
	Section 9.4.	Compliance with Trust Indenture Act	29
	Section 9.5.	Revocation and Effect of Consents	29
	Section 9.6.	Notation on or Exchange of Securities	29
	Section 9.7.	Trustee Protected	29
	 	 	 
	Article X. MISCELLANEOUS	29
	Section 10.1.	Trust Indenture Act Controls	29
	Section 10.2.	Notices	29
	Section 10.3.	Communication by Holders with Other Holders	30

 

    	 	ii	 

     

    

 

	Section 10.4.	Certificate and Opinion as to Conditions Precedent	30
	Section 10.5.	Statements Required in Certificate or Opinion	31
	Section 10.6.	Rules by Trustee and Agents	31
	Section 10.7.	Legal Holidays	31
	Section 10.8.	No Recourse Against Others	31
	Section 10.9.	Counterparts	31
	Section 10.10.	Governing Law	32
	Section 10.11.	No Adverse Interpretation of Other Agreements	32
	Section 10.12.	Successors	32
	Section 10.13.	Severability	32
	Section 10.14.	Table of Contents, Headings, Etc.	32
	Section 10.15.	Securities in a Foreign Currency	32
	Section 10.16.	Judgment Currency	32
	Section 10.17.	Force Majeure	33
	Section 10.18.	Waiver of Trial by Jury	33
	 	 	 
	Article XI. SINKING FUNDS	33
	Section 11.1.	Applicability of Article	33
	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities	33
	Section 11.3.	Redemption of Securities for Sinking Fund	34

 

    	 	iii	 

     

    

 

JAMES RIVER GROUP HOLDINGS, LTD.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of ____________ __,
20__

 

	§ 310(a)(1)	 	7.10
	(a )(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	§ 311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not Applicable
	§ 312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	§ 313(a)	 	7.6
	(b)(1)	 	7.6
	(b)(2)	 	7.6
	(c)(1)	 	7.6
	(d)	 	7.6
	§ 314(a)	 	4.2, 10.5
	(b)	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	10.5
	(f)	 	Not Applicable
	§ 315(a)	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	§ 316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)	 	6.8
	§ 317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)	 	2.5
	§ 318(a)	 	10.1

 

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

 

    	 	iv	 

     

    

 

Indenture, dated as of _____________, __ 20__ between JAMES
RIVER GROUP HOLDINGS, LTD. an exempted holding company incorporated under the laws of Bermuda (the “Company”),
and [________________________], a ___________________________ (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 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 Notice 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 duly 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 certification and delivered to
the Trustee.

 

“Business Day” means, unless otherwise provided
by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday,
Sunday or a day on which banking institutions in The City of New York or Hamilton, Bermuda (or in connection with any payment,
the place of payment) 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 pursuant to the applicable provisions of this Indenture and thereafter means the successor.

 

“Company Order” means a written order signed
in the name of the Company by an Officer.

 

“Corporate Trust Office” means the office
of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally administered.

 

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

 

“Depositary” 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 Depositary
for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act.

 

“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 maturity thereof pursuant to Section 6.2.

 

    	 	1 	 

     

    

 

“Dollars” and “$” means
the currency of The United States of America.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended.

 

“Foreign Currency” means any currency or
currency unit issued by a government other than the government of The United States of America.

 

“Foreign Government Obligations” means, with
respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed
by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit
is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means accounting principles generally
accepted in the United States of America 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 Depositary for such Series or its nominee, and registered in the name of such Depositary or
nominee.

 

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

 

“Indenture” means this 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, means the date on which the principal of such Security 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 Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President
of the Company.

 

“Officer’s Certificate” means a certificate
signed by any Officer and delivered to the Trustee.

 

“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 the
Trustee.

 

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

 

“principal” of a Security means the principal
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 having responsibility for administration of this Indenture 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.

 

“SEC” means the Securities and Exchange Commission.

 

    	 	2 	 

     

    

 

“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 hereof.

 

“Stated Maturity” when used with respect
to any Security, means the date specified in such Security as the fixed date on which the principal of such Security 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 §§ 77aaa-77bbbb) as in effect on the date of this Indenture.

 

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

 

“U.S. Government Obligations” means securities
which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full faith and credit
is pledged and which 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
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“Market Exchange Rate”	 	10.15
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“successor person”	 	5.1

 

    	 	3 	 

     

    

 

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 GAAP;

 

(c) “or” is not exclusive;

 

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

 

(e) provisions apply to successive events and transactions;

 

(f) unless the context otherwise requires, any reference to
an “Article,” a “Section” or an “Exhibit” refers to an Article, a Section or an Exhibit, as
the case may be, of this Indenture;

 

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

 

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 Officer’s 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, Officer’s 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.

 

    	 	4 	 

     

    

 

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 Subsection 2.2.1 and either as to such Securities
within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution,
and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate:

 

2.2.1. the title (which shall distinguish the Securities of
that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions)
of the Series;

 

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

 

2.2.3. 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);

 

2.2.4. the date or dates on which the principal of the Securities
of the Series is payable;

 

2.2.5. 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;

 

2.2.6. the place or places 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 delivered, and the method of such payment, if by wire transfer, mail or other means;

 

2.2.7. 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;

 

2.2.8. 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;

 

2.2.9. 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;

 

2.2.10. if other than denominations of $1,000 and any integral
multiple thereof, the denominations in which the Securities of the Series shall be issuable;

 

2.2.11. the forms of the Securities of the Series and whether
the Securities will be issuable as Global Securities;

 

2.2.12. if other than the 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;

 

2.2.13. the currency of denomination of the Securities of the
Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency
or organization, if any, responsible for overseeing such composite currency;

 

    	 	5 	 

     

    

 

2.2.14. the designation of the currency, currencies or currency
units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;

 

2.2.15. if payments of principal of or interest, if any, on
the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such
Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

 

2.2.16. the manner in which the amounts of payment of principal
of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference to an
index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;

 

2.2.17. the provisions, if any, relating to any security provided
for the Securities of the Series;

 

2.2.18. any addition to, deletion of 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;

 

2.2.19. any addition to, deletion of or change in the covenants
set forth in Articles IV or V which applies to Securities of the Series;

 

2.2.20. any Depositaries, interest rate calculation agents,
exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein;

 

2.2.21. the provisions, if any, relating to conversion or exchange
of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period,
provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the
Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange
if such Series of Securities are redeemed;

 

2.2.22. any other terms of the Series (which may supplement,
modify or delete any provision of this Indenture insofar as it applies to such Series), including any terms that may be required
under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and

 

2.2.23. whether any of the Company’s direct or indirect
Subsidiaries will guarantee the Securities of that Series and the terms of such guarantees, including the terms of subordination,
if any, of such guarantees. If the Securities shall be guaranteed, the guarantors shall each become parties hereto.

 

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 Officer’s Certificate referred to above.

 

Section
2.3.             Execution and Authentication.

 

An Officer shall sign the Securities for the Company by manual
or facsimile signature.

 

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. The 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 Officer’s
Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication.

 

    	 	6 	 

     

    

 

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 Officer’s 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 7.1) shall be fully protected in relying on: (a) the Board Resolution, supplemental
indenture hereto or Officer’s 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 Officer’s 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 by its board of directors or trustees, executive committee or a trust committee
of directors and/or vice-presidents or a committee of Responsible Officers shall determine that such action would expose the Trustee
to personal liability to Holders of any then outstanding Series of Securities.

 

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.

 

Section
2.4.             Registrar and Paying Agent.

 

The Company shall maintain, with respect to each Series of Securities,
at the place or places 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 (“Paying Agent”), where Securities of such Series may be
surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon
the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice 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 Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice 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.

 

The Company may also from time to time designate one or more
co-registrars, additional paying agents or additional notice 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 Notice 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 notice agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice
Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.

 

The Company hereby appoints the Trustee the initial Registrar,
Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice 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 agree in writing that the Paying Agent will 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

 

    	 	7 	 

     

    

 

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 § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at
least ten days before each interest payment date and at such other 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.

 

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 Sections 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 fifteen
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, or (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.

 

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 deliver in exchange therefor a new Security of the same Series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company and the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity bond as may
be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee
shall authenticate and 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

 

    	 	8 	 

     

    

 

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.

 

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.

 

The Company may purchase or otherwise acquire the Securities,
whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the
Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

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 or any Affiliate of 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 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 receipt of a Company Order shall authenticate definitive Securities
of the same Series and date of 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.

 

The Company at any time may deliver Securities to the Trustee
for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement
or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act and
the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The

 

    	 	9 	 

     

    

 

Company may not issue new Securities to replace Securities that
it has paid or delivered to the Trustee for cancellation except as otherwise provided in this Indenture.

 

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 special record date, the Company shall mail to the Trustee and to each Securityholder
of the Series a notice that states the special 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.

 

2.14.1. Terms of Securities. A Board Resolution, a supplemental
indenture hereto or an Officer’s 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 Depositary for such Global Security or Securities.

 

2.14.2. Transfer and Exchange. Notwithstanding any provisions
to the contrary contained in Section 2.7 of this Indenture and in addition thereto, any Global Security shall be exchangeable pursuant
to Section 2.7 of this Indenture for Securities registered in the names of Holders other than the Depositary for such Security
or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such
Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act or otherwise
ceases to be qualified to act as a depositary, and, in either case, the Company fails to appoint a successor Depositary registered
as a clearing agency under the Exchange Act within 90 days of such event, (ii) an Event of Default is continuing with respect to
the Securities of the applicable Series or (iii) the Company executes and delivers to the Trustee an Officer’s Certificate
to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depositary 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 2.14.2, a Global Security
may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary,
by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such a successor Depositary.

 

None of the Company, the Trustee, the Paying Agent or the Registrar
shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between
or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

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

 

    	 	10 	 

     

    

 

2.14.4. Acts of Holders. The Depositary, 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.

 

2.14.5. 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.

 

2.14.6. Consents, Declaration and Directions. 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 Depositary or by the applicable procedures
of such Depositary 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.

 

None of the Company, the Trustee, the Paying Agent or the Registrar
shall have any responsibility or obligation to any beneficial owner in a Global Security, a Depositary participant or other Person
with respect to the accuracy of the records of the Depositary or its nominee or of any Depositary participant, with respect to
any ownership interest in the Securities or with respect to the delivery to any Depositary participant, beneficial owner or other
Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with
respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under
the Securities and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the
Depositary or its nominee in the case of the Global Security). The rights of beneficial owners in the Global Security shall be
exercised only through the Depositary subject to the applicable procedures. The Company, the Trustee, the Paying Agent and the
Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with respect
to its members, participants and any beneficial owners. The Company, the Trustee, the Paying Agent and the Registrar shall be entitled
to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security for all purposes of
this Indenture relating to such Global Security (including the payment of principal, premium, if any, and interest and additional
amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in
such Global Security) as the sole holder of such Global Security and shall have no obligations to the beneficial owners thereof.
None of the Company, the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any acts or
omissions of the Depositary with respect to such Global Security, for the records of any such depositary, including records in
respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the Depositary and
any Depositary participant or between or among the Depositary, any such Depositary participant and/or any holder or owner of a
beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

 

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

 

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.

 

    	 	11 	 

     

    

 

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 five days before the redemption date,
unless a shorter period is satisfactory 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 hereto or an Officer’s Certificate, if less than all the Securities of a Series are
to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair
and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements,
subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Trustee shall make the
selection from Securities of the Series outstanding not previously called for redemption. The Trustee may select for redemption
portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and
portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series
issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized
integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply
to portions of Securities of that Series called for redemption.

 

Section
3.3.             Notice of Redemption.

 

Unless otherwise indicated for a particular Series by Board
Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 15 days but not more than 60 days before
a redemption date, the Company shall mail a notice of redemption by first-class mail, or in the case of Global Securities in accordance
with the applicable procedure of the Depository for such Series, 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 or the manner of calculation thereof;

 

(b) the redemption price;

 

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

 

(d) if any Securities are being redeemed in part, the portion
of the principal amount of such Securities to be redeemed and that, after the redemption date and upon surrender of such Security,
a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the
name of the Holder thereof upon cancellation of the original Security;

 

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

 

(f) that interest on Securities of the Series called for redemption
ceases to accrue from and after the redemption date unless the Company defaults in the deposit of the redemption price;

 

    	 	12 	 

     

    

 

(g) the CUSIP number, if any; and

 

(h) any other information as may be required by the terms of
the particular Series or the Securities of a Series being redeemed or that the Company shall decide to include.

 

At the Company’s request, the Trustee shall give the notice
of redemption in the Company’s name and at its expense, provided, however, that the Company has delivered to the Trustee,
at least five days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section
3.4.             Effect of Notice of Redemption.

 

Once notice of redemption is mailed 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. Except
as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of
redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus
accrued interest to the redemption date.

 

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.

 

Unless the Company shall default in the payment of the Securities
(and accrued interest) called for redemption, interest on such Securities shall cease to accrue from and after the redemption 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. On or before 11:00 a.m., New York City time, on the
applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest,
if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.

 

Section
4.2.             SEC Reports.

 

To the extent any Securities of a Series are outstanding, 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 § 314(a). Reports, information and documents filed with the SEC via the EDGAR system
will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2.

 

    	 	13 	 

     

    

 

Delivery of reports, information and documents to the Trustee
under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute
constructive or actual notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officer’s Certificates).

 

Section
4.3.             Compliance Certificate.

 

To the extent any Securities of a Series are outstanding, the
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s 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 the 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 the Officer may have knowledge).

 

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.

 

Article
V.

SUCCESSORS

 

Section
5.1.             When Company May Merge, Etc.

 

The Company shall not consolidate with or merge with or into,
or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets to, any person (a
“successor person”) 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 Bermuda or any U.S. domestic
jurisdiction and expressly assumes by supplemental indenture the Company’s obligations on the Securities and under this Indenture;
and

 

(b) immediately after giving effect to the 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 Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed
transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above, any Subsidiary of the Company may
consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s Certificate nor
an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section
5.2.             Successor Corporation Substituted.

 

Upon any consolidation or merger, or any sale, conveyance transfer,
lease or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor
person formed by such consolidation

 

    	 	14 	 

     

    

 

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;
and, that the predecessor Company, except in the case of a lease of all or substantially all of the assets of the Company, 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 Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

 

(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 11:00 a.m., New York City time, on
the 30th day of such period); or

 

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

 

(c) default in the performance or breach of any covenant or
warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to 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 continues uncured 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 at least 25% in principal amount of the outstanding Securities
of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; or

 

(d) 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

 

(e) 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

 

(f) 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 Officer’s Certificate, in
accordance with Section 2.2.18.

 

    	 	15 	 

     

    

 

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.

 

The Company will provide the Trustee written of notice of any
Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice
will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes
to take in respect thereof.

 

Section
6.2.             Acceleration of Maturity; Rescission and Annulment.

 

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(d) or (e)) then in
every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series
may declare the principal amount (or, if any 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 specified amount) and accrued and unpaid interest, if any, shall become immediately
due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount)
of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto 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, or

 

(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,
if any, 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

 

    	 	16 	 

     

    

 

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.

 

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

 

First: To the payment of all amounts due the Trustee (including
any predecessor trustee) under Section 7.7; and

 

    	 	17 	 

     

    

 

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

 

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% 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 the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance
with such request;

 

(d) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity 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, intended and expressly covenanted by the Holder of every Security with every other Holder
and the Trustee 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 of the applicable Series.

 

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 Maturity of such Security, including the Stated Maturity 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

 

    	 	18 	 

     

    

 

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.

 

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) such direction shall not 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,

 

(c) subject to the provisions of Section 7.1, 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, and

 

(d) prior to taking any action as directed under this Section
6.12, the Trustee shall be entitled to indemnity satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction.

 

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 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).
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

 

    	 	19 	 

     

    

 

the principal of or interest on any Security on or after the
Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption
date).

 

Article
VII.

TRUSTEE

 

Section
7.1.             Duties of Trustee.

 

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

 

(ii) In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s
Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however,
in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required
to be furnished to the Trustee, the Trustee shall examine such Officer’s 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 in accordance with Section 6.12.

 

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

 

(e) 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.

 

(f) 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 adequate indemnity against such risk is not assured to the Trustee in its satisfaction.

 

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

 

    	 	20 	 

     

    

 

Section
7.2.             Rights of Trustee.

 

(a) The Trustee may rely on and shall be protected in acting
or refraining from acting upon any document (whether in its original or facsimile form) believed by it to be genuine and to have
been signed or presented by the proper person. 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 Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes
or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.

 

(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 Depositary shall be deemed an agent of the Trustee and
the Trustee shall not be responsible for any act or omission by any Depositary.

 

(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 willful misconduct or negligence.

 

(e) The Trustee may consult with counsel 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 willful misconduct or negligence, and in reliance thereon.

 

(f) 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.

 

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

 

(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) In no event shall the Trustee be liable to any person for
special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost
profits), even if the Trustee has been advised of the likelihood of such loss or damage.

 

(j) 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.

 

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, except its certificates of authentication.

 

    	 	21 	 

     

    

 

Section
7.5.             Notice of Defaults.

 

If a 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 within 90 days after it occurs. Except in the case of a 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 its corporate trust committee
or a committee of its Responsible Officers 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 each anniversary of the date of this Indenture,
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 anniversary date, in accordance with, and to the extent required under, TIA § 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 national securities exchange on which the Securities of that Series are listed.
The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange.

 

Section
7.7.             Compensation and Indemnity.

 

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

 

The Company shall indemnify each of the Trustee and any predecessor
Trustee (including the cost of defending itself) against any cost, expense or liability, including taxes (other than taxes based
upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance
of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder,
unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses
of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.
This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

 

The Company need not reimburse any expense or indemnify against
any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through
willful misconduct or negligence.

 

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(d) or (e) 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 satisfaction
and discharge of this Indenture and the Securities, the termination for any reason of this Indenture, and the resignation or removal
of the Trustee.

 

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.

 

    	 	22 	 

     

    

 

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.

 

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 hereof shall continue for the benefit of the retiring Trustee with
respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers
and duties under this Indenture prior to such replacement.

 

Section
7.9.             Successor Trustee by Merger, Etc.

 

If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any further
act shall be the successor Trustee, subject to Section 7.10.

 

Section
7.10.           Eligibility; Disqualification.

 

This Indenture shall always have a Trustee who satisfies the
requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

 

Section
7.11.           Preferential Collection of Claims Against Company.

 

The Trustee is subject to TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the
extent indicated.

 

    	 	23 	 

     

    

 

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 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) have been called for redemption or 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;

 

and the Company, in the case of (1), (2) or (3) above, has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations
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 Officer’s
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, 8.2 and 8.5 shall survive.

 

Section
8.2.             Application of Trust Funds; Indemnification.

 

(a) Subject to the provisions of Section 8.5, all money or U.S.
Government Obligations deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign
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 or Foreign 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 (including 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 Sections 8.3 or 8.4.

 

    	 	24 	 

     

    

 

(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 or Foreign Government Obligations deposited
pursuant to Sections 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 Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in
Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment
bank 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 Foreign Government Obligations
or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations
or Foreign Government Obligations held under this Indenture.

 

Section
8.3.             Legal Defeasance of Securities of any Series.

 

Unless this Section 8.3 is otherwise specified, pursuant to
Section 2.2, 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 91st day after the date of the deposit referred to in subparagraph
(d) 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, upon receipt of a Company Order, execute 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 (d) hereof, (i) payment of the principal of and each installment of principal of
and interest on the outstanding Securities of such Series on the 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 and the Company’s obligations in connection therewith;

 

provided that, the following conditions shall have been satisfied:

 

(d) 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 (i) in the
case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case
of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign 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 nationally recognized firm of independent public
accountants or investment bank 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;

 

(e) 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;

 

(f) 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 91st day after
such date;

 

    	 	25 	 

     

    

 

(g) the Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling, or (ii) since the date of 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 amount 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;

 

(h) the Company shall have delivered to the Trustee an Officer’s
Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company; and

 

(i) the Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to 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 to be inapplicable to Securities of any Series, 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, 4.5, 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 Officer’s Certificate delivered
pursuant to Section 2.2 (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 Officer’s Certificate delivered pursuant to Section 2.2.18 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 (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations,
or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or
Foreign 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 nationally recognized firm
of independent certified public accountants or investment bank 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;

 

(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;

 

(e) The Company shall have delivered to the Trustee an Officer’s
Certificate stating the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any
other creditors of the Company; and

 

    	 	26 	 

     

    

 

(f) The Company shall have delivered to the Trustee an Officer’s
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.

 

Subject to applicable abandoned property law, 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 two years. 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.

 

Section
8.6.             Reinstatement.

 

If the Trustee or the Paying Agent is unable to apply any money
deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the obligations of the Company under this Indenture with respect to the Securities of such Series and under the Securities of such
Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee
or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however, that
if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because
of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive
such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.

 

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:

 

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

 

(b) to comply with Article V;

 

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

 

(d) to add guarantees with respect to Securities of any Series
or secure Securities of any Series;

 

(e) to surrender any of the Company’s rights or powers
under this Indenture;

 

(f) to add covenants or events of default for the benefit of
the holders of Securities of any Series;

 

(g) to comply with the applicable procedures of the applicable
depositary;

 

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

 

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

 

(j) to add to, change or eliminate any provision in respect
of one or more Series of Securities, provided that any such addition, change or elimination (i) shall neither (A) apply
to any Security of any Series created prior to the execution of such supplemental indenture and entitled to the benefit of such
provision nor (B) modify the rights of

 

    	 	27 	 

     

    

 

the Holder of any such Security
with respect to such provision or (ii) shall become effective only when there is no such
Security outstanding;

 

(k) 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

 

(l) 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 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 principal 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;

 

(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 Sections 6.8, 6.13 or 9.3 (this sentence);
or

 

(h) waive a redemption payment with respect to any Security,
provided that such redemption is made at the Company’s option.

 

    	 	28 	 

     

    

 

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.

 

The Company may, but shall not be obligated to, fix a record
date, which not need be subject to the restrictions of Section 316(c) of the TIA, for the purpose of determining the Holders entitled
to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture.
If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record
date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent
previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent
shall be valid or effective for more than 120 days after such record date.

 

Section
9.6.             Notation on or Exchange of Securities.

 

The Company or 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 Officer’s
Certificate or an Opinion of Counsel or both complying with Section 10.5. The Trustee shall sign all supplemental indentures upon
delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.

 

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:

 

    	 	29 	 

     

    

 

if to the Company:

 

James River Group Holdings, Ltd.

Wellesley House, 2nd Floor

90 Pitts Bay Road

Pembroke HMM 08

Bermuda

Attention: President and Chief Operating Officer

Telephone: (441) 278-4850

 

with a copy to:

 

Bryan Cave LLP

1290 Avenue of the Americas

New York, NY 10104-3300

Attention: Kenneth L. Henderson

Telephone: +1 212 541-4630

 

if to the Trustee:

_____________________________

_____________________________

________________________, __ _____-____

Attention: __________________________

Telephone: +1 [___ ____]

 

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 (including any notice of redemption) to a Holder
of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security
(or its designee) pursuant to the customary procedures of such Depositary.

 

Section
10.3.           Communication by Holders with Other Holders.

 

Securityholders of any Series may communicate pursuant to TIA
§ 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 § 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:

 

    	 	30 	 

     

    

 

(a) an Officer’s 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 Section 4.3 or TIA §
314(a)(4)) shall comply with the provisions of TIA § 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, Officer’s
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 stockholder (past or present),
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.

 

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 PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and
may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes.

 

    	 	31 	 

     

    

 

Section
10.10.         Governing Law.

 

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY PRINCIPLES OF CONFLICTS OF LAWS THEREUNDER
TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

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.

 

Section
10.15.         Securities in a Foreign Currency.

 

Unless otherwise specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular
Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage
in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding
and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal
amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be determined
by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities.
Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant
to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for
the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if
The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as
may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining
the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with
any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations provided for in the preceding
paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably
binding upon the Trustee and all Holders.

 

Section
10.16.         Judgment Currency.

 

The Company agrees, to the fullest extent that it may effectively
do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due
in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”)
into a currency in which a

 

    	 	32 	 

     

    

 

judgment will be rendered (the “Judgment Currency”),
the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in
The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered,
unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New
York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture
to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to
the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the
full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for
any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day
except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by
law, regulation or executive order to close.

 

Section
10.17.         Force Majeure.

 

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

 

Section
10.18.         Waiver of Trial by Jury.

 

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

 

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 if so provided by the terms of such Securities pursuant to Section 2.2 and
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.

 

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 (1) deliver outstanding
Securities of such Series to

 

    	 	33 	 

     

    

 

which such sinking fund payment is applicable (other than any
of such Securities previously called for mandatory sinking fund redemption) and (2) 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 Officer’s 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 hereto or Officer’s 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 Officer’s 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, Officer’s 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.

 

    	 	34 	 

     

    

 

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

 

	 	JAMES RIVER GROUP HOLDINGS, LTD.
	 	 
	 	By:	 
	 	 	  Name:
	 	 	  Title:
	 	 	 
	 	[__________________________], as Trustee
	 	 
	 	By:	 
	 	 	  Name:
	 	 	  Title:

 

    	 	35

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