Document:

Exhibit 4.3

 

 

 

SAFEHOLD INC.

 

 

 

INDENTURE

 

Dated as of _______________, 20__

 

 

 

U.S. BANK NATIONAL ASSOCIATION

 

Trustee

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	2
	Section 1.1	Definitions.	7
	Section 1.2	Other Definitions.	5
	Section 1.3	Incorporation by Reference of Trust Indenture Act.	5
	Section 1.4	Rules of Construction.	5
	ARTICLE II. THE SECURITIES	6
	Section 2.1	Issuable in Series.	6
	Section 2.2	Establishment of Terms of Series of Securities.	6
	Section 2.3	Execution and Authentication.	8
	Section 2.4	Registrar and Paying Agent.	9
	Section 2.5	Paying Agent to Hold Money in Trust.	10
	Section 2.6	Securityholder Lists.	10
	Section 2.7	Transfer and Exchange.	10
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities.	10
	Section 2.9	Outstanding Securities.	11
	Section 2.10	Treasury Securities.	11
	Section 2.11	Temporary Securities.	11
	Section 2.12	Cancellation.	12
	Section 2.13	Defaulted Interest.	12
	Section 2.14	Global Securities.	12
	Section 2.15	CUSIP Numbers.	13
	ARTICLE III. REDEMPTION	13
	Section 3.1	Notice to Trustee.	13
	Section 3.2	Selection of Securities to be Redeemed.	14
	Section 3.3	Notice of Redemption.	14
	Section 3.4	Effect of Notice of Redemption.	15
	Section 3.5	Deposit of Redemption Price.	15
	Section 3.6	Securities Redeemed in Part.	15
	ARTICLE IV. COVENANTS	15
	Section 4.1	Payment of Principal and Interest.	15
	Section 4.2	SEC Reports.	15
	Section 4.3	Compliance Certificate.	16
	Section 4.4	Stay, Extension and Usury Laws.	16
	ARTICLE V. SUCCESSORS	16
	Section 5.1	When Company May Merge, Etc.	16
	Section 5.2	Successor Corporation Substituted.	16
	ARTICLE VI. DEFAULTS AND REMEDIES	17
	Section 6.1	Events of Default.	17

 

     

     

    

 

	Section 6.2	Acceleration of Maturity; Rescission and Annulment.	18
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee.	18
	Section 6.4	Trustee May File Proofs of Claim.	19
	Section 6.5	Trustee May Enforce Claims Without Possession of Securities.	19
	Section 6.6	Application of Money Collected.	19
	Section 6.7	Limitation on Suits.	20
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest.	20
	Section 6.9	Restoration of Rights and Remedies.	20
	Section 6.10	Rights and Remedies Cumulative.	20
	Section 6.11	Delay or Omission Not Waiver.	21
	Section 6.12	Control by Holders.	21
	Section 6.13	Waiver of Past Defaults.	21
	Section 6.14	Undertaking for Costs.	21
	ARTICLE VII. TRUSTEE	22
	Section 7.1	Duties of Trustee.	22
	Section 7.2	Rights of Trustee.	23
	Section 7.3	Individual Rights of Trustee.	24
	Section 7.4	Trustee’s Disclaimer.	24
	Section 7.5	Notice of Defaults.	24
	Section 7.6	Reports by Trustee to Holders.	24
	Section 7.7	Compensation and Indemnity.	24
	Section 7.8	Replacement of Trustee.	25
	Section 7.9	Successor Trustee by Merger, Etc.	26
	Section 7.10	Eligibility; Disqualification.	26
	Section 7.11	Preferential Collection of Claims Against Company.	26
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	26
	Section 8.1	Satisfaction and Discharge of Indenture.	26
	Section 8.2	Application of Trust Funds; Indemnification.	27
	Section 8.3	Legal Defeasance of Securities of any Series.	28
	Section 8.4	Covenant Defeasance.	29
	Section 8.5	Repayment to Company.	29
	Section 8.6	Reinstatement.	30
	ARTICLE IX. AMENDMENTS AND WAIVERS	30
	Section 9.1	Without Consent of Holders.	30
	Section 9.2	With Consent of Holders.	31
	Section 9.3	Limitations.	31
	Section 9.4	Compliance with Trust Indenture Act.	31
	Section 9.5	Revocation and Effect of Consents.	32
	Section 9.6	Notation on or Exchange of Securities.	32
	Section 9.7	Trustee Protected.	32
	ARTICLE X. MISCELLANEOUS	32
	Section 10.1	Trust Indenture Act Controls.	32
	Section 10.2	Notices.	37

 

     

     

    

 

	Section 10.3	Communication by Holders with Other Holders.	33
	Section 10.4	Certificate and Opinion as to Conditions Precedent.	33
	Section 10.5	Statements Required in Certificate or Opinion.	33
	Section 10.6	Rules by Trustee and Agents.	34
	Section 10.7	Legal Holidays.	34
	Section 10.8	No Recourse Against Others.	34
	Section 10.9	Counterparts.	34
	Section 10.10	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.	35
	Section 10.11	No Adverse Interpretation of Other Agreements.	35
	Section 10.12	Successors.	35
	Section 10.13	Severability.	35
	Section 10.14	Table of Contents, Headings, Etc.	36
	Section 10.15	Securities in a Foreign Currency.	36
	Section 10.16	Judgment Currency.	36
	Section 10.17	USA Patriot Act.	36
	Section 10.18	Force Majeure.	37
	ARTICLE XI. SINKING FUNDS	37
	Section 11.1	Applicability of Article.	37
	Section 11.2	Satisfaction of Sinking Fund Payments with Securities.	37
	Section 11.3	Redemption of Securities for Sinking Fund.	38
	ARTICLE XII. GUARANTEE	38
	Section 12.1	Unconditional Guarantee.	38
	Section 12.2	Execution and Delivery of Notation of Guarantee.	39
	Section 12.3	Limitation on Guarantors’ Liability.	39
	Section 12.4	Release of Guarantors from Guarantee.	39
	 	EXHIBITS	 
	Exhibit A	Form of Notation of Guarantee	

 

     

     

    

 

Safehold
Inc.

 

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
	(c)(2)	 	7.6
	(c)(3)	 	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
	(c)	 	9.5
	§ 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.

 

     

     

    

 

Indenture,
dated as of _______________, 20__, among Safehold Inc., a Maryland corporation (the “Company”), the Guarantors (as
defined herein) party hereto and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”).

 

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

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

		Section 1.1	Definitions.

 

“Additional Amounts” means any
additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by
the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

“Affiliate” of any specified
person means any other person directly or indirectly controlling or controlled by or under 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 adopted by the Board of Directors
or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered
to the Trustee.

 

“Business Day” means, unless
otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, any
day except a Saturday, Sunday, a day on which banking institutions in the state in which the Corporate Trust Office is located
or a legal holiday in The City of New York (or in connection with any payment, the place of payment) on which banking institutions
are authorized or required by law, regulation or executive order to close.

 

“Capital Stock” means (a) in
the case of a corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated and whether or not voting) of corporate stock, including each class
of common stock and preferred stock of such person; and (c) in the case of a partnership or limited liability company, partnership
or membership interests (whether general or limited).

 

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

 

“Company Order” means a written
order signed in the name of the Company by 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, which office at the date of the Indenture is located at the address set forth in Section 10.2, or such other
address as the Trustee may designate from time to time by notice to the Holders and the Company.

 

    	 	2	 

     

    

 

“CUSIP” means the Committee
on Uniform Security Identification Procedures and will be used pursuant to Section 2.15.

 

“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; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.

 

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

 

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

 

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

 

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

 

“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.

 

“Guarantor” means each person
that executes this Indenture as a guarantor and its respective successors and assigns, in each case until the Guarantee of such
person has been released in accordance with the provisions of this Indenture; provided, however, that such person shall be a Guarantor
only with respect to a Series of Securities for which such person has executed a Notation of Guarantee with respect to such
Series.

 

“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.

 

    	 	3	 

     

    

 

“Notation of Guarantee” means
a notation, substantially in the form of Exhibit A, executed by a Guarantor and affixed to each Security of any Series to
which the Guarantee of such Guarantor under Article XII of this Indenture applies.

 

“Officer” means the Chief Executive
Officer, the President, 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, which complies with Section 10.4.

 

“Opinion of Counsel” means a
written opinion of legal counsel. The counsel may be an employee of or counsel to the Company. The opinion may contain customary
limitations, conditions and exceptions.

 

“person” means any individual,
corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof. “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 relating to this Indenture
is referred because of his or her knowledge of and familiarity with a particular subject.

 

“SEC” means the Securities and
Exchange Commission.

 

“Securities” means the debentures,
notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture, provided, however
that, if at any time there is more than one person acting as Trustee under this Indenture, “Securities,” with respect
to any such person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of
any Series as to which such person is not Trustee .

 

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

 

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

 

    	 	4	 

     

    

 

“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 depositary 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 depositary 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 depositary receipt from any amount received by the custodian in respect
of the U.S. Government Obligation evidenced by such depositary receipt.

 

		Section 1.2	Other Definitions.

 

 

	
        TERM
	 	DEFINED

IN

SECTION
	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Guarantee”	 	12.1(b)
	“Event of Default”	 	6.1
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“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
	“USA Patriot Act”	 	10.17

 

		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;

 

    	 	5	 

     

    

 

(c) “or” is not exclusive;

 

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

 

(e) provisions apply to successive
events and transactions.

 

ARTICLE II.

THE SECURITIES

 

		Section 2.1	Issuable in Series.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series.
All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution,
a supplemental indenture or an 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 the Indenture.

 

		Section 2.2	Establishment of Terms of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of 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 2.2.30)
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) and whether additional Securities of that Series may be issued without the consent
of Holders of outstanding Securities of that Series or any other Series; provided, that in the event that additional Securities
of such Series may be so issued, the terms thereof shall indicate whether any such additional Securities shall have the same
terms as the prior Securities of such Series or whether the Issuer may establish additional or different terms with respect
to such additional Securities;

 

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, any regular record date for the interest payable on any interest payment date and the basis upon which interest
shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

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;

 

    	 	6	 

     

    

 

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;

 

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 or the Guarantees;

 

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 and terms set forth in Articles IV, V or IX 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;

 

    	 	7	 

     

    

 

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;

 

2.2.23 whether the Securities of such Series are
entitled to the benefits of the Guarantee of any Guarantor pursuant to this Indenture, whether any such Guarantee shall be made
on a senior or subordinated basis and, if applicable, a description of the subordination terms of any such Guarantee;

 

2.2.24 if a person other than U.S. Bank
National Association is to act as Trustee for the Securities of that Series, the name and location of the designated corporate
trust office of such Trustee;

 

2.2.25 the securities exchanges, if any,
on which the Securities of the Series may be listed;

 

2.2.26 if the Securities of that Series do
not bear interest, the applicable dates for purposes of Section 2.6;

 

2.2.27 if Securities of the Series are
to be issuable initially in the form of a temporary Global Security, the circumstances under which the temporary Global Security
can be exchanged for definitive Securities;

 

2.2.28 whether Securities of that Series are
to be issuable in bearer form and any additions or changes to any of the provisions of this Indenture as shall be necessary to
permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without
interest coupons;

 

2.2.29 the applicability, if any, of Sections
8.3 and/or 8.4 to the Securities of the Series and any provisions in modification of, in addition to or in lieu of any of
the provisions of Article VIII; and

 

2.2.30 any change in the right of the Trustee
or the right of the requisite Holders of Securities to declare the principal amount thereof due and payable.

 

All Securities of any particular Series shall
be substantially identical except as to denomination and the date from which interest, if any, shall accrue, and except as may
otherwise be provided in or pursuant to such Board Resolutions and set forth in such Officer’s Certificate relating thereto
or provided in or pursuant to any supplemental indenture 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.

 

Any Officer shall sign the Securities for
the Company by manual, facsimile or other electronic (including .pdf) signature (including any electronic signature covered by
the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable
law, e.g., www.docusign.com).

 

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 an authorized signatory of the Trustee or an authenticating agent. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.

 

    	 	8	 

     

    

 

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.

 

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 7.2) 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 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; provided, that the Corporate Trust Office of the
Trustee shall not be a place of service of legal process on the Company.

 

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.

 

    	 	9	 

     

    

 

		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 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. Upon any bankruptcy, reorganization or similar proceeding with
respect to the Company, the Trustee shall serve as Paying Agent for the Securities.

 

		Section 2.6	Securityholder Lists.

 

The Trustee shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each
Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at 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 Section 2.11,
3.6 or 9.6).

 

Neither the Company nor the Registrar shall
be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at
the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series selected
for redemption and ending at the close of business on the day such notice is sent, 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 (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) 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
receipt of a Company Order 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.

 

    	 	10	 

     

    

 

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 following delivery of the documents and security or indemnity required in the preceding paragraph.

 

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

 

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

 

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

 

Section 2.9     Outstanding
Securities.

 

The Securities outstanding at any time are
all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described
in this Section as not outstanding, including those paid in accordance with the third-to-last paragraph of Section 2.8.

 

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 as provided in this Indenture, 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.

 

    	 	11	 

     

    

 

Any temporary Global Security and any permanent
Global Security shall, unless otherwise provided therein, be delivered to the Depositary designated pursuant to Section 2.2
or shall be held by the Custodian on behalf of such Depositary.

 

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 dispose of such canceled Securities in accordance with its then customary procedures
(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 Company may not issue new Securities to replace Securities that it has
paid or delivered to the Trustee for cancellation.

 

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 ten days before the special record date, the Company shall send
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 the Indenture and in addition thereto, any Global Security shall
be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the
Depositary for such Security or its nominee only if (a) 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, 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 or (b) 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.

 

    	 	12	 

     

    

 

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.”

 

In addition, so long as The Depository Trust
Company (“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear
a legend in substantially the following form:

 

“UNLESS THIS GLOBAL NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

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 the 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 be entitled to conclusively treat a person as the absolute owner 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 the 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.

 

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. The Company shall promptly notify the Trustee in writing of any change in CUSIP numbers.

 

ARTICLE III.

REDEMPTION

 

Section 3.1     Notice
to Trustee.

 

The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of
Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.
If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof
all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of
the redemption date and the principal amount of the Series of Securities to be redeemed. The Company shall give the notice
at least 15 days before the redemption date (or such shorter period as may be acceptable to the Trustee).

 

    	 	13	 

     

    

 

Section 3.2     Selection
of Securities to be Redeemed.

 

Unless otherwise indicated for a particular
Series by a Board Resolution, supplemental indenture hereto or 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 (as certified by the Company to the Trustee), 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 thereof 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 send or cause to be sent by first class mail or electronically, in accordance
with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed, with a copy to
the Trustee.

 

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

 

(a) the redemption date;

 

(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 on and after the redemption date;

 

(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.

 

At the Company’s written 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 in the form of such notice.

 

    	 	14	 

     

    

 

Section 3.4     Effect
of Notice of Redemption.

 

Once notice of redemption is sent 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, if any, to the redemption date.

 

Section 3.5     Deposit
of Redemption Price.

 

On or before 11:00 a.m., New York City time,
on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued
interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6     Securities
Redeemed in Part.

 

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

 

ARTICLE IV.

COVENANTS

 

Section 4.1     Payment
of Principal and Interest.

 

The Company covenants and agrees for the
benefit of the Holders of each Series of Securities that it shall duly and punctually pay or cause to be paid when due 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.

 

The Company shall, so long as any Securities
are outstanding, 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 shall also comply with the other provisions of TIA Section 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, provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such
information, documents or reports have been filed via EDGAR.

 

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 its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates).

 

    	 	15	 

     

    

 

Section 4.3     Compliance
Certificate.

 

The Company and each Guarantor (to the extent
that such Guarantor is so required under the TIA) shall, so long as any Securities are outstanding, 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 Guarantor, Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officer with a view to determining whether the Company and any Guarantor has kept, observed, performed and fulfilled its obligations
under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of such Officer’s
knowledge the Company and any Guarantor 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 such Officer may have knowledge
and the nature and status thereof).

 

The Company will, so long as any of the
Securities are outstanding, deliver to the Trustee, promptly upon becoming aware of any Default or Event of Default, an Officer’s
Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect
thereto.

 

Section 4.4     Stay, Extension
and Usury Laws.

 

The Company and the Guarantors covenant
(to the extent that they may lawfully do so) that they 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 and the Guarantors (to the
extent they may lawfully do so) hereby expressly waive all benefit or advantage of any such law and covenants that they 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 convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor
person”) unless:

 

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

 

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

 

    	 	16	 

     

    

 

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 the Securities of that Series or this Indenture (other than defaults pursuant
to paragraph (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for
the benefit of a Series of Securities other than that Series), which default continues uncured for a period of 60 days after
there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders
of not less than 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 or any Guarantor 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 or any Guarantor in an involuntary case,

 

(ii) appoints a Custodian
of the Company, any Guarantor or for all or substantially all of its property, or

 

(iii) orders the liquidation
of the Company or any Guarantor, 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.

 

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.

 

    	 	17	 

     

    

 

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,
including any related payment default that resulted from such acceleration, 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 when and as due by the terms of a Security,

 

then, the Company and the Guarantors shall,
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 or the Guarantors fail 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, any Guarantor or any other obligor upon such Securities and collect the moneys adjudged or
deemed to be payable in the manner provided by law out of the property of the Company, any Guarantor 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 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.

 

    	 	18	 

     

    

 

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 or, if the Securities of such Series are Discount Securities, such amounts as may be due and payable
with respect to such Securities pursuant to an acceleration in accordance with Section 6.2, 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 such payments shall be made 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 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 under Section 7.7; and

 

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

 

Third:      To
the Company or the Guarantors, as applicable.

 

    	 	19	 

     

    

 

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 reasonably satisfactory to the Trustee against the costs, claims, 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 (it being expressly understood that the Trustee shall not have an affirmative duty to ascertain whether
such action is prejudicial).

 

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 Guarantors, the Trustee and the Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

 

Section 6.10   Rights
and Remedies Cumulative.

 

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

 

    	 	20	 

     

    

 

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) 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, the direction is in conflict with any law or this
Indenture, or the direction would be unduly prejudicial to the Holders of such Series not joining therein provided, however,
that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction (it being
expressly understood that the Trustee shall not have an affirmative duty to ascertain whether such action is prejudicial), and

 

(d) prior to taking any action as directed
under this Section 6.12, the Trustee shall receive indemnity or security satisfactory to it against the costs, claims, 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, by written notice to the Trustee and the Company, 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 and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted
by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment
of the principal of or interest on any Security on or after the Maturity of such Security, including the Stated Maturity expressed
in such Security (or, in the case of redemption, on the redemption date).

 

    	 	21	 

     

    

 

ARTICLE VII.

TRUSTEE

 

Section 7.1     Duties
of Trustee.

 

(a) If an Event of Default has occurred
and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care
and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’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 form 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) Every provision of this Indenture
that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(e) The Trustee may refuse to perform
any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs, claims, expenses and
liabilities which might be incurred by it in performing such duty or exercising such right or power.

 

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

 

    	 	22	 

     

    

 

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

 

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

 

Section 7.2     Rights
of Trustee.

 

(a) The Trustee shall be entitled to
conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile
form) reasonably 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 and an Opinion of Counsel. 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 and 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
of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder without 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, and, if requested, provided to the Trustee security or indemnity satisfactory to it against
the costs, claims, 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 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) Any permissive right or authority
granted to the Trustee shall not be construed as a mandatory duty.

 

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

 

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

 

    	 	23	 

     

    

 

(l) The Trustee shall not be required
to give any bond or surety in respect of the execution of the trusts and powers or otherwise in respect of the Indenture.

 

(m) Under no circumstances shall the
Trustee be liable in its individual capacity for the obligations evidenced by the Securities.

 

Section 7.3     Individual
Rights of Trustee.

 

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

 

Section 7.4     Trustee’s
Disclaimer.

 

The Trustee makes no representation as to
the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds
from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

Section 7.5     Notice
of Defaults.

 

If a Default or Event of Default occurs
and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee,
the Trustee shall mail to each Securityholder of the Securities of that Series, in the manner set forth in Section 10.2, notice
of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge
of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest
on any Security of any Series, the Trustee may withhold the notice if and so long as the Trustee 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 May 15 of each
year, the Trustee shall transmit 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 Section 313.

 

A copy of each report at the time of its
delivery 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 and of any delisting thereof.

 

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.

 

    	 	24	 

     

    

 

The Company shall indemnify each of the
Trustee and any predecessor Trustee (including the cost of defending itself) against any cost, claim, 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 under this Section 7.7 except to the extent that the Company suffers actual and material prejudice as a
result of such failure. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have
separate counsel of its selection 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 shall 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 termination of this Indenture or the earlier 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.

 

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, at the Company’s sole cost and expense, 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 deliver 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.

 

    	 	25	 

     

    

 

 

 

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 corporation or banking association,
the successor corporation or banking association 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 Section 310(a)(1), (2) and (5). The Trustee shall always have a combined capital
and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply
with TIA Section 310(b). In determining whether the Trustee has a conflicting interest as defined in Section 310(b) of
the TIA with respect to the Securities of any Series, there shall be excluded Securities of any particular Series of Securities
other than that Series.

 

Section 7.11         Preferential
Collection of Claims Against Company.

 

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

 

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1           Satisfaction
and Discharge of Indenture.

 

This Indenture shall upon Company Order
be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities of such
Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute
instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when

 

(a) either

 

(i) all Securities of such Series 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 of such Series not
theretofore delivered to the Trustee for cancellation:

 

(1) have become due and payable by reason of
sending a notice of redemption or otherwise, 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;

 

    	 	26	 

     

    

 

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.

 

If the Company exercises the satisfaction
and discharge provisions in compliance with this Indenture with respect to Securities of a particular Series that are entitled
to the benefit of the Guarantee of any Guarantor, the Guarantee will terminate with respect to that Series of Securities.

 

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 Sections 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 Sections 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.

 

(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.

 

    	 	27	 

     

    

 

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 any Guarantee will terminate with respect to that Series of Securities (and
the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments reasonably requested by
the Company 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:

 

i. the Company shall have deposited or caused
to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose
of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such
Securities (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;

 

ii. such deposit will not result in a breach
or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party
or by which it is bound (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit
(and any similar concurrent deposit related to other indebtedness of the Company or any Subsidiary) and the granting of liens to
secure such borrowings);

 

iii. no Default or Event of Default with
respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

 

iv. 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;

 

v. 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

 

vi. 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.

 

    	 	28	 

     

    

 

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 (other than a Default or Event of Default resulting from the borrowing of funds to be applied
to such deposit (and any similar concurrent deposit related to other indebtedness of the Company or any Subsidiary) and the granting
of liens to secure such borrowings);

 

(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 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 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 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

 

(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.

 

    	 	29	 

     

    

 

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, any Guarantors 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 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 surrender any of the Company’s
rights or powers under this Indenture;

 

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

 

(f) to comply with the applicable procedures
of the applicable Depositary;

 

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

 

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

 

(i) 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;

 

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

 

(k) to reflect the release of any Guarantor
in accordance with Article XII; or

 

(l) to add Guarantors with respect
to any or all of the Securities or to secure any or all of the Securities or the Guarantees.

 

    	 	30	 

     

    

 

Section 9.2           With Consent
of Holders.

 

The Company, any Guarantors 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 (with a copy to the
Trustee), a notice briefly describing the supplemental indenture or waiver.

 

Any failure by the Company to send 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 Section 6.8,
6.13 or 9.3 (this sentence);

 

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

 

(i) if the Securities of that Series are
entitled to the benefit of the Guarantee, release any Guarantor of such Series other than as provided in this Indenture or
modify the Guarantee in any manner adverse to the Holders.

 

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.

 

    	 	31	 

     

    

 

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 or requires the consent of each Security Holder affected, as set forth in
a supplemental indenture or Officer’s Certificate in respect to a particular Series of Securities. 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 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 receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s
Certificate or an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of
Counsel, 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.

 

    	 	32	 

     

    

 

Section 10.2         Notices.

 

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

 

if to the Company or any Guarantor:

 

Safehold Inc.

1114 Avenue of the Americas, 39th Floor

New York, New York 10036

Attention: Chief Legal Officer

Telephone: 212.930.9400

 

with a copy to:

 

Latham & Watkins LLP

355 S. Grand Ave., Suite 100

Los Angeles, CA 90071

	Attention:	Julian Kleindorfer
	 	Lewis Kneib
	Telephone:	213.891.8371
	 	213.891.7339

 

if to the Trustee:

 

U.S. Bank National Association

100 Wall Street, 6th Floor

New York, NY 10005

Attention: Global Corporate Trust – Safehold Administrator

Telephone: 212.951.8500

 

The Company, any Guarantor 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 sent electronically or by first-class mail to his, her or its address shown on the register kept by the Registrar, in
accordance with the procedures of the Depositary. Failure to send 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 sent 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 or any Guarantor 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 Section 312(b) with other Securityholders of that Series or any other Series with respect to
their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA Section 312(c).

 

Section 10.4         Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(a) an Officer’s Certificate
stating that, in the opinion of the signers, all covenants and 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 covenants and conditions precedent have been complied with.

 

    	 	33	 

     

    

 

Section 10.5         Statements
Required in Certificate or Opinion.

 

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

 

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

 

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

 

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

 

(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 or any Guarantor shall not have any liability for any obligations of the Company under
the Securities, the Guarantee 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. The words “execution,” “signed,”
 “signature,” and words of like import in this Indenture shall include images of manually executed signatures transmitted
by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”)
and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored
by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of
a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation
to the foregoing, and anything in this Indenture to the contrary notwithstanding, (a) any Officer’s Certificate, Company
Order, Opinion of Counsel, Security, Guarantee endorsed on any Security, opinion of counsel, instrument, agreement or other document
delivered pursuant to this Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats,
(b) all references in Section 2.3 or elsewhere in this Indenture to the execution, attestation or authentication of any
Security, any Guarantee endorsed on any Security, or any certificate of authentication appearing on or attached to any Security
by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing
electronic means or formats, and (c) any requirement in this Indenture that any signature be made under a corporate seal (or
facsimile thereof) shall not be applicable to the Securities or any Guarantees endorsed on any Securities. The Company agrees to
assume all risks arising out of the use of using digital signatures, including without limitation the risk of the Trustee acting
on unauthorized instructions.

 

    	 	34	 

     

    

 

Section 10.10       Governing
Law; Waiver of Jury Trial; Consent to Jurisdiction.

 

THIS INDENTURE AND THE SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW).

 

THE COMPANY, THE GUARANTORS, THE TRUSTEE
AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Any legal suit, action or proceeding arising
out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United
States of America located in the City of New York or the courts of the State of New York in each case located in the City of New
York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction
of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent
allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective service
of process for any suit, action or other proceeding brought in any such court. The Company, the Guarantors, the Trustee and the
Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of
venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to
plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum.

 

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 and the Guarantors
in this Indenture and the Securities shall bind their respective successors. 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.

 

    	 	35	 

     

    

 

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 made by the Company 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 and each Guarantor 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 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       USA Patriot
Act.

 

The parties hereto acknowledge that, in
accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as
amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions,
is required to obtain, verify, and record information that identifies each person or legal entity that opens an account. The parties
to this Indenture agree that they will provide the Trustee with such information as the Trustee may reasonably request in order
for the Trustee to satisfy the requirements of the USA Patriot Act.

 

    	 	36	 

     

    

 

Section 10.18       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 strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
pandemics, epidemics, recognized public emergencies, quarantine restrictions, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, hacking, cyber-attacks,
or other use or infiltration of the Trustee’s technological infrastructure exceeding authorized access; it being understood
that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

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, 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 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.

 

    	 	37	 

     

    

 

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.

 

ARTICLE XII.

GUARANTEE

 

Section 12.1         Unconditional
Guarantee.

 

(a) Notwithstanding any provision of
this Article XII to the contrary, the provisions of this Article XII shall be applicable only to, and inure solely to
the benefit of, the Securities of any Series designated, pursuant to Section 2.2.23, as entitled to the benefits of the
Guarantee of each Guarantor identified in such designation and that has executed a Notation of Guarantee with respect to such Series.

 

(b) For value received, each Guarantor
hereby jointly and severally, fully, unconditionally and absolutely guarantees (the “Guarantee”) to the Holders and
to the Trustee the due and punctual payment of the principal of, premium, if any, and interest on each Series of Securities
for which such Guarantor has executed a Notation of Guarantee with respect to such Series and all other amounts due and payable
under this Indenture and the Securities of such Series by the Company, when and as such principal, premium, if any, interest,
and such other amounts as shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call
for redemption or otherwise, according to the terms of such Securities and this Indenture, subject to the limitations set forth
in Section 12.3.

 

(c) Failing payment when due of any
amount guaranteed pursuant to the Guarantee, for whatever reason, each of the Guarantors will be jointly and severally obligated
to pay the same immediately. Each of the Guarantors hereby agrees that its obligations hereunder shall be full, unconditional and
absolute, irrespective of the validity, regularity or enforceability of the Securities, the Guarantee (including the Guarantee
of any other Guarantor) or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of
the Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Company or any other
Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge
or defense of any of the Guarantors. Each Guarantor hereby agrees that in the event of a default in payment of the principal of
or interest on the Securities entitled to the Guarantee of such Guarantor, whether at the Stated Maturity or by declaration of
acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or,
subject to Section 6.7, by the Holders, on the terms and conditions set forth in this Indenture, directly against such Guarantor
to enforce the Guarantee without first proceeding against the Company or any other Guarantor.

 

(d) Each Guarantor hereby (i) waives
diligence, presentment, demand of payment, filing of claims with a court in the event of the merger, insolvency or bankruptcy of
the Company or any of the Guarantors, and all demands whatsoever and (ii) acknowledges that any agreement, instrument or document
evidencing the Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any
agreement, instrument or document evidencing the Guarantee without notice to it. Each Guarantor further agrees that if at any time
all or any part of any payment theretofore applied by any person to the Guarantee is, or must be, rescinded or returned for any
reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of the Company or any of the Guarantors,
the Guarantee shall, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence
notwithstanding such application, and the Guarantee shall continue to be effective or be reinstated, as the case may be, as though
such application had not been made.

 

    	 	38	 

     

    

 

(e) Each Guarantor shall be subrogated
to all rights of the Holders and the Trustee against the Company in respect of any amounts paid by such Guarantor pursuant to the
provisions of this Indenture; provided, however, that such Guarantor shall not be entitled to enforce or to receive any payments
arising out of, or based upon, such right of subrogation until all of the Securities entitled to the Guarantee of such Guarantor
and the Guarantee shall have been paid in full or discharged.

 

Section 12.2         Execution
and Delivery of Notation of Guarantee.

 

To evidence the Guarantee of a Guarantor
of a Series of Securities, a Notation of Guarantee, executed by either manual or facsimile signature of an Officer of such
Guarantor, shall be affixed on each Security entitled to the benefits of the Guarantee of such Guarantor. If any Officer of any
Guarantor whose signature is on a Notation of Guarantee no longer holds that office at the time the Trustee authenticates a Security
to which such Notation of Guarantee is affixed or at any time thereafter, the Guarantee of such Security shall be valid nevertheless.
The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee
relating to such Security set forth in the Indenture on behalf of the Guarantor. Notwithstanding the foregoing, each Guarantor
hereby agrees that its Guarantee shall remain in full force and effect notwithstanding the absence of a Notation of Guarantee being
affixed to such Security.

 

Section 12.3         Limitation
on Guarantors’ Liability.

 

Each Guarantor by its acceptance hereof
and each Holder of Security and the Trustee entitled to the benefits of the Guarantee hereby confirms that it is the intention
of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or conveyance
for purposes of any federal or state law. To effectuate the foregoing intention, each Holder of a Security and the Trustee entitled
to the benefits of the Guarantee and each Guarantor hereby irrevocably agrees that the obligations of each Guarantor under the
Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of
such Guarantor and to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under the Guarantee, not result in the obligations of such Guarantor under the Guarantee constituting a
fraudulent conveyance or fraudulent transfer under federal or state law.

 

Section 12.4         Release
of Guarantors from Guarantee.

 

(a) Notwithstanding any other provisions
of this Indenture, the Guarantee of any Guarantor may be released upon the terms and subject to the conditions set forth in Section 8.1,
Section 8.3 and this Section 12.4. Provided that no Default shall have occurred and shall be continuing under this Indenture,
the Guarantee incurred by a Guarantor pursuant to this Article XII shall be unconditionally released and discharged (i) automatically
upon (A) any sale, exchange or transfer, whether by way of merger or otherwise, to any person that is not an Affiliate of
the Company, of all of the Company’s direct or indirect equity interests in such Guarantor (provided such sale, exchange
or transfer is not prohibited by this Indenture) or (B) the merger of such Guarantor into the Company or any other Guarantor
or the liquidation and dissolution of such Guarantor (in each case to the extent not prohibited by this Indenture) or (ii) with
respect to any Series of Securities, upon the occurrence of any other condition set forth in the Board Resolution, supplemental
indenture or Officer’s Certificate establishing the terms of such Series.

 

(b) Upon receipt of a written request
of the Company accompanied by an Officer’s Certificate or Opinion of Counsel to the effect that any Guarantor is entitled
to be released from the Guarantee in accordance with the provisions of this Indenture, the Trustee shall deliver instruments reasonably
requested by the Company or such Guarantor evidencing the release of such Guarantor from the Guarantee, such instruments to be
prepared by the Company or such Guarantor and delivered to the Trustee. Any Guarantor not so released shall remain liable for the
full amount of principal of and interest on the Securities entitled to the benefits of the Guarantee as provided in this Indenture,
subject to the limitations of Section 12.3.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	39	 

     

    

 

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

 

	 	Safehold Inc., as the Company
	 	 
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:
	 	 
	 	 
	 	[ l ], as Guarantor
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:
	 	 
	 	 
	 	U.S. Bank National Association, as the Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:

 

[Signature Page to Indenture]

 

     

     

    

 

EXHIBIT A

 

[FORM OF]

NOTATION OF GUARANTEE

 

Each Guarantor signing below has fully, unconditionally and
absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual
payment of the principal of, premium, if any, and interest on the Securities to which this notation is affixed and all other amounts
due and payable under the Indenture and the Securities to which this notation is affixed by the Company.

 

The obligations of such Guarantor to the Holders of Securities
to which this notation is affixed and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article XII
of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee.

 

	 	[NAME OF GUARANTOR(S)]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.1

 

KARAT PACKAGING
INC.

2019 STOCK INCENTIVE
PLAN

 

		1.	ESTABLISHMENT, EFFECTIVE DATE AND TERM

 

Karat Packaging
Inc., a Delaware corporation (“Karat Packaging”), hereby establishes the Karat Packaging Inc. Stock Incentive
Plan. The Effective Date of the Plan shall be the later of: (i) the date the Plan was approved by the Board, and (ii) the
date the Plan was approved by stockholders of Karat Packaging in accordance with the laws of the State of Delaware. Unless earlier
terminated pursuant to Section 14(l) hereof, the Plan shall terminate on the tenth anniversary of the Effective Date. Capitalized
terms used herein are defined in Annex A attached hereto.

 

		2.	PURPOSE

 

The purpose of
the Plan is to enable Karat Packaging to attract, retain, reward and motivate Eligible Individuals by providing them with an opportunity
to acquire or increase a proprietary interest in Karat Packaging and to incentivize them to expend maximum effort for the growth
and success of the Company, so as to strengthen the mutuality of the interests between the Eligible Individuals and the stockholders
of Karat Packaging.

 

		3.	ELIGIBILITY

 

Awards may be granted
under the Plan to any Eligible Individual, as determined by the Committee from time to time, on the basis of their importance to
the business of the Company, pursuant to the terms of the Plan.

 

		4.	ADMINISTRATION

 

(a)          Committee.
The Plan shall be administered by the Committee, which shall have the full power and authority to take all actions, and to make
all determinations not inconsistent with the specific terms and provisions of the Plan and deemed by the Committee to be necessary
or appropriate to the administration of the Plan, any Award granted or any Award Agreement entered into hereunder. The Committee
may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner
and to the extent it shall deem expedient to carry the Plan into effect as it may determine in its sole discretion. The decisions
by the Committee shall be final, conclusive and binding with respect to the interpretation and administration of the Plan, any
Award or any Award Agreement entered into under the Plan.

 

(b)          Delegation
to Officers or Employees. The Committee may designate officers or employees of the Company to assist the Committee in
the administration of the Plan. The Committee may delegate authority to officers or employees of the Company to grant Awards and
execute Award Agreements or other documents on behalf of the Committee in connection with the administration of the Plan, subject
to whatever limitations or restrictions the Committee may impose in accordance with applicable law and to the extent that such
delegation will not result in the loss of an exemption under Rule 16(b)-3(d)(1) for Awards grants to Participants subject
to Section 16 of the Exchange Act in respect of the Company and will not result in a related-person transaction with an executive
officer required to be disclosed under Item 404(a) of Regulations S-K (in accordance with Instruction 5.a.ii thereunder)
under the Exchange Act.

 

(c)          Designation
of Advisors. The Committee may designate professional advisors to assist the Committee in the administration of the
Plan. The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the administration of the
Plan and may rely upon any advice and any computation received from any such counsel, consultant, or agent. The Company shall pay
all expenses and costs incurred by the Committee for the engagement of any such counsel, consultant, or agent.

 

(d)          Participants
Outside the U.S. In order to conform with the provisions of local laws and regulations of foreign countries that may affect
the Awards or the Participants, the Committee shall have the sole discretion to (i) modify the terms and conditions of the
Awards granted under the Plan to Eligible Individuals located outside the United States; (ii) establish subplans with such
modifications as may be necessary or advisable under the circumstances present by local laws and regulations; and (iii) take
any action that it deems advisable to comply with or otherwise reflect any necessary governmental regulatory procedures, or to
obtain any exemptions or approvals necessary with respect to the Plan or any subplan established hereunder.

 

     

     

    

 

(e)          Liability
and Indemnification. No Covered Individual shall be liable for any action or determination made in good faith with respect
to the Plan, any Award granted hereunder or any Award Agreement entered into hereunder. The Company shall, to the maximum extent
permitted by applicable law and the Certificate of Incorporation and Bylaws of Karat Packaging, indemnify and hold harmless each
Covered Individual against any cost or expense (including reasonable attorney fees reasonably acceptable to the Company) or liability
(including any amount paid in settlement of a claim with the approval of the Company), and amounts advanced to such Covered Individual
necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to
act in connection with the Plan, any Award granted hereunder or any Award Agreement entered into hereunder. Such indemnification
shall be in addition to any rights of indemnification such individuals may have under other agreements, applicable law or under
the Certificate of Incorporation or Bylaws of Karat Packaging. Notwithstanding anything else herein, this indemnification
will not apply to the actions or determinations made by a Covered Individual with regard to Awards granted to such Covered Individual
under the Plan or arising out of such Covered Individual’s own fraud or bad faith.

 

		5.	SHARES OF COMMON STOCK SUBJECT TO PLAN

 

(a)          Shares
Available for Awards. The Common Stock that may be issued pursuant to Awards granted under the Plan shall be treasury
shares or authorized but unissued shares of the Common Stock. The total number of shares of Common Stock that may be issued pursuant
to Awards granted under the Plan shall be 2,000,000 shares. A maximum of 2,000,000 shares of Karat Packaging stock may be subject
to grants of Incentive Stock Options.

 

(b)          Reduction
of Shares Available for Awards. Upon the granting of an Award, the number of shares of Common Stock available for issuance
under this Section for the granting of further Awards shall be reduced as follows:

 

(i)          In
connection with the granting of an Option or Stock Appreciation Right, the number of shares of Common Stock shall be reduced by
the number of shares of Common Stock subject to the Option or Stock Appreciation Right;

 

(ii)         In
connection with the granting of an Award that is settled in Common Stock, other than the granting of an Option or Stock Appreciation
Right, the number of shares of Common Stock shall be reduced by the number of shares of Common Stock subject to the Award; and

 

(iii)        Awards
settled in cash or property other than Common Stock shall not count against the total number of shares of Common Stock available
to be granted pursuant to the Plan.

 

(c)          Cancelled,
Forfeited, or Surrendered Awards. Notwithstanding anything to the contrary in this Plan, if any award under this Plan is cancelled,
forfeited or terminated for any reason prior to exercise, delivery or becoming vested in full, the shares of Common Stock that
were subject to such Award shall, to the extent cancelled, forfeited or terminated, immediately become available for future Awards
granted under this Plan; provided, however, that any shares of Common Stock subject to an Award that is cancelled, forfeited or
terminated in order to pay the exercise price of a stock option, purchase price or any taxes or tax withholdings on an award shall
not be available for future Awards granted under this Plan.

 

    	 	2	 

     

    

 

(d)          Recapitalization.
If the outstanding shares of Common Stock are increased or decreased or changed into or exchanged for a different number or
kind of shares or other securities by reason of any recapitalization, reclassification, reorganization, stock split, reverse split,
combination of shares, exchange of shares, stock dividend or other distribution payable in capital stock of Karat Packaging or
other increase or decrease in such shares effected without receipt of consideration by Karat Packaging occurring after the effective
date, an appropriate and proportionate adjustment shall be made by the Committee to: (i) the aggregate number and kind of
shares of Common Stock available under the Plan (including, but not limited to, the limits of the number of shares of Common Stock
described in Section 5(a)), (ii) the calculation of the reduction of shares of Common Stock available under the Plan, (iii) the
number and kind of shares of Common Stock issuable pursuant to outstanding Awards granted under the Plan and/or (iv) the Exercise
Price of outstanding Options or Stock Appreciation Rights granted under the Plan. No fractional shares of Common Stock or units
of other securities shall be issued pursuant to any such adjustment under this Section 5(d), and any fractions resulting from
any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share or unit. Any adjustments made
under this Section 5(d) with respect to any Incentive Stock Options must be made in accordance with Code Section 424.

 

		6.	OPTIONS

 

(a)          Grant
of Options. Subject to the terms and conditions of the Plan, the Committee may grant to such Eligible Individuals as the Committee
may determine, Options to purchase such number of shares of Common Stock and on such terms and conditions, as the Committee shall
determine in its sole and absolute discretion. Each grant of an Option shall satisfy the requirements set forth in this Section.

 

(b)          Type
of Options. Each Option granted under the Plan may be designated by the Committee, in its sole discretion, as either (i) an
Incentive Stock Option, or (ii) a Non-Qualified Stock Option. Options designated as Incentive Stock Options that
fail to continue to meet the requirements of Code Section 422 shall be re-designated as Non-Qualified Stock
Options automatically on the date of such failure to continue to meet such requirements without further action by the Committee.
In the absence of any designation, Options granted under the Plan will be deemed to be Non-Qualified Stock Options.

 

(c)          Exercise
Price. Subject to the limitations set forth in the Plan relating to Incentive Stock Options, the Exercise Price of an Option
shall be fixed by the Committee and stated in the respective Award Agreement, provided that the Exercise Price of the shares of
Common Stock subject to such Option may not be less than Fair Market Value of such Common Stock on the Grant Date, or if greater,
the par value of the Common Stock.

 

(d)          Limitation
on Repricing. Unless such action is approved by Karat Packaging’s stockholders in accordance with applicable law: (i) no
outstanding Option granted under the Plan may be amended to provide an Exercise Price that is lower than the then-current Exercise
Price of such outstanding Option (other than adjustments to the Exercise Price pursuant to Sections 5(d) and 11); (ii) the Committee
may not cancel any outstanding Option and grant in substitution therefore new Awards under the Plan covering the same or a different
number of shares of Common Stock and having an Exercise Price lower than the then-current Exercise Price of the cancelled Option
(other than adjustments to the Exercise Price pursuant to Sections 5(e) and 11); and (iii) the Committee may not authorize
the repurchase of an outstanding Option that has an Exercise Price that is higher than the then-current fair market value of the
Common Stock (other than adjustments to the Exercise Price pursuant to Sections 5(d) and 11).

 

(e)          Limitation
on Option Period. Subject to the limitations set forth in the Plan relating to Incentive Stock Options, Options granted under
the Plan and all rights to purchase Common Stock thereunder shall terminate no later than the tenth anniversary of the Grant Date
of such Options, or on such earlier date as may be stated in the Award Agreement relating to such Option. In the case of Options
expiring prior to the tenth anniversary of the Grant Date, the Committee may in its discretion, at any time prior to the expiration
or termination of said Options, extend the term of any such Options for such additional period as it may determine, but in no event
beyond the tenth anniversary of the Grant Date thereof.

 

(f)          Limitations
on Incentive Stock Options. Notwithstanding any other provisions of the Plan, the following provisions shall apply with respect
to Incentive Stock Options granted pursuant to the Plan.

 

(i)          Limitation
on Grants. Incentive Stock Options may only be granted to Section 424 Employees. The aggregate Fair Market Value (determined
at the time such Incentive Stock Option is granted) of the shares of Common Stock for which any individual may have Incentive Stock
Options that first become vested and exercisable in any calendar year (under all incentive stock option plans of the Company) shall
not exceed $100,000. Options granted to such individual in excess of the $100,000 limitation, and any Options issued subsequently
that first become vested and exercisable in the same calendar year, shall automatically be treated as Non-Qualified Stock
Options.

 

    	 	3	 

     

    

 

(ii)         Minimum
Exercise Price. In no event may the Exercise Price of a share of Common Stock subject an Incentive Stock Option be less than
100% of the Fair Market Value of such share of Common Stock on the Grant Date.

 

(iii)        Ten
Percent Stockholder. Notwithstanding any other provision of the Plan to the contrary, in the case of Incentive Stock Options
granted to a Section 424 Employee who, at the time the Option is granted, owns (after application of the rules set forth in
Code Section 424(d)) stock possessing more than ten percent of the total combined voting power of all classes of stock of
Karat Packaging, such Incentive Stock Options (i) must have an Exercise Price per share of Common Stock that is at least 110%
of the Fair Market Value as of the Grant Date of a share of Common Stock, and (ii) must not be exercisable after the fifth
anniversary of the Grant Date.

 

(g)          Vesting
Schedule and Conditions. No Options may be exercised prior to the satisfaction of the conditions and vesting schedule provided
for in the Plan and in the Award Agreement relating thereto.

 

(h)          Exercise.
When the conditions to the exercise of an Option have been satisfied, the Participant may exercise the Option only in accordance
with the following provisions. The Participant shall deliver to Karat Packaging a written notice stating that the Participant
is exercising the Option and specifying the number of shares of Common Stock that are to be purchased pursuant to the Option, and
such notice shall be accompanied by payment in full of the Exercise Price of the shares for which the Option is being exercised,
by one or more of the methods provided for in the Plan. An attempt to exercise any Option granted hereunder other than as set forth
in the Plan shall be invalid and of no force and effect.

 

(i)          Payment.
Payment of the Exercise Price for the shares of Common Stock purchased pursuant to the exercise of an Option shall be made by one
of the following methods:

 

(i)          by
cash, certified or cashier’s check, bank draft or money order;

 

(ii)         through
the delivery to Karat Packaging of shares of Common Stock that have been previously owned by the Participant for the requisite
period necessary to avoid a charge to Karat Packaging’s earnings for financial reporting purposes; such shares shall
be valued, for purposes of determining the extent to which the Exercise Price has been paid thereby, at their Fair Market Value
on the date of exercise; without limiting the foregoing, the Committee may require the Participant to furnish an opinion of counsel
acceptable to the Committee to the effect that such delivery would not result in Karat Packaging incurring any liability under
Section 16(b) of the Exchange Act; or

 

(iii)        by
any other method that the Committee, in its sole and absolute discretion and to the extent permitted by applicable law, may permit,
including, but not limited to through a “cashless exercise sale and remittance procedure” pursuant to which the Participant
shall concurrently provide irrevocable instructions (1) to a brokerage firm approved by the Committee to effect the immediate
sale of the purchased shares and remit to Karat Packaging, out of the sale proceeds available on the settlement date, sufficient
funds to cover the aggregate Exercise Price payable for the purchased shares plus all applicable federal, state and local income,
employment, excise, foreign and other taxes required to be withheld by the Company by reason of such exercise and (2) to Karat
Packaging to deliver the certificates for the purchased shares directly to such brokerage firm in order to complete the sale.

 

(j)          Termination
of Employment. Unless otherwise provided in an Award Agreement, upon the termination of the employment or other service of
a Participant with Company for any reason, all of the Participant’s outstanding Options (whether vested or unvested) shall
be subject to the rules of this paragraph. Upon such termination, the Participant’s unvested Options shall expire. Notwithstanding
anything in this Plan to the contrary, the Committee may provide, in its sole and absolute discretion, that following the termination
of employment or other service of a Participant with the Company for any reason (i) any unvested Options held by the Participant
shall vest in whole or in part, at any time subsequent to such termination of employment or other service, and/or (ii) a Participant
or the Participant’s estate, devisee or heir at law (whichever is applicable), may exercise an Option, in whole or in part,
at any time subsequent to such termination of employment or other service and prior to the termination of the Option pursuant to
its terms that are unrelated to termination of service. Unless otherwise determined by the Committee, temporary absence from employment
or other service because of illness, vacation, approved leaves of absence or military service shall not constitute a termination
of employment or other service.

 

    	 	4	 

     

    

 

(i)          Termination
for Reason Other Than Cause, Disability or Death. If a Participant’s termination of employment or other service is for
any reason other than death, Disability, Cause or a voluntary termination within ninety (90) days after occurrence of an event
that would be grounds for termination of employment or other service by the Company for Cause, any Option held by such Participant
may be exercised, to the extent exercisable at termination, by the Participant at any time within a period not to exceed ninety
(90) days from the date of such termination, but in no event after the termination of the Option pursuant to its terms that
are unrelated to termination of service.

 

(ii)         Disability.
If a Participant’s termination of employment or other service with the Company is by reason of a Disability of such Participant,
any Option held by such Participant may be exercised, to the extent exercisable at termination, by the Participant at any time
within a period not to exceed one (1) year after such termination, but in no event after the termination of the Option pursuant
to its terms that are unrelated to termination of service; provided, however, that if the Participant dies within such period,
any vested Option held by such Participant upon death shall be exercisable by the Participant’s estate, devisee or heir at
law (whichever is applicable) for a period not to exceed one (1) year after the Participant’s death, but in no event
after the termination of the Option pursuant to its terms that are unrelated to termination of service.

 

(iii)        Death.
If a Participant dies while in the employment or other service of the Company, any Option held by such Participant may be exercised,
to the extent exercisable at termination, by the Participant’s estate or the devisee named in the Participant’s valid
last will and testament or the Participant’s heir at law who inherits the Option, at any time within a period not to exceed
one (1) year after the date of such Participant’s death, but in no event after the termination of the Option pursuant
to its terms that are unrelated to termination of service.

 

(iv)        Termination
for Cause. In the event the termination is for Cause or is a voluntary termination within ninety (90) days after occurrence
of an event that would be grounds for termination of employment or other service by the Company for Cause (without regard to any
notice or cure period requirement), any Option held by the Participant at the time of such termination shall be deemed to have
terminated and expired upon the date of such termination.

 

		7.	STOCK APPRECIATION RIGHTS

 

(a)          Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, the Committee may grant to such Eligible Individuals
as the Committee may determine, Stock Appreciation Rights, in such amounts and on such terms and conditions, as the Committee shall
determine in its sole and absolute discretion. Each grant of a Stock Appreciation Right shall satisfy the requirements as set forth
in this Section.

 

(b)          Terms
and Conditions of Stock Appreciation Rights. Unless otherwise provided in an Award Agreement, the terms and conditions (including,
without limitation, the limitations on the Exercise Price, exercise period, repricing and termination) of the Stock Appreciation
Right shall be substantially identical (to the extent possible taking into account the differences related to the character of
the Stock Appreciation Right) to the terms and conditions that would have been applicable under Section 6 above were the grant
of the Stock Appreciation Rights a grant of an Option.

 

(c)          Exercise
of Stock Appreciation Rights. Stock Appreciation Rights shall be exercised by a Participant only by written notice delivered
to Karat Packaging, specifying the number of shares of Common Stock with respect to which the Stock Appreciation Right is being
exercised.

 

    	 	5	 

     

    

 

(d)          Payment
of Stock Appreciation Right. Unless otherwise provided in an Award Agreement, upon exercise of a Stock Appreciation Right,
the Participant or Participant’s estate, devisee or heir at law (whichever is applicable) shall be entitled to receive payment,
in cash, in shares of Common Stock, or in a combination thereof, as determined by the Committee in its sole and absolute discretion.
The amount of such payment shall be determined by multiplying the excess, if any, of the Fair Market Value of a share of Common
Stock on the date of exercise over the Fair Market Value of a share of Common Stock on the Grant Date, by the number of shares
of Common Stock with respect to which the Stock Appreciation Rights are then being exercised. Notwithstanding the foregoing, the
Committee may limit in any manner the amount payable with respect to a Stock Appreciation Right by including such limitation in
the Award Agreement.

 

		8.	RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

(a)          Grant
of Restricted Stock and Restricted Stock Units. Subject to the terms and conditions of the Plan, the Committee may grant to
such Eligible Individuals as the Committee may determine, Restricted Stock or Restricted Stock Units, in such amounts and on such
terms and conditions, as the Committee shall determine in its sole and absolute discretion. Each grant of Restricted Stock and
Restricted Stock Units shall satisfy the requirements as set forth in this Section.

 

(b)          Restrictions.
The Committee shall impose such restrictions on any Restricted Stock or Restricted Stock Unit granted pursuant to the Plan as it
may deem advisable including, without limitation, time-based vesting restrictions or the attainment of Performance Goals. The determination
with respect to achievement of Performance Goals shall be made pursuant to Section 9 hereof.

 

(c)          Certificates
and Certificate Legend. With respect to a grant of Restricted Stock, the Company may issue a certificate evidencing such Restricted
Stock to the Participant or issue and hold such shares of Restricted Stock for the benefit of the Participant until the applicable
restrictions expire. The Company may legend the certificate representing Restricted Stock to give appropriate notice of such restrictions.
In addition to any such legends, each certificate representing shares of Restricted Stock granted pursuant to the Plan shall bear
the following legend:

 

“Shares
of stock represented by this certificate are subject to certain terms, conditions, and restrictions on transfer as set forth in
Karat Packaging Inc. Stock Incentive Plan (the “Plan”), and in an agreement entered into by and between the registered
owner of such shares and Karat Packaging Inc. (the “Company”), dated ___________________ (the “Award Agreement”).
A copy of the Plan and the Award Agreement may be obtained from the Secretary of the Company.”

 

(d)          Removal
of Restrictions. Except as otherwise provided in the Plan, shares of Restricted Stock shall become freely transferable by the
Participant upon the lapse of the applicable restrictions. Once the shares of Restricted Stock are released from the restrictions,
the Participant shall be entitled to have the legend required by paragraph (c) above removed from the share certificate evidencing
such Restricted Stock and the Company shall pay or distribute to the Participant all dividends and distributions held in escrow
by the Company with respect to such Restricted Stock, if any.

 

(e)          Stockholder
Rights. Unless otherwise provided in an Award Agreement, until the expiration of all applicable restrictions, (i) the
Restricted Stock shall be treated as outstanding, (ii) the Participant holding shares of Restricted Stock may exercise full
voting rights with respect to such shares, and (iii) the Participant holding shares of Restricted Stock shall be entitled
to receive all dividends and other distributions paid with respect to such shares while they are so held. If any such dividends
or distributions are paid in shares of Common Stock, such shares shall be subject to the same restrictions on transferability and
forfeitability as the shares of Restricted Stock with respect to which they were paid. Notwithstanding anything to the contrary,
at the discretion of the Committee, all such dividends and distributions may be held in escrow by the Company (subject to the same
restrictions on forfeitability) until all restrictions on the respective Restricted Stock have lapsed. Holders of the Restricted
Stock Units shall not have any of the rights of a stockholder, including the right to vote or receive dividends and other distributions,
until Common Stock shall have been issued in the Participant’s name pursuant to the Restricted Stock Units; provided, however
the Committee, in its sole and absolute discretion, may provide for Dividend Equivalents on vested Restricted Stock Units.

 

    	 	6	 

     

    

 

(f)          Termination
of Service. Unless otherwise provided in an Award Agreement, if a Participant’s employment or other service with the
Company terminates for any reason, all unvested shares of Restricted Stock and Restricted Stock Units held by the Participant and
any dividends or distributions held in escrow by the Company with respect to Restricted Stock shall be forfeited immediately and
returned to the Company. Notwithstanding this paragraph, to the extent applicable, all grants of Restricted Stock and Restricted
Stock Units that vest solely upon the attainment of Performance Goals shall be treated pursuant to the terms and conditions that
would have been applicable under Section 9 as if such grants were Awards of Performance Shares. Notwithstanding anything in
this Plan to the contrary, the Committee may provide, in its sole and absolute discretion, that following the termination of employment
or other service of a Participant with the Company for any reason, any unvested shares of Restricted Stock or Restricted Stock
Units held by the Participant that vest solely upon a future service requirement shall vest in whole or in part, at any time subsequent
to such termination of employment or other service.

 

(g)          Payment
of Common Stock with respect to Restricted Stock Units. Notwithstanding anything to the contrary herein, unless otherwise provided
in the Award agreement, Common Stock will be issued with respect to Restricted Stock Units no later than March 15 of the year
immediately following the year in which the Restricted Stock Units are first no longer subject to a substantial risk of forfeiture
as such term is defined in Section 409A of the Code and the regulations issued thereunder (“RSU Payment Date”).
In the event that Participant has elected to defer the receipt of Common Stock pursuant to an Award Agreement beyond the RSU Payment
Date, then the Common Stock will be issued at the time specified in the Award Agreement or related deferral election form. In addition,
unless otherwise provided in the Award Agreement, if the receipt of Common Stock is deferred past the RSU Payment Date, Dividend
Equivalents on the Common Stock covered by Restricted Stock Units shall be deferred until the RSU Payment Date.

 

		9.	PERFORMANCE SHARES AND PERFORMANCE UNITS

 

(a)          Grant
of Performance Shares and Performance Units. Subject to the terms and conditions of the Plan, the Committee may grant to such
Eligible Individuals as the Committee may determine, Performance Shares and Performance Units, in such amounts and on such terms
and conditions, as the Committee shall determine in its sole and absolute discretion.

 

(b)          Performance
Goals. Performance Goals will be determined by the Committee in its absolute and sole discretion.

 

(c)          Terms
and Conditions of Performance Shares and Performance Units. The applicable Award Agreement shall set forth (i) the
number of Performance Shares or the dollar value of Performance Units granted to the Participant; (ii) the Performance Period
and Performance Goals with respect to each such Award; (iii) the threshold, target and maximum shares of Common Stock or dollar
values of each Performance Share or Performance Unit and corresponding Performance Goals; and (iv) any other terms and conditions
as the Committee determines in its sole and absolute discretion. The Committee shall establish, in its sole and absolute discretion,
the Performance Goals for the applicable Performance Period for each Performance Share or Performance Unit granted hereunder. Performance
Goals for different Participants and for different grants of Performance Shares and Performance Units need not be identical. Unless
otherwise provided in an Award Agreement, a holder of Performance Units or Performance Shares is not entitled to the rights of
a holder of Common Stock.

 

(d)          Determination
and Payment of Performance Units or Performance Shares Earned. The Committee shall determine the extent to which Performance
Shares or Performance Units have been earned on the basis of the Company’s actual performance in relation to the established
Performance Goals as set forth in the applicable Award. Unless otherwise provided in an Award Agreement, the Committee shall determine
in its sole and absolute discretion whether payment with respect to the Performance Share or Performance Unit shall be made in
cash, in shares of Common Stock, or in a combination thereof.

 

(e)          Termination
of Employment. Unless otherwise provided in an Award Agreement, if a Participant’s employment or other service with the
Company terminates for any reason, all of the Participant’s outstanding Performance Shares and Performance Units shall be
subject to the rules of this Section.

 

    	 	7	 

     

    

 

(i)          Termination
for Reason Other Than Death or Disability. If a Participant’s employment or other service with the Company terminates
prior to the expiration of a Performance Period with respect to any Performance Units or Performance Shares held by such Participant
for any reason other than death or Disability, the outstanding Performance Units or Performance Shares held by such Participant
for which the Performance Period has not yet expired shall terminate upon such termination of employment or other service with
the Company and the Participant shall have no further rights pursuant to such Performance Units or Performance Shares.

 

(ii)         Termination
of Employment for Death or Disability. If a Participant’s employment or other service with the Company terminates by
reason of the Participant’s death or Disability prior to the end of a Performance Period, the Participant, or the Participant’s
estate, devisee or heir at law (whichever is applicable) shall be entitled to a payment of the Participant’s outstanding
Performance Units and Performance Shares, pursuant to the terms of the Plan and the Participant’s Award Agreement; provided,
however, that the Participant shall be deemed to have earned only that proportion (to the nearest whole unit or share) of the Performance
Units or Performance Shares granted to the Participant under such Award as the number of full months of the Performance Period
which have elapsed since the first day of the Performance Period for which the Award was granted to the end of the month in which
the Participant’s termination of employment or other service, bears to the total number of months in the Performance Period,
subject to the attainment of the Performance Goals associated with the Award as certified by the Committee. The remaining Performance
Units or Performance Shares and any rights with respect thereto shall be canceled and forfeited.

 

		10.	OTHER AWARDS

 

Awards of shares
of Common Stock, phantom stock and other Awards that are valued in whole or in part by reference to, or otherwise based on, Common
Stock, may also be made, from time to time, to Eligible Individuals as may be selected by the Committee. Such Common Stock may
be issued in satisfaction of Awards granted under any other plan sponsored by the Company or compensation payable to an Eligible
Individual. In addition, such Awards may be made alone or in addition to or in connection with any other Award granted hereunder.
The Committee may determine the terms and conditions of any such Award. Each such Award shall be evidenced by an Award Agreement
between the Eligible Individual and the Company that shall specify the number of shares of Common Stock subject to the Award, any
consideration therefore, any vesting or performance requirements, and such other terms and conditions as the Committee shall determine
in its sole and absolute discretion.

 

		11.	CHANGE IN CONTROL

 

Upon the occurrence
of a Change in Control, the Committee may, in its sole and absolute discretion, provide on a case by case basis that (i) all
Awards shall terminate, provided that Participants shall have the right, immediately prior to the occurrence of such Change in
Control and during such reasonable period as the Committee in its sole discretion shall determine and designate, to exercise any
Award, (ii) all Awards shall terminate, provided that Participants shall be entitled to a cash payment equal to the Change
in Control Price with respect to shares subject to the vested portion of the Award net of the Exercise Price thereof, if applicable,
(iii) in connection with a liquidation or dissolution of Karat Packaging, the Awards, to the extent vested, shall convert
into the right to receive liquidation proceeds net of the Exercise Price (if applicable), (iv) accelerate the vesting of Awards
and (v) any combination of the foregoing. In the event that the Committee does not terminate or convert an Award upon a Change
in Control of Karat Packaging, then the Award shall be assumed, or substantially equivalent Awards shall be substituted, by the
acquiring, or succeeding corporation (or an affiliate thereof).

 

		12.	CHANGE IN STATUS OF PARENT OR SUBSIDIARY

 

Unless otherwise
provided in an Award Agreement or otherwise determined by the Committee, in the event that an entity or business unit that was
previously a part of the Company is no longer a part of the Company, as determined by the Committee in its sole discretion, the
Committee may, in its sole and absolute discretion: (i) provide on a case by case basis that some or all outstanding Awards
held by a Participant employed by or performing service for such entity or business unit may become immediately exercisable or
vested, without regard to any limitation imposed pursuant to this Plan; (ii) provide on a case by case basis that some or
all outstanding Awards held by a Participant employed by or performing service for such entity or business unit may remain outstanding,
may continue to vest, and/or may remain exercisable for a period not exceeding one (1) year, subject to the terms of the Award
Agreement and this Plan; and/or (iii) treat the employment or other services of a Participant performing services for such
entity or business unit as terminated, if such Participant is not employed by Karat Packaging or any entity that is a part
of the Company, immediately after such event.

 

    	 	8	 

     

    

 

		13.	REQUIREMENTS OF LAW

 

(a)          Violations
of Law. The Company shall not be required to make any payments, sell or issue any shares of Common Stock under any Award if
the sale or issuance of such shares would constitute a violation by the individual exercising the Award, the Participant or the
Company of any provisions of any law or regulation of any governmental authority, including without limitation any provisions of
the Sarbanes-Oxley Act, and any other federal or state securities laws or regulations. Any determination in this connection by
the Committee shall be final, binding, and conclusive. The Company shall not be obligated to take any affirmative action in order
to cause the exercise of an Award, the issuance of shares pursuant thereto or the grant of an Award to comply with any law or regulation
of any governmental authority.

 

(b)          Registration.
At the time of any exercise or receipt of any Award, the Company may, if it shall determine it necessary or desirable for any reason,
require the Participant (or Participant’s heirs, legatees or legal representative, as the case may be), as a condition to
the exercise or grant thereof, to deliver to the Company a written representation of present intention to hold the shares for their
own account as an investment and not with a view to, or for sale in connection with, the distribution of such shares, except in
compliance with applicable federal and state securities laws with respect thereto. In the event such representation is required
to be delivered, an appropriate legend may be placed upon each certificate delivered to the Participant (or Participant’s
heirs, legatees or legal representative, as the case may be) upon the Participant’s exercise of part or all of the Award
or receipt of an Award and a stop transfer order may be placed with the transfer agent. Each Award shall also be subject to the
requirement that, if at any time the Company determines, in its discretion, that the listing, registration or qualification of
the shares subject to the Award upon any securities exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of or in connection with, the issuance or purchase of the
shares thereunder, the Award may not be exercised in whole or in part and the restrictions on an Award may not be removed unless
such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not
acceptable to the Company in its sole discretion. The Participant shall provide the Company with any certificates, representations
and information that the Company requests and shall otherwise cooperate with the Company in obtaining any listing, registration,
qualification, consent or approval that the Company deems necessary or appropriate. The Company shall not be obligated to take
any affirmative action in order to cause the exercisability or vesting of an Award, to cause the exercise of an Award or the issuance
of shares pursuant thereto, or to cause the grant of Award to comply with any law or regulation of any governmental authority.

 

(c)          Withholding.
The Committee may make such provisions and take such steps as it may deem necessary or appropriate for the withholding of any taxes
that the Company is required by any law or regulation of any governmental authority, whether federal, state or local, domestic
or foreign, to withhold in connection with the grant or exercise of an Award, or the removal of restrictions on an Award including,
but not limited to: (i) the withholding of delivery of shares of Common Stock until the holder reimburses the Company for
the amount the Company is required to withhold with respect to such taxes; (ii) the canceling of any number of shares of Common
Stock issuable in an amount sufficient to reimburse the Company for the amount it is required to so withhold; (iii) withholding
the amount due from any such person’s wages or compensation due to such person; or (iv) requiring the Participant to
pay the Company cash in the amount the Company is required to withhold with respect to such taxes.

 

(d)          Governing
Law. The Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware.

 

		14.	GENERAL PROVISIONS

 

(a)          Award
Agreements. All Awards granted pursuant to the Plan shall be evidenced by an Award Agreement. Each Award Agreement shall specify
the terms and conditions of the Award granted and shall contain any additional provisions, as the Committee shall deem appropriate,
in its sole and absolute discretion (including, to the extent that the Committee deems appropriate, provisions relating to confidentiality, non-competition, non-solicitation and
similar matters). The terms of each Award Agreement need not be identical for Eligible Individuals provided that each Award Agreement
shall comply with the terms of the Plan.

 

    	 	9	 

     

    

 

(b)          Exemption
from Section 16(b) Liability. It is the intent It is the intent of the Company that the grant of any Awards to or other
transaction by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant
to an applicable exemption (except for transactions acknowledged in writing to be non-exempt by such Participant and
sales transactions to persons other than the Company). Accordingly, if any provision of this Plan or any Award Agreement does not
comply with the requirements of Rule 16b-3 then applicable to any such transaction, such provision shall be construed
or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant
shall avoid liability under Section 16(b). In the event Rule 16b-3 is revised or replaced, the Board, or the Committee
acting on behalf of the Board, may exercise discretion to modify this Plan in any respect necessary to satisfy the requirements
of the revised exemption or its replacement.

 

(c)          Purchase
Price. To the extent the purchase price of any Award granted hereunder is less than par value of a share of Common Stock and
such purchase price is not permitted by applicable law, the per share purchase price shall be deemed to be equal to the par value
of a share of Common Stock.

 

(d)          Dividends
and Dividend Equivalents. Except as set forth in the Plan, an Award Agreement or provided by the Committee in its sole and
absolute discretion, a Participant shall not be entitled to receive, currently or on a deferred basis, cash or stock dividends,
Dividend Equivalents, or cash payments in amounts equivalent to cash or stock dividends on shares of Common Stock covered by an
Award. The Committee in its absolute and sole discretion may credit a Participant’s Award with Dividend Equivalents with
respect to any Awards. To the extent that dividends and distributions relating to an Award are held in escrow by the Company, or
Dividend Equivalents are credited to an Award, a Participant shall not be entitled to any interest on any such amounts.

 

(e)          Deferral
of Awards. The Committee may from time to time establish procedures pursuant to which a Participant may elect to defer,
until a time or times later than the vesting of an Award, receipt of all or a portion of the shares of Common Stock or cash subject
to such Award and to receive Common Stock or cash at such later time or times, all on such terms and conditions as the Committee
shall determine. The Committee shall not permit the deferral of an Award unless counsel for Karat Packaging determines that such
action will not result in adverse tax consequences to a Participant under Section 409A. If any such deferrals are permitted,
then notwithstanding anything to the contrary herein, a Participant who elects to defer receipt of Common Stock shall not have
any rights as a stockholder with respect to deferred shares of Common Stock unless and until shares of Common Stock are actually
delivered to the Participant with respect thereto, except to the extent otherwise determined by the Committee.

 

(f)          Prospective
Employees. Notwithstanding anything to the contrary, any Award granted to a Prospective Employee shall not become vested prior
to the date the Prospective Employee first becomes an employee of the Company.

 

(g)          Stockholder
Rights. Except as expressly provided in the Plan or an Award Agreement, a Participant shall not have any of the
rights of a stockholder with respect to Common Stock subject to the Awards prior to satisfaction of all conditions relating to
the issuance of such Common Stock, and no adjustment shall be made for dividends, distributions or other rights of any kind for
which the record date is prior to the date on which all such conditions have been satisfied.

 

(h)          Transferability
of Awards. A Participant may not Transfer an Award other than by will or the laws of descent and distribution. Awards may be
exercised during the Participant’s lifetime only by the Participant. No Award shall be liable for or subject to the debts,
contracts, or liabilities of any Participant, nor shall any Award be subject to legal process or attachment for or against such
person. Any purported Transfer of an Award in contravention of the provisions of the Plan shall have no force or effect and shall
be null and void, and the purported transferee of such Award shall not acquire any rights with respect to such Award. Notwithstanding
anything to the contrary, the Committee may in its sole and absolute discretion permit the Transfer of an Award to a Participant’s
 “family member” as such term is defined in the Form S-8 Registration Statement under the Securities Act of
1933, as amended, under such terms and conditions as specified by the Committee; provided, however, that the Participant will not
directly or indirectly receive any payment of value in connection with the transfer of the Award. In such case, such Award shall
be exercisable only by the transferee approved of by the Committee. To the extent that the Committee permits the Transfer of an
Incentive Stock Option to a “family member”, so that such Option fails to continue to satisfy the requirements of an
incentive stock option under the Code such Option shall automatically be re-designated as a Non-Qualified Stock
Option.

 

    	 	10	 

     

    

 

(i)          Buyout
and Settlement Provisions. Except as prohibited in Section 6(d) of the Plan, the Committee may at any time on behalf of
Karat Packaging offer to buy out any Awards previously granted based on such terms and conditions as the Committee shall determine
which shall be communicated to the Participants at the time such offer is made.

 

(j)          Use
of Proceeds. The proceeds received by Karat Packaging from the sale of Common Stock pursuant to Awards granted under the Plan
shall constitute general funds of Karat Packaging.

 

(k)          Modification
or Substitution of an Award. Subject to the terms and conditions of the Plan, the Committee may modify outstanding Awards,
provided that, except as expressly provided in the Plan, no modification of an Award shall adversely affect any rights or obligations
of the Participant under the applicable Award Agreement without the Participant’s consent. Nothing in the Plan shall limit
the right of the Company to pay compensation of any kind outside the terms of the Plan.

 

(l)          Amendment
and Termination of Plan. The Board may, at any time and from time to time, amend, suspend or terminate the Plan as to
any shares of Common Stock as to which Awards have not been granted; provided, however, that the approval of the
stockholders of Karat Packaging in accordance with applicable law and the Articles of Incorporation and Bylaws of Karat Packaging
shall be required for any amendment: (i) that changes the class of individuals eligible to receive Awards under the Plan;
(ii) that increases the maximum number of shares of Common Stock in the aggregate that may be subject to Awards that are granted
under the Plan (except as permitted under Section 5 or Section 11 hereof); (iii) the approval of which is necessary to
comply with federal or state or with the rules of any stock exchange or automated quotation system on which the Common Stock may
be listed or traded; or (iv) that proposed to eliminate a requirement provided herein that the stockholders of Karat Packaging
must approve an action to be undertaken under the Plan. Except as expressly provided in the Plan, no amendment, suspension or termination
of the Plan shall, without the consent of the holder of an Award, alter or impair rights or obligations under any Award theretofore
granted under the Plan. Awards granted prior to the termination of the Plan may extend beyond the date the Plan is terminated and
shall continue subject to the terms of the Plan as in effect on the date the Plan is terminated.

 

(m)          Section
409A of the Code. With respect to Awards subject to Section 409A of the Code, this Plan is intended to comply with the
requirements of Section 409A, and the provisions hereof shall be interpreted in a manner that satisfies the requirements of
such Section 409A and the related regulations, and the Plan shall be operated accordingly. If any provision of this Plan or
any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will
be interpreted and deemed amended so as to avoid this conflict.

 

(n)          Notification
of 83(b) Election. If in connection with the grant of any Award, any Participant makes an election permitted under Code
Section 83(b), such Participant must notify Karat Packaging in writing of such election within ten (10) days of filing
such election with the Internal Revenue Service.

 

(o)          Disclaimer
of Rights. No provision in the Plan, any Award granted hereunder, or any Award Agreement entered into pursuant to the Plan
shall be construed to confer upon any individual the right to remain in the employ of or other service with the Company or to interfere
in any way with the right and authority of the Company either to increase or decrease the compensation of any individual, including
any holder of an Award, at any time, or to terminate any employment or other relationship between any individual and the Company.
The grant of an Award pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business structure or to merge, consolidate, dissolve or liquidate,
or to sell or transfer all or any part of its business or assets.

 

    	 	11	 

     

    

 

(p)          Unfunded
Status of Plan. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.
With respect to any payments as to which a Participant has a fixed and vested interest but which are not yet made to such Participant
by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor
of the Company.

 

(q)          Nonexclusivity
of Plan. The adoption of the Plan shall not be construed as creating any limitations upon the right and authority of the Board
to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes
of individuals or specifically to a particular individual or individuals) as the Board in its sole and absolute discretion determines
desirable.

 

(r)          Other
Benefits. No Award payment under the Plan shall be deemed compensation for purposes of computing benefits under any
retirement plan of the Company or any agreement between a Participant and the Company, nor affect any benefits under any other
benefit plan of the Company now or subsequently in effect under which benefits are based upon a Participant’s level of compensation.

 

(s)          Headings.
The section headings in the Plan are for convenience only; they form no part of this Agreement and shall not affect its interpretation.

 

(t)          Pronouns.
The use of any gender in the Plan shall be deemed to include all genders, and the use of the singular shall be deemed to include
the plural and vice versa, wherever it appears appropriate from the context.

 

(u)          Successors
and Assigns. The Plan shall be binding on all successors of the Company and all successors and permitted assigns of a Participant,
including, but not limited to, a Participant’s estate, devisee, or heir at law.

 

(v)         Severability.
If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and
all provisions shall remain enforceable in any other jurisdiction.

 

(w)          Notices.
Any communication or notice required or permitted to be given under the Plan shall be in writing, and mailed by registered or certified
mail or delivered by hand, to Karat Packaging, to its principal place of business, Attention: Corporate Secretary and if to the
holder of an Award, to the address as appearing on the records of the Company.

 

    	 	12	 

     

    

 

ANNEX A

 

DEFINITIONS

 

“Award”
means any Common Stock, Option, Performance Share, Performance Unit, Restricted Stock, Stock Appreciation Right, Restricted Stock
Unit or any other award granted pursuant to the Plan.

 

“Award Agreement”
means a written agreement entered into by Karat Packaging and a Participant setting forth the terms and conditions of the grant
of an Award to such Participant.

 

“Board”
means the board of directors of Karat Packaging.

 

“Cause”
means, with respect to a termination of employment or other service with the Company, a termination of employment or other service
due to a Participant’s dishonesty, fraud, or willful misconduct; provided, however, that if the Participant
and the Company have entered into an employment agreement or consulting agreement that defines the term Cause, the term Cause shall
be defined in accordance with such agreement with respect to any Award granted to the Participant on or after the effective date
of the respective employment or consulting agreement. The Committee shall determine in its sole and absolute discretion whether
Cause exists for purposes of the Plan.

 

“Change in Control”
means: (i) any Person (other than Karat Packaging, any trustee or other fiduciary holding securities under any employee benefit
plan of Karat Packaging, or any company owned, directly or indirectly, by stockholders of Karat Packaging in substantially the
same proportions as their ownership of Karat Packaging Common Stock) becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Karat Packaging representing more than fifty
percent (50%) or more of the value of Karat Packaging’s then outstanding securities (the “Majority Owner”); provided,
however, that no Change in Control shall occur under this paragraph (i) unless a person who was not a Majority Owner at some
time after the Effective Date becomes a Majority Owner after the Effective Date; (ii) a merger, consolidation, reorganization,
or other business combination of Karat Packaging with any other entity, other than a merger or consolidation that would result
in the securities of Karat Packaging outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity) more than fifty percent (50%) by value of the securities
of Karat Packaging or such surviving entity outstanding immediately after such merger or consolidation; or (iii)    the
consummation of the sale or disposition by Karat Packaging of all or substantially all of its assets other than (x) the sale
or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or
indirectly, at least fifty percent (50%) or more of the securities of Karat Packaging by value at the time of the sale or (y) pursuant
to a spin-off type transaction, directly or indirectly, of such assets to the stockholders of the Karat Packaging.

 

However, to the extent
that Section 409A of the Code would cause an adverse tax consequence to a Participant using the above definition, the term
 “Change in Control” shall have the meaning ascribed to the phrase “Change in the Ownership or Effective Control
of a Corporation or in the Ownership of a Substantial Portion of the Assets of a Corporation” under Treasury Department Regulation 1.409A-3(i)(5), as
revised from time to time in either subsequent regulations or other guidance, and in the event that such regulations are withdrawn
or such phrase (or a substantially similar phrase) ceases to be defined, as determined by the Committee.

 

“Change in Control
Price” means the price per share of Common Stock paid in any transaction related to a Change in Control of Karat Packaging.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

 

“Committee”
means a committee or sub-committee of the Board consisting of two or more members of the Board, none of whom shall be
an officer or other salaried employee of the Company, and each of whom shall qualify in all respects as a “non-employee director”
as defined in Rule 16b-3 under the Exchange Act. If no Committee exists, the functions of the Committee will be exercised
by the Board. Notwithstanding the foregoing, with respect to the grant of Awards to non-employee directors, the Committee
shall be the Board.

 

    	 	Annex A-1	 

     

    

 

“Common Stock”
means the common stock, par value $0.001 per share, of Karat Packaging or any other security into which such common stock shall
be changed as contemplated by the adjustment provisions of Section 5 of the Plan.

 

“Company”
means Karat Packaging, the subsidiaries of Karat Packaging and all other entities whose financial statements are required to be
consolidated with the financial statements of Karat Packaging pursuant to United States generally accepted accounting principles,
and any other entity determined to be an affiliate of Karat Packaging as determined by the Committee in its sole and absolute discretion.

 

“Covered Individual”
means any current or former member of the Committee, any current or former officer or director of the Company, or, if so determined
by the Committee in its sole discretion, any individual designated pursuant to Section 4(c).

 

“Disability”
means a “permanent and total disability” within the meaning of Code Section 22(e)(3); provided, however, that
if a Participant and the Company have entered into an employment or consulting agreement that defines the term Disability for purposes
of such agreement, Disability shall be defined pursuant to the definition in such agreement with respect to any Award granted to
the Participant on or after the effective date of the respective employment or consulting agreement. The Committee shall determine
in its sole and absolute discretion whether a Disability exists for purposes of the Plan.

 

“Dividend Equivalents”
means an amount equal to the cash dividends paid by the Company upon one share of Common Stock subject to an Award granted to a
Participant under the Plan.

 

“Eligible Individual”
means any employee, consultant, officer, director (employee or non-employee director) or independent contractor of the
Company, any Prospective Employee to whom Awards are granted in connection with an offer of future employment with the Company.

 

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

 

“Exercise Price”
means the purchase price per share of each share of Common Stock subject to an Award.

 

“Fair Market
Value” means, unless otherwise required by the Code, as of any date, the last sales price reported for the Common Stock on
the day immediately prior to such date (i) as reported by the national securities exchange in the United States on which it
is then traded, or (ii) if not traded on any such national securities exchange, as quoted on an automated quotation system
sponsored by the Financial Industry Regulatory Authority, Inc., or if the Common Stock shall not have been reported or quoted on
such date, on the first day prior thereto on which the Common Stock was reported or quoted; provided, however, that
the Committee may modify the definition of Fair Market Value to reflect any changes in the trading practices of any exchange or
automated system sponsored by the Financial Industry Regulatory Authority, Inc. on which the Common Stock is listed or traded.
If the Common Stock is not readily traded on a national securities exchange or any system sponsored by the Financial Industry Regulatory
Authority, Inc., the Fair Market Value shall be determined in good faith by the Committee.

 

“Grant Date”
means, unless otherwise provided by applicable law, the date on which the Committee approves the grant of an Award or such later
date as is specified by the Committee and set forth in the applicable Award Agreement.

 

“Karat Packaging”
means Karat Packaging Inc., a Delaware corporation.

 

“Incentive Stock
Option” means an “incentive stock option” within the meaning of Code Section 422.

 

“Non-Qualified Stock
Option” means an Option that is not an Incentive Stock Option.

 

“Option”
means an option to purchase Common Stock granted pursuant to Sections 6 of the Plan.

 

“Participant”
means any Eligible Individual who holds an Award under the Plan and any of such individual’s successors or permitted assigns.

 

    	 	Annex A-2	 

     

    

 

“Performance
Goals” means the specified performance goals that have been established by the Committee in connection with an Award.

 

“Performance
Period” means the period during which Performance Goals must be achieved in connection with an Award granted under the Plan.

 

“Performance
Share” means a right to receive a fixed number of shares of Common Stock, or the cash equivalent, which is contingent on
the achievement of certain Performance Goals during a Performance Period.

 

“Performance
Unit” means a right to receive a designated dollar value, or shares of Common Stock of the equivalent value, which is contingent
on the achievement of Performance Goals during a Performance Period.

 

“Person”
shall mean any person, corporation, partnership, limited liability company, joint venture or other entity or any group (as such
term is defined for purposes of Section 13(d) of the Exchange Act), other than a Parent or subsidiary of the Company.

 

“Plan”
means this Karat Packaging Inc. Stock Incentive Plan.

 

“Prospective
Employee” means any individual who has committed to become an employee or independent contractor of the Company within sixty
(60) days from the date an Award is granted to such individual.

 

“Restricted
Stock” means Common Stock subject to certain restrictions, as determined by the Committee, and granted pursuant to Section 8
hereunder.

 

“Restricted
Stock Unit” means a right, granted under this Plan, to receive Common Stock upon the satisfaction of certain conditions,
or if later, at the end of a specified deferral period following the satisfaction of such conditions.

 

“Section 424
Employee” means an employee of Karat Packaging or any “subsidiary corporation” or “parent corporation”
as such terms are defined in and in accordance with Code Section 424. The term “Section 424 Employee” also
includes employees of a corporation issuing or assuming any Options in a transaction to which Code Section 424(a) applies.

 

“Stock Appreciation
Right” means the right to receive all or some portion of the increase in value of a fixed number of shares of Common Stock
granted pursuant to Section 7 hereunder.

 

“Transfer”
means, as a noun, any direct or indirect, voluntary or involuntary, exchange, sale, bequeath, pledge, mortgage, hypothecation,
encumbrance, distribution, transfer, gift, assignment or other disposition or attempted disposition of, and, as a verb, directly
or indirectly, voluntarily or involuntarily, to exchange, sell, bequeath, pledge, mortgage, hypothecate, encumber, distribute,
transfer, give, assign or in any other manner whatsoever dispose or attempt to dispose of.

 

    	 	Annex A-3

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