Document:

EX-4.32

 Exhibit 4.32 
  

 
 CELYAD ONCOLOGY SA 
  

 
 2021 WARRANTS
PLAN 
  
  

Incentive plan relating to a grant of subscription rights (Warrants) established in accordance with the Companies and Associations Code
and articles 41 to 47 of the Act of 26 March 1999 relating to the Belgian action plan for employment 1998 and having various provisions 

 PREAMBLE 

This Warrants Plan of CELYAD ONCOLOGY SA (the “Plan”) aims to motivate and inspire loyalty among the Beneficiaries. Well aware of the fact
that their contribution is essential to the development of its activities and the growth of its results, the Company wishes to give the Beneficiaries the opportunity to become shareholder or to increase their participation, hoping to make a
financial gain in the event of a positive evolution of the results and, consequently, the Company’s value. 
 The Plan’s principles have been
determined by the Board of Directors and have been approved by the general shareholders’ meeting. 
 In addition, the list of beneficiaries, as well as
the exercise price of the Warrants have been determined by the Board of Directors prior to the Offer. 
 The Plan is drawn up in accordance with the
applicable provisions of the Belgian act of 26 March 1999 (and more precisely section VII hereof) governing the shares with a discount and stock-options (articles 41 to 47). 

The conditions governing the exercise of the Warrants must also be read in the light of the provisions of the “Dealing Code” which is
applicable within the Company and available on the Company’s website (www.celyad.com). 

  
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	1.	 DEFINITIONS 

  

					
	Share	  	:	  	A new share of the Company, granting the same rights and advantages as the existing shares of the Company.
			
	 Allocation
  

Bad Leaver
	  	 :
  

:
	  	 The allocation of Warrants following the acceptance of an Offer.
  

Has the meaning given in article 8.6 of the Plan.

			
	Beneficiary	  	:	  	A current Member of the Staff, of the management or of the Board of Directors of the Company, working as an employee, as a self-employed people or through a management company, to whom at least (1) Warrant
has been allotted.
			
	Conditions for Exercice	  	:	  	The conditions under which the Beneficiaries are entitled to exercise a Warrant during the Exercise Periods.
			
	Board of Directors	  	:	  	The board of directors of the Company.
			
	Offer Letter	  	:	  	The template attached hereto in Annex 1 – offer letter.
			
	Reply Form	  	:	  	The template attached hereto in Annex 2 – Reply form.
			
	Exercise Form	  	:	  	The template attached hereto in Annex 3 – Exercise form.
			
	Good Leaver	  	:	  	Has the meaning given in article 8.6 of the Plan
			
	 Act relating to Stock Options
	  	:	  	The Act of 26 March 1999 relating to the Belgian action plan for employment of 1998 and having various provisions.
			
	Member of the Staff	  	:	  	Has the meaning provided under Article 1:27 of the new companies and associations Code
			
	Offer	  	:	  	The offer of at least one (1) Warrant to one or more Beneficiaries, in accordance with the provisions of the Plan.
			
	Warrant	  	:	  	A subscription right issued by the Company, granting the Beneficiaries the right to subscribe, in accordance with the terms and conditions as set out in the Plan, during the Exercise periods, to a number of Shares determined by the
Plan, against payment of the Price of Exercise.
			
	Exercice Period	  	:	  	The period during which the Warrants may be exercised in accordance with the Plan.

  
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	Plan	  	:	  	This incentive plan.
			
	Exercise Price	  	:	  	The amount payable for the exercise of a Warrant pursuant to the Plan.
			
	Company	  	:	  	Celyad Oncology SA, a public limited liability company, registered with the register of legal entities kept at the Crossroads Bank for Enterprises under number 0891.118.115 (RLE Brabant Wallon) and of which its shares are listed on
EURONEXT Brussels, EURONEXT Paris and NASDAQ Global Market.
			
	Affiliated Companies	  	:	  	Means any company controlled by the Company.

  

	2.	 GENERAL MECHANISM OF THE OFFER OF WARRANTS 

Pursuant to the Plan, the Company allots to the Beneficiaries a certain number of Warrants. These Warrants have been issued by decision of the
Board of Directors within the framework of the authorized capital. The Warrants are then allotted upon decision of the Board of Directors resolving on the recommendation of the Remuneration Committee. 

Each Warrant gives its holder the right (but not the obligation) to subscribe, under the Exercise Conditions, during the Exercise Periods and
against payment of the Exercise Price, to one Share. 
  

	3.	 BENEFICIARIES 

The Warrants may be offered to any individual performing professional services, whether in principal or secondary, for the direct or indirect
benefit of the Company or an Affiliated Company, in his capacity of an employee or future employee, in his capacity of a current or future self-employed people (as the case may be through a management company) or in his capacity of director. 

The Warrants Offer does not create any right, on the part of the Beneficiaries, to receive (additional) Warrants in the future. 

The Warrants Offer and the right to exercise these are not part of the employment agreement or service agreement concluded with the Company and
therefore cannot be considered as an acquired right. 
 Since the allocation and the exercise of the Warrants do not depend of the past or
future performances of the Beneficiaries, it cannot be qualified as a variable remuneration under Article 7:92 of the Companies and Associations Code. 

  
 4 

 In addition, the Beneficiaries expressly accept that the decisions relating to the Warrants
fall within the exclusive and discretionary competence of the Company. This grant shall not be taken into account in the calculation of any indemnity whatsoever which may be due to the Beneficiaries. 

 

	4.	 CLOSED PERIODS 

The Beneficiaries shall have to comply, if need be, with the provisions imposed by the Company. Amongst other rules, the Warrants cannot be
exercised during the “closed periods” determined by the Company or by the law. 
  

	5.	 WARRANTS 

  

	5.1	 Number of Warrants per Beneficiary 

The number of Warrants offered to each of the Beneficiaries is freely determined by the Board of Directors, acting upon the recommendation of
the Remuneration Committee. As the case may be, the Board of Directors may empower the managing director (CEO) in order to determine the allocation of Warrants in favor of Beneficiaries (other than members of the Board of Directors and members of
the Executive Committee). 
  

	5.2	 Nature of the Warrants 

The Warrants are exclusively in registered form. As soon as they are offered and accepted, the Warrants will be numbered and recorded in a
special register, which will be kept up to date as regards the amount of Warrants held by each Beneficiary. 
  

	5.3	 Price of the Warrants 

The Warrants will be allotted free of charge to the Beneficiaries. 
  

	5.4	 Term of the Warrants 

Warrants are allotted for a limited term at their issuance. 

Notwithstanding this term, the Exercise Period is determined by the Board of Directors in accordance with the article 8.4. 

Any Warrant that has not been exercised on its date of maturity may no longer be exercised without the Beneficiary being able to invoke any
right to compensation. 
  

	5.5	 Non-transferability and securities 

The Warrants are strictly personal and may not be transferred after the Offer, except in the event of death as provided in article 9 below.

 Warrants may not be pledged or used as security, of any kind, as principal or accessory. 

  
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 Warrants that may have been transferred, pledged or used as a security of any kind, whether
as a principal or accessory, in violation of the provisions of this article 5.5, shall not be exercisable. 
  

	6.	 OFFER OF WARRANTS 

 

	6.1	 Date of the Offer 

The Company will send each Beneficiary a personalized Offer Letter for a number of Warrants. 

The Warrants are deemed to be offered to the Beneficiaries as from the date of dispatch of the Offer Letter. 

 

	6.2	 Acceptance or rejection of the Offer 

The Beneficiary is free to accept the Offer, either in whole or in part, or to reject it. 

A Reply Form is sent to each Beneficiary together with the Offer Letter, by which the Beneficiary notifies his decision as regards the Offer:
acceptance (either in whole or in part) or rejection. 
 The Reply Form is delivered, completed and signed, at the latest on the date
mentioned on the Reply Form, at the address mentioned therein. 
 The Offer of Warrants will be considered as altogether rejected if the
Beneficiary did not accept the Offer in writing within sixty (60) days as from the date of the Offer, without the Beneficiary being able to claim any right to indemnification. 

In case of absence of a signature, or if the Reply Form is not returned or is returned belatedly, the Offer will be considered as rejected as a
whole. 
 From a Belgian tax point of view, the Stock Option Law considers that the Warrants are deemed to have been allotted on the sixtieth
(60th) day following the date of the Offer, provided that the Beneficiary has notified in writing his Acceptance of the Offer before expiry of this period. The acceptance of the Offer must be notified to the Company prior to the expiry of the sixty
(60) day period referred to above, in accordance with this article 6.2, otherwise the Offer is deemed to be altogether rejected. 
  

	6.3	 Acceptance of the Plan 

Acceptance of the Offer by the Beneficiary entails the unconditional acceptance of the Plan. 

 

	7.	 ACQUISITION (VESTING) OF WARRANTS 

Notwithstanding the Allocation of the Warrants to the Beneficiaries, the Warrants are acquired by the Beneficiaries, subject to compliance with
the Conditions for Exercise 

  
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provided for in article 8 and without prejudice to an eventual acceleration as provided under article 8.8, in accordance with the following terms: 

 

	 	•	 	 If the Beneficiary stops exercising his professional activities for the benefit of the Company before the first
anniversary of the Offer, the Warrants awarded to him shall be qualified as void and they cannot be exercised anymore; 

  

	 	•	 	 If the Beneficiary stops exercising his professional activities for the benefit of the Company during the second
year after the Offer, 33% of the Warrants awarded to him shall be considered as vested; 

  

	 	•	 	 If the Beneficiary stops exercising his professional activities for the benefit of the Company during the third
year after the Offer, 66% of the Warrants awarded to him shall be considered as vested; 

  

	 	•	 	 If the Beneficiary still exercises his professional activities for the benefit of the Company after the third
anniversary of the Offer, 100% of the Warrants awarded to him shall be considered as vested. 

 For the purposes of this
article the Beneficiary shall no longer be deemed to be carrying on his professional activity for the benefit of the Company as from the date on which he issued or received a notice of termination of his employment or
co-operation agreement. 
  

	8.	 THE EXERCICE OF WARRANTS 

 

	8.1	 Conditions for Exercice 

The exercise of Warrant is subject to Conditions for the Exercise provided for in the Plan. 

 

	8.2	 Exercice Price 

The Exercise Price is equal to the fair market value of the Company’s shares at the time of the Offer. This value is determined by the
Board of Directors and corresponds to: 
  

	 	•	 	 either the closing price of the Company’s Share on the day before the date of the Offer;

  

	 	•	 	 or the average of the thirty (30) calendar days preceding the date of the Offer of the closing price of the
Company’s Share. 

 The exercise price of each Warrant will be stipulated in the Letter of Offer to each Beneficiary.

  

	8.3	 Consequences of the Exercice 

In the event of exercise of the Warrants, the Shares issued in consideration for the exercise will be in registered or dematerialized form
according to the decision of the Beneficiaries. Such Shares shall have the same characteristics as the existing Shares of the Company. 

  
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	8.4	 Exercise Period 

The Execrise Period will be determined by the Board of Directors prior to the Offer. The Offer Letter wil indicate the Exrcise Period. Without
prejudice to article 8.8 of the Plan, the Warrants can be exercised between the first day of the fourth calendar year following the Offer and until the last day of the seventh calendar year following the Offer (the “Exercise
Period”). 
 Without prejudice to the respect of the Exercise Period, and in order to streamline the exercise of the Warrants and to
limit the costs associated with their exercise, the exercise of the Warrants and the corresponding capital increases may only take place during exercise windows (the “Exercise Windows”) corresponding to the first month of each
quarter during the Exercise Period. 
 Where relevant, the exercise of the Warrants will be recorded by notary deed within a maximum of 30
days following the closing of each Exercise Window. 
  

	8.5	 Number of Shares per Warrant 

One (1) Warrant gives right to subscribe to (1) Share. 
  

	8.6	 Attendance – Good Leaver and Bad Leaver 

 

	8.6.1	 In the event that the employment agreement or service agreement between the Company (or one of its Affiliated
Companies) and a Beneficiary (or management company of a Beneficiary) comes to an end: 

  

	 	(a)	 as a result of death, incapacity, retirement, termination of the employment agreement or service agreement
without any serious misconduct of the Beneficiary, resignation of the Beneficiary or unilateral breach by the Beneficiary of his employment agreement or service agreement, the Beneficiary shall be referred to as “Good Leaver”;

  

	 	(b)	 as a result of termination of the employment agreement or service agreement for serious misconduct of the
Beneficiary, the Beneficiary will be referred to as “Bad Leaver”. 

 The qualification as Good Leaver or
Bad Leaver will take place on the date of the determination of the above situation, namely on the date on which the event is brought to the attention of the parties. In this regard, the Beneficiary is referred to as Good / Bad Leaver on the date of
notification of termination of his contract, even if he must then provide a notice period. 
 With regards to the people enjoying the status
of Beneficiary because they are Director or provide products or services to the Company as a self-employed but on a regular basis (or, when appropriate, via a management or services company), the words “dismissal or revocation” and
“voluntary termination” refer to the various hypotheses in which a contract for the delivery of these products or services is being terminated permanently either by the 

  
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Company or by the Beneficiary or the management or services company. The words “serious misconduct” refer to the hypothesis in which this termination is based on a serious breach by the
Beneficiary or the management or services company of their contractual obligations. An interruption of more than six months in the delivery of the products or the services is considered as a permanent termination. 

In case the labor contract is suspended for more than six months in total, the consequences of said suspension on the rights related to the
Warrants granted by the Company will be determined individually by the Company. 
  

	8.6.2	 Notwithstanding the realization of the vesting provided for in article 7 of the Plan, Warrants can no longer be
exercised in the event that the Beneficiary is considered to be a Bad Leaver prior to the exercise of the Warrants. 

  

	8.6.3	 Terms of Exercise 

A Beneficiary willing to exercise its Warrants will specify, upon their exercise, the numbers of the Warrants that he intends to exercise. In
situations where the Beneficiary does not specify the numbers, the Beneficiary will be deemed to have exercised its Warrants in the chronological order in which they were allocated, from the oldest to the most recent. 

The Warrants can be exercised upon delivering an Exercise Form to the Company, for the attention of the Board of Directors. The Exercise Form
can be (i) delivered in person with delivery receipt, (ii) sent by registered mail or (ii) faxed with immediate confirmation by registered mail. 

The Exercise Form must be completed in full and signed by the Beneficiary, and must mention the number of Warrants that the Beneficiary intends
to exercise. 
  

	8.7	 Terms of payment 

The payment shall be made by bank transfer of the Price of Exercise of all exercised Warrants to the Company’s account as indicated by the
latter in the Exercise Form. 
 The Beneficiary shall have a period of ten (10) days as from the sending of the Exercise Form to proceed
with the payment. 
  

	8.8	 Acceleration of the vesting and exercise of the Warrants 

Notwithstanding the delays and periods provided under articles 7 and 8.4 of the Plan, the Warrants can be immediately exercised by the
Beneficiaries in the following situations: 
  

	 	(a)	 share capital increase in cash without suspension of the preferential rights of the existing shareholders;

  
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	 	(b)	 Takeover bid on the Shares of the Company as of the announcement of the public offer by the FSMA;

  

	 	(c)	 Change of control on the Company; 

 

	 	(d)	 Conclusion of a “Strategic Partnership” with an important industrial actor, active in the
life-science sector, and only if the “Strategic Partnership” is qualified as such by the Board of Directors. 

As soon as possible and from the occurrence of one of these events at the latest, the Company shall notify the Beneficiaries in order to allow
them to exercise their Warrants for a minimum ten (10) days period since notification. If the Warrants are not exercised during this ten (10) days period they will only be exercised under the conditions provided by articles 7 and 8.4 of
the Plan. 
 The Shares issued further to the exercise of the Warrants under the present article 8.8 can be, upon decision of their holder,
immediately dematerialised, listed and traded on the market. 
 The eventual tax consequences of the acceleration of the vesting and exercise
will be borne by the concerned Beneficiaries. 
  

	9.	 DEATH OF THE BENEFICIARY 

In the event of the death of the Beneficiary, its Warrants can be exercised by its legal successors. Successors and assigns are subject to the
same rules than the Beneficiaries. 
 In the event of the death of the Beneficiary prior to the exercise of Warrants, the provisions of
article 7 (vesting) will not be applicable. Legal heirs will therefore be able to exercise 100% of the Warrants that were allocated to the deceased Beneficiary. 

The rules of succession will be followed. However, where they are several legal heirs or where bare property rights/usufruct have been
separated, a sole representative of the succession will be appointed by the successors and assigns for the purpose of exercising the Warrants. 

The Company reserves the right to suspend the right to exercise the Warrants as long as this appointment has not taken place and as long as it
has not been duly notified. 

  
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	10.	 NATURE OF THE SHARES ISSUED UPON THE EXERCISE OF THE WARRANTS 

 

	10.1	 Nature of the Shares 

The Shares are shares identical to the other shares issued by the Company. 

 

	10.2	 Rights attached to the Shares 

The Shares issued upon the exercise of the Warrants will benefit from the same rights and advantages (including voting rights) than the
existing Shares of the Company. 
  

	10.3	 Transferability of the Shares 

The transfer of Shares is subject to the terms and conditions defined in the articles of association of the Company. 

 

	11.	 OPERATIONS AUTHORISED  

Without prejudice to the legally prescribed exceptions, the Company may pass all resolutions that it deems necessary in relation to its
capital, its articles of association or its management. Such resolutions may include, amongst others, capital reduction, with or without reimbursement for the shareholders, a capital increase by way of incorporation of reserves whether or not with
the issue of new shares, a capital increase in kind, a capital increase in cash with or without restriction or cancellation of the preferential subscription rights of the shareholders, the issuance of profit shares, convertible bonds, preferred
shares, bonds cum warrants or conventional bonds or warrants, an amendment the provisions of the articles of associations with regards to the distribution of the profits or the (net) liquidation proceeds or other rights attached to the common
shares, a splitting of shares, a payment of dividend in shares, the dissolution of the Company, a legal merger, a legal demerger or a contribution or transfer of a totality or a branch of activity whether or not combined with the exchange of shares.
The Company may pass such resolutions even if these implied or may imply that the benefits for the Warrant Holder arising from the issuance and the Warrant exercise provisions or the law may be reduced unless such reduction is, in an obvious way,
the sole objective of such a resolution. 
 However, in the event of a merger or demerger, the Board of Directors has an obligation of means
to ensure that the Warrants outstanding at the date of these transactions are adjusted in accordance with the exchange ratio applied to the Company’s existing shares. 

Moreover, in case of a capital reduction or any similar transaction resulting into a decrease of the Company’s equity as a result of a
decision of the shareholders taken by the general assembly, the exercise price of the Warrants may be modified by decision of the Board of Directors notified to the Beneficiaries in order to compensate for the loss of value resulting from the equity
decrease. The possible amendment will be applicable as soon as the Beneficiaries have been notified, without them having to formally accept it. 

  
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 The number of shares corresponding to the Warrants will be adjusted to reflect and take into
account any increase or decrease in the number of shares of the Company resulting from a demerger or regrouping, as the case may be. 
  

	12.	 COSTS 

  

	12.1	 The Company 

All costs associated with the issue of Warrants will be borne by the Company. 

If the underlying Shares are delivered on a securities account, the subscribed Shares will be delivered free of charge insofar as the account
is being held at a financial institution in Belgium. 
  

	12.2	 The Beneficiaries 

Nihil 
  

	13.	 INTERPRETATION OR AMENDMENT OF THE PLAN 

The Board of Directors is competent for making any decision deemed useful or necessary in order to interpret, amend or implement the Plan in
compliance with all applicable laws. Any decision having legal effect will be communicated in writing to the Beneficiaries concerned. 
  

	14.	 INFORMATION OF BENEFICIARIES  

The Allocation of Warrants is not, on the part of the Company, an incentive or a recommendation to subscribe to the Warrants, nor to exercise
them subsequently. The Beneficiaries are consequently invited to inform themselves and, as the case may be, to be advised to make decisions likely to have a significant effect on their assets. 

The Company cannot be held liable for any damage or losses possibly incurred by the Beneficiaries on account of their participation to the
Plan. 
  

	15.	 INVALIDITY OF A PROVISION  

The invalidity or unenforceability of one of the provisions of the present Plan does not affect in any manner the validity or enforceability of
the other provisions of the Plan. In such cases, the invalid or unenforceable provision will be replaced by another equivalent provision, valid and enforceable, with a similar economic effect for the parties concerned. 

 

	16.	 NOTIFICATIONS 

Any notification to the holders of Warrants will be made to the address mentioned in the subscription rights register of the Company. Any
notification to the Company or Board of Directors will be duly carried out to the address of the registered office of the Company. 

  
 12 

 Any changes of address must be notified in compliance with the present provision. 

 

	17.	 APPLICABLE LAW AND JURISDICTION 

 

	17.1	 Applicable law 

The Plan and the Warrants are governed by Belgian law. 
  

	17.2	 Jurisdiction 

Any dispute arising out of the interpretation, execution, application, validity or resolution of the Plan shall be subject exclusively to the
court of the judicial district of the registered office of the Company. 

  
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 Annex 1 – Offer Letter 

[Date] 
 Re : Offer of Warrants 

The Company Celyad Oncology SA is pleased to offer you [●] Warrants, at a price of exercise of [●] EUR per Warrant. 

The terms governing these Warrants are contained in the Plan, a copy of which is enclosed. 

The Exercise Period is                      

By way of indication, you shall note that the value of the Shares which will be taken into account for the calculation of the taxable benefit, in particular
for the determination of the professional withholding tax by the Company, amounts to [●] EUR per Warrant. 
 The Reply Form annexed hereto must be
sent within sixty (60) days as from the Offer, completed in full and signed, to Celyad SA, for the attention of the Board of Directors. 
 Please bear
in mind that, in the absence of a signature, in the absence of a delivery or in case of tardy delivery of the Reply Form, the Warrants will be deemed to be refused in their entirety. 

Sincerely yours, 
 Celyad Oncology SA, 

 

                          
               

  
 14 

 Annex 2 – Reply Form 

Allocation 
 The undersigned
                                         
                                         
                   (NAME) 
 Domiciled in :

                          
                                         
                                         
                                         
    

                          
                                         
                                         
                     (FULL ADDRESS) 

hereby declares that he/she is aware of the incentive Plan put in place by the Company Celyad Oncology SA and accepts the terms and conditions of the Offer as
provided for in the Plan. 
 The undersigned hereby notifies its decision as regards the Allocation dated
                     (DATE). 

He/She declares that : 
  

	 	•	 	 he/she accepts the
                     Warrants offered 

  

	 	•	 	 he/she accepts
                     of
                     Warrants offered 

  

	 	•	 	 refuses all
                     Warrants offered 

(Complete and delete as appropriate) 
 The undersigned
acknowledges that: 
  

	 	•	 	 the acceptance of the Offer of Warrants is a taxable benefit and that he/she will be for the payment of taxes in
connection with the Warrants; 

  

	 	•	 	 the Price of Exercise of the Warrants is set at [●] EUR per Warrant; 

 

	 	•	 	 each Warrant allows for the subscription to 1 Share Celyad Oncology. 

Done in                      on
                     
 Signature 

 

                          
                           
  

			
	Important:	  	1) This document must be sent to [●] before [●], duly completed and signed.
		
		  	2) Failing to send or sign this document in a timely manner will cause the Warrants to be deemed to be all refused.

  
 15 

 Annex 3 – Exercise Form 

INCENTIVE PLAN – CELYAD ONCOLOGY SA 

The undersigned
                                         
                                         
                           (NAME) 

Domiciled in : 

                          
                                         
                                         
                                         
                

                          
                                         
                                         
                                (FULL ADDRESS) 

Hereby declares that he/she exercises the following Warrants, pursuant to the terms provided for in the incentive Plan dated
                     (DATE): 

                     (NUMBER)
Warrants, allocated on                      (DATE) at a Price of Exercise of
                     (AMOUNT) EUR =
                     (AMOUNT) EUR 

Total amount:
                     EUR 
 This amount will be
paid to the bank account N° [●] (NUMBER) with value dated at the latest on [●] (DATE). 
 I hereby acknowledge
that if the above mentioned amount is overdue or is not paid in full on [●] (DATE), the exercise will not take place. 
 Done in
                     on
                      
  

                          
               
 Signature 

  
 16Exhibit
4.1

 

 

 

VERSUS
SYSTEMS INC.

 

TO

 

____________________________________,

 

Trustee

 

INDENTURE

 

Dated
as of ___________, ___ 20__

 

SENIOR
DEBT SECURITIES

 

 

 

     

     

    

 

CERTAIN
SECTIONS OF THIS INDENTURE RELATING TO

SECTIONS 3.10 THROUGH 3.18, INCLUSIVE, OF

THE TRUST INDENTURE ACT OF 1939

 

	

TRUST
    INDENTURE

    ACT SECTION
	 	INDENTURE

    SECTION
	 	 	 
	ss.
    310	(a)(1)	 	6.09
	 	(a)(2)	 	6.09
	 	(a)(3)	 	Not
    Applicable
	 	(a)(4)	 	Not
    Applicable
	 	(b)	 	6.08
	 	 	 	6.10
	ss.
    311	(a)	 	6.13
	 	(b)	 	6.13
	ss.
    312	(a)	 	7.01
	 	 	 	7.02
	 	(b)	 	7.02
	 	(c)	 	7.02
	ss.
    313	(a)	 	7.03
	 	(b)	 	7.03
	 	(c)	 	7.03
	 	(d)	 	7.04
	ss.
    314	(a)	 	1.01
	 	(a)(4)	 	10.04
	 	(b)	 	Not
    Applicable
	 	(c)(1)	 	1.02
	 	(c)(2)	 	1.02
	 	(c)(3)	 	Not
    Applicable
	 	(d)	 	Not
    Applicable
	 	(e)	 	1.02

	ss.
    315	(a)	 	6.01

	 	(b)	 	6.02
	 	(c)	 	6.01
	 	(d)	 	6.01
	 	(e)	 	5.14
	ss.
    316	(a)	 	1.01
	 	(a)(1)(A)	 	5.02
	 	 	 	5.12
	 	(a)(1)(B)	 	5.13
	 	(a)(2)	 	Not
    Applicable
	 	(b)	 	5.08
	 	(c)	 	1.04
	ss.
    317	(a)(1)	 	5.03
	 	(a)(2)	 	5.04
	 	(b)	 	10.03
	ss.
    318	(a)	 	1.07

 

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

 

    i

     

    

 

TABLE
OF CONTENTS

 

	RECITALS
                                            OF THE COMPANY
	 	1
	 	 	 
	ARTICLE
    ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	1
	SECTION
    1.01 Definitions	 	1
	Act	 	1
	Affiliate	 	1
	Authenticating
    Agent	 	1
	Bank	 	2
	Board
    of Directors	 	2
	Board
    Resolution	 	2
	Business
    Day	 	2
	Commission	 	2
	Company	 	2
	Company
    Request	 	2
	Corporate
    Trust Office	 	2
	Corporation	 	2
	Covenant
    Defeasance	 	2
	Defaulted
    Interest	 	2
	Defeasance	 	2
	Depositary	 	2
	Event
    of Default	 	2
	Exchange
    Act	 	2
	Expiration
    Date	 	2
	Foreign
    Government Obligations	 	2
	Global
    Security	 	3
	Holder	 	3
	Indenture	 	3
	Interest
	 	3
	Interest
    Payment Date	 	3
	Investment
    Company Act	 	3
	Maturity	 	3
	Notice
    of Default	 	3
	Officers’
    Certificate	 	3
	Opinion
    of Counsel	 	3
	Original
    Issue Discount Security	 	3
	Outstanding	 	3
	Paying
    Agent	 	4
	Person	 	4
	Place
    of Payment	 	4
	Predecessor
    Security	 	4
	Principal
    Subsidiary Bank	 	4
	Redemption
    Date	 	4
	Redemption
    Price	 	4
	Regular
    Record Date	 	4
	Responsible
    Officer	 	4
	Securities	 	5
	Securities
    Act	 	5

 

    ii

     

    

 

	Security
    Register	 	5
	Special
    Record Date	 	5
	Stated
    Maturity	 	5
	Subsidiary	 	5
	Trust
    Indenture Act	 	5
	Trustee	 	5
	U.S.
    Government Obligation	 	5
	Vice
    President	 	5
	Voting
    Stock	 	5
	 	 	 
	SECTION
    1.02 Compliance Certificates and Opinions	 	5
	SECTION
    1.03 Form of Documents Delivered to Trustee	 	6
	SECTION
    1.04 Acts of Holders; Record Dates	 	6
	SECTION
    1.05 Notices, Etc., to Trustee and Company	 	8
	SECTION
    1.06 Notice to Holders; Waiver	 	8
	SECTION
    1.07 Conflict with Trust Indenture Act	 	8
	SECTION
    1.08 Effect of Headings and Table of Contents	 	8
	SECTION
    1.09 Successors and Assigns	 	8
	SECTION
    1.10 Separability Clause	 	8
	SECTION
    1.11 Benefits of Indenture	 	9
	SECTION
    1.12 Governing Law	 	9
	SECTION
    1.13 Legal Holidays	 	9
	 	 	 
	ARTICLE
    TWO SECURITY FORMS	 	9
	SECTION
    2.01 Forms Generally	 	9
	SECTION
    2.02 Form of Face of Security	 	9
	SECTION
    2.03 Form of Reverse of Security	 	11
	SECTION
    2.04 Form of Legend for Global Securities	 	13
	SECTION
    2.05 Form of Trustee’s Certificate of Authentication	 	13
	SECTION
    2.06 Securities Issuable in the Form of a Global Security	 	14
	 	 	 
	ARTICLE
    THREE THE SECURITIES	 	15
	SECTION
    3.01 Amount Unlimited; Issuable in Series	 	15
	SECTION
    3.02 Denominations	 	17
	SECTION
    3.03 Execution, Authentication, Delivery and Dating	 	17
	SECTION
    3.04 Temporary Securities	 	18
	SECTION
    3.05 Registration; Registration of Transfer and Exchange	 	19
	SECTION
    3.06 Mutilated, Destroyed, Lost and Stolen Securities	 	19
	SECTION
    3.07 Payment of Interest; Interest Rights Preserved	 	20
	SECTION
    3.08 Persons Deemed Owners	 	21
	SECTION
    3.09 Cancellationa	 	21
	SECTION
    3.10 Computation of Interest	 	22
	SECTION
    3.11 CUSIP Numbers	 	22
	SECTION
    3.12 Further Issuances	 	22
	 	 	 
	ARTICLE
    FOUR SATISFACTION AND DISCHARGE	 	22
	SECTION
    4.01 Satisfaction and Discharge of Indenture	 	22
	SECTION
    4.02 Application of Trust Money	 	23

 

    iii

     

    

 

	ARTICLE
    FIVE REMEDIES	 	23
	SECTION
    5.01 Events of Default	 	23
	SECTION
    5.02 Acceleration of Maturity; Rescission and Annulment	 	24
	SECTION
    5.03 Collection of Indebtedness and Suits for Enforcement by Trustee	 	25
	SECTION
    5.04 Trustee May File Proofs of Claim	 	25
	SECTION
    5.05 Trustee May Enforce Claims Without Possession of Securities	 	26
	SECTION
    5.06 Application of Money Collected	 	26
	SECTION
    5.07 Limitation on Suits	 	26
	SECTION
    5.08 Unconditional Right of Holders to Receive Principal, Premium and Interest	 	26
	SECTION
    5.09 Restoration of Rights and Remedies	 	27
	SECTION
    5.10 Rights and Remedies Cumulative	 	27
	SECTION
    5.11 Delay or Omission Not Waiver	 	27
	SECTION
    5.12 Control by Holders	 	27
	SECTION
    5.13 Waiver of Past Defaults	 	27
	SECTION
    5.14 Undertaking for Costs	 	28
	SECTION
    5.15 Waiver of Usury, Stay or Extension Laws	 	28
	 	 	 
	ARTICLE
    SIX THE TRUSTEE	 	28
	SECTION
    6.01 Certain Duties and Responsibilities	 	28
	SECTION
    6.02 Notice of Defaults	 	29
	SECTION
    6.03 Certain Rights of Trustee	 	29
	SECTION
    6.04 Not Responsible for Recitals or Issuance of Securities	 	31
	SECTION
    6.05 May Hold Securities	 	31
	SECTION
    6.06 Money Held in Trust	 	31
	SECTION
    6.07 Compensation and Reimbursement	 	31
	SECTION
    6.08 Conflicting Interests	 	31
	SECTION
    6.09 Corporate Trustee Required; Eligibility	 	32
	SECTION
    6.10 Resignation and Removal; Appointment of Successor	 	32
	SECTION
    6.11 Acceptance of Appointment by Successor	 	33
	SECTION
    6.12 Merger, Conversion, Consolidation or Succession to Business	 	34
	SECTION
    6.13 Preferential Collection of Claims Against Company	 	34
	SECTION
    6.14 Appointment of Authenticating Agent	 	34
	 	 	 
	ARTICLE
    SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	35
	SECTION
    7.01 Company to Furnish Trustee Names and Addresses of Holders	 	35
	SECTION
    7.02 Preservation of Information; Communications to Holders	 	35
	SECTION
    7.03 Reports by Trustee	 	36
	SECTION
    7.04 Reports by Company	 	36
	 	 	 
	ARTICLE
    EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	36
	SECTION
    8.01 Company May Consolidate, Etc., Only on Certain Terms	 	36
	SECTION
    8.02 Successor Substituted	 	37
	 	 	 
	ARTICLE
    NINE SUPPLEMENTAL INDENTURES	 	37
	SECTION
    9.01 Supplemental Indentures Without Consent of Holders	 	37
	SECTION
    9.02 Supplemental Indentures with Consent of Holders	 	38
	SECTION
    9.03 Execution of Supplemental Indentures	 	38
	SECTION
    9.04 Effect of Supplemental Indentures	 	38
	SECTION
    9.05 Conformity with Trust Indenture Act	 	38
	SECTION
    9.06 Reference in Securities to Supplemental Indentures	 	39
	SECTION
    9.07 Notice to Holders	 	39

 

    iv

     

    

 

	ARTICLE
    TEN COVENANTS	 	39
	SECTION
    10.01 Payment of Principal, Premium and Interest	 	39
	SECTION
    10.02 Maintenance of Office or Agency	 	39
	SECTION
    10.03 Money for Securities Payments to Be Held in Trust	 	39
	SECTION
    10.04 Statement by Officers as to Default	 	40
	SECTION
    10.05 Existence	 	40
	SECTION
    10.06 Maintenance of Properties	 	40
	SECTION
    10.07 Payment of Taxes and Other Claims	 	41
	SECTION
    10.08 Limitation Upon Disposition of Stock of Principal Subsidiary Bank	 	41
	SECTION
    10.09 Waiver of Certain Covenants	 	41
	SECTION
    10.10 Calculation of Original Issue Discount	 	41
	 	 	 
	ARTICLE
    ELEVEN REDEMPTION OF SECURITIES	 	42
	SECTION
    11.01 Applicability of Article	 	42
	SECTION
    11.02 Election to Redeem; Notice to Trustee	 	42
	SECTION
    11.03 Selection by Trustee of Securities to Be Redeemed	 	42
	SECTION
    11.04 Notice of Redemption	 	43
	SECTION
    11.05 Deposit of Redemption Price	 	43
	SECTION
    11.06 Securities Payable on Redemption Date	 	43
	SECTION
    11.07 Securities Redeemed in Part	 	43
	 	 	 
	ARTICLE
    TWELVE SINKING FUNDS	 	44
	SECTION
    12.01 Applicability of Article	 	44
	SECTION
    12.02 Satisfaction of Sinking Fund Payments with Securities	 	44
	SECTION
    12.03 Redemption of Securities for Sinking Fund	 	44
	 	 	 
	ARTICLE
    THIRTEEN DEFEASANCE AND COVENANT DEFEASANCE	 	44
	SECTION
    13.01 Company’s Option to Effect Defeasance or Covenant Defeasance	 	44
	SECTION
    13.02 Defeasance and Discharge	 	45
	SECTION
    13.03 Covenant Defeasance	 	45
	SECTION
    13.04 Conditions to Defeasance or Covenant Defeasance	 	45
	SECTION
    13.05 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	 	47
	SECTION
    13.06 Reinstatement	 	47

 

    v

     

    

 

INDENTURE,
dated as of ______ __, 20__ between Versus Systems Inc., a corporation incorporated under the laws of the province of British Columbia,
Canada (herein called the “Company”), having its principal office at 1558 West Hastings Street, Vancouver, British Columbia,
V6G 3J4, and ______________________________, as Trustee (herein called the “Trustee”).

 

RECITALS
OF THE COMPANY

 

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

 

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

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE
ONE

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

SECTION
1.01 Definitions.

 

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

 

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

 

(2)
all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

 

(3)
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with
respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date
of such computation;

 

(4)
unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a
Section, as the case may be, of this Indenture; and

 

(5)
the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision.

 

“Act”,
when used with respect to any Holder, has the meaning specified in Section 1.04.

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities
of one or more series.

 

     

     

    

 

“Bank”
means (i) any institution which accepts deposits that the depositor has a legal right to withdraw on demand and engages in the business
of making commercial loans, and (ii) any trust company.

 

“Board
of Directors” means either the board of directors of the Company or any duly authorized committee of that board.

 

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

 

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

 

“Commission”
means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after
the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

 

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

 

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

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date of the execution of this instrument is located at _____________________________________, Attention:
_________________________, or such other address as the Trustee may designate from time to time by notice to the Company, or the principal
corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice
to the Company).

 

“corporation”
means a corporation, association, company, joint-stock company or business trust.

 

“Covenant
Defeasance” has the meaning specified in Section 13.03.

 

“Defaulted
Interest” has the meaning specified in Section 3.07.

 

“Defeasance”
has the meaning specified in Section 13.02.

 

“Depositary”
means, unless otherwise specified by the Company pursuant to Sections 2.06 or 3.01, with respect to Securities of any series issuable
or issued in whole or in part in the form of one or more Global Securities, The Depository Trust Company, New York, New York, or any
successor thereto registered under the Exchange Act, or other applicable statue or regulation.

 

“Event
of Default” has the meaning specified in Section 5.01.

 

“Exchange
Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration
Date” has the meaning specified in Section 1.04.

 

“Foreign
Government Obligations” has the meaning specified in Section 13.04.

 

    2

     

    

 

“Global
Security” means a Security that evidences all or part of the Securities of any series which is executed by the Company and authenticated
and delivered by the Trustee to the Depository or pursuant to the Depository’s instruction, all in accordance with this Indenture
and pursuant to a Company Order, which shall be registered as to principal and interest in the name of the Depository or its nomine.

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

“Indenture”
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
as contemplated by Section 3.01.

 

“Interest”,
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable
after Maturity.

 

“Interest
Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Investment
Company Act” means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

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

 

“Notice
of Default” means a written notice of the kind specified in Section 5.01(4).

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, the President or a Vice President, and by the Chief Financial
Officer, Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee. One
of the officers signing an Officers’ Certificate given pursuant to Section 10.04 shall be the principal executive, financial or
accounting officer of the Company.

 

“Opinion
of Counsel” means a written opinion of counsel, who may be counsel for the Company, and who shall be reasonably acceptable to the
Trustee.

 

“Original
Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.

 

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

 

(6)
Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(7)
Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying
Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(8)
Securities as to which Defeasance has been effected pursuant to Section 13.02; and

 

    3

     

    

 

(9)
Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations
of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding
Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder
as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the
amount of the principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof to such date
pursuant to Section 5.02, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable,
the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated
by Section 3.01, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall be
deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section
3.01, of the principal amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined
as provided in such Clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

 

“Paying
Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf
of the Company.

 

“Person”
means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or political
subdivision thereof.

 

“Place
of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of and any premium
and interest on the Securities of that series are payable as specified for that purpose as contemplated by Section 3.01.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security.

 

“Principal
Subsidiary Bank” means any Subsidiary which is a Bank and has total assets equal to 30 percent or more of the consolidated assets
of the Company determined as of the date of the most recent audited financial statements of such entities.

 

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

 

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

 

“Regular
Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for
that purpose as contemplated by Section 3.01.

 

“Responsible
Officer”, when used with respect to the Trustee, means any trust officer or assistant trust officer or any other officer in the
corporate trust department of the Trustee having direct responsibility for the administration of this Indenture and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity
with the particular subject.

 

    4

     

    

 

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

 

“Securities
Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security
Register” and “Security Registrar” have the respective meanings specified in Section 3.05.

 

“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.

 

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

 

“Subsidiary”
means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one
or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting
stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no
senior class of stock has such voting power by reason of any contingency.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to
the extent required by any such amendment, the Trust Indenture Act of 1939 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.

 

“U.S.
Government Obligation” has the meaning specified in Section 13.04.

 

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

 

“Voting
Stock” means stock of the class or classes having general voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers or trustees of such corporation (irrespective of whether or not at the time stock of any other class
or classes shall have contingent voting rights).

 

SECTION
1.02 Compliance Certificates and Opinions.

 

Upon
any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion
shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel,
if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

 

Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates
provided for in Section 10.04) shall include,

 

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

 

    5

     

    

 

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

 

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

 

(4)
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

SECTION
1.03 Form of Documents Delivered to Trustee.

 

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

 

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

 

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

 

SECTION
1.04 Acts of Holders; Record Dates.

 

(a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to a Responsible Officer of the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive
in favor of the Trustee and the Company, if made in the manner provided in this Section.

 

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

 

(c)
The ownership of Securities shall be proved by the Security Register.

 

(d)
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.

 

    6

     

    

 

(e)
The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled
to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date
for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such
Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date.
Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record
date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken
by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities
of the relevant series in the manner set forth in Section 1.06.

 

(f)
The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled
to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.02, (iii)
any request to institute proceedings referred to in Section 5.07(2) or (iv) any direction referred to in Section 3.05(2) or Section 5.12,
in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or
direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of
such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for
any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date
such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06.

 

(g)
With respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no
such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to
each Holder of Securities of the relevant series in the manner set forth in Section 1.06, on or prior to the existing Expiration Date.
If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set such
record date shall be deemed to have initially designated the 90th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall
be later than the 90th day after the applicable record date.

 

(h)
Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do
so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may
do so pursuant to such appointment with regard to all or any part of such principal amount.

 

    7

     

    

 

SECTION
1.05 Notices, Etc., to Trustee and Company.

 

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

 

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

 

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

 

SECTION
1.06 Notice to Holders; Waiver.

 

Where
this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears
in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the
giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect
in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this
Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

In
case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice
by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder.

 

SECTION
1.07 Conflict with Trust Indenture Act.

 

If
any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be
a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any
provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture
as so modified or to be excluded, as the case may be.

 

SECTION
1.08 Effect of Headings and Table of Contents.

 

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

 

SECTION
1.09 Successors and Assigns.

 

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

 

SECTION
1.10 Separability Clause.

 

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

 

    8

     

    

 

SECTION
1.11 Benefits of Indenture.

 

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

 

SECTION
1.12 Governing Law.

 

This
Indenture and the Securities shall be governed by and construed in accordance with the law of the State of New York. This Indenture is
subject to the provisions of the Trust Indenture Act that are required or deemed to be part of this Indenture and shall, to the extent
applicable, be governed by such provision.

 

EACH
OF THE COMPANY AND THE TRUSTEE, AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

SECTION
1.13 Legal Holidays.

 

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

 

ARTICLE
TWO

 

SECURITY
FORMS

 

SECTION
2.01 Forms Generally.

 

The
Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established
by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities
exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced
by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a
copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered
to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such
Securities.

 

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

 

SECTION
2.02 Form of Face of Security.

 

[If
the Security is a Global Security, insert - Unless this certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation (the “Depositary”), to the Company or its agent for registration of transfer, exchange
or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of the Depositary, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch
as the registered owner hereof, Cede & Co., has an interest herein.

 

    9

     

    

 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]

 

This
security is not a deposit [if applicable, insert - and is not insured by a federal agency]

 

VERSUS
SYSTEMS INC.

 

CUSIP
NO. ___

 

	No._____________
	 	$_____________

 

Versus
Systems Inc., a corporation incorporated under the laws of the province of British Columbia, Canada (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
_____________, or registered assigns, the principal sum of _____________Dollars on _____________[if the Security is to bear interest
prior to Maturity, insert - , and to pay interest thereon from _____________or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on _____________and_____________ in each year, commencing_____________ at
the rate of ___% per annum, until the principal hereof is paid or made available for payment [if applicable, insert - , provided
that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of ___% per annum
(to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid
or made available for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the _____________or_____________
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture].

 

[If
the Security is not to bear interest prior to Maturity, insert - The principal of this Security shall not bear interest except in
the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal
and any overdue premium shall bear interest at the rate of ___% per annum (to the extent that the payment of such interest shall be legally
enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal
or premium shall be payable on demand. [Any such interest on overdue principal or premium which is not paid on demand shall bear interest
at the rate of ___% per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date
of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable
on demand.]]

 

Payment
of the principal of (and premium, if any) and [if applicable, insert - any such] interest on this Security will be made at the
office or agency of the Company maintained for that purpose in in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts [if applicable, insert - ; provided, however, that at
the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register].

 

[Interest
on this Security shall be computed on the basis of a 360-day year of twelve 30-day months.]

 

    10

     

    

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

VERSUS
SYSTEMS INC.

 

By

 

Attest:

 

SECTION
2.03 Form of Reverse of Security.

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of _____________(herein called the “Indenture”, which term shall
have the meaning assigned to it in such instrument), between the Company and ________________________________, as Trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof [, limited in aggregate principal amount to [$] _____________].

 

[If
applicable, insert - The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, [if
applicable, insert - (1) on _____________in any year commencing with the year ___and ending with the year ___through operation of
the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable,
insert - on or after ___, ___], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed
as percentages of the principal amount): If redeemed [if applicable, insert - on or before , ___%, and if redeemed] during the
12-month period beginning _____________of the years indicated,

 

	 	 	Redemption	 	 	 	Redemption
	Year	 	Price	 	Year	 	Price
	 	 	 	 	 	 	 

 

and
thereafter at a Redemption Price equal to___% of the principal amount, together in the case of any such redemption [if applicable,
insert - (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest
installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided
in the Indenture.]

 

[If
applicable, insert - The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, (1)
on ________in any year commencing with the year _______ and ending with the year through operation of the sinking fund for this series
at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set
forth in the table below, and (2) at any time [if applicable, insert - on or after _____________ ], as a whole or in part, at
the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning _____________
of the years indicated,

 

    11

     

    

 

	 	 	Redemption
    Price	 	Redemption
    Price For
	 	 	For
    Redemption	 	Redemption
    Otherwise
	 	 	Through
    Operation of the	 	Than
    Through Operation of
	Year	 	Sinking
    Fund	 	the
    Sinking Fund
	 	 	 	 	 
	 	 	 	 	 

 

and
thereafter at a Redemption Price equal to ___% of the principal amount, together in the case of any such redemption (whether through
operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity
is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record
at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If
applicable, insert - Notwithstanding the foregoing, the Company may not, prior to ______, redeem any Securities of this series as
contemplated by [if applicable, insert - Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance
with generally accepted financial practice) of less than ___% per annum.]

 

[If
applicable, insert - The sinking fund for this series provides for the redemption on in each year beginning with the year and ending
with the year of [if applicable, insert - not less than $ (“mandatory sinking fund”) and not more than] $ aggregate
principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if
applicable, insert - MANDATORY] sinking fund payments may be credited against subsequent [if applicable, insert - mandatory]
sinking fund payments otherwise required to be made [if applicable, insert - , in the inverse order in which they become due].]

 

[If
the Security is subject to redemption of any kind, insert - In the event of redemption of this Security in part only, a new Security
or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.]

 

[If
applicable, insert - The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or]
[certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions
set forth in the Indenture.]

 

[If
the Security is not an Original Issue Discount Security, insert - If an Event of Default with respect to Securities of this series
shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.]

 

[If
the Security is an Original Issue Discount Security, insert - If an Event of Default with respect to Securities of this series shall
occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture. Such amount shall be equal to - insert formula for determining the amount. Upon payment
(i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each
case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect
of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.]

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company
and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

    12

     

    

 

No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The
Securities of this series are issuable only in registered form without coupons in denominations of $_____ and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same.

 

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

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

This
Security shall be governed by and construed in accordance with the law of the State of New York.

 

SECTION
2.04 Form of Legend for Global Securities.

 

Unless
otherwise specified as contemplated by Section 3.01 for the Securities evidenced thereby, every Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:

 

[If
the Security is a Global Security, insert - Unless this certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation (the “Depositary”), to the Company or its agent for registration of transfer, exchange
or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of the Depositary, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch
as the registered owner hereof, Cede & Co., has an interest herein.

 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]

 

SECTION
2.05 Form of Trustee’s Certificate of Authentication.

 

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

 

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

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 
	 	 	 
	as
    Trustee	 	 
	 	 	 	 	 
	By	 	 	 	 
	 	 	Authorized
    Signatory	 	 

 

    13

     

    

 

SECTION
2.06 Securities Issuable in the Form of a Global Security.

 

(a)
If the Company shall establish pursuant to Section 3.01 that the Securities of a particular series are to be issued in whole or in part
in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with Section 3.03 and
the Company Order delivered to the Trustee thereunder, authenticate and deliver, such Global Security or Securities, which (i) shall
represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Securities of such series
to be represented by such Global Security or Securities, (ii) shall be registered in the name of the Depositary for such Global Security
or Securities or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction
and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for the
individual Securities represented hereby, this Global Security may not be transferred except as a whole by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such success Depositary.”

 

(b)
Notwithstanding any other provision of this Section 2.06 or of Section 3.05, unless the terms of a Global Security expressly permit such
Global Security to be exchanged in whole or in part for individual Securities, a Global Security may be transferred, in whole but not
in part and in the manner provided in Section 3.05, only to the Depositary or another nominee of the Depositary for such Global Security,
or to a successor Depositary for such Global Security selected or approved by the Company or to a nominee of such successor Depositary.
Except as provided below, owners of beneficial interests in a Global Security shall not be entitled to receive physical delivery of the
Securities represented by such Global Security and will not be considered the Holders thereof for any purpose under this Indenture.

 

(c)
(i) If at any time the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary
for such Global Security or if at any time the Depositary for the Securities for such series shall no longer be eligible or in good standing
under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor
Depositary with respect to such Global Security. If a successor Depositary for such Global Security is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section
3.01(16) shall no longer be effective with respect to such Global Security and the Company will execute, and the Trustee, upon receipt
of a Company Order for the authentication and delivery of individual Securities of such series in exchange for such Global Security,
will authenticate and deliver individual Securities of such series of like tenor and terms in definitive form in an aggregate principal
amount equal to the principal amount of the Global Security in exchange for such Global Security.

 

(ii)
The Company may at any time and in its sole discretion determine that the Securities of any series issued or issuable in the form of
one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Company will execute,
and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of such series in exchange
in whole or in part for such Global Security, will authenticate and deliver individual Securities of such series of like tenor and terms
in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities representing
such series in exchange for such Global Security or Securities.

 

(iii)
A Global Security will also be exchangeable if there shall have occurred or be continuing a default or an event which, with the giving
of notice or lapse of time or both, would constitute a default with respect to the Securities of such series represented by such Global
Security. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery
of individual Securities of such series in exchange in whole or in part for such Global Security, will authenticate and deliver individual
Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of
such Global Security or Securities representing such series in exchange for such Global Security or Securities.

 

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(iv)
If specified by the Company pursuant to Section 3.01 with respect to Securities issued or issuable in the form of a Global Security,
the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Securities
of such series of like tenor and terms in definitive form on such terms as are acceptable to the Company and such Depositary. Thereupon
the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, (1) to each Person specified by such
Depositary a new Security or Securities of the same series of like tenor and terms and of any authorized denominations as requested by
such Person or the Depositary in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the
Global Security; and (2) to such Depositary a new Global Security of like tenor and terms and in a denomination equal to the difference,
if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of Securities delivered to
Holders thereof.

 

(v)
In any exchange provided for in any of the preceding four paragraphs, the Company will execute and the Trustee will authenticate and
deliver individual fully registered Securities in authorized denominations. Upon the exchange of a Global Security for individual Securities,
such Global Security shall be cancelled by the Trustee. Securities issued in exchange for a Global Security pursuant to this Section
2.06 shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to the
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee in writing. The Trustee shall deliver
such Securities to the Persons in whose names such Securities are so registered.

 

(vi)
Members in and participants of the Depositary shall have no rights under the Indenture with respect to any Global Security held on their
behalf by a Depositary, and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as
the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Trustee or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization
furnished by a Depositary or impair, as between a Depositary and its members and participants, the operation of customary practices governing
the exercise of the rights of a Holder of any Security of the series represented by such Global Security, including, without limitation,
the granting of proxies or other authorization of 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.

 

ARTICLE
THREE

 

THE
SECURITIES

 

SECTION
3.01 Amount Unlimited; Issuable in Series.

 

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

 

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

 

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

 

(2)
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 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities which, pursuant to Section 3.03, are
deemed never to have been authenticated and delivered hereunder);

 

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(3)
the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(4)
the date or dates on which the principal of any Securities of the series is payable;

 

(5)
the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall
accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable
on any Interest Payment Date;

 

(6)
the place or places where the principal of and any premium and interest on any Securities of the series shall be payable;

 

(7)
the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series
may be redeemed, in whole or in part, at the option of the Company;

 

(8)
the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions
or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9)
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series shall
be issuable;

 

(10)
if the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index
or pursuant to a formula, the manner in which such amounts shall be determined;

 

(11)
if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any
premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency
of the United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 1.01;

 

(12)
if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or the
Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable,
the currency, currencies or currency units in which the principal of or any premium or interest on such Securities as to which such election
is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount
so payable (or the manner in which such amount shall be determined);

 

(13)
if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02;

 

(14)
if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more
dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date
for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other
than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case,
the manner in which such amount deemed to be the principal amount shall be determined);

 

(15)
if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.02 or Section
13.03 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company to defease such
Securities shall be evidenced;

 

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(16)
if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and,
in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in Section 2.04 and any circumstances in which any such Global Security may
be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(17)
any addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.02;

 

(18)
any addition to or change in the covenants set forth in Article Ten which applies to Securities of the series; and

 

(19)
any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section
9.01(5)).

 

All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or
pursuant to the Board Resolution referred to above and (subject to Section 3.03) set forth, or determined in the manner provided, in
the Officers’ Certificate referred to above or in any such indenture supplemental hereto. All securities of any one series need
not be issued at one time and, unless otherwise provided, a series may be reopened for issuances of additional securities of such series.

 

Unless
otherwise specifically provided with respect to the Securities of a series, at the option of the Company, interest on the Securities
of any series that bears interest may be paid by mailing a check to the address of the person entitled thereto as such address shall
appear in the Security Register.

 

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

 

SECTION
3.02 Denominations.

 

The
Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified
as contemplated by Section 3.01. In the absence of any such specified denomination with respect to the Securities of any series, the
Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.

 

SECTION
3.03 Execution, Authentication, Delivery and Dating.

 

The
Securities shall be executed on behalf of the Company by its Chairman of the Board, its President, its Chief Financial Officer or one
of its Vice Presidents, attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the
Securities may be manual or facsimile.

 

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

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed
by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities,
and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities
of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.01 and 3.01, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall
be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating,

 

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(1)
if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.01, that such form has
been established in conformity with the provisions of this Indenture;

 

(2)
if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.01, that such terms
have been established in conformity with the provisions of this Indenture;

 

(3)
that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance
with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights and to general equity principles;

 

(4)
that all laws and requirements in respect of the execution and delivery by the Company of such Securities have been complied with; and

 

(5)
that all conditions precedent under the Indenture relating to the authentication and delivery of such securities have been complied with.

 

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

 

Notwithstanding
the provisions of Section 3.01 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time,
it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.01 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of
such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series
to be issued.

 

Each
Security shall be dated the date of its authentication.

 

No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and
such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never
issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09,
for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never
be entitled to the benefits of this Indenture.

 

SECTION
3.04 Temporary Securities.

 

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

 

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

 

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SECTION
3.05 Registration; Registration of Transfer and Exchange.

 

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

 

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

 

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

 

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

 

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

 

No
service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange
of Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer.

 

If
the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A)
to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may
be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such
Securities selected for redemption under Section 11.03 and ending at the close of business on the day of such mailing, or (B) to register
the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part.

 

None
of the Company, the Trustee, any Paying Agent or the Securities Registrar will have any responsibility or liability for any aspect of
the Depositary’s records relating to or payments made on account of beneficial ownership interests in a Global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

SECTION
3.06 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.

 

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

 

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

 

Upon
the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the 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
3.07 Payment of Interest; Interest Rights Preserved.

 

Except
as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, interest on any Security which is payable,
and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

 

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

 

(1)
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall
make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to
be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder
of Securities of such series in the manner set forth in Section 1.06, not less than 10 days prior to such Special Record Date. Notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2).

 

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

 

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

 

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SECTION
3.08 Persons Deemed Owners.

 

Prior
to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal
of and any premium and (subject to Section 3.07) any interest on such Security and for all other purposes whatsoever, whether or not
such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

 

No
holder of any beneficial interest in any Global Security held on such holder’s behalf by a Depositary shall have any rights under
this Indenture with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee, and any agent of
the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise
of the rights of the Depositary as Holder of any Security.

 

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

 

SECTION
3.09 Cancellation.

 

All
Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may
at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by
the Trustee in accordance with its customary procedures.

 

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SECTION
3.10 Computation of Interest.

 

Except
as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

 

SECTION
3.11 CUSIP Numbers.

 

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

 

SECTION
3.12 Further Issuances.

 

The
Company may from time to time without the consent of the Holders of Securities of any series affected create and issue further Securities
of such series having the same terms and conditions as the Securities of such series in all respects (or in all respects except for the
payment of interest of the Securities of such series (i) scheduled and paid prior to the date of issuance of the additional Securities
of such series or (ii) payable on the first Interest Payment Date following such issuance) so that such further issues shall be consolidated
and form a single series with the outstanding Securities of any series. Any further Securities forming a single series with the outstanding
Securities of any series may be constituted by the Indenture or any supplement to this Indenture.

 

ARTICLE
FOUR

 

SATISFACTION
AND DISCHARGE

 

SECTION
4.01 Satisfaction and Discharge of Indenture.

 

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

 

(1)
either

 

(A)
all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 3.06 and (ii) Securities for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided
in Section 10.03) have been delivered to the Trustee for cancellation; or

 

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

 

(i)
have become due and payable, or

 

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

 

(iii)
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge
the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and
interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;

 

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

 

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

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.07, the obligations of
the Company to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause
(B) of Clause (1) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall survive.
The provisions of this Section shall survive the termination of this Indenture.

 

SECTION
4.02 Application of Trust Money.

 

Subject
to the provisions of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 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 any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE
FIVE

 

REMEDIES

 

SECTION
5.01 Events of Default.

 

“Event
of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)
default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
for a period of 30 days; or

 

(2)
default in the payment of the principal of or any premium on any Security of that series at its Maturity; or

 

(3)
default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series and a continuance of such
default for a period of 5 days; or

 

(4)
default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included
in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach 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

 

(5)
the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering
the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or
order unstayed and in effect for a period of 60 consecutive days; or

 

    23

     

    

 

(6)
the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry
of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State
bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by
it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by the Company in furtherance of any such action; or

 

(7)
any other Event of Default provided with respect to Securities of that series.

 

SECTION
5.02 Acceleration of Maturity; Rescission and Annulment.

 

If
an Event of Default (other than an Event of Default specified in Section 5.01(5) or 5.01(6)) with respect to Securities of any series
at the time Outstanding occurs and is continuing, 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 of all the Securities of that series (or, if any
Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified
by the terms thereof) 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) shall become immediately due and payable. If an Event of Default
specified in Section 5.01(5) or 5.01 (6) with respect to Securities of any series at the time Outstanding occurs, the principal amount
of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the
principal amount of such Securities as may be specified by the terms thereof) shall automatically, and without any declaration or other
action on the part of the Trustee or any Holder, become immediately due and payable.

 

At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal
amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if:

 

(1)
the Company has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)
all overdue interest on all Securities of that series,

 

(B)
the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities,

 

(C)
to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such
Securities, and

 

(D)
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(2)
all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series
which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

    24

     

    

 

SECTION
5.03 Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The
Company covenants that if

 

(1)
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,

 

(2)
default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, or

 

(3)
default is made in the making or satisfaction of any sinking fund payment or analogous obligation when the same becomes due pursuant
to the terms of any Security and such default continues for 5 days, the Company will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and
interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium
and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

 

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

 

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

 

SECTION
5.04 Trustee May File Proofs of Claim.

 

In
case of any judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or such
other obligor or their creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take
any and all actions authorized under the such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture
Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized:

 

(i)
to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Securities
in accordance with the terms thereof 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, expense, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and

 

(ii)
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, if the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07.

 

No
provision of this Indenture 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; provided, however, that the Trustee
may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’
or other similar committee.

 

    25

     

    

 

SECTION
5.05 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
5.06 Application of Money Collected.

 

Any
money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal or any premium 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 6.07; and

 

SECOND:
To the payment of the amounts then due and unpaid for principal of and any premium 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 any premium and interest, respectively.

 

SECTION
5.07 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

 

(1)
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series;

 

(2)
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;

 

(3)
such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

(4)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(5)
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series; it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.

 

SECTION
5.08 Unconditional Right of Holders to Receive Principal, Premium 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 any premium and (subject to Section 3.07) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such Holder.

 

    26

     

    

 

SECTION
5.09 Restoration of Rights and Remedies.

 

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

 

SECTION
5.10 Rights and Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph
of Section 3.06, 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 prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION
5.11 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
5.12 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

 

(1)
such direction shall not be in conflict with any rule of law or with this Indenture,

 

(2)
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

 

(3)
such direction is not unduly prejudicial to the rights of other Holders.

 

SECTION
5.13 Waiver of Past Defaults.

 

The
Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default

 

(1)
in the payment of the principal of or any premium or interest on any Security of such series, or

 

(2)
in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.

 

Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

    27

     

    

 

SECTION
5.14 Undertaking for Costs.

 

All
parties to this Indenture agree, and each Holder of any Security by acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to
pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard for 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 the principal amount of
the Outstanding Securities of any series, or any suit instituted by any Holder for the enforcement of the payment of the principal of
(or premium, if any) or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the
case of redemption, on or after the Redemption Date).

 

SECTION
5.15 Waiver of Usury, Stay or Extension Laws.

 

The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that it will not 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 had been enacted.

 

ARTICLE
SIX

 

THE
TRUSTEE

 

SECTION
6.01 Certain Duties and Responsibilities.

 

(a)
Except during the continuance of an Event of Default,

 

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

 

(2)
in the absence of gross negligence, willful misconduct or bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture.

 

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

 

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

 

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

 

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

 

    28

     

    

 

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

 

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

 

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

 

SECTION
6.02 Notice of Defaults.

 

Within
90 days after the occurrence of any default hereunder known to the Trustee with respect to the Securities of any series, the Trustee
shall transmit by mail to all Holders of Securities of such series, as their names and addresses appear in the Security Register, notice
of such default hereunder, unless such default shall have been cured or waived; provided, however, that, except in the case of a default
in the payment of the principal of (or premium, if any) or interest on any Security of such series or in the payment of any sinking fund
installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the interests of the Holders of Securities of such series; and provided, further, that in the
case of any default of the character specified in clauses (3) or (4) of the third paragraph of Section 5.01 with respect to Securities
of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this
Section, the term “default” means any event which is, or after notice or lapse of time or both would become, a default with
respect to Securities of such series.

 

Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.

 

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 a Responsible Officer of the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

 

SECTION
6.03 Certain Rights of Trustee.

 

Subject
to the provisions of Section 6.01:

 

(1)
the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

 

(2)
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any
resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

    29

     

    

 

(3)
whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, rely upon an Officers’ Certificate;

 

(4)
the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(5)
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably
satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request
or direction;

 

(6)
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability
or additional liability of any kind by reason of such inquiry or investigation;

 

(7)
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

 

(8)
the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably believed by
it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(9)
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 of unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture, unless the Trustee has received
notice of such default or Event of Default pursuant to Section 10.04 hereof;

 

(10)
the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder;

 

(11)
the Trustee may request that the Company deliver an Officers’ 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 Officers’ Certificate may be signed
by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate
previously delivered and not superseded;

 

(12)
anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood
of such loss or damage and regardless of the form of action; and

 

(13)
the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, acts of God; earthquakes;
fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics or pandemics; riots; interruptions; loss or malfunctions
of utilities, computer (hardware or software) or communication services; any act or provision of any present of future law or regulation
or governmental authority, the unavailability of the Federal Reserve Bank wire or SWIFT or other wire; accidents; labor disputes; acts
of civil or military authority and governmental action.

 

    30

     

    

 

SECTION
6.04 Not Responsible for Recitals or Issuance of Securities.

 

The
recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

SECTION
6.05 May Hold Securities.

 

The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

SECTION
6.06 Money Held in Trust.

 

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

 

SECTION
6.07 Compensation and Reimbursement.

 

The
Company agrees

 

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

 

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

 

(3)
to indemnify each of the Trustee and any predecessor Trustee and their officers, agents, directors and employees for, and to hold them
harmless against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes based on the income of the
Trustee) incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance
or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether against
the Company, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder or in connection with enforcing the Provisions of this Section 6.07.

 

The
Trustee shall have a lien prior to the Securities as to all property and funds held by it hereunder for any amount owing it or any predecessor
Trustee pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular Securities.

 

When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(5) or Section 5.01(6),
the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable Federal or State bankruptcy, insolvency or other similar law.

 

The
provisions of this Section shall survive the termination of this Indenture.

 

SECTION
6.08 Conflicting Interests.

 

If
the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture.

 

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SECTION
6.09 Corporate Trustee Required; Eligibility.

 

There
shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder
for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such, and has a combined capital and surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually,
pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent
permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of
any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article.

 

SECTION
6.10 Resignation and Removal; Appointment of Successor.

 

(a)
No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.

 

(b)
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30
days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

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

 

(d)
If at any time:

 

(1)
the Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Security for at least six months, or

 

(2)
the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Company or by
any such Holder, or

 

(3)
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with
respect to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

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(e)
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee
or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed
with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after
such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any
series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered
to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of
any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11,
any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series.

 

(f)
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner
provided in Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and
the address of its Corporate Trust Office.

 

The
provisions of this Section shall survive the termination of this Indenture.

 

SECTION
6.11 Acceptance of Appointment by Successor.

 

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

 

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

 

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

 

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

 

SECTION
6.12 Merger, Conversion, Consolidation or Succession to Business.

 

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

 

SECTION
6.13 Preferential Collection of Claims Against Company.

 

If
and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject
to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

SECTION
6.14 Appointment of Authenticating Agent.

 

The
Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act
on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer
or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made
in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

 

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

 

An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall
be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 1.06 to all Holders of Securities
of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

    34

     

    

  

The
Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section.

 

If
an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon,
in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

 

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

 

_______________________________________,

As Trustee

 

By
__________________________,

As Authenticating Agent

 

By
__________________________ 

Authorized Signatory

 

ARTICLE
SEVEN

 

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION
7.01 Company to Furnish Trustee Names and Addresses of Holders.

 

The
Company will furnish or cause to be furnished to the Trustee

 

(1)
semi-annually, not later than 10 calendar days after each Regular Record Date in each year, a list for each series of Securities, in
such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of the preceding
Regular Record Date, and

 

(2)
at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list
of similar form and content as of a date not more than 15 days prior to the time such list is furnished; excluding from any such list
names and addresses received by the Trustee in its capacity as Security Registrar.

 

SECTION
7.02 Preservation of Information; Communications to Holders.

 

The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders received by the Trustee in its capacity
as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.

 

The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders
made pursuant to the Trust Indenture Act.

 

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SECTION
7.03 Reports by Trustee.

 

(a)
Within 60 days after May 15 of each year commencing with the year 20__, the Trustee shall transmit by mail to all Holders of Securities
of each series, as their names and addresses appear in the Security Register, and to any other Persons specified in Section 313(c) of
the Trust Indenture Act, a brief report dated as of such May 15, in accordance with, and to the extent required under, Section 313 of
the Trust Indenture Act.

 

(b)
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon
which the Securities of any series are listed, with the Commission and with the Company. The Company will notify the Trustee when the
Securities of any series are listed on any stock exchange.

 

SECTION
7.04 Reports by Company.

 

The
Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act;
provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission.

 

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

 

ARTICLE
EIGHT

 

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

 

SECTION
8.01 Company May Consolidate, Etc., Only on Certain Terms.

 

The
Company shall not consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially
as an entirety to any Person, and the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer
or lease its properties and assets substantially as an entirety to the Company, unless:

 

(1)
in case the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially
as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation,
partnership or trust, shall be organized and validly existing under the laws of Canada or U.S. and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the
principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture
on the part of the Company to be performed or observed;

 

(2)
immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary
as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of
Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing;
and

 

(3)
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with.

 

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SECTION
8.02 Successor Substituted.

 

Upon
any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation
or into which the Company is merged or to which such conveyance, transfer or lease 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 had been
named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities.

 

ARTICLE
NINE

 

SUPPLEMENTAL
INDENTURES

 

SECTION
9.01 Supplemental Indentures Without Consent of Holders.

 

Without
the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)
to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and in the Securities; or

 

(2)
to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to
be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit
of such series) or to surrender any right or power herein conferred upon the Company; or

 

(3)
to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events
of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly
being included solely for the benefit of such series); or

 

(4)
to add to or change any of the provisions of this Indenture to such extent 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, or to permit or facilitate
the issuance of Securities in uncertificated form; or

 

(5)
to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that
any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of
such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security
with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or

 

(6)
to secure the Securities; or

 

(7)
to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01; or

 

(8)
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, pursuant to the requirements of Section 6.11; or

 

(9)
to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action
pursuant to this clause (9) shall not adversely affect the interests of the Holders of Securities of any series in any material respect.

 

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SECTION
9.02 Supplemental Indentures with Consent of Holders.

 

With
the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities
of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Security affected thereby,

 

(1)
change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal
amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal
of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.02, or change any Place of Payment where, or the coin or currency in which, any Security or any
premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the
Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or

 

(2)
reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(3)
modify any of the provisions of this Section, Section 5.13 or Section 10.09, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to
changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.09, or the deletion of
this proviso, in accordance with the requirements of Sections 6.11 and 9.01(8).

 

A
supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such
series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders
of Securities of any other series.

 

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

 

SECTION
9.03 Execution of Supplemental Indentures.

 

In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected
in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

SECTION
9.04 Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

 

SECTION
9.05 Conformity with Trust Indenture Act.

 

Every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.

 

    38

     

    

 

 

SECTION
9.06 Reference in Securities to Supplemental Indentures.

 

Securities
of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.
If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company,
to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Securities of such series.

 

SECTION
9.07 Notice to Holders

 

After
any supplemental indenture under this Article become effective, the Company shall mail to the Holders a notice briefly describing such
supplemental Indenture; provided, however, that the failure to give such notice to all Holders, or any defect therein, shall not
impair or affect the validity of such supplemental indenture.

 

ARTICLE
TEN

 

COVENANTS

 

SECTION
10.01 Payment of Principal, Premium and Interest.

 

The
Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any
premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

 

SECTION
10.02 Maintenance of Office or Agency.

 

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

 

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

 

SECTION
10.03 Money for Securities Payments to Be Held in Trust.

 

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

 

Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of or
any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to
be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee
of its action or failure so to act.

 

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The
Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply
with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the
Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series,
upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect
of the Securities of that series.

 

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

 

Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any
premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has
become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance
of such money then remaining will be repaid to the Company.

 

SECTION
10.04 Statement by Officers as to Default.

 

The
Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an
Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance
and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement
of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof
of which they may have knowledge.

 

The
Company shall deliver to the Trustee, as soon as possible and in any event within five days after the Company becomes aware of the occurrence
of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’
Certificate setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect
thereto.

 

SECTION
10.05 Existence.

 

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

 

SECTION
10.06 Maintenance of Properties.

 

The
Company will cause all properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and
kept in good condition, repair and working order (ordinary wear and tear and casualty excepted) and supplied with all necessary equipment
and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment
of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted
at all times; provided, however, that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance
of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the
business of any Subsidiary and not disadvantageous in any material respect to the Holders.

 

    40

     

    

 

SECTION
10.07 Payment of Taxes and Other Claims.

 

The
Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all material taxes, assessments
and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company
or any Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon a material
portion of the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or
discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being
contested in good faith by appropriate proceedings.

 

SECTION
10.08 Limitation Upon Disposition of Stock of Principal Subsidiary Bank.

 

So
long as any of the Securities shall be outstanding, neither the Company nor any Subsidiary will (except to the Company or an Intermediate
Subsidiary) sell, assign, transfer, grant a security interest in or otherwise dispose of any shares of, securities convertible into,
or options, warrants or rights to subscribe for or purchase shares of, Voting Stock (other than directors’ qualifying shares) of
any Principal Subsidiary Bank, nor will the Company or any Intermediate Subsidiary permit any Principal Subsidiary Bank to issue (except
to the Company or an Intermediate Subsidiary) any shares of, or securities convertible into, or options, warrants or rights to subscribe
for or purchase shares of, Voting Stock of such Principal Subsidiary Bank (other than directors’ qualifying shares) nor will the
Company permit any Intermediate Subsidiary that owns any shares of, or securities convertible into, or options, warrants or rights to
subscribe for or purchase shares of, Voting Stock of any Principal Subsidiary Bank to cease to be an Intermediate Subsidiary, except
that the Company or an Intermediate Subsidiary may make any such sale, assignment, transfer, or grant of a security interest or other
disposition (A)(i) for fair market value on the date thereof, as determined by the Board of Directors of the Company (which determination
shall be conclusive), and evidenced by a duly adopted resolution thereof, and (ii) in each such case, after giving effect thereto, the
Company and any one or more Intermediate Subsidiaries will own at least 80% of the Voting Stock of the Principal Subsidiary Bank then
issued and outstanding free and clear of any security interest or (B) in compliance with an order of a court or regulatory authority
of competent jurisdiction. Notwithstanding the foregoing, a Principal Subsidiary Bank may be merged into or consolidated with another
banking institution organized under the laws of the United States, any State thereof or the District of Columbia, if after giving effect
to such merger or consolidation the Company and any one or more Intermediate Subsidiaries own at least 80% of the Voting Stock of such
other banking institution and immediately after giving effect thereto and treating any such resulting bank thereafter as a Principal
Subsidiary Bank for purposes of this Indenture, no Event of Default, and no event which, after notice or lapse of time or both, would
become an Event of Default, shall have happened and be continuing. For purposes of this Section, an “Intermediate Subsidiary”
means a Subsidiary (i) that is organized under the laws of the United States, any State thereof or the District of Columbia, and (ii)
of which all the shares of each class of Voting Stock issued and outstanding, and all securities convertible into and options, warrants
and rights to subscribe for or purchase shares of, such Voting Stock, are owned directly by the Company or by another Intermediate Subsidiary,
free and clear of any security interest.

 

The
provisions of this Section 10.08 shall not prohibit the Company from consolidating with or merging into any other Person or from conveying,
transferring or leasing the Company’s properties and assets substantially as an entirety to any Person as otherwise permitted pursuant
to Article Eight.

 

SECTION
10.09 Waiver of Certain Covenants.

 

Except
as otherwise specified as contemplated by Section 3.01 for Securities of such series, the Company may, with respect to the Securities
of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant
to Section 3.01(18), 9.01(2) or 9.01(7) for the benefit of the Holders of such series or in Sections 10.05 to 10.07 inclusive if before
the time for such compliance the Holders of not less than a majority in principal amount of the Outstanding Securities of such series
shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision
or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term,
provision or condition shall remain in full force and effect.

 

SECTION
10.10 Calculation of Original Issue Discount.

 

The
Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original
issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such
other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986,
as amended from time to time.

 

    41

     

    

 

ARTICLE
ELEVEN

 

REDEMPTION
OF SECURITIES

 

SECTION
11.01 Applicability of Article.

 

Securities
of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 3.01 for such Securities) in accordance with this Article.

 

SECTION
11.02 Election to Redeem; Notice to Trustee.

 

The
election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated
by Section 3.01 for such Securities. In case of any redemption at the election of the Company of the Securities of any series (including
any such redemption affecting only a single Security), the Company shall, at least 60 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal
amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of
any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such
restriction.

 

SECTION
11.03 Selection by Trustee of Securities to Be Redeemed.

 

If
less than all the Securities of any series are to be redeemed (unless all the Securities of a specified tenor are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate (but subject
to compliance with the rules of any securities exchange on which the securities of such series may be listed) and which may provide for
the selection for redemption of a portion of the principal amount of any Security of such series, provided that the unredeemed portion
of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination)
for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed, the particular Securities
to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series and specified tenor not previously called for redemption in accordance with the preceding sentence.

 

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

 

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

 

    42

     

    

 

SECTION
11.04 Notice of Redemption. 

 

Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register.

 

All
notices of redemption shall identify the Securities to be redeemed (including CUSIP number) and shall state:

 

(1)
the Redemption Date,

 

(2)
the Redemption Price,

 

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

 

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

 

(5)
the place or places where each such Security is to be surrendered for payment of the Redemption Price, and

 

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

 

Notice
of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request,
by the Trustee in the name and at the expense of the Company.

 

SECTION
11.05 Deposit of Redemption Price.

 

Prior
to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

 

SECTION
11.06 Securities Payable on Redemption Date.

 

Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance
with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption
Date; provided, however, that, unless otherwise specified as contemplated by Section 3.01, installments of interest whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.

 

If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 

SECTION
11.07 Securities Redeemed in Part.

 

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

 

    43

     

    

 

ARTICLE
TWELVE

 

SINKING
FUNDS

 

SECTION
12.01 Applicability of Article.

 

The
provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise
specified as contemplated by Section 3.01 for such Securities.

 

The
minimum amount of any sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking
fund payment”, and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred
to as an “optional sinking fund payment”. If provided for by the terms of any Securities, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section 12.02.

 

Each
sinking fund payment shall be applied to the redemption of Securities as provided for by the terms of such Securities.

 

SECTION
12.02 Satisfaction of Sinking Fund Payments with Securities.

 

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

 

SECTION
12.03 Redemption of Securities for Sinking Fund.

 

Not
less than 60 days prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities,
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 Securities pursuant to Section 12.02 and will also deliver to the Trustee any Securities to be so delivered.
Not less than 45 days prior to 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 11.03 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 11.04. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07.

 

ARTICLE
THIRTEEN

 

DEFEASANCE
AND COVENANT DEFEASANCE

 

SECTION
13.01 Company’s Option to Effect Defeasance or Covenant Defeasance.

 

The
Company may elect, at its option at any time, to have Section 13.02 or Section 13.03 applied to any Securities or any series of Securities,
as the case may be, designated pursuant to Section 3.01 as being defeasible pursuant to such Section 13.02 or 13.03, in accordance with
any applicable requirements provided pursuant to Section 3.01 and upon compliance with the conditions set forth below in this Article.
Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.01 for such Securities.

 

    44

     

    

 

SECTION
13.02 Defeasance and Discharge.

 

Upon
the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the
case may be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities as provided in
this Section on and after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Defeasance”).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the
following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive,
solely from the trust fund described in Section 13.04 and as more fully set forth in such Section, payments in respect of the principal
of and any premium and interest on such Securities when payments are due, (2) the Company’s obligations with respect to such Securities
under Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and
(4) this Article. Subject to compliance with this Article, the Company may exercise its option (if any) to have this Section applied
to any Securities notwithstanding the prior exercise of its option (if any) to have Section 13.03 applied to such Securities.

 

SECTION
13.03 Covenant Defeasance.

 

Upon
the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the
case may be, (1) the Company shall be released from its obligations under Section 10.07 (and any other Sections applicable to such Securities
that are determined pursuant to Section 3.01 to be subject to this provision), and (2) the occurrence of any event specified in Sections
5.01(4) (with respect to Section 10.07 or any other Section applicable to such Securities that are determined pursuant to Section 3.01
to be subject to this provision) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities
as provided in this Section on and after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply
with (and no Event of Default shall arise out of such non-compliance) and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any
such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder
of this Indenture and such Securities shall be unaffected thereby.

 

SECTION
13.04 Conditions to Defeasance or Covenant Defeasance.

 

The
following shall be the conditions to the application of Section 13.02 or Section 13.03 to any securities or any series of Securities,
as the case may be:

 

(1)
The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 6.09 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders
of such Securities, (A) in the case of Securities denominated in a foreign currency, money in such foreign currency or Foreign Government
Obligations of the foreign government or governments issuing such foreign currency which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, such
foreign currency in an amount or (B) in the case of Securities denominated in U.S. dollars, U.S. dollars or U.S. Government Obligations
which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later
than one day before the due date of any payment, U.S. dollars in an amount, or (C) a combination of money and U.S. Government Obligations
or Foreign Government Obligations (as applicable), in each case sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied
by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Securities
on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S.
Government Obligation” means (x) any security which is (i) a direct obligation of the United States of America for the payment
of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at
the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act)
as custodian with respect to any U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the account
of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government
Obligation which is so specified and held, 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 or the specific payment of principal or interest evidenced by such depositary receipt. As used herein, “Foreign Government
Obligation” means any security denominated in a foreign currency which is (i) a direct obligation of a foreign government or governments
for the payment of which the full faith and credit of such foreign government or governments is pledged or (ii) an obligation of a Person
controlled or supervised by and acting as an agency or instrumentality of such foreign government or governments the payment of which
is unconditionally guaranteed as a full faith and credit obligation by such foreign government, which, in either case (i) or (ii) is
not callable or redeemable at the option of the issuer thereof.

 

    45

     

    

 

(2)
In the event of an election to have Section 13.02 apply to any Securities or any series of Securities, as the case may be, the Company
shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (y) since the date of this instrument, there has been a change in the applicable Federal
income tax law, in either case (x) or (y) to the effect that, and based thereon such opinion shall confirm that, the Holders of such
Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be
effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the
same times as would be the case if such deposit, Defeasance and discharge were not to occur.

 

(3)
In the event of an election to have Section 13.03 apply to any Securities or any series of Securities, as the case may be, the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or
loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities
and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit
and Covenant Defeasance were not to occur.

 

(4)
The Company shall have delivered to the Trustee an Officer’s Certificate to the effect that neither such Securities nor any other
Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.

 

(5)
No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any
other Securities shall have occurred and be continuing (A) at the time of such deposit or, (B) with regard to any such event specified
in Sections 5.01(5) and (6), at any time during the period ending on the 123rd day after the date of such deposit or, if longer, ending
on the day following the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood
that the condition in this clause (B) is a condition subsequent and shall not be deemed satisfied until the expiration of such period).

 

(6)
Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture
Act (assuming all Securities are in default within the meaning of such Act).

 

(7)
Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement
or instrument to which the Company is a party or by which it is bound.

 

(8)
Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.

 

    46

     

    

 

(9)
The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

 

SECTION
13.05 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject
to the provisions of the last paragraph of Section 10.03, all money, U.S. Government Obligations and Foreign Government Obligations (including
the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.06,
the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 13.04 in respect
of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture,
to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and
interest, but money so held in trust need not be segregated from other funds except to the extent required by law.

 

The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
or the Foreign Government Obligations deposited pursuant to Section 13.04 or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything
in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request
any money or U.S. Government Obligations or the Foreign Government Obligations held by it as provided in Section 13.04 with respect to
any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance
or Covenant Defeasance, as the case may be, with respect to such Securities.

 

SECTION
13.06 Reinstatement.

 

If
the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then
the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 13.02
or 13.03 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities,
until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.05 with respect to
such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any
premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights
(if any) of the Holders of such Securities to receive such payment from the money so held in trust.

 

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

 

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

 

	VERSUS
    SYSTEMS INC.	 
	 	 
	By:
    	           	 
	Name: 	 	 
	Title:	 	 
	 	 
		,
	as
    Trustee	 
	 	 
	By:
    		 
	Name:	 	 
	Title:	 	 

 

 

47

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]