Document:

Exhibit 4.1

 

Cyclerion Therapeutics, Inc.,

 

Issuer

 

AND

 

Trustee

 

 

INDENTURE

 

Dated as of _____ ___, 202_

 

 

 

     

     

    

 

TABLE OF CONTENTS*

CROSS-REFERENCE TABLE*

 

	Section of Trust Indenture Act of 1939, as amended	 	Section of 

Indenture
	310(a)	 	7.9
	310(b)	 	7.8
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01, 5.02(a)
	312(b)	 	5.2(c)
	312(c)	 	5.2(c)
	313(a)	 	5.4(a)
	313(b)	 	5.4(b)
	313(c)	 	5.4(b)
	313(d)	 	5.4(c)
	314(a)	 	5.3(a)
	314(b)	 	Inapplicable
	314(c)	 	13.7(a)
	314(d)	 	Inapplicable
	314(e)	 	13.7(b)
	314(f)	 	Inapplicable
	315(a)	 	7.1(b)
	315(b)	 	7.14
	315(c)	 	7.1(a)
	315(d)	 	7.1(b)
	315(e)	 	6.7
	316(a)	 	6.6, 8.4
	316(b)	 	6.4
	316(c)	 	8.1
	317(a)	 	6.2
	317(b)	 	4.3
	318(a)	 	13.9
	318(c)	 	13.9

 

*This Cross-Reference Table does not constitute part of the
Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

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TABLE OF CONTENTS*

 

	Article I	 	DEFINITIONS	1
	 	 	 	 
	Section 1.1	 	Definitions of Terms	1
	 	 	 	 
	Article II	 	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	6
	 	 	 	 
	Section 2.1	 	Designation and Terms of Securities	6
	Section 2.2	 	Form of Securities and Trustee’s Certificate	8
	Section 2.3	 	Denominations; Provisions for Payment	8
	Section 2.4	 	Execution and Authentication	10
	Section 2.5	 	Registration of Transfer and Exchange	11
	Section 2.6	 	Temporary Securities	12
	Section 2.7	 	Mutilated, Destroyed, Lost or Stolen Securities	12
	Section 2.8	 	Cancellation	13
	Section 2.9	 	Benefits of Indenture	13
	Section 2.10	 	Authenticating Agent	13
	Section 2.11	 	Global Securities	14
	Section 2.12	 	No Obligation of the Trustee	15
	 	 	 	 
	Article III	 	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	16
	 	 	 	 
	Section 3.1	 	Redemption	16
	Section 3.2	 	Notice of Redemption	16
	Section 3.3	 	Payment Upon Redemption	17
	Section 3.4	 	Sinking Fund	18
	Section 3.5	 	Satisfaction of Sinking Fund Payments with Securities	18
	Section 3.6	 	Redemption of Securities for Sinking Fund	18
	 	 	 	 
	Article IV	 	CERTAIN COVENANTS	18
	 	 	 	 
	Section 4.1	 	Payment of Principal, Premium and Interest	18
	Section 4.2	 	Maintenance of Office or Agency	19
	Section 4.3	 	Paying Agents	19
	Section 4.4	 	Appointment to Fill Vacancy in Office of Trustee	20
	Section 4.5	 	Compliance with Consolidation Provisions	20
	Section 4.6	 	Statement by Officers as to Default	20

 

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	Article V	 	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	20
	 	 	 	 
	Section 5.1	 	Company to Furnish Names and Addresses of Securityholders to Trustee	20
	Section 5.2	 	Preservation of Information; Communications with Securityholders	21
	Section 5.3	 	Reports by the Company	21
	Section 5.4	 	Reports by the Trustee	22
	 	 	 	 
	Article VI	 	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	22
	 	 	 	 
	Section 6.1	 	Events of Default	22
	Section 6.2	 	Collection of Indebtedness and Suits for Enforcement by Trustee	24
	Section 6.3	 	Application of Moneys Collected	26
	Section 6.4	 	Limitation on Suits	26
	Section 6.5	 	Rights and Remedies Cumulative; Delay or Omission Not Waiver	27
	Section 6.6	 	Control by Securityholders	27
	Section 6.7	 	Undertaking to Pay Costs	28
	 	 	 	 
	Article VII	 	CONCERNING THE TRUSTEE	28
	 	 	 	 
	Section 7.1	 	Certain Duties and Responsibilities of Trustee	28
	Section 7.2	 	Certain Rights of Trustee	30
	Section 7.3	 	Trustee Not Responsible for Recitals or Issuance or Securities	31
	Section 7.4	 	May Hold Securities	31
	Section 7.5	 	Moneys Held in Trust	31
	Section 7.6	 	Compensation and Reimbursement	32
	Section 7.7	 	Reliance on Officers’ Certificate	32
	Section 7.8	 	Disqualification; Conflicting Interests	33
	Section 7.9	 	Corporate Trustee Required; Eligibility	33
	Section 7.10	 	Resignation and Removal; Appointment of Successor	33
	Section 7.11	 	Acceptance of Appointment by Successor	34
	Section 7.12	 	Merger, Conversion, Consolidation or Succession to Business	36
	Section 7.13	 	Preferential Collection of Claims Against the Company	36
	Section 7.14	 	Notice of Defaults	36
	 	 	 	 
	Article VIII	 	CONCERNING THE SECURITYHOLDERS	36
	 	 	 	 
	Section 8.1	 	Evidence of Action by Securityholders	36
	Section 8.2	 	Proof of Execution by Securityholders	37
	Section 8.3	 	Who May be Deemed Owners	37
	Section 8.4	 	Certain Securities Owned by Company Disregarded	38
	Section 8.5	 	Actions Binding on Future Securityholders	38

 

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	Article IX	 	SUPPLEMENTAL INDENTURES	38
	 	 	 	 
	Section 9.1	 	Supplemental Indentures Without the Consent of Securityholders	38
	Section 9.2	 	Supplemental Indentures with Consent of Securityholders	40
	Section 9.3	 	Effect of Supplemental Indentures	40
	Section 9.4	 	Securities Affected by Supplemental Indentures	40
	Section 9.5	 	Execution of Supplemental Indentures	41
	Section 9.6	 	Conformity with Trust Indenture Act	41
	 	 	 	 
	Article X	 	SUCCESSOR CORPORATION	41
	 	 	 	 
	Section 10.1	 	Company May Consolidate, Etc.	41
	Section 10.2	 	Successor Substituted	42
	Section 10.3	 	Evidence of Consolidation, Etc. to Trustee	42
	 	 	 	 
	Article XI	 	SATISFACTION AND DISCHARGE	42
	 	 	 	 
	Section 11.1	 	Satisfaction and Discharge of Indenture	42
	Section 11.2	 	Discharge of Obligations	43
	Section 11.3	 	Deposited Moneys to be Held in Trust	43
	Section 11.4	 	Payment of Moneys Held by Paying Agents	43
	Section 11.5	 	Repayment to Company	44
	 	 	 	 
	Article XII	 	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	44
	 	 	 	 
	Section 12.1	 	No Recourse	44
	 	 	 	 
	Article XIII	 	MISCELLANEOUS PROVISIONS	45
	 	 	 	 
	Section 13.1	 	Effect on Successors and Assigns	44
	Section 13.2	 	Actions by Successor	45
	Section 13.3	 	Notices	45
	Section 13.4	 	Notice to Holders of Securities; Waiver	45
	Section 13.5	 	Governing Law	46
	Section 13.6	 	Effect of Headings and Table of Contents	46
	Section 13.7	 	Compliance Certificates and Opinions	46
	Section 13.8	 	Payments on Business Days	46
	Section 13.9	 	Conflict with Trust Indenture Act	46
	Section 13.10	 	Counterparts	47
	Section 13.11	 	Separability	47
	Section 13.12	 	Assignment	47

 

*This Table of Contents does not constitute part of the Indenture
and shall not have any bearing upon the interpretation of any of its terms or provisions.

 

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INDENTURE, dated as of _______ ___, 202__,
among Cyclerion Therapeutics, Inc., a Massachusetts corporation (the “Company”), and _______________, as trustee
(the “Trustee”):

 

WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of unsecured debt securities
(hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to
time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the
certificate of the Trustee;

 

WHEREAS, to provide the terms and conditions
upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this
Indenture; and

 

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

 

NOW, THEREFORE, in consideration of the
premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal
and ratable benefit of the holders of Securities:

 

Article I

DEFINITIONS

 

Section 1.1           Definitions
of Terms.

 

The terms defined in this Section 1.1
(except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and
of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.1 and shall include
the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939,
as amended, or that are by reference therein defined in the Securities Act of 1933, as amended (except as herein otherwise expressly
provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act
and in said Securities Act as in force at the date of the execution of this instrument.

 

“Affiliate” means, with
respect to a specified Person, (a) any Person directly or indirectly owning, controlling or holding with power to vote 10%
or more of the outstanding voting securities or other ownership interests of the specified Person, (b) any Person 10% or more
of whose outstanding voting securities or other ownership interests are directly or indirectly owned, controlled or held with power
to vote by the specified Person, (c) any Person directly or indirectly controlling, controlled by, or under common control
with the specified Person, (d) a partnership in which the specified Person is a general partner, (e) any officer or director
of the specified Person, and (f) if the specified Person is an individual, any entity of which the specified Person is an
officer, director or general partner.

 

    

     

    

 

“Authenticating Agent”
means an authenticating agent with respect to all or any of the series of Securities appointed with respect to all or any series
of the Securities by the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law” means
Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

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

 

“Business Day” means,
with respect to any series of Securities, any day other than a day on which Federal or State banking institutions in the City of
New York or place of payment, are authorized or obligated by law, executive order or regulation to close.

 

“Certificate” means a
certificate signed by the principal executive officer, the principal financial officer, the Treasurer or the principal accounting
officer of the Company. The Certificate need not comply with the provisions of Section 13.7.

 

“Company” means Cyclerion
Therapeutics, Inc., a corporation, duly organized and existing under the laws of the Commonwealth of Massachusetts and, subject
to the provisions of Article Ten, shall also include its successors and assigns.

 

“Corporate Trust Office”
means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at ____________________.

 

“Custodian” means any
receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.

 

“Default” means any event,
act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulted Interest”
has the meaning set forth in Section 2.3 hereof.

 

“Depositary” means, with
respect to Securities of any series, for which the Company shall determine that such Securities will be issued as a Global Security,
The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under
the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to
either Section 2.1 or 2.11.

 

“Event of Default” means,
with respect to Securities of a particular series any event specified in Section 6.1, continued for the period of time,
if any, therein designated.

 

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

 

    	 	2	 

     

    

 

“Global Security”
means, with respect to any series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary
or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name
of the Depositary or its nominee.

 

“Governmental Obligations”
means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include
a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect
to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held
by such custodian for the account of the holder of such depositary receipt; provided, however, 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 Governmental Obligation or the specific payment of principal of or interest
on the Governmental Obligation evidenced by such depositary receipt.

 

“Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any indebtedness of any other Person and
any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such indebtedness or other obligation of such Person (whether arising by virtue of partnership
arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial
statement conditions or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such
indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided,
however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course
of business. The term “Guarantee” used as a verb has a corresponding meaning.

 

“Guarantor” means any
Person Guaranteeing any obligation.

 

“Guaranty Agreement”
means a supplemental indenture, in a form satisfactory to the Trustee, pursuant to which a Person Guarantees the Company’s
obligations with respect to a series of Securities.

 

“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.

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into in accordance with the terms hereof.

 

“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.

 

    	 	3	 

     

    

 

“Interest Payment Date”,
when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security
or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment
of interest with respect to Securities of that series is due and payable.

 

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

 

“Officers’ Certificate”
means a certificate signed by two Officers that is delivered to the Trustee in accordance with the terms hereof. Each such certificate
shall include the statements provided for in Section 13.7, if and to the extent required by the provisions thereof.

 

“Opinion of Counsel”
means an opinion in writing of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee
in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.7, if
and to the extent required by the provisions thereof.

 

“Original Issue Discount Security”
means any Security which (i) is issued at a price lower than the amount payable upon the maturity thereof and (ii) provides
for an amount less than the principal amount thereof to be due and payable upon redemption or a declaration of acceleration of
the maturity thereof pursuant to Section 6.1.

 

“Outstanding”, when used
with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have
been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.7.

 

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

 

“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 2.7
in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Regular Record Date”
has the meaning set forth in Section 2.3 hereof.

 

    	 	4	 

     

    

 

“Responsible Officer”
when used with respect to the Trustee means any authorized officer within the Corporate Trust Department (or corresponding department
bearing a different name) of the Trustee, including the president, any vice president, assistant vice president, assistant secretary,
assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed
by the Person who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of
his or her knowledge of and familiarity with the particular subject.

 

“Securities” means the
debt Securities authenticated and delivered under this Indenture.

 

“Securities Act” means
the Securities Act of 1933, as amended, as in effect at the date of execution of this instrument.

 

“Security Register” has
the meaning set forth in Section 2.5(b) hereof.

 

“Security Registrar”
has the meaning set forth in Section 2.5(b) hereof.

 

“Securityholder”, “holder
of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose name
or names a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the terms
of this Indenture.

 

“Special Record Date”
has the meaning set forth in Section 2.3 hereof.

 

“Subsidiary” means, in
respect of any Person, any corporation, association, partnership, limited liability company, or other business entity of which
more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries
of such Person or (c) one or more Subsidiaries of such Person.

 

“Subsidiary Guarantor”
means any Subsidiary of the Company that provides a Guarantee of the obligations of the Company with respect to any series of Securities
or enters into a Guaranty Agreement that becomes a Subsidiary Guarantor.

 

“Subsidiary Guarantee”
means a Guarantee, including any Guaranty Agreement, provided by a Subsidiary Guarantor of the Company’s obligations with
respect to any series of Securities.

 

“Trustee” means ________________,
and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there
is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee”
as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as in effect at the date of execution of this instrument, subject to the provisions
of Sections 9.1, 9.2 and 10.1.

 

    	 	5	 

     

    

 

“Yield to Maturity” means
the yield to maturity on a series of Securities, calculated at the time of issuance of such series, or, if applicable, at the most
recent redetermination of interest on such series, and calculated in accordance with accepted financial practice.

 

Article II

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.1           Designation
and Terms of Securities.

 

(a)          The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized
by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of
Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto:

 

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

 

(2)            any
limit upon the aggregate principal amount of the Securities of that series that 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 that series);

 

(3)            whether
any of the Securities of the series will be issuable in whole or in part in temporary or permanent global form or in the form of
book-entry securities and, in such case, the identity of the Depositary for such series;

 

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

 

(5)            the
rate or rates, which may be fixed or variable, at which the Securities of the series shall bear interest or the manner of calculation
of such rate or rates, if any;

 

(6)            the
date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner
of determination of such Interest Payment Dates and the record date for the determination of holders to whom interest is payable
on any such Interest Payment Dates or the manner of determination of such record dates;

 

(7)            the
place or places where payments with respect to the Securities of the series shall be payable;

 

(8)            the
right, if any, to defer or extend payment of interest on the debt securities and the maximum length of any deferral or extension
period;

 

    	 	6	 

     

    

 

(9)            the
dates, if any, on which, the price or prices at which and the terms and conditions upon which, Securities of the series may be
redeemed, in whole or in part, at the option of the Company;

 

(10)          the
obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions
(including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the
date or dates, if any, on which, the price or prices at which, and the terms and conditions upon which, Securities of the series
shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(11)          if
other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the
Securities of the series shall be issuable;

 

(12)          whether
the series of Securities will be subject to any mandatory or optional sinking fund or similar provisions;

 

(13)          the
currency or currency units in which payment of the principal of and any premium and interest on the Securities of the series shall
be payable;

 

(14)          whether
and under what circumstances the Company will pay additional amounts on the Securities of the series held by non-U.S. persons in
respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option
to redeem such Securities rather than pay such additional amounts;

 

(15)          the
terms pursuant to which the Securities of the series are subject to defeasance and satisfaction and discharge;

 

(16)          any
addition to, or modification or deletion of, any Events of Default or covenants provided for with respect to the Securities of
the series;

 

(17)          the
terms and conditions, if any, pursuant to which the Securities of the series are secured;

 

(18)          whether
the Securities of the series will be convertible into shares of common stock or any other securities of the Company and, if so,
the terms and conditions upon which such Securities will be so convertible, including whether conversion is mandatory, at the option
of the holder, or at the option of the Company, the conversion price, the conversion period and any provisions pursuant to which
the number of shares of common stock or other securities of the Company to be received by the holders of such series of Securities
would be subject to adjustment;

 

(19)          if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.1;

 

    	 	7	 

     

    

 

(20)          any
provisions granting special rights to holders when a specified event occurs;

 

(21)          any
special tax implications of the Securities of the series, including provisions for Original Issue Discount Securities, if offered;

 

(22)          the
form of the Securities of the series, including the form of the Certificate of Authentication for such series; and

 

(23)          any
and all other terms with respect to such series, including any terms which may be required by or advisable under United States
laws or regulations or advisable in connection with the marketing of Securities of that series.

 

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 any such Board Resolution
or in any indentures supplemental hereto.

 

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.

 

Securities of any particular series may
be issued at various times, with different dates on which the principal or any installment of principal is payable, with different
rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such
interest may be payable and with different redemption dates. Unless otherwise provided, a series may be reopened for issuances
of additional Securities of such series.

 

Section 2.2           Form of
Securities and Trustee’s Certificate.

 

The Securities of any series and the Trustee’s
certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one
or more indentures supplemental hereto or as provided in a Board Resolution of the Company and as set forth in an Officers’
Certificate of the Company and may have such letters, numbers or other marks of identification or designation and such legends
or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with
the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which Securities of that series may be listed, or to conform
to usage.

 

Section 2.3           Denominations;
Provisions for Payment.

 

The Securities shall be issuable as registered
Securities and in the minimum denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to
Section 2.1(a)(11). The Securities of a particular series shall bear interest payable on the Interest Payment Dates
and at the rate specified with respect to that series. Unless otherwise provided pursuant to Section 2.1, the principal
of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity,
shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private
debt, at the office or agency of the Company maintained for that purpose in the United States, unless otherwise specified with
respect to any series of Securities, by the Corporate Trust Office of the Trustee. Each Security shall be dated the date of its
authentication. Unless otherwise provided pursuant to Section 2.1, interest on the Securities shall be computed on
the basis of a 360-day year composed of twelve 30-day months.

 

    	 	8	 

     

    

 

The interest installment on any Security
that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall
be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business
on the applicable Business Day that is the Regular Record Date for such interest installment. Unless otherwise provided in the
terms of a series of Securities, at the option of the Company, payment of interest may be mailed by check to the holders of the
Securities of any series at their respective addresses set forth in the Security Register (as herein defined) or wired if held
in book-entry form at The Depository Trust Company. In the event that any Security of a particular series or portion thereof is
called for redemption and the redemption date is subsequent to a Regular Record Date with respect to any Interest Payment Date
and on or prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security
as provided in Section 3.3.

 

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

 

(1)            The
Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on the applicable Business Day that is 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 such Security 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. The Trustee shall then fix a Special Record Date for the payment of such Defaulted Interest which shall not
be more than 15 nor less than 10 days prior to the date of the proposed payment. The Trustee shall promptly notify the Company
of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed, first class postage prepaid, to each Securityholder at his
or her address as it appears in the Security Register, 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 mailed as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such
Special Record Date and shall be no longer payable pursuant to the following clause (2).

 

    9 

     

    

 

(2)            The
Company may make payment of any Defaulted Interest on any Securities 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.

 

Unless otherwise set forth in a Board Resolution
or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.1
hereof, the term “Regular Record Date”, as used in this Section 2.3, with respect to a series of Securities
with respect to any Interest Payment Date for such series shall mean either (i) the fifteenth day of the month immediately
preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall
occur, if such Interest Payment Date is the first day of a month, or (ii) the last day of the month immediately preceding
the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur,
if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

Subject to the foregoing provisions of this
Section 2.3, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu
of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by
such other Security.

 

Section 2.4            Execution
and Authentication.

 

Two Officers shall sign the Securities for
the Company by manual or facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the
time the Trustee authenticates the Security, the Security shall be valid nevertheless.

 

A Security shall not be valid until an authorized
signatory of the Trustee or an Authentication Agent manually signs the certificate of authentication on the Security. The signature
shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

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 written order of the Company for the authentication and delivery of such Securities, signed
by two Officers, and the Trustee shall authenticate and deliver such Securities in accordance with such written order.

 

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 7.1) shall be fully protected in relying upon, an Opinion of Counsel and an Officers’
Certificate stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

    10 

     

    

 

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 that is not reasonably acceptable to the Trustee.

 

Section 2.5             Registration
of Transfer and Exchange.

 

(a)            Securities
of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in
the United States, or such other location designated by the Company, for other Securities of such series of authorized denominations,
and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, all as provided in this Section 2.5. In respect of any Securities so surrendered for exchange, the Company
shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities
of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously
outstanding.

 

(b)            The
Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the United States, or such other
location designated by the Company a register or registers (herein referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities
as provided in this Article and which at all reasonable times shall be open for inspection by the Trustee. Unless otherwise
specified in a supplemental indenture, the Trustee is hereby appointed as “Security Registrar” for the purpose of registering
the Securities and the transfer of Securities of each series.

 

Upon surrender for transfer of any Security
at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and
such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series
as the Security presented for a like aggregate principal amount.

 

All Securities presented or surrendered
for exchange or registration of transfer, as provided in this Section 2.5, shall be accompanied (if so required by
the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company
or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c)             No
service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of
partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge in relation thereto, other than exchanges pursuant to Section 2.6, Section 3.3(b) and Section 9.4
not involving any transfer.

 

(d)             The
Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities
of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or
exchange any Securities of any series or portions thereof called for redemption except the unredeemed portion of any Securities
of any series being redeemed in part. The provisions of this Section 2.5 are, with respect to any Global Security,
subject to Section 2.11 hereof.

 

    11 

     

    

 

Section 2.6            Temporary
Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed
or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive
Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary
Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and
be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive
Securities of such series. Without unnecessary delay, the Company will execute and will furnish definitive Securities of such series,
and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders),
at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency
shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series,
unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under
this Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

Section 2.7             Mutilated,
Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive Security
shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and
upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same
series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu
of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall
furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and,
in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their
satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may
authenticate any such substituted Security and deliver the same upon the written request or authorization of any Officer of the
Company. Upon the issuance of any substituted Security, 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. In case any Security that has matured or is about to mature shall become mutilated or be destroyed,
lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender
thereof, except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee
such security or indemnity as they may require to save each of them harmless, and, in case of destruction, loss or theft, evidence
to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

    12 

     

    

 

Every replacement Security issued pursuant
to the provisions of this Section 2.7 shall constitute an additional contractual obligation of the Company, whether
or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series
duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent
lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

 

Section 2.8             Cancellation.

 

All Securities surrendered for the purpose
of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered
to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued
in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company
at the time of such surrender, the Trustee shall deliver to the Company any canceled Securities held by the Trustee. In the absence
of such request, the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate
of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered
to the Trustee for cancellation.

 

Section 2.9             Benefits
of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities,
any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision
herein contained, all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders
of the Securities.

 

Section 2.10           Authenticating
Agent.

 

So long as any of the Securities of any
series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee, with
the written consent of the Company, shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf
of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, 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. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to
include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be a corporation that has a
combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under
which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such
laws to conduct such business and is subject to supervision or examination by Federal or State authorities. If at any time any
Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

 

    13 

     

    

 

Any Authenticating Agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request
by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may
appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance
of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally
named as an Authenticating Agent pursuant hereto.

 

Section 2.11           Global
Securities.

 

(a)            If
the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are issuable as a Global
Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver,
a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount
of, such of the Outstanding Securities of such series as shall be specified therein and that the aggregate amount of Outstanding
Securities represented thereby may from time to time be increased or reduced to reflect exchanges, (ii) shall be registered
in the name of the Depositary 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: “Except as otherwise
provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another
nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” Any endorsement of
a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified
therein or in the written request signed in the name of the Company, by two Officers thereof to be delivered to the Trustee pursuant
to Section 2.4 or Section 2.6.

 

(b)            Notwithstanding
the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part, and in
the manner provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary
for such series selected or approved by the Company or to a nominee of such successor Depositary.

 

    14 

     

    

 

(c)            If
at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, this Section 2.11
shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.5,
the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange
for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer
be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities
of such series. In such event the Company will execute and subject to Section 2.5, the Trustee, upon receipt of an
Officers’ Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to
the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global
Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall
be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to
this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

(d)            If
an Event of Default has occurred and is continuing with respect to a particular series of the Securities, the Company may execute,
and the Trustee, upon receipt of an Officers’ Certificate directing the authorization and delivery thereof, shall authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security.

 

Section 2.12           No
Obligation of the Trustee.

 

(a)            The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant
in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Securities or with respect to the delivery to any participant,
member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the
payment of any amount or delivery of any Securities (or other security or property) 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 in respect of the Securities shall
be given or made only to or upon the order of the registered Holder or Holders (which shall be the Depositary or its nominee in
the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depositary,
subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying
upon information furnished by the Depositary with respect to its members, participants and any beneficial owners.

 

    15 

     

    

 

(b)            The
Trustee shall have no obligations or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among the Depositary participants, members or beneficial owners in any Global Security) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

Article III

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.1             Redemption.

 

The Company may redeem the Securities of
any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.1
hereof.

 

Section 3.2             Notice
of Redemption.

 

(a)            In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series
in accordance with the right reserved in such Securities so to do, the Company shall, or shall cause the Trustee to, give notice
of such redemption to holders of the Securities of such series to be redeemed by sending electronically or by mailing, first class
postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption
of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period
is specified in the Securities to be redeemed. Any notice that is sent in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the registered holder receives the notice. In any case, failure to duly give such notice
to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not
affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. 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 any such restriction.

 

Each such notice of redemption shall specify
the date fixed for redemption and the redemption price (or the manner of calculation thereof) at which Securities of that series
are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the
office or agency of the Company in the United States, upon presentation and surrender of such Securities, that interest accrued
to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to
accrue and that the redemption is for a sinking fund, if such is the case. If less than all the Securities of a series are to be
redeemed, the notice to the holders of Securities of that series to be redeemed in whole or in part shall specify the particular
Securities to be so redeemed. In case any Security is to be redeemed in part only, the notice that relates to such Security shall
state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender
of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will
be issued.

 

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(b)            If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 30 days’ notice
in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and
thereupon the Trustee shall select, by lot on a pro rata basis or in such other manner as it shall deem appropriate and fair in
its discretion. The portion of the principal amount of Securities so selected for partial redemption shall be equal to the minimum
authorized denomination for Securities of that series or any integral multiple thereof. Upon making its selection, the Trustee
shall promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part.

 

Unless otherwise provided in the applicable
supplemental indenture, the Company shall not be required to issue, register the transfer of, or exchange any Securities of a series
that are subject to redemption during a period beginning at the opening of business 15 days before the day of mailing of a notice
of redemption of less than all of that series of Securities that may be selected for redemption and ending at the close of business
on the day of such mailing.

 

The Company may, if and whenever it shall
so elect, by delivery of instructions signed on its behalf by any Officer, instruct the Trustee or any paying agent to call all
or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in
this Section 3.2, such notice to be in the name of the Company or its own name, as the Trustee or such paying agent
may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company
shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such
Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee
or such paying agent to give any notice by mail that may be required under this Section 3.2.

 

Section 3.3             Payment
Upon Redemption.

 

(a)            If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to the date fixed for redemption. Interest on such Securities
or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in
the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation
and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said
Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon
to the date fixed for redemption. However, if the date fixed for redemption is subsequent to a Regular Record Date with respect
to any Interest Payment Date and on or prior to such Interest Payment Date, the interest installment payable on such date shall
be payable to the registered holder at the close of business on the applicable Regular Record Date pursuant to Section 2.3.

 

(b)            Upon
presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the
Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the
Security so presented.

 

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Section 3.4             Sinking
Fund.

 

The provisions of Sections 3.4, 3.5
and 3.6 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified
as contemplated by Section 2.1 for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 3.5. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 3.5             Satisfaction
of Sinking Fund Payments with Securities.

 

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

 

Section 3.6             Redemption
of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if
any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.5 and the
basis for such credit and will, together with such Officers’ Certificate, deliver to the Trustee any Securities to be so
delivered. Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof
to be given in the name of and at the expense of the Company in the manner provided in Section 3.2. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.3.

 

    18 

     

    

 

Article IV

CERTAIN COVENANTS

 

Section 4.1             Payment
of Principal, Premium and Interest.

 

The Company will duly and punctually pay
or cause to be paid the principal of and any premium and interest on the Securities of that series at the time and place and in
the manner provided herein and established with respect to such Securities.

 

Section 4.2            Maintenance
of Office or Agency.

 

So long as any series of the Securities
remain Outstanding, the Company agrees to maintain an office or agency in the United States with respect to each such series, where
(i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as hereinabove
authorized for registration of transfer and exchange and (iii) notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or
agency until the Company shall, by written notice signed by an Officer and delivered to the Trustee, designate some other office
or agency for such purposes or any of them. 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, 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,
notices and demands.

 

Section 4.3            Paying
Agents.

 

(a) If the Company shall appoint one or more paying agents
for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver
to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.3:

 

(1)            that
it will hold all sums held by it as such agent for the payment of the principal of and any premium or interest on the Securities
of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for
the benefit of the Persons entitled thereto;

 

(2)            that
it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of and any premium or interest on the Securities of that series when the same shall be due and payable;

 

(3)            that
it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)            that
it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)           If
the Company shall act as its own paying agent with respect to any series of the Securities, it shall on or before each due date
of the principal of and any premium or interest on Securities of that series, set aside, segregate and hold in trust for the benefit
of the Persons entitled thereto, a sum sufficient to pay such principal and any premium or interest so becoming due on Securities
of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify
the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. 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 and any
premium or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal and any
premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium
or interest, and (unless such paying agent is the Trustee) the Company shall promptly notify the Trustee of this action or failure
so to act.

 

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(c)           Notwithstanding
anything in this Section 4.3 to the contrary, (i) the agreement to hold sums in trust as provided in this Section is
subject to the provisions of Section 11.5 and (ii) 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 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 terms and conditions
as those upon which such sums were held by the Company or such paying agent; 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.

 

Section 4.4            Appointment
to Fill Vacancy in Office of Trustee.

 

The Company, whenever necessary to avoid
or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that
there shall at all times be a Trustee hereunder.

 

Section 4.5            Compliance
with Consolidation Provisions.

 

The Company will not, while any of the Securities
remain Outstanding, consolidate with, or merge into, or merge into itself, or sell or convey all or substantially all of its property
to any other company unless the provisions of Article Ten hereof are complied with.

 

Section 4.6            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 signed
by its principal executive officer, principal financial officer or principal accounting officer stating whether or not to the best
knowledge of the signer thereof, the Company is in default in the performance or observance of any of the terms, provisions and
conditions of this Indenture, and if the Company shall be in default, specifying all such defaults and the nature and status thereof
of which they may have knowledge.

 

Article V

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 5.1             Company
to Furnish Names and Addresses of Securityholders to Trustee.

 

The Company will furnish or cause to be
furnished to the Trustee (a) semiannually on _____ ___ and _____ ___, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the holders of each series of Securities as of such date, provided that the Company shall not be
obligated to furnish or cause to be furnished such list at any time that the list shall not differ in any respect from the most
recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within
30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15
days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any
series of Securities for which the Trustee shall be the Security Registrar.

 

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Section 5.2             Preservation
of Information; Communications with Securityholders.

 

(a)            The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
holders of Securities contained in the most recent list furnished to it as provided in Section 5.1 and as to the names
and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)            The
Trustee may destroy any list furnished to it as provided in Section 5.1 upon receipt of a new list so furnished.

 

(c)            Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their
rights under this Indenture or under the Securities. The Company, the Trustee, the Security Registrar and anyone else shall have
the protection of Section 312(c) of the Trust Indenture Act with respect to the sending of any material pursuant to a
request made pursuant to Section 312(b) of the Trust Indenture Act.

 

Section 5.3              Reports
by the Company.

 

(a)             The
Company covenants and agrees to file with the Trustee (unless such reports have been filed on the Securities and Exchange Commission’s
Electronic Data Gathering, Analysis, and Retrieval system), within 15 days after the Company files the same with the Securities
and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions
of any of the foregoing as the Securities and Exchange Commission may from time to time by rules and regulations prescribe)
that the Company may be required to file with the Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act. If the Company is no longer required to file information, documents or reports pursuant to either of such sections
of the Exchange Act, the Company shall continue to provide the Trustee with reports containing substantially the same information
as would have been required to be filed with the Securities Exchange Commission had the Company continued to have been subject
to such reporting requirements. In such event, such reports shall be provided to the Trustee within 15 days after the dates applicable
to a registrant that is not an accelerated filer or a large accelerated filer on which the Company would have been required to
provide reports to the Securities and Exchange Commission had it continued to have been subject to such reporting requirements.
For the avoidance of doubt, the Company shall also comply with the other provisions of Section 314(a) of the Trust Indenture
Act.

 

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(b)           The
Company covenants and agrees to file with the Trustee and the Securities and Exchange Commission, in accordance with the rules and
regulations prescribed from to time by the Securities and Exchange Commission, such additional information, documents and reports
with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be required from
time to time by such rules and regulations.

 

(c)           The
Company covenants and agrees to transmit electronically or by mail, first class postage prepaid, or reputable over-night delivery
service that provides for evidence of receipt, to the Securityholders, as their names and addresses appear upon the Security Register,
within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to
be filed by the Company pursuant to subsections (a) and (b) of this Section 5.3 as may be required by rules and
regulations prescribed from time to time by the Securities and Exchange Commission.

 

Section 5.4             Reports
by the Trustee.

 

(a)           On
or before _____ ___ in each year in which any of the Securities are Outstanding, the Trustee shall transmit by mail, first class
postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as
of the preceding _____ ___, if and to the extent required under Section 313(a) of the Trust Indenture Act, detailing
certain events that occurred within the previous 12 months.

 

(b)           The
Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act.

 

(c)           A
copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each stock exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission.
The Company agrees to notify the Trustee when any Securities become listed on any stock exchange.

 

Article VI

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section 6.1             Events
of Default.

 

(a)           Whenever
used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following
events that has occurred and is continuing:

 

(1)            the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
shall become due and payable, and continuance of such default for a period of 30 days; provided, however, that a
valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto,
shall not constitute a default in the payment of interest for this purpose;

 

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(2)            the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the
same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required
by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension
of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto, shall not constitute a default
in the payment of principal or any premium for this purpose;

 

(3)            the
Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant
or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other
than such series) for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied
and stating that such notice is a “Notice of Default” hereunder, shall have been given in writing to the Company by
the Trustee, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series
at the time Outstanding;

 

(4)            if
the Securities of the series are convertible into shares of common stock or other securities of the Company, failure by the Company
to deliver common stock or the other securities when the holder or holders of such Securities elect to convert such Securities
into shares of common stock or other securities of the Company;

 

(5)            the
Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the
entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or
for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors;

 

(6)            a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an
involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders
the liquidation of the Company, and, in each such case, the order or decree remains unstayed and in effect for 90 days; or

 

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

 

(b)           In
each and every such case (other than an Event of Default specified in clauses (5) or (6) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than
25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company
(and to the Trustee, if given by such Securityholders), may declare the principal (or, if the Securities of such series are Original
Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of, premium, if
any, and accrued interest, if any, on all the Securities of that series to be due and payable immediately, and upon any such declaration
the same shall become and shall be immediately due and payable, notwithstanding anything contained in this Indenture or in the
Securities of that series or established with respect to that series pursuant to Section 2.1 to the contrary. If an
Event of Default specified in clauses (5) or (6) above occurs, all unpaid principal (or, if the Securities of such series
are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of,
premium, if any, and accrued interest, if any, on, all the Securities of that series then outstanding will become automatically
due and payable immediately, without any declaration or other act on the part of the Trustee or any holder.

 

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(c)           At
any time after the principal of the Securities of that series shall have been so declared due and payable, and before any judgment
or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority
in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and
the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the
Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of
(and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at the rate per annum or Yield to Maturity (in the case of Original Issue Discount Securities)
expressed in the Securities of that series (or at the respective rates of interest or Yields to Maturity of all the Securities,
as the case may be) to the date of such payment or deposit) and any amount payable to the Trustee under Section 7.6,
and (ii) any and all Events of Default under the Indenture with respect to such series, other than the non-payment of principal,
premium, if any, or interest on Securities of that series that (or, if any Securities are Original Issue Discount Securities, such
portion of the principal as may be specified in the terms thereof) shall not have become due by their terms, shall have been remedied
or waived as provided in Section 6.6.

 

No such rescission and annulment shall extend
to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)           In
case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall
have been determined adversely to the Trustee, then and in every such case, the Company and the Trustee shall be restored respectively
to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue
as though no such proceedings had been taken.

 

Section 6.2             Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

(a)           The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or any payment required by any sinking or analogous fund established with respect to that series as and when the same
shall have become due and payable, and such default shall have continued for a period of 30 days, or (ii) in case it shall
default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have
become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise,
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the reasonable
costs and expenses of collection, and the amount payable to the Trustee under Section 7.6.

 

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(b)           If
the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums
so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment
or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company or other obligor upon the Securities of that series,
wherever situated.

 

(c)           In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under this
Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company
after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute
the same after the deduction of the amount payable to the Trustee under Section 7.6; any receiver, assignee or trustee
in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments
to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.6.

 

(d)           All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any
trial or other proceeding relating thereto, and any such suit or 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 payment to the Trustee of any amounts
due under Section 7.6, be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event of Default hereunder,
the Trustee may, in its discretion, proceed to protect and enforce the rights vested in it by this Indenture by such appropriate
judicial proceedings as the Trustee shall deem most effective to protect and enforce any of such rights, either at law or in equity
or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or
in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee
by this Indenture or by law.

 

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

 

Section 6.3             Application
of Moneys Collected.

 

Any moneys collected by the Trustee pursuant
to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest
(upon presentation of the Securities of that series and notation thereon the payment if only partially paid) and upon surrender
thereof (if fully paid):

 

FIRST: To the payment of costs and expenses
of collection and of all amounts payable to the Trustee under Section 7.6; and

 

SECOND: To the payment of the amounts then
due and unpaid upon the Securities of such series for principal and any premium and interest, 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 6.4             Limitation
on Suits.

 

No holder of a Security of any series shall
have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity
or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of
the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided;
(ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall
have made written request upon the Trustee to institute such action, suit or proceeding in its own name as trustee hereunder; (iii) such
holder or holders shall have offered to the Trustee such reasonable indemnity satisfactory to it against the costs, expenses and
liabilities to be incurred therein or thereby; and (iv) the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity, shall have failed to institute any such action, suit or proceeding; and (v) during such 60 day period,
the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent
with the request.

 

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Notwithstanding anything contained herein
to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal
of and any premium and (subject to Section 2.3) interest on such Security (whether upon redemption, repurchase, maturity
or otherwise) or payment or delivery of any amounts due upon conversion of Securities of any series that are convertible into shares
of common stock or other securities, as therein provided, on or after the respective due dates expressed in such Security (or in
the case of redemption or repurchase, on the redemption date or repurchase date, respectively), or to institute suit for the enforcement
of any such payment or delivery on or after such respective dates (including the redemption date or repurchase date, as applicable)
shall not be impaired or affected without the consent of such holder. By accepting a Security hereunder, it is expressly understood,
intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the
Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities,
or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series.
For the protection and enforcement of the provisions of this Section 6.4, each and every Securityholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

 

Section 6.5             Rights
and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)           Except
as otherwise provided in Section 2.7, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)           No
delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of
any such default or on acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy
given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as
shall be deemed expedient, by the Trustee or by the Securityholders.

 

Section 6.6             Control
by Securityholders.

 

The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.4, 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 such series; provided, however, that such direction shall
not be in conflict with any rule of law or with this Indenture or be unduly prejudicial to the rights of holders of Securities
of such series not consenting; and provided, further, that the Trustee may take any other action deemed proper by
the Trustee which is not inconsistent with such direction. Prior to the taking of any action hereunder, the Trustee shall be entitled
to reasonable indemnification satisfactory to the Trustee against all losses and expenses caused by taking or not taking such action.
Subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction
if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability. The holders of a majority in aggregate principal amount of the Securities of any
series at the time Outstanding affected thereby, determined in accordance with Section 8.4, may determine, and may
have the Trustee on behalf of the holders of all of the Securities of such series waive any past default in the performance of
any of the covenants contained herein or established pursuant to Section 2.1 with respect to such series and its consequences,
except for (a) a default in the payment of the principal of or any premium or interest on, any of the Securities of that series
(whether upon redemption, repurchase, maturity or otherwise) or payment or delivery of any amounts due upon conversion of Securities
of any series that are convertible into shares of common stock or other securities as and when the same shall become due by the
terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured
installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.1(c)),
or (b) if the Securities of that series are convertible into shares of common stock or other securities, the failure by the
Company to deliver common stock or the other securities, as and when they shall become deliverable by the terms of such Securities.
Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company,
the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

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Section 6.7             Undertaking
to Pay Costs.

 

All parties to this Indenture agree, and
each holder of any Securities, by such holder’s 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 or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by
such party litigant; provided, however, that the provisions of this Section 6.7 shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10%
in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for
the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after
the respective due dates expressed in such Security or established pursuant to this Indenture.

 

Article VII

CONCERNING THE TRUSTEE

 

Section 7.1             Certain
Duties and Responsibilities of Trustee.

 

(a)            The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect
to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of
a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that 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 person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

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(b)           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)            prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such
Events of Default with respect to that series that may have occurred:

 

(i)            the
duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance
of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

 

(ii)           in
the absence of bad faith on the part of the Trustee, the Trustee may, with respect to the Securities of such series, conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such certificates or
opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty
to examine the same to determine whether or not they conform to the requirements of this Indenture;

 

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

 

(3)            the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding
(determined as provided in Section 8.4) 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 that series; and

 

(4)            none
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable
ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured to it.

 

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Section 7.2             Certain
Rights of Trustee.

 

Except as otherwise provided in Section 7.1:

 

(a)           The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any document (whether in its
original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in the document. The Trustee shall receive and retain financial reports and statements
of the Company as provided herein, but shall have no duty to review or analyze such reports or statements to determine compliance
under covenants or other obligations of the Company.

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate and an Opinion of Counsel, which shall
conform to the provisions of Section 13.7. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such certificate or opinion.

 

(c)           The
Trustee may act through its attorneys and agents, and shall not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

(d)           The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(e)           The
permissive rights of the Trustee to take actions enumerated in this Indenture shall not be construed as duties.

 

(f)            Except
with respect to Section 4.1, the Trustee shall have no duty to inquire as to the performance of the Company with respect
to the covenants contained in Article Four. In addition, the Trustee shall not be deemed to have knowledge of an Event of
Default, except (i) any Default or Event of Default occurring pursuant to Section 6.1(a)(2) or (ii) any
Default or Event of Default of which a Responsible Officer of the Trustee shall have received written notification from the Company
or any Holder of such Default or Event of Default at the Corporate Trust Office, and such notice references the applicable series
of Securities and this Indenture.

 

(g)           The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities (including as Paying Agent) hereunder, and to each agent,
custodian and other Person employed to act hereunder.

 

(h)           Delivery
of reports, information and documents to the Trustee under Section 5.3 is for informational purposes only; the Trustee’s
receipt of the foregoing 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 an Officers’ Certificate).

 

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(i)            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.

 

(j)            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.

 

(k)           The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
(i) acts of God, including earthquakes, fire and flood; (ii) terrorism, wars and other military disturbances; (iii) sabotage,
epidemics and riots; (iv) interruptions, loss or malfunctions of utilities, computer (hardware or software) or communication
services; (v) accidents and labor disputes; and (vi) acts of civil or military authorities and governmental actions.

 

Section 7.3             Trustee
Not Responsible for Recitals or Issuance or Securities.

 

(a)           The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same.

 

(b)           The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)           The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture
or established pursuant to Section 2.1, or for the use or application of any moneys received by any paying agent other
than the Trustee.

 

Section 7.4             May Hold
Securities.

 

The Trustee or any paying agent or Security
Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would
have if it were not Trustee, paying agent or Security Registrar.

 

Section 7.5             Moneys
Held in Trust.

 

Subject to the provisions of Section 11.5,
all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which
they were received, but need not be segregated from other funds of the Trustee except to the extent required by law. The Trustee
shall be under no liability for interest on any moneys received by it hereunder, except such as it may agree with the Company to
pay thereon.

 

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Section 7.6             Compensation
and Reimbursement.

 

(a)           The
Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust), as the Company and the
Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and
in the exercise and performance of any of the powers and duties hereunder of the Trustee. Except as otherwise expressly provided
herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all Persons not regularly in its employ). Except any such expense, disbursement
or advance as may arise from its negligence or bad faith. The Company also covenants to indemnify the Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of the trusts
hereby created, including the reasonable costs and expenses of defending itself against any claim of liability in the premises.

 

(b)           The
obligations of the Company under this Section 7.6 to compensate and indemnify the Trustee and to pay or reimburse the
Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional
indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the benefit of the holders of particular Securities. The provisions of this Section 7.6
shall survive the resignation or removal of the Trustee and the termination of this Indenture.

 

(c)           When
the Trustee incurs expenses or renders services after a Default specified in Section 6.1(a)(5) and (6) occurs,
such expenses (including the charges and expenses of its counsel) and the compensation for such services shall be paid to the extent
allowed under any Bankruptcy Law and are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.7             Reliance
on Officers’ Certificate.

 

Except as otherwise provided in Section 7.1,
whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter
be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee,
be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee and such certificate,
in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken,
suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

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Section 7.8             Disqualification;
Conflicting Interests.

 

If the Trustee has or shall acquire any
“conflicting interest” within the meaning of the Trust Indenture Act, the Trustee and the Company shall in all respects
comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section 7.9             Corporate
Trustee Required; Eligibility.

 

There shall at all times be a Trustee with
respect to the Securities issued hereunder, which shall at all times be a corporation organized and doing business under the laws
of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person
permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination
by federal, state, territorial or District of Columbia authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 7.9,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled
by or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section 7.9, the Trustee shall resign immediately in the manner and with the effect specified
in Section 7.10.

 

Section 7.10           Resignation
and Removal; Appointment of Successor.

 

(a)           The
Trustee or any successor hereafter appointed, may at any time resign with respect to the Securities of one or more series by giving
written notice thereof to the Company and by transmitting notice of resignation electronically or by mail, first class postage
prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving
such notice of resignation, the Company shall promptly appoint a successor trustee with respect to the Securities of such series
by or pursuant to a Board Resolution. If no successor trustee shall have been so appointed and have accepted such appointment within
30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor trustee with respect to such Securities of such series, or any Securityholder of that series
who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any,
as it may deem proper and prescribe, appoint a successor trustee.

 

(b)           In
case at any time any one of the following shall occur:

 

(1)            the
Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by
any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or

 

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(2)            the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after
written request therefor by the Company or by any such Securityholder; or

 

(3)            the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
or a receiver of the Trustee or of its property shall be appointed or consented to, 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, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by or pursuant to
a Board Resolution, or, unless the Trustee’s duty to resign is stayed as provided herein, any Securityholder who has been
a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)           The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove
the Trustee with respect to such series by so notifying the Trustee and the Company, and may appoint a successor Trustee for such
series with the written consent of the Company.

 

(d)           Any
resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section 7.10 shall become effective upon acceptance of appointment by the successor
trustee as provided in Section 7.11.

 

(e)           Any
successor trustee appointed pursuant to this Section 7.10 may be appointed with respect to the Securities of one or
more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular
series.

 

Section 7.11           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; however, upon
the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver
an instrument transferring to such successor trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.

 

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(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) 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 supple- mental indenture
shall constitute such Trustees co-trustees of the same trust, 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 that no Trustee shall be responsible
for any act or failure to act on the part of any other Trustee hereunder. The execution and delivery of such supplemental indenture,
the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee
shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no
further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the
Trustee under this Indenture, 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; however, upon request of the Company or any successor trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series
to which the appointment of such successor trustee relates.

 

(c)            Upon
request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this
Section 7.11, as the case may be.

 

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

 

(e)            Upon
acceptance of appointment by a successor trustee as provided in this Section 7.11, the Company shall transmit notice
of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses
appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

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Section 7.12          Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.8
and eligible under the provisions of Section 7.9, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary notwithstanding. 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 7.13          Preferential
Collection of Claims Against the Company.

 

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

 

Section 7.14          Notice
of Defaults.

 

If a Default occurs and is continuing hereunder
with respect to Securities of any series and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall
send to each holder of such Securities notice of the Default within 90 days after such Default occurs provided, however,
that in the case of any Default of the character specified in Section 6.1(a)(3) with respect to Securities of
such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. Except in the case of
a default in payment of principal of or interest on any Security (whether upon redemption, repurchase, maturity or otherwise) (including
payments pursuant to the redemption or repurchase provisions of such Security, if any) or payment or delivery of any amounts due
upon conversion of Securities of any series that are convertible into shares of common stock or other securities, the Trustee may
withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice
is in the interests of the holders of such Securities.

 

Article VIII

CONCERNING THE SECURITYHOLDERS

 

Section 8.1            Evidence
of Action by Securityholders.

 

Whenever in this Indenture it is provided
that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may
take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any
other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that
series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders
of Securities of that series in Person or by agent or proxy appointed in writing.

 

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If the Company shall solicit from the Securityholders
of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option,
as evidenced by an Officers’ Certificate, fix in advance a record date (in accordance with Section 316(c) of the
Trust Indenture Act) for such series for the determination of Securityholders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is
fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the
record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders
for the purpose of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and
for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no
such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

Section 8.2            Proof
of Execution by Securityholders.

 

Subject to the provisions of Section 7.1,
proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his or her agent or
proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)            The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Company.

 

(b)            The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof.

 

(c)            The
Trustee or the Company may require such additional proof of any matter referred to in this Section 8.2 as it shall
deem necessary.

 

Section 8.3            Who
May be Deemed Owners.

 

Prior to the due presentment for registration
of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person
in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or
not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the
Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to
Section 2.3) interest on such Security and for all other purposes. Neither the Company nor the Trustee nor any paying
agent nor any Security Registrar shall be affected by any notice to the contrary.

 

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Section 8.4            Certain
Securities Owned by Company Disregarded.

 

In determining whether the holders of the
requisite aggregate principal amount of Securities of a particular series have concurred in any direction or consent (or waiver,
as the case may be) under this Indenture, the Securities of that series that are owned by the Company or any other obligor on
the Securities of that series, or by any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company or any other obligor on the Securities of that series, shall be disregarded and deemed not to
be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall
be protected in relying on any such direction or consent (or waiver, as the case may be), only Securities of such series that
the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith
may be regarded as Outstanding for the purposes of this Section 8.4, if the pledgee shall establish to the satisfaction
of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly
or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor.
In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to
the Trustee.

 

Section 8.5            Actions
Binding on Future Securityholders.

 

At any time prior to (but not after) the evidencing to the Trustee,
as provided in Section 8.1, of the taking of any action by the holders of the majority or percentage in aggregate principal
amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security
of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action
may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2, revoke such action
so far as concerns such Security. Except as aforesaid, any such action taken by the holder of any Security shall be conclusive
and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor,
on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made
upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities
of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company,
the Trustee and the holders of all the Securities of that series.

 

Article IX

SUPPLEMENTAL INDENTURES

 

Section 9.1            Supplemental
Indentures Without the Consent of Securityholders.

 

In addition to any supplemental indenture
otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without
the consent of the Securityholders, for one or more of the following purposes:

 

(a)            to
cure any ambiguity, omission, defect or inconsistency herein or in the Securities of any series;

 

(b)            to
comply with Article Ten;

 

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

 

    	 	38	 

     

    

 

(d)           to
add Guarantees, including Subsidiary Guarantees, with respect to debt securities or to release Subsidiary Guarantors from Subsidiary
Guarantees in accordance with the terms of the applicable series of Securities or to secure a series of Securities;

 

(e)            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;

 

(f)            to
add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Securities, as herein set forth;

 

(g)           to
make any change that does not adversely affect the rights of any Securityholder in any material respect, provided that any amendment
to conform the terms of any Securities to its description contained in the final offering document shall not be deemed to be adverse
to any Securityholder;

 

(h)           to
provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.1,
to establish the form of any certifications required to be furnished under the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities;

 

(i)            to
comply with any requirements of the Securities and Exchange Commission in connection with registration of the Securities under
the Securities Act qualifying, or maintaining the qualification of, this Indenture under the Trust Indenture Act or to comply with
the Trust Indenture Act; or

 

(j)            to
secure any series of Security.

 

The Trustee is hereby authorized to join
with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by
the provisions of this Section 9.1 may be executed by the Company and the Trustee without the consent of the holders
of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2.

 

    	 	39	 

     

    

 

Section 9.2            Supplemental
Indentures with Consent of Securityholders.

 

With the consent (evidenced as provided
in Section 8.1) of the holders of not less than a majority in aggregate principal amount of the Securities of each
series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by Board Resolutions,
and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not
covered by Section 9.1 the rights of the holders of the Securities of such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding affected
thereby, (i) change the maturity date of any Securities of any series, or reduce the principal amount thereof, or reduce
the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof; (ii) reduce
the amount of principal of an Original Issue Discount Security or any other Security payable upon acceleration of maturity; (iii) change
the currency in which any Security or any premium or interest is payable; (iv) impair the right to receive payment of principal
of and interest on any Security (whether upon redemption, repurchase, maturity, or otherwise) or payment or delivery of any amounts
due upon conversion of Securities of any series that are convertible into shares of common stock or other securities on or after
the due dates or to institute suit for the enforcement of any payment on or with respect to any Security; (v) adversely change
the right to convert or exchange, including decreasing the conversion rate or increasing the conversion price of, that Security
(if applicable); (vi) if the Securities are secured, change the terms and conditions pursuant to which the Securities are
secured in a manner adverse to the holders of the Securities; (vii) reduce the percentage in principal amount of outstanding
Securities of any series, the consent of whose holders is required for modification or amendment of this Indenture or for waiver
of compliance with any provision of this Indenture; (viii) reduce the requirements contained in this Indenture for a quorum
for a meeting or for voting; (ix) change any obligations of the Company to maintain an office or agency in the places and
for the purposes required by this Indenture; or (x) modify any of the above provisions.

 

It shall not be necessary for the consent
of the Securityholders of any series affected thereby under this Section 9.2 to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.3            Effect
of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
pursuant to the provisions of this Article or of Section 10.1, this Indenture shall, with respect to such series,
be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

 

Section 9.4            Securities
Affected by Supplemental Indentures.

 

Securities of any series affected by a
supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions
of this Article or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets
the requirements of any exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture.
If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Trustee and
the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by
the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

    	 	40	 

     

    

 

Section 9.5            Execution
of Supplemental Indentures.

 

Upon the request of the Company, accompanied
by the Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in
the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may, in its discretion (but without any obligation to
do so) enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.1, shall be provided
an Opinion of Counsel and an Officers’ Certificate as conclusive evidence that any supplemental indenture executed pursuant
to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the
Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such
Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms
of a series of Securities pursuant to Section 2.1 hereof, unless otherwise requested by the Trustee.

 

Section 9.6            Conformity
with Trust Indenture Act.

 

Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act in effect on such date.

 

Article X

SUCCESSOR CORPORATION

 

Section 10.1          Company
May Consolidate, Etc.

 

Unless otherwise specified in a supplemental
indenture hereto, nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of
the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers
in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer
or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety,
to any other Person (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate
the same. The Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is
not the surviving corporation of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment
of the principal of and any premium and interest on all of the Securities of all series in accordance with the terms of each series,
according to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture
with respect to each series or established with respect to such series pursuant to Section 2.1 to be kept or performed
by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the requirements of the Trust Indenture
Act as then in effect) satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such
consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.

 

    	 	41	 

     

    

 

Section 10.2          Successor
Substituted.

 

(a)           In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and
punctual payment of the principal of and any premium and interest on all of the Securities of all series Outstanding and the due
and punctual performance of all of the covenants and conditions of this Indenture or established with respect to each series of
the Securities pursuant to Section 2.1 to be performed by the Company with respect to each series, such successor Person
shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon
the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

(b)           In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition such changes in phraseology and form (but
not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)           Nothing
contained in this Indenture or in any of the Securities shall prevent the Company from merging into itself or acquiring by purchase
or otherwise all or any part of the property of any other Person (whether or not affiliated with the Company).

 

Section 10.3          Evidence
of Consolidation, Etc. to Trustee.

 

The Trustee, subject to the provisions of
Section 7.1, shall be provided an Opinion of Counsel and an Officers’ Certificate as conclusive evidence that
any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions
of this Article.

 

Article XI

SATISFACTION AND DISCHARGE

 

Section 11.1          Satisfaction
and Discharge of Indenture.

 

If at any time: (a) the Company shall
have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated (other than any Securities
that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.7
and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and
held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.5);
or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become
due and payable, or, except in the case of any Securities that are convertible or exchangeable, are by their terms to become due
and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds
an amount of money in U.S. dollars sufficient, or non-callable Governmental Obligations, the principal of and interest on which
when due, will be sufficient or a combination thereof, 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 at maturity or upon redemption
all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal and any premium and
interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall
thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.3, 2.5,
2.7, 4.1, 4.2, 4.3 and 7.10, that shall survive until the date of maturity or redemption date,
as the case may be, and Sections 7.6 and 11.5, that shall survive to such date and thereafter, and the Trustee,
on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction
of and discharging this Indenture with respect to such series.

 

    	 	42	 

     

    

 

Section 11.2          Discharge
of Obligations.

 

If at any time all such Securities of a
particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described
in Section 11.1 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds money
in U.S. dollars sufficient or an amount of non-callable Governmental Obligations, the principal of and interest on which when due,
will be sufficient or a combination thereof, 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 at maturity or upon redemption all such Securities
of that series not theretofore delivered to the Trustee for cancellation, including principal and any premium and interest due
or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture
with respect to such series shall cease to be of further effect except for the provisions of Sections 2.3, 2.5, 2.7,
4.1, 4.2, 4.3, 7.6, 7.10 and 11.5 hereof that shall survive until such Securities shall
mature and be paid. Thereafter, Sections 7.6 and 11.5 shall survive.

 

Section 11.3          Deposited
Moneys to be Held in Trust.

 

All moneys or Governmental Obligations deposited
with the Trustee pursuant to Sections 11.1 or 11.2 shall be held in trust and shall be available for payment as due,
either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular
series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the
Trustee.

 

Section 11.4          Payment
of Moneys Held by Paying Agents.

 

In connection with the satisfaction and
discharge of this Indenture, all moneys or Governmental Obligations then held by any paying agent under the provisions of this
Indenture shall, upon demand of the Company, be paid to the Trustee, and thereupon such paying agent shall be released from all
further liability with respect to such moneys or Governmental Obligations.

 

    	 	43	 

     

    

 

Section 11.5          Repayment
to Company.

 

Any moneys or Governmental Obligations deposited
with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium or interest
on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least
two years after the date upon which the principal of and any premium or interest on such Securities shall have respectively become
due and payable, shall be repaid to the Company or (if then held by the Company) shall be discharged from such trust. The paying
agent and the Trustee thereupon shall be released from all further liability with respect to such moneys or Governmental Obligations,
and the holder of any of the Securities entitled to receive such payment shall thereafter, as an unsecured general creditor, look
only to the Company for the payment thereof.

 

Article XII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.1          No
Recourse.

 

No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall
be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, it being expressly
understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such,
of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom. Any and all such personal liability of every name and nature, either at common law or in equity or by constitution
or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such,
because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

 

    	 	44	 

     

    

 

Article XIII

MISCELLANEOUS PROVISIONS

 

Section 13.1          Effect
on Successors and Assigns.

 

All the covenants, stipulations, promises
and agreements in this Indenture contained by or on behalf of the Company shall bind its successors and assigns, whether so expressed
or not.

 

Section 13.2          Actions
by Successor.

 

Any act or proceeding by any provision of
this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be
done and performed with like force and effect by the corresponding board, committee or officer of any Person that shall at the
time be the lawful sole successor of the Company.

 

Section 13.3          Notices.

 

Except as otherwise expressly provided herein,
any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by
the holders of Securities to or on the Company may be given or served by being deposited first class postage prepaid in a post-office
letterbox addressed (until another address is filed in writing by the Company with the Trustee), as follows: Cyclerion Therapeutics, Inc.,
301 Binney Street, Cambridge, Massachusetts 02142, Attention: Chief Financial Officer. Any notice, election, request or demand
by the Company or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes,
if given or made in writing at the Corporate Trust Office of the Trustee.

 

Section 13.4          Notice
to Holders of Securities; Waiver.

 

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

 

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

 

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 applicable
event, and such waiver shall be the equivalent of such notice. Waivers of notice by holders of Securities 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.

 

    	 	45	 

     

    

 

Section 13.5          Governing
Law.

 

This Indenture and each Security shall
be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance
with the laws of said State.

 

Section 13.6          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 13.7          Compliance
Certificates and Opinions.

 

(a)           Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this Indenture
relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent have been complied with. However, in the case of any such application or demand as to which the furnishing
of such documents is specifically required by any provision of this Indenture relating to such particular application or demand,
no additional certificate or opinion need be furnished.

 

(b)           Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such
covenant or condition; (ii) 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; (iii) a statement that, in the opinion of such
Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether
or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied with. Each opinion delivered to the Trustee hereunder may rely on the facts
stated in an Officers’ Certificate delivered therewith.

 

Section 13.8          Payments
on Business Days.

 

Except as provided pursuant to Section 2.1
pursuant to a Board Resolution, and as set forth in an Officers’ Certificate, or established in one or more indentures supplemental
to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption or
repurchase of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) (whether upon
repurchase, redemption, maturity, or otherwise) may be made on the next succeeding Business Day with the same force and effect
as if made on the nominal date of maturity, redemption, or repurchase, and no additional interest shall accrue for the period after
such nominal date.

 

Section 13.9          Conflict
with Trust Indenture Act.

 

If and to the extent that any provision
of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture
Act, such imposed duties shall control.

 

    	 	46	 

     

    

 

Section 13.10         Counterparts.

 

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

 

Section 13.11        Separability.

 

In case any one or more of the provisions
contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such
Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision
had never been contained herein or therein.

 

Section 13.12        Assignment.

 

The Company will have the right at all
times to assign any of its rights or obligations under this Indenture to a direct or indirect wholly-owned Subsidiary of the Company,
provided that, in the event of any such assignment, the Company, will remain liable for all such obligations. Subject to
the foregoing, the Indenture is binding upon and inures to the benefit of the parties thereto and their respective successors
and assigns. This Indenture may not otherwise be assigned by the parties thereto.

 

    	 	47	 

     

    

 

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

 

	 	CYCLERION THERAPEUTICS, INC.
	 	 
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 
	 	 	As Trustee
	 	 
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	48Exhibit 10.1
​

RLI CORP.
2015 LONG-TERM INCENTIVE PLAN
(As Amended and Restated, Effective May 7, 2020)
1.Purpose. The purpose of the RLI Corp. 2015 Long-Term Incentive Plan (the “Plan”) is to promote the interests of the Company and its shareholders by providing key personnel of the Company and its Affiliates with an opportunity to acquire a proprietary interest in the Company and reward them for achieving a high level of corporate performance and thereby develop a strong incentive to put forth maximum effort for the continued success and growth of the Company and its Affiliates.  In addition, the opportunity to acquire a proprietary interest in the Company will aid in attracting and retaining key personnel of outstanding ability.  The Plan is also intended to provide Outside Directors with an opportunity to acquire a proprietary interest in the Company, to compensate Outside Directors for their contribution to the Company and to aid in attracting and retaining Outside Directors.  No further awards shall be made under the Company’s Omnibus Stock Plan or the 2010 Long-Term Incentive Plan after the Effective Date of this Plan.  The Company amended the Plan, effective August 14, 2019 to revise the definition of “Disabled” or “Disability” with respect to a member of the Board of Directors, and further amended the Plan, effective May 7, 2020, to revise the method for determining eligibility for “Retirement” and to eliminate obsolete provisions relating to Code Section 162(m).
2.Definitions, Gender and Number.  
2.1.Definitions.  The capitalized terms used elsewhere in the Plan have the meanings set forth below.
a.“Affiliate” means any entity that is an “eligible issuer” of Company Stock within the meaning of Code Section 409A.
b.“Agreement” means a written contract (i) consistent with the terms of the Plan entered into between the Company or an Affiliate and a Participant and (ii) containing the terms and conditions of an Award in such form and not inconsistent with the Plan as the Committee shall approve from time to time, together with all amendments thereto, which amendments may be unilaterally made by the Company (with the approval of the Committee) unless such amendments are deemed by the Committee to be materially adverse to the Participant and not required as a matter of law.
c.“Award” or “Awards” means a grant made under the Plan in the form of Restricted Stock, Restricted Stock Units, Options, Stock Appreciation Rights or Performance Units.
d.“Board” means the Board of Directors of the Company.
e.“Cause” means the Participant’s:  (i) failure to comply with any material policies and procedures of the Company or Affiliate; (ii) conduct reflecting dishonesty or disloyalty to the Company or Affiliate, or which may have a negative impact on the reputation of the Company or Affiliate; (iii) commission of a felony, theft or fraud, or violations of law involving moral turpitude; (iv) failure to perform the material duties of his or her employment; (v) excessive absenteeism; (vi) unethical behavior; or (vii) violation of a material policy of the Company.  If a Participant’s employment is terminated for “Cause,” the date on which the Participant’s employment is considered to be terminated, for purposes hereof, shall be the time at which such Participant is instructed or notified to cease performing job responsibilities for the Company or any Affiliate, whether or not for other reasons, such as payroll, benefits or compliance with legal procedures or requirements, he or she may still have other attributes of an employee.  
f.“Change in Control” shall mean and include each of the following: 

1
​

i.The date any “Person,” within the meaning of Section 13(d) or 14(d) under the Exchange Act, including any group (within the meaning of Section 13(d)(3) under the Exchange Act), becomes the “Beneficial Owner,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of 30% or more of the combined voting power of the Company’s outstanding shares, other than beneficial ownership by (A) the Company or any subsidiary of the Company, (B) any employee benefit plan of the Company or any subsidiary of the Company or (C) any entity of the Company for or pursuant to the terms of any such plan.

Notwithstanding the foregoing, a Change in Control shall not occur as the result of an acquisition of outstanding shares of the Company by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by a Person to 30% or more of the shares of the Company then outstanding; provided, however, that if a Person becomes the Beneficial Owner of 30% or more of the shares of the Company then outstanding by reason of share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of any additional shares of the Company, then a Change in Control shall be deemed to have occurred; or
ii.The date the Company consummates a merger or consolidation with another entity, or engages in a reorganization with or a statutory share exchange or an exchange offer for the Company’s outstanding voting stock of any class with another entity or acquires another entity by means of a statutory share exchange or an exchange offer, or engages in a similar transaction; provided that no Change in Control shall have occurred by reason of this paragraph unless either:
(A)the stockholders of the Company immediately prior to the consummation of the transaction would not, immediately after such consummation, as a result of their beneficial ownership of voting stock of the Company immediately prior to such consummation
		(I)	be the Beneficial Owners, directly or indirectly, of securities of the resulting or acquiring entity entitled to elect a majority of the members of the board of directors or other governing body of the resulting or acquiring entity; and

		(II)	be the Beneficial Owners of the resulting or acquiring entity in substantially the same proportion as their beneficial ownership of the voting stock of the Company immediately prior to such transaction; or

(B)those persons who were directors of the Company immediately prior to the consummation of the proposed transaction would not, immediately after such consummation, constitute a majority of the directors of the resulting entity.
iii.The date of the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company to any Person (as defined in paragraph (i) above) other than an Affiliate; or
​

2
​

iv.The date the number of duly elected and qualified directors of the Company who were not either elected by the Company’s Board or nominated by the Board or its nominating/governance committee for election by the shareholders shall constitute a majority of the total number of directors of the Company as fixed by its Bylaws.
​
The Committee shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto.
In addition, if a Change in Control constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Code Section 409A, the transaction or event described in paragraph (i), (ii), (iii) or (iv) with respect to such Award must also constitute a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Section 409A.
g.“Committee” means the Executive Resources Committee of the Board, or any other committee of the Board comprised solely of two or more Non-Employee Directors designated by the Board to administer the Plan under Plan Section 3.1 and constituted so as to permit grants thereby to comply with Exchange Act Rule 16b-3.
h.“Company” means RLI Corp., an Illinois corporation, or any successor to all or substantially all of its businesses by merger, consolidation, purchase of assets or otherwise.
i.“Disabled” or “Disability,” with respect to a Participant, means that the Participant satisfies the requirements to receive long-term disability benefits under the Company-sponsored group long-term disability plan in which the Participant participates (or in the case of a Director, would have satisfied the requirements of the Company-sponsored long-term disability plan had the Director participated) without regard to any waiting periods, or that the Participant has been determined by the Social Security Administration to be eligible to receive Social Security disability benefits. In addition, if Disability  constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Code Section 409A, the disability described in the preceding sentences of this Section 2(i) must be a “disability” within the meaning of Treasury Regulation Section 1.409A-3(i)(4).  A Participant shall not be considered to be “Disabled” unless the Participant furnishes proof of the Disability to the Company in such form and manner as the Company may require.
j.“Dividend Equivalent” means an amount equal to the amount of the dividends that would be paid on the number of Shares subject to an Award (but not an Option or Stock Appreciation Right) if such Shares were issued and outstanding. Dividend Equivalents earned with respect to an Award shall become earned, vested and payable only if and to the extent the underlying Award becomes earned, vested and payable.
k.“Effective Date” means the date specified in Section 12.
l.“Employee” means an employee (including an officer or director who is also an employee) of the Company or an Affiliate.
m.“Exchange Act” means the Securities Exchange Act of 1934, as amended and in effect from time to time or any successor statute.

3
​

n.“Exchange Act Rule 16b-3” means Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act, as in force and in effect from time to time or any successor regulation.
o.“Fair Market Value” as of any date means, unless otherwise expressly provided in the Plan:
i.the closing sale price of a Share on such date, or on the next business day, if such date is not a business day, as reflected on the NYSE or any other national securities exchange registered under the Exchange Act on which the Shares are traded, or
ii.if clause (i) is inapplicable, the mean between the closing “bid” and the closing “asked” quotation of a Share on the date immediately preceding that date, or, if no closing bid or asked quotation is made on that date, on the next preceding day on which a closing bid and asked quotation is made, on the over-the-counter market or any other quotation system then in use, or
iii.if clauses (i) and (ii) are inapplicable, what the Committee determines in good faith to be 100% of the fair market value of a Share on that date, using such criteria as it shall determine, in its sole discretion, to be appropriate for valuation. 

The determination of Fair Market Value shall be subject to adjustment as provided in Plan Section 16.
p.“Full Value Award” means an Award in the form of Restricted Stock, Restricted Stock Units or Performance Units. 
q.“Fundamental Change” means a dissolution or liquidation of the Company, a sale of substantially all of the assets of the Company, a merger or consolidation of the Company with or into any other corporation, regardless of whether the Company is the surviving corporation, or a statutory share exchange involving capital stock of the Company. 
r.“Good Reason” means any of the following conditions arising without the consent of the Participant: (i) a material diminution in base salary or in the opportunity for any bonus or incentive compensation; (ii) a material diminution in the Participant’s authority, duties or responsibilities; (iii) a material diminution in the authority, duties or responsibilities of the supervisor to whom the Participant is required to report, including a requirement that the Participant report to an officer or employee instead of directly to the Board; (iv) a material diminution in the budget over which the Participant retains authority; (v) a material change in the geographic location at which the Participant must perform services; or (vi) any action or inaction that results in a material breach in the terms of an applicable employment agreement.  A termination will only be considered to have been made for Good Reason if the Participant provides notice of the existence of such condition to the Company or any successor employer within 90 days of the existence of such condition.
s.“Insider,” as of a particular date, means any person who, as of that date is an officer of the Company as defined under Exchange Act Rule 16a-1(f) or its successor provision.
t.“Option” means a right to purchase Stock.  Only options that are non-statutory options (i.e. options that do not qualify for special tax treatment under Code Section 422) may be issued under the Plan.

4
​

u.“Outside Director” means a member of the Board who is considered a non-employee director within the meaning of Exchange Act Rule 16b-3(b)(3) or its successor provision.
v.“Participant” means a person or entity to whom an Award is or has been made in accordance with the Plan.
w.“Performance Cycle” means the period of time specified in an Agreement over which Performance Units are to be earned.
x.“Performance Goals” means the performance goals established by the Committee in connection with the grant of an Award.  “Performance Unit” means an Award made pursuant to Plan Section 11.
y.“Plan” means this RLI Corp. 2015 Long-Term Incentive Plan, as may be amended and in effect from time to time.
z.“Qualifying Termination” means an involuntary Separation from Service or Separation from Service for Good Reason that occurs within 2 years following a Change in Control.  In addition, if the Participant’s Separation from Service occurs prior to a Change in Control and it is determined that such termination (A) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control and who subsequently effectuates a Change in Control or (B) otherwise occurred in connection with, or in anticipation of, a Change in Control which actually occurs, for purposes of this definition, the date of a Change in Control with respect to the Participant shall mean the date immediately prior to the date of Participant’s Termination of Employment. 
aa.“Restricted Stock” means an Award of Stock granted under Plan Section 7 so long as such Stock remains subject to the restrictions described in Section 7  or the Agreement.
bb.“Restricted Stock Unit” means the right to receive a Share in the future granted under Section 8 of the Plan provided that the requisite restrictions and conditions for payment of the Share are satisfied, as set forth in the Agreement.
cc.“Retirement” or “Retires” means a Participant’s Separation from Service on or after the date when the Participant’s age plus years of service equal at least 75.  For this purpose, (i) a Participant’s age shall be measured in whole and partial years (with partial years measured in days) as of the date of the Participant’s Separation from Service and (ii) a Participant’s years of service shall be based only on the Participant’s actual service with the Company (and not with any other employer that may be acquired by the Company with respect to service prior to the acquisition, except as otherwise provided by the Company in writing) and shall be calculated based on the number of whole and partial years of employment (with partial years measured in days) that the Participant has completed from the date of the Participant’s initial employment with the Company through the date of the Participant’s Separation from Service.  Notwithstanding the foregoing, the Committee may specify, in its discretion, in a written Award Agreement, policy or guideline that a Participant will be considered to have had a “Retirement” if the Participant satisfies the terms of a non-competition covenant or under such other terms and conditions as specified by the Committee in its discretion.
dd.“Section 16” or “Section 16(b)” means Section 16 or Section 16(b), respectively, of the Exchange Act or any successor statute and the rules and regulations promulgated thereunder as in effect and as amended from time to time.

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ee.“Separation from Service,” of a Participant,” has the meaning set forth in Code Section 409A(a)(2)(A)(i).
ff.“Share” means a share of Stock.
gg.“Stock” means the common stock, par value $1.00 per share, of the Company.
hh.“Stock Appreciation Right” means a right, the value of which is determined in relation to the appreciation in value of Shares pursuant to an Award granted under Plan Section 10.
ii.“Term” means the period during which an Option Award or Stock Appreciation Right may be exercised or the period during which the restrictions or terms and conditions placed on Restricted Stock, Restricted Stock Units or any other Award are in effect.

2.2.Gender and Number.  Except when otherwise indicated by the context, reference to the masculine gender shall include, when used, the feminine gender and any term used in the singular shall also include the plural.

3.Administration and Indemnification
3.1.Administration
a.The Committee shall administer the Plan.  The Committee shall have exclusive power to (i) make Awards, (ii) determine when and to whom Awards will be granted, the form of each Award, the amount of each Award, and any other terms or conditions of each Award consistent with the Plan, and (iii) determine whether, to what extent and under what circumstances, Awards may be settled, paid or exercised in cash, Shares or other Awards, or other property or canceled, forfeited or suspended.  Each Award shall be subject to an Agreement authorized by the Committee.  A majority of the members of the Committee shall constitute a quorum for any meeting of the Committee, and acts of a majority of the members present at any meeting at which a quorum is present or the acts unanimously approved in writing by all members of the Committee shall be the acts of the Committee.  Notwithstanding the foregoing, the Board shall have the sole and exclusive power to administer the Plan with respect to Awards granted to Outside Directors.
b.To the extent within its sole discretion and subject to Plan Sections 15 and 16, other than price, the Committee may amend the terms and conditions of any outstanding Award. 
c.It is the intent that the Plan and all Awards granted pursuant to it shall be administered by the Committee so as to permit the Plan and Awards to comply with Exchange Act Rule 16b-3, except in such instances as the Committee, in its discretion, may so provide.  If any provision of the Plan or of any Award would otherwise frustrate or conflict with the intent expressed in this Section 3.1(c), that provision to the extent possible shall be interpreted and deemed amended in the manner determined by the Committee so as to avoid the conflict.  To the extent of any remaining irreconcilable conflict with this intent, the provision shall be deemed void as applicable to Insiders to the extent permitted by law and in the manner deemed advisable by the Committee.
d.The Committee’s interpretation of the Plan and of any Award or Agreement made under the Plan and all related decisions or resolutions of the Board or Committee shall be final and binding on all parties with an interest therein.  Consistent with its terms, the Committee shall have the power to establish, amend or waive regulations to administer the Plan.  In carrying out any of its responsibilities, the Committee shall have discretionary authority to construe the terms of the Plan and any Award or Agreement made under the Plan.

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3.2.Indemnification.  Each person who is or shall have been a member of the Committee, or of the Board, and any other person to whom the Committee delegates authority under the Plan, shall be indemnified and held harmless by the Company, to the extent permitted by law, against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit or proceeding to which such person may be a party or in which such person may be involved by reason of any action taken or failure to act, made in good faith, under the Plan and against and from any and all amounts paid by such person in settlement thereof, with the Company’s approval, or paid by such person in satisfaction of any judgment in any such action, suit or proceeding against such person, provided such person shall give the Company an opportunity, at the Company’s expense, to handle and defend the same before such person undertakes to handle and defend it on such person’s own behalf.  The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such person or persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

4.Shares Available Under the Plan; Other Plan Maximums
4.1.Share Counting Rules
a.The number of Shares available for distribution under the Plan shall not exceed 4,000,000 (subject to adjustment pursuant to Plan Section 16).  
b.Any Shares subject to the terms and conditions of an Award under the Plan that are not used because the terms and conditions of the Award are not met may again be used for an Award under the Plan.  
c.Any unexercised or undistributed portion of any terminated, expired, exchanged, or forfeited Award, or any Award settled in cash in lieu of Shares shall be available for further Awards.  
d.For the purposes of computing the total number of Shares granted under the Plan, the following rules shall apply to Awards payable in Shares where appropriate:
i.each Share that is subject to a Full Value Award shall be counted as 2.5 Shares; 
ii.each Option Award shall be deemed to be the equivalent of the maximum number of Shares that may be issued upon exercise of the particular Option;
iii.each Stock Appreciation Right shall be deemed to be equivalent to the gross number of Shares with respect to which the Stock Appreciation Right may be exercised;
iv.an Award (other than an Option) payable in some other security shall be deemed to be equal to the number of Shares to which it relates;
v.where the number of Shares available under the Award is variable on the date it is granted, the number of Shares shall be deemed to be the maximum number of Shares that could be received under that particular Award; 
vi.where two or more types of Awards (all of which are payable in Shares) are granted to a Participant in tandem with each other, such that the exercise of one type of Award with respect to a number of Shares cancels at least an equal number of Shares of the other, each such joint Award shall be deemed to be the equivalent of the maximum number of Shares available under the largest single Award; and

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vii.the following Shares shall not again be made available for issuance as Awards under the Plan: (A) Shares that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with any Award under the Plan; (B) any Shares withheld by the Company or tendered by a Participant to satisfy the tax withholding obligations related to any Award under the Plan; (C) Shares not issued or delivered as a result of the net settlement of an outstanding Award; and (D) Shares purchased on the open market with any cash proceeds from the exercise of Stock Options. 

Additional rules for determining the number of Shares granted under the Plan may be made by the Committee as it deems necessary or desirable.
e.No fractional Shares may be issued under the Plan; however, cash shall be paid in lieu of any fractional Share in settlement of an Award.

4.2.Other Plan Maximums
a.The maximum number of Shares that may be awarded to a Participant in any fiscal year in the form of Options is 500,000 and the maximum number of Shares that may be awarded to a Participant in any fiscal year in the form of Stock Appreciation Rights is 500,000.  
b.The maximum number of Shares that may be awarded to a Participant in any fiscal year in the form of a Full Value Awards is 250,000. 
c.Notwithstanding anything in (a) and (b), above, to the contrary, the maximum number of Shares that may be awarded to a Participant who is an Outside Director in any fiscal year is 30,000.   

5.Eligibility.  Participation in the Plan shall be limited to Employees and to certain other individuals or entities who are not Employees but who provide services to the Company or an Affiliate, such as services provided in the capacity of a director.  The granting of Awards is solely at the discretion of the Committee.  References herein to “employed,” “employment” or similar terms (except “Employee”) shall include the providing of services as a director.    
6.General Terms of Awards
6.1.Amount and Conditions of Award.  Each Agreement shall set forth the Participant’s number of Shares of Restricted Stock, Restricted Stock Units, and Performance Units subject to the Agreement, or the number of Shares to which the Option Award subject to the Agreement applies or with respect to which payment upon the exercise of the Stock Appreciation Right subject to the Agreement is to be determined, as the case may be, together with such other terms and conditions applicable to the Award as determined by the Committee acting in its sole discretion, which may include conditions on Options or Stock Appreciation Rights becoming exercisable.
6.2.Term.  Each Agreement, other than those relating solely to Awards of Shares without restrictions, shall set forth the Term of the Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or the Performance Cycle for the Performance Units, as the case may be.  The maximum Term for Options and Stock Appreciation Rights shall be ten years.  
6.3.Vesting.  All time-vested Awards under the Plan shall have a minimum vesting period of at least one year; provided, however, that Awards may provide for acceleration of vesting upon such terms and conditions as shall be set forth in the Agreement, which may include acceleration of vesting in the event of the Participant’s death, Disability or Retirement.  Acceleration of the Performance Cycle of Performance Units shall be subject to Plan Section 11.6; and provided further that for purposes of this Section 6.3 

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Awards granted to Outside Directors shall be deemed to have a vesting period of one year if they vest on the date of the annual meeting scheduled for the following year, even if such annual meeting occurs earlier than one year after the date of grant.
6.4.Transferability.  Except as set forth in this Section 6.4 or as may be required by law or court order, during the lifetime of a Participant to whom an Award is granted, only that Participant (or that Participant’s legal representative) may exercise an Option or Stock Appreciation Right, or receive payment with respect to any other Award.  No Award of Restricted Stock (before the expiration of the restrictions), Restricted Stock Units, Options, Stock Appreciation Rights or Performance Units may be sold, assigned, transferred, exchanged or otherwise encumbered other than to a beneficiary in the event of a Participant’s death.  Any attempted transfer in violation of this Section 6.4 shall be void and of no effect.

Notwithstanding the foregoing, the Committee, in its sole discretion, may determine to permit a Participant to transfer an Award to any one or more Permitted Transferees, subject to the following terms and conditions:  (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable by the Permitted Transferee other than by will or the laws of descent and distribution; (ii) an Award transferred to a Permitted Transferee shall continue to be subject to all the terms and conditions of the Award as applicable to the original Participant (other than the ability to further transfer the Award);  (iii) the Participant and the Permitted Transferee shall execute any and all documents requested by the Company, including, without limitation documents to (A) confirm the status of the transferee as a Permitted Transferee, (B) satisfy any requirements for an exemption for the transfer under applicable federal, state and foreign securities laws and (C) evidence the transfer; and (iv) be permitted under applicable law, including Code Section 409A.  For purposes of this subsection, Permitted Transferee shall mean: with respect to a Participant, any “family member” of the Participant, as defined under the instructions to use the Form S-8 Registration Statement under the Securities Act, after taking into account any state, federal, local or foreign tax and securities laws applicable to transferable Awards.
6.5.Rights as Shareholder.  Subject to Section 7.4, each Agreement shall provide that a Participant shall have no rights as a shareholder with respect to any securities covered by an Award unless and until the date the Participant becomes the holder of record of the Stock, if any, to which the Award relates.

7.Restricted Stock Awards 
7.1.Nature of Award.  An Award of Restricted Stock under the Plan shall consist of Shares subject to restrictions on transfer and conditions of forfeiture, which restrictions and conditions shall be included in the applicable Agreement.  The Committee may provide for the lapse or waiver of any such restriction or condition based on such factors or criteria as the Committee, in its sole discretion, may determine.
7.2.Restrictions on Stock Certificate.  Except as otherwise provided in the applicable Agreement, each Stock certificate issued with respect to an Award of Restricted Stock shall either be deposited with the Company or its designee, together with an assignment separate from the certificate, in blank, signed by the Participant, or bear such legends with respect to the restricted nature of the Restricted Stock evidenced thereby as shall be provided for in the applicable Agreement.
7.3.Terms and Conditions of Award.  The Agreement shall describe the terms and conditions by which the restrictions and conditions of forfeiture upon awarded Restricted Stock shall lapse.  Upon the lapse of the restrictions and conditions, Shares free of restrictive legends, if any, relating to such restrictions shall be issued to the Participant or a beneficiary.
7.4.Rights of a Shareholder.  Unless otherwise provided in the Agreement, a Participant with a Restricted Stock Award shall have all the rights of a shareholder including, but not limited to, the right to receive dividends and the right to vote the Shares of Restricted Stock; provided that any such dividends shall be subject to the same vesting and other conditions that apply to the Shares of Restricted Stock to which they relate. 

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7.5.Separation from Service.  A Participant must satisfy all of the terms and conditions of a Restricted Stock Award in order for the restrictions on the Shares subject to the Award to lapse.  If a Participant Separates from Service before satisfaction of these terms and conditions, the Participant will immediately forfeit the Award.  However, unless otherwise provided in the Agreement, if a Participant has a Separation from Service during the Term of a Restricted Stock Award because of the Participant’s death or Disability all restrictions shall lapse with respect to a number of Shares of Restricted Stock under the Award that has been prorated for the portion of the Term of the Award prior to the Participant’s Separation from Service.  The Agreement may provide for other circumstances, including, but without limitation, the Participant’s Retirement, under which the Participant may receive a prorated Award.  Any Shares of Restricted Stock as to which restrictions do not lapse under the preceding sentences or under the Agreement shall terminate at the date of the Participant’s Separation from Service and such Shares of Restricted Stock shall be forfeited to the Company.

8.Restricted Stock Unit Awards
8.1.Nature of Award.  An Award of Restricted Stock Units shall consist of the right to receive Shares in the future provided that certain restrictions or conditions are satisfied.  The Committee may provide for the lapse or waiver of any such restriction or condition based on such factors or criteria as the Committee, in its sole discretion, may determine.
8.2.Terms and Conditions of Award.  The Agreement shall describe the terms and conditions required to be satisfied in order for the Participant to be entitled to payment of the Shares subject to the Award.
8.3.No Rights of a Shareholder.  Shares shall not be issued to the Participant until and unless the restrictions and conditions described in Section 8.2 are satisfied, or at such later date as may be provided in the Agreement or other document.  The Agreement shall specify whether the holder of a Restricted Stock Unit Award shall be entitled to receive Dividend Equivalents with respect to the number of Shares subject to such Award.  Any Dividend Equivalents credited with respect to Restricted Stock Units shall be subject to the same vesting and other conditions that apply to the Restricted Stock Units to which they relate. Prior to the settlement of a Restricted Stock Unit Award, the Participant shall have no rights as a shareholder of the Company with respect to the Shares subject to such Award.
8.4.Separation from Service.  A Participant must satisfy all of the terms and conditions of a Restricted Stock Unit Award in order to be entitled to receive the Shares subject to the Award.  If a Participant Separates from Service before satisfaction of these terms and conditions, the Participant will immediately forfeit the Award.  However, unless otherwise provided in the Agreement, if a Participant has a Separation from Service during the Term of a Restricted Stock Unit Award because of the Participant’s death or Disability all restrictions shall lapse with respect to a number of Shares under the Award that has been prorated for the portion of the Term of the Award prior to the Participant’s Separation from Service.  The Agreement may provide for other circumstances, including, but without limitation, the Participant’s Retirement, under which the Participant may receive a prorated Award.  Any Restricted Stock Units as to which restrictions do not lapse under the preceding sentences or under the Agreement shall terminate at the date of the Participant’s Separation from Service and such Restricted Stock Units shall be forfeited to the Company.
8.5.Cash Distributions.  The Committee, in its discretion, may elect to settle Restricted Stock Units in the form of cash rather than Shares.

9.Stock Options
9.1.Terms of All Options
a.All Option Awards shall be granted pursuant to an Agreement.  The purchase price of each Share subject to an Option Award shall be determined by the Committee and set 

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forth in the Agreement, but shall not be less than 100% of the Fair Market Value of a Share as of the date the Option Award is granted (except as provided in Plan Section 16).
b.The purchase price of the Shares with respect to which Options are exercised shall be payable in full at the time of exercise, provided that to the extent permitted by law and as may be permitted by the Committee, the Agreement may permit some or all Participants to simultaneously exercise Options and sell the Shares thereby acquired pursuant to a brokerage or similar relationship and use the proceeds from the sale as payment of the purchase price of the Shares, or exercise the Option Award in a “net exercise,” by which the number of Shares subject to the Option Award that would otherwise have been distributed to the Participant is reduced by the aggregate purchase price of the Shares being exercised divided by the then Fair Market Value of a Share.  “Net exercise” may also be used in conjunction with a reduction in the number of shares subject to the Option Award to meet tax withholding obligations, as provided in Section 14. The purchase price may also be payable in cash or by delivery or tender of Shares (by actual delivery or attestation) having a Fair Market Value as of the date the Option Award is exercised equal to the purchase price of the Shares being purchased pursuant to the Option, or a combination thereof, as determined by the Committee, but no fractional Shares will be issued or accepted.  Notwithstanding anything in this Section 9.1(b) to the contrary, a Participant exercising an Option Award shall not be permitted to pay any portion of the purchase price with Shares if, in the opinion of the Committee, payment in such manner could have adverse financial accounting consequences for the Company.
c.Each Option Award shall be exercisable in whole or in part on the terms provided in the Agreement.  In no event shall any Option Award be exercisable at any time after the expiration of its Term.  When an Option Award is no longer exercisable, it shall be deemed to have lapsed or terminated.
d.Upon receipt of notice of exercise, the Committee may elect to pay cash in lieu of delivering the Shares for which an Option Award is being exercised by paying the Participant an amount equal to the excess of the Fair Market Value of the Shares over the aggregate purchase price for the Shares for which the Option Award is being exercised on the effective date of such exercise.  
e.No Participant shall be entitled to receive Dividend Equivalents with respect to the number of Shares subject to an outstanding Option.

9.2.Separation from Service.  Unless otherwise provided in the Agreement:
a.If a Participant has a Separation from Service because of the Participant’s death, then any Option Award that has not expired or been terminated shall become exercisable in full and may be exercised by the Participant’s beneficiary at any time, or from time to time, within one year after the date of the Participant’s death.
b.If a Participant has a Separation from Service due to Disability, then any Option Award that has not expired or been terminated shall become exercisable in full, and the Participant or the Participant’s beneficiary may exercise such Option Award at any time, or from time to time, within three years after the Participant’s Separation from Service.
c.If a Participant Retires, then any Option Award that has not expired or been terminated shall remain exercisable for three years after the Participant’s Separation from Service, but, unless otherwise provided in the Agreement, only to the extent that such Option Award was exercisable immediately prior to such Participant’s Separation from Service.

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d.If a Participant has a Separation from Service (that is not a Qualifying Termination) for any reason other than death, Retirement or other than following his or her Disability, then any Option Award that has not expired or been terminated shall, unless the Committee shall otherwise provide in the Agreement, remain exercisable for three months after Separation from Service, but only to the extent that such Option Award was exercisable immediately prior to the Separation from Service.
e.Notwithstanding Sections 9.2 (d) and unless otherwise provided in the Agreement, if the Participant experiences a Qualifying Termination, the Option Award shall remain exercisable until the expiration of the Term.
f.Notwithstanding Sections 9.2(a)-(e) and unless otherwise provided in the Agreement, if the Participant is an Outside Director, the Option Award shall remain exercisable until the expiration of the Term, even after the director’s termination of services as a director, but only to the extent that such Option Award was exercisable immediately prior to such Outside Director ceasing to be a director.
g.Notwithstanding the Plan Section 9.2 (a)-(f), in no event shall an Option Award be exercisable if the Participant’s employment (or service as a director) is terminated due to “Cause.”

10.Stock Appreciation Rights
10.1.Nature of Award.  An Award of a Stock Appreciation Right shall entitle the Participant (or a beneficiary), subject to terms and conditions determined by the Committee to receive upon exercise of the Stock Appreciation Right, all or a portion of the excess of the Fair Market Value of a specified number of Shares as of the date of exercise of the Stock Appreciation Right over a specified price that shall not be less than 100% of the Fair Market Value of such Shares as of the date of grant of the Stock Appreciation Right.  No Participant shall be entitled to receive Dividend Equivalents with respect to the number of Shares subject to an outstanding Stock Appreciation Right.
10.2.Connection with Other Awards. A Stock Appreciation Right may be granted in connection with part or all of, in addition to, or completely independent of an Option Award or any other Award under the Plan.  If issued in connection with a previously or contemporaneously granted Option, the Committee may impose a condition that exercise of a Stock Appreciation Right cancels a pro rata portion of the Option Award with which it is connected and vice versa.  
10.3.Terms of Award.  Each Stock Appreciation Right may be exercisable in whole or in part on the terms provided in the Agreement.  No Stock Appreciation Right shall be exercisable at any time after the expiration of its Term.  When a Stock Appreciation Right is no longer exercisable, it shall be deemed to have lapsed or terminated.  
10.4.Payment.  Upon exercise of a Stock Appreciation Right, payment to the Participant or a beneficiary shall be made in a lump sum.  Payment shall be made in the form of Shares.  The Agreement may provide for a limitation upon the amount or percentage of the total appreciation on which payment may be made.
10.5.Separation from Service.  Unless otherwise provided in the Agreement:
a.If a Participant has a Separation from Service because of the Participant’s death, then any Stock Appreciation Right that has not expired or been terminated shall become exercisable in full and may be exercised by the Participant’s beneficiary at any time, or from time to time, within one year after the date of the Participant’s death.

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b.If a Participant has a Separation from Service due to Disability, then any Stock Appreciation Right that has not expired or been terminated shall become exercisable in full, and the Participant or the Participant’s beneficiary may exercise such Stock Appreciation Right at any time, or from time to time, within three years after the Participant’s Separation from Service.
c.If a Participant Retires, then any Stock Appreciation Right that has not expired or been terminated shall remain exercisable for three years after the Participant’s Separation from Service, but, unless otherwise provided in the Agreement, only to the extent that such Stock Appreciation Right was exercisable immediately prior to such Participant’s Separation from Service.  
d.If a Participant has a Separation from Service (that is not a Qualifying Termination) for any reason other than death or other than following his or her Disability or Retirement, then any Stock Appreciation Right that has not expired or been terminated shall, unless the Committee shall otherwise provide in the Agreement, remain exercisable for three months after Separation from Service, but only to the extent that such Stock Appreciation Right was exercisable immediately prior to the Separation from Service.
e.Notwithstanding Sections 10.2 (d) and unless otherwise provided in the Agreement, if the Participant experiences a Qualifying Termination, the Option Award shall remain exercisable until the expiration of the Term.
f.Notwithstanding Sections 10.5(a)-(e), and unless otherwise provided in the Agreement, if the Participant is an Outside Director, the Stock Appreciation Right shall remain exercisable until the expiration of the Term even after such Outside Director ceases to be a director of the Company, but only to the extent that such Stock Appreciation Right was exercisable immediately prior to such Outside Director ceasing to be a director.
g.Notwithstanding Sections 10.5(a)-(f), in no event shall a Stock Appreciation Right be exercisable if the Participant’s employment (or service as a director) is terminated due to “Cause.” 

11.Performance Units
11.1.Nature of Award.  An Award of Performance Units shall consist of the right to receive cash or Shares in the future provided that certain Performance Goals are satisfied during a Performance Cycle.
11.2.Terms and Conditions of Award.  The Agreement shall describe the terms and conditions required to be satisfied in order for the Participant to be entitled to payment of the Shares subject to the Award, including the Performance Goals (and their target levels) to be satisfied as a condition of receiving the Award.  The Agreement shall also describe when delivery of the Shares or cash subject to the Performance Units will occur should the Performance Goals be attained.
11.3.Determination of Award.  Following the conclusion of each Performance Cycle, the Committee shall determine the extent to which (a) Performance Goals have been attained, and (b) the number of Shares or cash payable with respect to the Award.
11.4.No Rights of a Shareholder.  Shares shall not be issued to the Participant until provided in the Agreement (or other document deferring receipt of the Shares, as may be permitted by the Committee).  The Agreement shall specify whether the holder of a Performance Unit Award shall be entitled to receive Dividend Equivalents with respect to the number of Shares subject to such Award.  Any Dividend Equivalents credited with respect to Performance Units shall be subject to the same vesting and other conditions that apply to the Performance Units to which they relate. Prior to the settlement of a 

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Performance Unit Award, the Participant shall have no rights as a shareholder of the Company with respect to the Shares subject to such Award.
11.5.Separation from Service.  A Participant must satisfy all of the terms and conditions of a Performance Unit Award in order to be entitled to receive the Shares subject to the Award.  If a Participant Separates from Service before satisfaction of these terms and conditions, the Participant will immediately forfeit the Award.  However, unless otherwise provided in the Agreement, if a Participant has a Separation from Service during the Performance Cycle because of the Participant’s death or Disability all restrictions shall lapse with respect to a number of Shares under the Award that has been prorated for the portion of the Term of the Award prior to the Participant’s Separation from Service.  The Agreement may provide for other circumstances, including, but without limitation, the Participant’s Retirement, under which the Participant may receive a prorated Award.  Any Performance Units as to which restrictions do not lapse under the preceding sentences or under the Agreement shall terminate at the date of the Participant’s Separation from Service and such Performance Units shall be forfeited to the Company.
11.6.Adjustments to Awards.  The Agreement may permit an acceleration of the Performance Cycle and an adjustment of performance targets and payments with respect to some or all of the Performance Units awarded to a Participant, upon the occurrence of certain events, which may, but need not include, without limitation, a change in the accounting practices of the Company; a change in the Participant’s title or employment responsibilities; the Participant’s death, Disability or Retirement; or, with respect to payments in Shares, an event specified in Plan Section 16.  The Agreement also may provide for a limitation on the value of an Award of Performance Units that a Participant may receive.  

12.Effective Date and Duration of the Plan
a.Effective Date.  The Plan became effective as of May 7, 2015. 
b.Duration of the Plan.  The Plan shall remain in effect until all Stock subject to it shall be distributed, all Awards have expired or lapsed, the Plan is terminated pursuant to Plan Section 15, or May 7, 2025 (the “Termination Date”); provided, however, that Awards made before the Termination Date may be exercised, vested or otherwise effectuated beyond the Termination Date unless limited in the Agreement or otherwise.  The date and time of approval by the Committee of the granting of an Award shall be considered the date and time at which the Award is made or granted.
c.Notwithstanding anything to the contrary herein, each Award granted under the Plan or subject to a written binding contract on or before November 2, 2017 shall be subject to the Plan as in effect as of the date on which such Award was granted, and it is intended that each such Award will continue to be subject to Code Section 162(m) as in effect prior to the enactment of the Tax Cuts and Jobs Act.

13.Plan Does Not Affect Employment Status
a.Status as an eligible Employee shall not be construed as a commitment that any Award will be made under the Plan to that eligible Employee or to eligible Employees generally.
b.Nothing in the Plan or in any Agreement or related documents shall confer upon any Employee or Participant any right to continue in the employment of the Company or any Affiliate or constitute any contract of employment or affect any right that the Company or any Affiliate may have to change such person’s compensation, other benefits, job responsibilities, or title, or to terminate the employment of such person with or without Cause.

14.Tax Withholding.  The Company shall have the right to require a Participant or other person receiving Shares under the Plan to pay the Company a cash amount sufficient to cover any required withholding taxes before 

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actual receipt of those Shares.  In lieu of all or any part of a cash payment from a person receiving Shares under the Plan, the Committee may, in its discretion, require that the individual cover all or any part of the required withholdings through a reduction of the number of Shares delivered or delivery or tender return to the Company of Shares held by the Participant or other person, in each case valued in the same manner as used in computing the withholding taxes under the applicable laws; provided, however, that in the case of Share withholding the amount withheld may not exceed the amount determined by applying the maximum individual statutory tax rate in the Participant’s applicable jurisdiction; provided that the Company shall be permitted to limit the number of Shares so withheld to a lesser number if necessary, in the judgment of the Committee, to avoid adverse accounting consequences or for administrative convenience.
15.Amendment, Modification and Termination of the Plan
15.1.In General.  The Board may at any time and from time to time amend, suspend or terminate the Plan.  Except as limited in Section 15.2 below, the Committee may at any time alter or amend any or all Award Agreements under the Plan to the extent permitted by law.
15.2.Exceptions.  No amendment, suspension or termination of the Plan will materially and adversely affect any right acquired by any Participant or beneficiary under an Award granted before the date of amendment, suspension or termination, unless otherwise agreed to by the Participant in the Agreement or otherwise, or required as a matter of law; but it will be conclusively presumed that any adjustment for the changes described in Plan Sections 11.6 or 16 does not adversely affect these rights.

16.Adjustment for Changes in Capitalization. In connection with a (i) Fundamental Change, (ii) recapitalization, (iii) reclassification, (iv) cash or stock dividend or other distribution (other than ordinary cash dividends), (v) stock split, (vi) stock combination, (vii) stock exchange, or (viii) any other similar corporate transaction (individually and collectively, the “Event”)—which would otherwise impact or affect (a) the aggregate number or type of Shares available for Awards under the Plan, including any adjustment in the manner in which the maximum number of Shares or types of Awards available under the Plan are determined and counted; (b) the maximum number of Shares permitted to be issued to an individual Participant in any fiscal year; (c) the number or type of Shares and amount of cash subject to outstanding Awards; (d) the grant, exercise price or value of outstanding Awards; and/or (e) the terms and conditions of any outstanding Award (including, without limitation, any applicable performance targets or criteria with respect to any Performance Units) — the Committee shall make such adjustments in Awards as it deems equitable and appropriate, in its sole discretion, to reflect such Event.  In making any such adjustments, the Committee shall round fractional Shares to the nearest whole Share.
17.Change in Control.  In the event of a Change in Control, the Committee shall take one of the actions described in Sections 17.1 or 17.2.
17.1.Substitution.  If the Change in Control is a merger, consolidation or statutory share exchange, make appropriate provision for the replacement of the outstanding Awards by the substitution of equity-based awards of the corporation surviving any merger or consolidation with substantially similar terms and conditions (or, if appropriate, equity-based awards of the parent corporation of the Company or such surviving corporation), provided such equity-based awards preserve the full economic value of the outstanding Awards (to the extent permitted under Code Section 409A, or, if applicable, the stock rights exemption from Code Section 409A) and provide for full vesting of the Award in the event the Participant experiences a Qualifying Termination.
17.2.Acceleration of Vesting and Payment of Awards.
a.Options and Stock Appreciation Rights.  In the case of Awards of Options and Stock Appreciation Rights, at least ten days before the occurrence of the Change in Control, declare, and provide written notice to each holder of the Option Award or Stock Appreciation Right of the declaration that each outstanding Option Award and Stock Appreciation Right, whether or not then exercisable, shall be cancelled at the time of, or immediately before the occurrence of, the Change in Control in exchange for payment to each holder of an Option Award or Stock Appreciation Right, within ten (10) days after 

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the Change in Control of cash equal to (a) for each Share covered by the canceled Option, the amount, if any, by which the Fair Market Value per Share exceeds the purchase price per Share covered by such Option, or (b) for each Stock Appreciation Right, the price determined pursuant to Section 10.  At the time of the declaration provided for in the immediately preceding sentence, each Stock Appreciation Right and each Option Award shall immediately become exercisable in full and each person holding an Option Award or a Stock Appreciation Right shall have the right, during the period preceding the time of cancellation of the Option Award or Stock Appreciation Right, to exercise the Option Award as to all or any part of the Shares covered thereby or the Stock Appreciation Right in whole or in part, as the case may be.  In the event of a declaration pursuant to this Section 17.2(a), each outstanding Option Award and Stock Appreciation Right granted pursuant to the Plan that shall not have been exercised before the Change in Control shall be cancelled at the time of, or immediately before, the Change in Control, as provided in the declaration.  Notwithstanding the foregoing, no person holding an Option Award or a Stock Appreciation Right shall be entitled to the payment provided for in this Section 17.2(a) if such Option Award or Stock Appreciation Right shall have terminated, expired or been cancelled.
b.Full Value Awards.  In the case of Full Value Awards that are time-based vested, provide for either full vesting or pro-rated vesting (based on the number of months that have expired since the Award was granted) and payout of cash or Shares under the Award; and in the case of Full Value Awards that are performance-based, provide for full vesting and payout of cash or Shares based on the assumption that the performance goal(s) for the Award were met at target.

18.Forfeitures and Clawback
18.1.Forfeiture.  An Agreement may provide that if a Participant has received or been entitled to delivery of Shares pursuant to an Award within six months before the Participant’s Separation from Service with the Company, the Committee, in its sole discretion, may require the Participant to return or forfeit the Shares or cash received with respect to the Award (or its economic value as of:  (a) the date of the exercise of Options or Stock Appreciation Rights, (b) the date of, and immediately following, the lapse of restrictions on Restricted Stock, Restricted Stock Units, or the receipt of Shares without restrictions, or (c) the date on which the right of the Participant to payment with respect to Performance Units vests, as the case may be), in the event of certain occurrences specified in the Agreement.  The Committee’s right to require forfeiture must be exercised within any period required by law.  The occurrences may, but need not, include termination for “Cause,” competition with the Company, unauthorized disclosure of material proprietary information of the Company, a violation of applicable business ethics policies of the Company, a violations of applicable law, or any other occurrence specified in the Agreement within the period or periods of time specified in the Agreement.
18.2.Required Clawback.  The Company reserves the right to require a Participant to forfeit or return to the Company any cash or Shares received under an Award under the Plan to the extent required by law, under any applicable exchange listing standard or under any applicable policy adopted by the Company that is designed to meet any legal obligations or obligations under any applicable exchange listing standard.

19.Beneficiary Upon Death.  In the event that any interest in Stock is or becomes distributable under the Plan at the time of the Participant’s death, such interest shall be distributed to the beneficiary or beneficiaries designated by the Participant.  Such interest shall be distributed according to the terms of the Plan and the Agreement.  In order for a beneficiary designation to be valid for purposes of the Plan, it must be completed and filed with the Company according to the rules established by the Company.  If the Participant has not completed a beneficiary designation, or all such beneficiaries have predeceased the Participant, then any amount that becomes payable under the Plan by reason of the Participant’s death shall be paid to the Participant’s estate.  If there is any question as to the legal right of any person to receive a distribution under the Plan by reason of the Participant’s death, the amount in question may, at the discretion of the Committee, be paid to the Participant’s estate, in which event the Company shall have 

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no further liability or responsibility to anyone with respect to such amount.  This Section 19 shall apply to all Awards granted under the Plan.
20.Corporate Mergers, Acquisitions, Etc.  The Committee may also grant Options, Stock Appreciation Rights, Restricted Stock or other Awards under the Plan in substitution for, or in connection with the assumption of, existing options, stock appreciation rights, restricted stock or other award granted, awarded or issued by another corporation and assumed or otherwise agreed to be provided for by the Company pursuant to or by reason of a transaction involving a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation to which the Company or an Affiliate is a party.  The terms and conditions of the substitute Awards may vary from the terms and conditions set forth in the Plan to the extent the Board at the time of the grant may deem appropriate to conform, in whole or in part, to the provisions of the awards in substitution for which they are granted.
21.Unfunded Plan.  Except with respect to Awards of Restricted Stock, the Plan shall be unfunded and the Company shall not be required to segregate any assets that may at any time be represented by Awards under the Plan.  Neither the Company, the Committee, nor the Board shall be deemed to be a trustee of any amounts to be paid under the Plan nor shall anything contained in the Plan or any action taken pursuant to its provisions create or be construed to create a fiduciary relationship between the Company and a Participant or beneficiary.  Except with respect to Awards of Restricted Stock, to the extent any person acquires a right to receive an Award under the Plan, this right shall be no greater than the right of an unsecured general creditor of the Company.
22.Limits of Liability
a.Any liability of the Company to any Participant with respect to an Award shall be based solely upon contractual obligations created by the Plan and the Award Agreement.
b.Except as may be required by law, neither the Company nor any member of the Board or of the Committee, nor any other person participating in any determination of any question under the Plan, or in the interpretation, administration or application of the Plan, shall have any liability to any party for any action taken, or not taken, in good faith under the Plan.

23.Compliance with Applicable Legal Requirements.  No certificate for Shares distributable pursuant to the Plan shall be issued and delivered unless the issuance of the certificate complies with all applicable legal requirements including, without limitation, compliance with the provisions of applicable state securities laws, the Securities Act of 1933, as amended and in effect from time to time or any successor statute, the Exchange Act and the requirements of the exchanges on which the Company’s Shares may, at the time, be listed.
24.Deferrals and Settlements.  The Committee may require or permit Participants to elect to defer the issuance of Shares under such rules and procedures as it may establish under the Plan.  It may also provide that deferred settlements include the payment or crediting of interest on the deferral amounts.
25.Other Benefit and Compensation Programs.  Payments and other benefits received by a Participant under an Award made pursuant to the Plan shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of the termination, indemnity or severance pay laws of any country and shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan, contract or similar arrangement provided by the Company or an Affiliate unless expressly so provided by such other plan, contract or arrangement, or unless the Committee expressly determines that an Award or portion of an Award should be included to accurately reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive cash compensation.
26.Requirements of Law
a.To the extent that federal laws do not otherwise control, the Plan and all determinations made and actions taken pursuant to the Plan shall be governed by the laws of the State of 

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Illinois without regard to its conflicts-of-law principles and shall be construed accordingly.
b.If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

27.Repricing; Shareholder Approval.  Except as provided in Plan Section 16, neither the Board nor any committee thereof shall cause the Company to take any of the following actions without receiving the prior approval of the shareholders of the Company:
a.adjusting or amending the exercise price of any outstanding Award, whether through amendment, replacement grant,  exchange or other means;
b.providing for the cancellation of an Option Award in exchange for cash or another Award when the Option’s exercise price per Share exceeds the Fair Market Value of a Share; or 
c.providing for the cancellation of a Stock Appreciation Right in exchange for cash or another Award when the Stock Appreciation Right’s base price per Share exceeds the Fair Market Value of a Share. 

28.Compliance with Code Section 409A. Any benefit under the Plan that is or becomes subject to Code Section 409A is intended to comply with the requirements of Code Section 409A, and the benefit will be administered, and any Plan term governing such benefit will be interpreted, accordingly.  Notwithstanding any other provision in the Plan or any Agreement to the contrary, if at the time of the Participant’s Separation from Service, the Participant is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i), distributions made on account of the Participant’s Separation from Service that are subject to Code Section 409A may not be made before the date that is six months after Participant’s Separation from Service.  In such instance, and notwithstanding the payment terms under an individual Agreement, distributions will commence on the first day of the seventh month following the Separation from Service and the first monthly distribution shall include the aggregate payments (if any) that were delayed pursuant to this paragraph.  For purposes of this Plan, any series of installment payments to which a Participant may be entitled under any Award subject to 409A shall be treated as a right to a series of separate payments under Section 409A.
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	Date:  May 7, 2020
	RLI CORP.

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	By /s/ Jonathan E. Michael                    

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	Chief Executive Officer

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