Document:

Document

Exhibit 10.1

Biohaven Pharmaceutical Holding Company Ltd.
Restricted Share Units
2022 Deferral Election Agreement for Executives
Please complete this Agreement and return a signed copy to George Clark no later than December 31, 2021.

						
	Name:	Last 4 digits of SS#:

I hereby elect to defer the settlement date of the Restricted Share Units to be granted to me by Biohaven Pharmaceutical Holding Company Ltd. (the “Company”) in 2022 (the “2022 RSUs”), subject to the terms and conditions of the 2017 Equity Incentive Plan (the “Plan”) and this Restricted Share Unit Election (the “Election”).  This election will only change the settlement date of my 2022 RSUs and will not change the vesting, forfeiture, or other terms of my 2022 RSUs.  I understand that this Election is irrevocable.  
1.  RSUs to which Election applies:  I elect to defer settlement of _____ % (please choose between 5% to 100%) of my 2022 RSUs (the “Deferred Units”).  This deferral election will apply proportionally to each vesting tranche of my 2022 RSUs.
2.  RSU Deferral Election.  I understand that the Deferred Units will be settled in shares of the Company’s common shares (“Shares”) payable in the time and form of payment I elect in Section 3 hereof.  I understand that if I fail to make an election with respect to my 2022 RSUs, then these awards will settle per the terms provided in the Award Agreement (the “Agreement”) relating to my 2022 RSUs.
3.  Settlement Date.  Subject to the terms of the Plan and the Agreement, I elect to receive Shares in settlement of my Deferred Units (to the extent vested) within thirty (30) days, or such later date as may be required by applicable law (as applicable, the “Settlement Date”) as follows (please choose one):
a)☐  In a lump sum on earlier of (A) my “separation from service” with the Company as defined in Section 409A of the Code and the regulations promulgated thereunder (“Section 409A”) or (B) [INSERT YEAR] payable on (please choose one date): 
☐ March 1st
☐ June 1st
☐ September 1st
☐ December 1st
b)☐  In a lump sum on my “separation from service” as defined in Section 409A. 
c)☐  In [INSERT NUMBER] equal annual installments (not to exceed ten (10)) starting on the first anniversary of my “separation from service” as defined in Section 409A.
Notwithstanding any preceding election to the contrary, the Deferred Units (to the extent vested) will be settled in a lump sum within thirty (30) days of (i) your death  or (ii) a Change in Control of the Company as defined in the Plan provided that such transaction is also a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation” under Section 409A. 
4.  Further Subsequent Deferral of Settlement Date.  I understand that I may make, with the consent of the Company and on a form provided by the Company, a subsequent election to further defer settlement of my Deferred Units, and that (a) such a subsequent election must be 

made at least one (1) year prior to my originally selected Settlement Date and (b) the newly elected Settlement Date must be at least five (5) years after the date of the originally selected Settlement Date. I further understand that the ability to make such a subsequent deferral election may not be available to me in the future if the Company changes its administration policies to reflect any changes to applicable law governing deferred compensation.
5.  Withholding. The Company shall have the right to deduct from all deferrals or payments hereunder, any federal, state, or local tax required by law to be withheld.  I agree that the Company may withhold a number of shares otherwise deliverable with a Fair Market Value sufficient to satisfy the required tax withholding amount.
6.  Nonassignable. Your rights and interests under this Deferral Election Agreement may not be assigned, pledged, or transferred.
7.  Specified Employee.  Notwithstanding the foregoing, if the Settlement Date is as a result of my “separation from service”, as determined by the Company, other than due to my death, I am a “specified employee” within the meaning of Section 409A at the time of such separation from service and the Settlement Date would otherwise be within in six (6) months of my separation from service, then my Deferred Units that would have otherwise been settled within six (6) months of my separation from service will not be settled until the date that is six (6) months and one (1) days following the date of separation from service, unless I die following my separation from service, in which case my Deferred Units will be settled as soon as practicable following my death.  This deferral is mandatory under Section 409A of the Internal Revenue Code and overrides your deferral election.  
8.  Section 409A.  It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A.  For purposes of Section 409A, each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. Notwithstanding the foregoing, the Company shall in no event be obligated to indemnify me for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement. I understand that the Company may require me to amend this election to the extent it determines it is necessary to comply with the requirements of Section 409A.
9.  Governing Law. This Agreement shall be construed and administered according to the laws of the State of Delaware.
10.  Defined Terms. All capitalized terms not defined in this Agreement have the meanings set forth in the Plan.
*****

By executing this Deferral Election Agreement, I hereby acknowledge my understanding of and agreement with all the terms and provisions set forth in this Restricted Share Units Deferral Election Agreement.  
Signature
    

Date:Exhibit 4.6

 

ARCIMOTO,
INC. 

 

 

 

INDENTURE

 

Dated
as of __________, 20__

 

 

 
  

 

___________________________________________________

 

as Trustee

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE  	1
	 	 
	Section 1.1.  	Definitions  	1
	Section 1.2.  	Other Definitions  	4
	Section 1.3.  	Incorporation by Reference of Trust Indenture Act  	4
	Section 1.4.  	Rules of Construction  	5
	 	 	 
	ARTICLE II. THE SECURITIES 	5
	 	 
	Section 2.1.  	Issuable in Series  	5
	Section 2.2.  	Establishment of Terms of Series of Securities  	5
	Section 2.3.  	Execution and Authentication  	7
	Section 2.4.  	Registrar and Paying Agent  	8
	Section 2.5.  	Paying Agent to Hold Money in Trust  	8
	Section 2.6.  	Securityholder Lists  	9
	Section 2.7.  	Transfer and Exchange  	9
	Section 2.8.  	Mutilated, Destroyed, Lost and Stolen Securities  	9
	Section 2.9.  	Outstanding Securities  	10
	Section 2.10.  	Treasury Securities  	10
	Section 2.11.  	Temporary Securities  	10
	Section 2.12.  	Cancellation  	10
	Section 2.13.  	Defaulted Interest  	11
	Section 2.14.  	Special Record Dates  	11
	Section 2.15.  	Global Securities  	11
	Section 2.16.  	CUSIP Numbers  	12
	Section 2.17.  	Persons Deemed Owners  	12
	 	 	 
	ARTICLE III. REDEMPTION	13
	 	 
	Section 3.1.  	Notice to Trustee  	13
	Section 3.2.  	Selection of Securities to be Redeemed  	13
	Section 3.3.  	Notice of Redemption  	13
	Section 3.4.  	Effect of Notice of Redemption  	14
	Section 3.5.  	Deposit of Redemption Price  	14
	Section 3.6.  	Securities Redeemed in Part  	14
	 	 	 
	ARTICLE IV.
COVENANTS	15
	 	 
	Section 4.1.  	Payment of Principal and Interest  	15
	Section 4.2.  	Additional Amounts  	15
	Section 4.3.  	Maintenance of Office or Agency  	15
	Section 4.4.  	SEC Reports  	16
	Section 4.5.  	Compliance Certificate  	16
	Section 4.6.  	Taxes  	17
	Section 4.7.  	Stay, Extension and Usury Laws  	17
	Section 4.8.  	Corporate Existence  	17
	 	 	 
	ARTICLE V. SUCCESSORS	17
	 	 
	Section 5.1.  	Merger, Consolidation, or Sale of Assets  	17
	Section 5.2.	Successor Person Substituted	18

 

    (i)

     

    

 

	 	 	Page
	ARTICLE VI. DEFAULTS AND REMEDIES  	18
	 	 
	Section 6.1.  	Events of Default  	18
	Section 6.2.  	Acceleration  	19
	Section 6.3.  	Other Remedies  	20
	Section 6.4.  	Waiver of Past Defaults  	20
	Section 6.5.  	Control by Majority  	20
	Section 6.6.  	Limitation on Suits  	20
	Section 6.7.  	Rights of Holders of Securities to Receive Payment  	21
	Section 6.8.  	Collection Suit by Trustee  	21
	Section 6.9.  	Trustee May File Proofs of Claim  	21
	Section 6.10.  	Priorities  	21
	Section 6.11.  	Undertaking for Costs  	22
	 	 	 
	ARTICLE VII. TRUSTEE   	22
	 	 
	Section 7.1.  	Duties of Trustee  	22
	Section 7.2.  	Rights of Trustee  	23
	Section 7.3.  	Individual Rights of Trustee  	24
	Section 7.4.  	Trustee’s Disclaimer  	24
	Section 7.5.  	Notice of Defaults  	24
	Section 7.6.  	Reports by Trustee to Holders  	24
	Section 7.7.  	Compensation and Indemnity  	24
	Section 7.8.  	Replacement of Trustee  	25
	Section 7.9.  	Successor Trustee by Merger, etc.   	26
	Section 7.10.  	Eligibility; Disqualification  	26
	Section 7.11.  	Preferential Collection of Claims Against Company  	26
	 	 	 
	ARTICLE VIII. LEGAL DEFEASANCE AND COVENANT DEFEASANCE   	26
	 	 
	Section 8.1.  	Option to Effect Legal Defeasance or Covenant Defeasance  	26
	Section 8.2.  	Legal Defeasance and Discharge  	26
	Section 8.3.  	Covenant Defeasance  	27
	Section 8.4.  	Conditions to Legal or Covenant Defeasance  	27
	Section 8.5.  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions  	28
	Section 8.6.  	Repayment to Company  	29
	Section 8.7.  	Reinstatement  	29
	 	 	 
	ARTICLE IX. AMENDMENTS AND WAIVERS   	29
	 	 
	Section 9.1.  	Without Consent of Holders  	29
	Section 9.2.  	With Consent of Holders  	30
	Section 9.3.  	Limitations  	31
	Section 9.4.  	Compliance with Trust Indenture Act  	31
	Section 9.5.  	Revocation and Effect of Consents  	32
	Section 9.6.  	Notation on or Exchange of Securities  	32
	Section 9.7.  	Trustee Protected  	32
	 	 	 
	ARTICLE X. GUARANTEES   	32
	Section 10.1.  	Guarantees  	32

 

    (ii)

     

    

 

	 	 	Page
	ARTICLE XI. SATISFACTION AND DISCHARGE  	33
	 	 
	Section 11.1.  	Satisfaction and Discharge	33
	Section 11.2.  	Application of Trust Money  	34
	 	 	 
	ARTICLE XII.
MISCELLANEOUS  	34
	 	 
	Section 12.1.  	Trust Indenture Act Controls  	34
	Section 12.2.  	Notices  	34
	Section 12.3.  	Communication by Holders with Other Holders  	35
	Section 12.4.  	Certificate and Opinion as to Conditions Precedent  	35
	Section 12.5.  	Statements Required in Certificate or Opinion  	36
	Section 12.6.  	Rules by Trustee and Agents  	36
	Section 12.7.  	Legal Holidays  	36
	Section 12.8.  	No Recourse Against Others  	36
	Section 12.9.  	Counterparts  	36
	Section 12.10.  	Governing Law; Waiver of Trial by Jury  	37
	Section 12.11.  	No Adverse Interpretation of Other Agreements  	37
	Section 12.12.  	Successors  	37
	Section 12.13.  	Severability  	37
	Section 12.14.  	Table of Contents, Headings, Etc.   	37
	Section 12.15.  	Securities in a Foreign Currency  	37
		 	 
	ARTICLE XIII.
SINKING FUNDS  	38
	 	 
	Section 13.1.  	Applicability of Article	38
	Section 13.2.  	Satisfaction of Sinking Fund Payments with Securities  	38
	Section 13.3.  	Redemption of Securities for Sinking Fund  	38

 

    (iii)

     

    

 

ARCIMOTO, INC.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and the Indenture

 

	§ 310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	(c)	 	Not Applicable
	§ 311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not Applicable
	§ 312(a)	 	2.6
	(b)	 	12.3
	(c)	 	12.3
	§ 313(a)	 	7.6
	(b)(1)	 	Not Applicable
	(b)(2)	 	Not Applicable
	(c)(1)	 	7.6
	(c)(2)	 	7.6
	(c)(3)	 	Not Applicable
	(d)	 	7.6
	§ 314(a)	 	4.4, 4.5
	(b)	 	Not Applicable
	(c)(1)	 	12.4
	(c)(2)	 	12.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	12.5
	(f)	 	Not Applicable
	§ 315(a)	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.11
	§ 316(a)	 	2.10
	(a)(1)(A)	 	6.5
	(a)(1)(B)	 	6.4
	(b)	 	6.7
	(c)	 	2.14, 9.5(d)
	§ 317(a)(1)	 	6.8
	(a)(2)	 	6.9
	(b)	 	2.5
	§ 318(a)	 	12.1

 

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

 

     

     

    

 

INDENTURE

 

Indenture dated as of ___________, 20__
between Arcimoto, Inc., an Oregon corporation (“Company”), and _____________________________________, as trustee
(“Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities (or
applicable Series thereof) issued under this Indenture.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1. Definitions.

 

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

 

“Affiliate”
of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings,
the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether
through the ownership of voting securities or by agreement or otherwise.

 

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

 

“Authorized
Newspaper” means a newspaper in an official language of the country of publication customarily published at least once a day for
at least five days in each calendar week and of general circulation in the place in connection with which the term is used. If it shall
be impractical in the opinion of the Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication
or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication of such notice.

 

“Bearer”
means anyone in possession from time to time of a Bearer Security.

 

“Bearer
Security” means any Security, including any interest coupon appertaining thereto, that does not provide for the identification of
the Holder thereof.

 

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

 

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

 

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

 

“Capital
Stock” means:

 

(1) in
the case of a corporation, corporate stock;

 

(2) in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock;

 

    - 1 - 

     

    

 

(3) in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and

 

(4) any
other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of
assets of, the issuing person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or
not such debt securities include any right of participation with Capital Stock.

 

“Company”
means the party named as such above until a successor replaces it pursuant to Article V hereof and thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by two Officers of the Company.

 

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

 

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

 

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

 

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

 

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

 

“Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security
that is convertible into, or exchangeable for, Capital Stock).

 

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

 

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

 

“GAAP”
means, unless otherwise specified with respect to Securities of a particular Series, generally accepted accounting principles in the United
States, which are in effect as of the time when and for the period as to which such accounting principles are to be applied.

 

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

 

“Government
Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the
United States pledges its full faith and credit.

 

“Guarantor”
means any person that issues a guarantee of the Securities, either on the Issue Date or after the Issue Date in accordance with the terms
of this Indenture; provided, that upon the release and discharge of such person from its guarantee in accordance with this Indenture,
such person shall cease to be a Guarantor.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered or the holder of a Bearer Security.

 

    - 2 - 

     

    

 

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

 

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

 

“Issue
Date” means with respect to any Series of Securities the first date such Securities are issued under this Indenture.

 

“Lien”
means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional
sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest).

 

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

 

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

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom (in the case of an Officers’ Certificate delivered under
Section 4.5 hereof) must be the Company’s principal executive officer, the principal financial officer or the principal accounting
officer.

 

“Opinion
of Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee
of or counsel to the Company.

 

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

 

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

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including
any vice president, assistant vice president, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility
or be part of the group that has such responsibility for the administration of this Indenture.

 

“SEC”
means the Securities and Exchange Commission or any successor agency.

 

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

 

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

 

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

 

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

 

    - 3 - 

     

    

 

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

 

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

 

Section 1.2.  Other
Definitions.  

 

	TERM	 	DEFINED IN
 SECTION	 
	“Bankruptcy Law”	 	 	6.1	 
	“Covenant Defeasance”	 	 	8.3	 
	“Custodian”	 	 	6.1	 
	“Depository Entity”	 	 	9.5	 
	“Event of Default”	 	 	6.1	 
	“Legal Defeasance”	 	 	8.2	 
	“Legal Holiday”	 	 	12.7	 
	“mandatory sinking fund payment”	 	 	13.1	 
	“Market Exchange Rate”	 	 	12.15	 
	“optional sinking fund payment”	 	 	13.1	 
	“Paying Agent”	 	 	2.4	 
	“Registrar”	 	 	2.4	 
	“Service Agent”	 	 	2.4	 

 

Section 1.3.  Incorporation
by Reference of Trust Indenture Act.  

 

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

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Securityholder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

“obligor”
on the indenture securities means the Company, any successor obligor upon the Securities or a Guarantor.

 

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

 

    - 4 - 

     

    

 

Section 1.4.  Rules
of Construction.  

 

Unless
the context otherwise requires:

 

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

 

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

 

(c) “or”
is not exclusive;

 

(d) “will”
shall be interpreted to express a command;

 

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

 

(f)  provisions
apply to successive events and transactions; and

 

(g) references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted
by the SEC from time to time.

 

ARTICLE II.

THE SECURITIES

 

Section 2.1. Issuable
in Series.  

 

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

 

Section 2.2. Establishment
of Terms of Series of Securities.  

 

At
or prior to the issuance of any Securities within a Series, the following shall be established by or pursuant to a Board Resolution, and
set forth or determined in the manner provided in a Board Resolution or in a supplemental indenture or in an Officers’ Certificate
pursuant to authority granted under a Board Resolution:

 

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

 

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

 

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

 

(d) whether
the Securities rank as senior Securities, senior subordinated Securities or subordinated Securities or any combination thereof and the
terms of any such subordination;

 

(e) the
form and terms of any guarantee of any Securities of the series;

 

(f)  the
terms and conditions, if any, upon which the Securities of the series shall be exchanged for or converted into other securities of the
Company or securities of another person;

 

    - 5 - 

     

    

 

(g) the
provisions, if any, relating to any security provided for the Securities of the Series;

 

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

 

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

 

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

 

(k) if
other than the Corporate Trust Office, the place or places where the principal of and interest, if any, on the Securities of the Series
shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served, and the method of such payment,
if by wire transfer, mail or other means;

 

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

 

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

 

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

 

(o) the
forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities of
the Series shall be issued in whole or in part in the form of a Global Security or Securities, and the terms and conditions, if any, upon
which such Global Security or Securities may be exchanged in whole or in part for other individual Securities);

 

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

 

(q) the
Trustee for the series of Securities, if other than the Trustee named on the first page hereof or its successors;

 

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

 

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

 

    - 6 - 

     

    

 

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

 

(u) if
other than Dollars, the currency of denomination of the Securities of the Series, which may be any Foreign Currency, and if such currency
of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

(v) if
other than Dollars, the designation of the currency, currencies or currency units in which payment of the principal of and interest, if
any, on the Securities of the Series will be made;

 

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

 

(x) the
securities exchange(s) on which the Securities of the Series will be listed, if any;

 

(y) additions
or deletions to or changes in the provisions relating to covenant defeasance and legal defeasance;

 

(z) additions
or deletions to or changes in the provisions relating to satisfaction and discharge of the Indenture;

 

(aa) additions
or deletions to or changes in the provisions relating to the modification of the Indenture both with and without the consent of holders
of Securities of the Series issued under the Indenture; and

 

(bb) any
other terms of the Securities of the Series (which terms may modify, supplement or delete any provision of this Indenture with respect
to such Series; provided, however, that no such term may modify or delete any provision hereof if imposed by the TIA; and provided, further,
that any modification or deletion of the rights, duties or immunities of the Trustee hereunder shall have been consented to in writing
by the Trustee).

 

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

 

Section 2.3. 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 Security is authenticated, the Security shall
nevertheless be valid.

 

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

 

The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Each Security
shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate.

 

The
aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount
for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to
Section 2.2, except as provided in Section 2.9.

 

    - 7 - 

     

    

 

Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected
in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the
Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 12.4, and (c) an Opinion of Counsel complying with Section 12.4.

 

The
Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised
by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors
or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine that such action would expose
the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

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

 

Section 2.4. Registrar
and Paying Agent.  

 

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

 

The
Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may
from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.2
for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional service agent. The
term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and
the term “Service Agent” includes any additional service agent.

 

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

 

Section 2.5. Paying
Agent to Hold Money in Trust.  

 

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

 

    - 8 - 

     

    

 

Section 2.6. Securityholder
Lists.  

 

The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar,
the Company shall furnish, or shall cause the Registrar to furnish, to the Trustee at least ten days before each interest payment date,
but in any event at least once every six months, and at such other times as the Trustee may request in writing a list, in such form and
as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.

 

Section 2.7. Transfer
and Exchange.  

 

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

 

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

 

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

 

Section 2.8. Mutilated,
Destroyed, Lost and Stolen Securities.  

 

If
any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and make available
for delivery in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

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

 

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

 

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

 

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

 

    - 9 - 

     

    

 

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

 

Section 2.9. Outstanding
Securities.  

 

Subject
to Section 2.10, the Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled
by it, those delivered to it for cancellation, those reductions in the interest in a Global Security effected by the Trustee in accordance
with the provisions hereof and those described in this Section as not outstanding.

 

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

 

If
the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds as of 11:00 a.m. Eastern
Time on the date of Maturity of Securities of a Series or on any day thereafter (in the case money is deposited by the Company following
the date of Maturity) money sufficient to pay such Securities payable on such date of Maturity or on any such later date, as the case
may be, then on and after such date of Maturity or such later date, as the case may be, such Securities of the Series cease to be outstanding
and interest on them ceases to accrue.

 

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

 

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

 

Section 2.10. Treasury
Securities.  

 

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

 

Section 2.11. Temporary
Securities.  

 

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

 

Section 2.12. Cancellation.  

 

The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange, replacement or payment. The Trustee shall cancel all Securities
surrendered for transfer, exchange, payment, replacement or cancellation and deliver such canceled Securities to the Company, unless the
Company otherwise directs; provided that the Trustee shall not be required to destroy such Securities. The Company may not issue new Securities
to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

    - 10 - 

     

    

 

Section 2.13. Defaulted
Interest.  

 

If
the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record
date. The Company shall fix such special record date and the related payment date. At least 15 days before such special record date,
the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states such special record date, the
related payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14. Special
Record Dates.  

 

(a) The
Company may, but shall not be obligated to, set a record date for the purpose of determining the identity of Holders entitled to consent
to any supplement, amendment or waiver permitted by this Indenture. If a record date is fixed, the Holders of such Series and Securities
outstanding on such record date, and no other Holders, shall be entitled to consent to such supplement, amendment or waiver or revoke
any consent previously given, whether or not such Holders remain Holders after such record date. No consent shall be valid or effective
for more than 90 days after such record date unless consents from Holders of the principal amount of such Series and Securities required
hereunder for such amendment or waiver to be effective shall have also been given and not revoked within such 90-day period.

 

(b) The
Company may, but shall not be obligated to, fix any day as a record date for the purpose of determining the Holders of any Series of Securities
entitled to join in the giving or making of any notice of Default, any declaration of acceleration, any request to institute proceedings
or any other similar direction. If a record date is fixed, the Holders of such Series and Securities outstanding on such record date,
and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain
Holders after such record date; provided, however, that no such action shall be effective hereunder unless taken on or prior to the date
90 days after such record date.

 

(c) To
the extent reasonably practicable, the Company shall give the Trustee a 15-day advance written notice of any special record date set in
accordance with this Section 2.14.

 

Section 2.15.  Global
Securities.  

 

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

 

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

 

    - 11 - 

     

    

 

Except
as provided in this Section 2.15(b), a Global Security may not be transferred except as a whole by the Depository with respect to
such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository
or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

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

 

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

 

“Transfer
of this Global Security shall be limited to transfers in whole, but not in part, to DTC, to nominees of DTC or to a successor thereof
or such successor’s nominee and limited to transfers made in accordance with the restrictions set forth in the Indenture referred
to herein.”

 

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

 

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

 

(f)  Consents,
Declaration and Directions.  Except as provided in Section 2.15(e), the Company, the Trustee and any Agent
shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security
as shall be specified in a written statement of the Depository with respect to such Global Security, for purposes of obtaining any consents,
declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.16.  CUSIP
Numbers.  

 

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

 

Section 2.17.  Persons
Deemed Owners.  

 

Prior
to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the person in whose name such Security is registered in the register kept by the Registrar as the owner of such Security for the
purpose of receiving payment of principal of and (subject to the record date provisions thereof) interest on and any Additional Amounts
with respect to, such Security and for all other purposes whatsoever, whether or not any payment with respect to such Security shall be
overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.
The Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of a Bearer Security as the absolute owner thereof
for the purpose of receiving payment of principal of and interest on and any Additional Amounts with respect to, such Security and for
all other purposes whatsoever, whether or not any payment with respect to such Security shall be overdue, and none of the Company, the
Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

    - 12 - 

     

    

 

No
holder of any beneficial interest in any Global Security held on its behalf by a Depository shall have any rights under this Indenture
with respect to such Global Security, and such Depository may be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Registrar
will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

ARTICLE III.

REDEMPTION

 

Section 3.1.  Notice
to Trustee.  

 

The
Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity
thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption
date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 35 days before the
redemption date (or such shorter notice as may be acceptable to the Trustee).

 

Section 3.2.  Selection
of Securities to be Redeemed.  

 

Unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, if less
than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed by such method
as the Trustee shall deem fair and appropriate.

 

In
the event of partial redemption, the Trustee shall make the selection from Securities of the Series outstanding not previously called
for redemption. The Trustee may select for redemption a portion of the principal amount of any Security of such Series; provided that
the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the
minimum authorized denomination) for such Security. Provisions of this Indenture that apply to Securities of a Series called for redemption
also apply to portions of Securities of that Series called for redemption.

 

Section 3.3.  Notice
of Redemption.  

 

Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at
least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class
mail to each Holder whose Securities are to be redeemed and if any Bearer Securities are outstanding, publish on one occasion a notice
in an Authorized Newspaper, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice
is issued in connection with a defeasance of the Series of Securities or a satisfaction and discharge of this Indenture pursuant to Articles VIII
or XI hereof.

 

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

 

(a) the
redemption date;

 

(b) the
redemption price (or if not then ascertainable, the manner of calculation thereof);

 

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

 

    - 13 - 

     

    

 

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

 

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

 

(f)  the
CUSIP number, if any; and

 

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

 

Any
notice of redemption may be given prior to the redemption thereof, any such redemption of notice may, at the Company’s discretion,
be subject to one or more conditions precedent, including, but not limited to, completion of a qualified equity offering or other corporation
transaction. At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense.

 

Section 3.4. Effect
of Notice of Redemption.  

 

Once
notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due and
payable on the redemption date and at the redemption price specified in such notice. If money sufficient to pay the redemption price of
and accrued interest on the Securities of a Series to be redeemed is deposited with the Trustee on or before the redemption date, on and
after the redemption date interest will cease to accrue on the Securities of a Series (or such portions thereof) called for redemption
and such Securities will cease to be outstanding. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption
price plus accrued interest to the redemption date; provided that, unless otherwise specified with respect to such Securities pursuant
to Section 2.2 hereof, installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the
Holders of such Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor
according to their terms and the terms of this Indenture.

 

Section 3.5. Deposit
of Redemption Price.  

 

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

 

Section 3.6. Securities
Redeemed in Part.  

 

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

 

    - 14 - 

     

    

 

ARTICLE IV.

COVENANTS

 

Section 4.1. Payment
of Principal and Interest.  

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will pay or cause to be paid the principal
of, and premium, if any, and interest on, the Securities of that Series on the dates and in the manner provided in such Securities. Principal
of, and premium, if any, and interest on any Series of Securities will be considered paid on the date due if the Paying Agent, if other
than the Company or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately
available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal with respect to such Securities at the rate specified therefor
in the Securities; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments
of interest (without regard to any applicable grace period) at the same rate to the extent lawful.

 

Section 4.2.  Additional
Amounts.  

 

If
any Securities of a Series provide for the payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security
Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture there is mentioned, in
any context, the payment of the principal of or interest on, or in respect of, any Security of any Series, such mention shall be deemed
to include mention of the payment of Additional Amounts provided by the terms of such Series established hereby or pursuant hereto to
the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express
mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts
in those provisions hereof where such express mention is not made.

 

Section 4.3.  Maintenance
of Office or Agency.  

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will maintain an office or agency (which
may be an office of the Trustee for such Securities or an Affiliate of such Trustee, Registrar for such Securities or co-registrar) where
such Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in
respect of such Securities and this Indenture may be served. The Company will give prompt written notice to the Trustee for such Securities
of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required
office or agency or fails to furnish such Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of such Trustee.

 

    - 15 - 

     

    

 

The Company may also from time to time designate
one or more other offices or agencies where Holders of a Series of Securities may present or surrender such Securities for any or all
such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee for such
Series of Securities of any such designation or rescission and of any change in the location of any such other office or agency.

 

With
respect to each Series of Securities, the Company hereby designates the Corporate Trust Office of the Trustee for such Securities as one
such office or agency of the Company in accordance with Section 2.4 hereof.

 

Section 4.4. SEC
Reports. 

 

Unless
otherwise specified with respect to Securities of a particular Series pursuant to Section 2.2, the Company will, if and to the extent
required under the TIA, so long as any securities of a particular Series are outstanding:

 

(a) make
available to the Trustee and the Holders of Securities copies of the annual reports and of the information, documents and other reports
which the Company may be required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, provided that for this
purpose the filing with the SEC of such reports, information and documents shall be sufficient; or

 

(b) if
the Company is not then subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, make available to the Trustee
and the Holders of the Securities (including by means of a public or private website), substantially similar periodic information (excluding
exhibits) which would be required to be included in periodic reports on Form 10-K, 10-Q and 8-K (or any successor form or forms)
under the Exchange Act within the time periods set forth in the applicable SEC rules and regulations as if the Company were a non-accelerated
filer as defined in such applicable SEC rules and regulations, provided that in each case such information may be subject
to exclusions if the Company in good faith determines that such excluded information would not to be material to the interests of the
holders of any Series of Securities.

 

The
delivery of such reports, information and documents to the Trustee pursuant to this Section 4.4 is for informational purposes only
and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee
is entitled to rely exclusively on Officer’s Certificates).

 

 Section 4.5. Compliance
Certificate. 

 

(a) The
Company and each Guarantor of any Series of Securities (to the extent that such guarantor is so required under the TIA) shall deliver
to the Trustee with respect to such Series, within 120 days after the end of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing
all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take
with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments
on account of the principal of or interest, if any, on the Series of Securities is prohibited or if such event has occurred, a description
of the event and what action the Company is taking or proposes to take with respect thereto.

 

    - 16 - 

     

    

 

(b) So
long as any Series of Securities is outstanding, the Company will deliver to the Trustee with respect to such Series, forthwith upon any
Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default
and what action the Company is taking or proposes to take with respect thereto.

 

Section 4.6. Taxes. 

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will pay, and will cause each of its
Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good
faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders
of such Securities.

 

Section 4.7. Stay,
Extension and Usury Laws. 

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities (to the extent that it may lawfully do so) that
it will not, and each Guarantor of such Securities will not, at any time insist upon, plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance of this Indenture; and the Company and each such Guarantor (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay
or impede the execution of any power herein granted to the Trustee for such Securities, but will suffer and permit the execution of every
such power as though no such law has been enacted.

 

Section 4.8. Corporate
Existence. 

 

Subject
to Article V hereof, the Company covenants and agrees for the benefit of the Holders of each Series of Securities that it shall do
or cause to be done all things necessary to preserve and keep in full force and effect its legal existence and rights and franchises;
provided, however, that the foregoing shall not obligate the Company to preserve any such right or franchise if the Company shall determine
that the preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in
any material respect to any Holder.

ARTICLE V.

SUCCESSORS

 

Section 5.1. Merger,
Consolidation, or Sale of Assets. 

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it shall not, directly or indirectly: (a) consolidate
or merge with or into another person (whether or not the Company is the surviving corporation) or (b) sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole,
in one or more related transactions, to another person, unless:

 

(i) the
Company shall be the continuing entity, or the resulting, surviving or transferee person shall be a corporation, partnership, limited
liability company, trust or other entity organized and validly existing under the laws of any domestic or foreign jurisdiction, and such
successor person (if not the Company) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee,
in form reasonably satisfactory to the Trustee, all the obligations of the Company under the Securities and this Indenture and, for each
Security that by its terms provides for conversion, shall have provided for the right to convert such Security in accordance with its
terms;

 

(ii) immediately
after such transaction, no Default or Event of Default exists; and

 

    - 17 - 

     

    

 

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

 

This
Section 5.1 will not apply to:

 

(1) a
merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction; or

 

(2) any
consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Company
and its Subsidiaries.

 

Section 5.2. Successor
Person Substituted. 

 

Upon
any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of
the properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.1
hereof, the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment,
transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring
to the “Company” shall refer instead to the successor person and not to the Company), and may exercise every right and power
of the Company under this Indenture with the same effect as if such successor person had been named as the Company herein; provided, however,
that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on any Series of Securities
except in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions
of, Section 5.1 hereof.

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1. Events
of Default. 

 

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

 

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

 

(b) default
in payment when due of the principal of, or premium, if any, on any Security of that Series; or

 

(c) default,
for 90 days after receipt of written notice given by the Trustee or the Holders of not less than 25% in principal amount of the Securities
of that Series then outstanding, in the performance or breach of any Covenant for the benefit of the holders of the Securities of that
Series (other than a default referred to in clauses (a) and (b) above and other than a Covenant which has been included in this
Indenture solely for the benefit of any Series of Securities other than that Series); or

 

    - 18 - 

     

    

 

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

 

(i) commences
a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

The
term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

A
Default under clause (d) above is not an Event of Default with respect to a particular Series of Securities until the Trustee notifies
the Company, or the Holders of more than 25% in principal amount of the then outstanding Securities of that Series notify the Company
and the Trustee of the Default, and the Company does not cure the Default within 90 days after receipt of the notice. The notice
must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” Such notice shall
be given by the Trustee if so requested in writing by the Holders of more than 25% of the principal amount of the then outstanding Securities
of that Series.

 

Section 6.2. Acceleration. 

 

 If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(e) or (f)) then in every such case the Trustee or the Holders of more than 25% in principal amount
of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities,
such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any,
on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(e) or (f) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At
any time after such a declaration of acceleration with respect to any Series has been made, the Holders of a majority in principal amount
of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.

 

    - 19 - 

     

    

 

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

 

Section 6.3. Other
Remedies. 

 

If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal of and, premium, if any, and interest on such Securities or to enforce the performance
of any provision of such Securities or this Indenture.

 

The
Trustee for such Securities may maintain a proceeding even if it does not possess any of such Securities or does not produce any of them
in the proceeding. A delay or omission by the Trustee or any Holder of Securities in exercising any right or remedy accruing upon an Event
of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law.

 

Section 6.4. Waiver
of Past Defaults. 

 

Holders
of not less than a majority in aggregate principal amount of the then outstanding Securities of any Series by notice to the Trustee for
such Securities may on behalf of the Holders of all of such Securities waive an existing Default or Event of Default with respect to such
Securities and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, or premium,
if any, or interest on, such Securities or in respect of a covenant or provision hereof which under Article IX cannot be modified
or amended without the consent of the Holder of each outstanding Security of the Series affected; provided, however, that the Holders
of a majority in aggregate principal amount of the then outstanding Securities of any Series may rescind an acceleration of such Securities
and its consequences, including any related payment default that resulted from such acceleration, in accordance with Section 6.2.
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon.

 

Section 6.5. Control
by Majority. 

 

Holders
of a majority in aggregate principal amount of the then outstanding Securities of any Series may direct the time, method and place of
conducting any proceeding for exercising any remedy available to the Trustee for such Securities or exercising any trust or power conferred
on it. However, the Trustee for any Series of Securities may refuse to follow any direction that conflicts with law or this Indenture
that such Trustee determines may be unduly prejudicial to the rights of other Holders of such Securities or that may involve the Trustee
in personal liability.

 

Section 6.6. Limitation
on Suits. 

 

A
Holder of any Series of Securities may pursue a remedy with respect to this Indenture or such Securities only if:

 

(a) such
Holder gives to the Trustee for such Securities written notice that an Event of Default with respect to such Series is continuing;

 

(b) Holders
of more than 25% in aggregate principal amount of the then outstanding Securities of such Series make a written request to the Trustee
for such Securities to pursue the remedy;

 

(c) such
Holder or Holders offer and, if requested, provide to the Trustee for such Securities security or indemnity reasonably satisfactory to
such Trustee against any loss, liability or expense;

 

(d) such
Trustee does not comply with the request within 90 days after receipt of the request and the offer of security or indemnity; and

    - 20 - 

     

    

 

(e) during
such 90-day period, Holders of a majority in aggregate principal amount of the then outstanding Securities of such Series do not give
such Trustee a direction inconsistent with such request.

 

A
Holder of any Series of Securities may not use this Indenture to prejudice the rights of another Holder of such Series of Securities or
to obtain a preference or priority over another Holder of Securities of such Series.

 

Section 6.7. Rights
of Holders of Securities to Receive Payment. 

 

Notwithstanding
any other provision of this Indenture, the right of any Holder of a Security of any Series to receive payment of principal of and, premium,
if any, and interest on such Securities, on or after the respective due dates expressed in such Securities (including, if applicable,
in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder.

 

Section 6.8. Collection
Suit by Trustee. 

 

If
an Event of Default specified in Section 6.1(a), (b) or (c) hereof with respect to Securities of any Series occurs and
is continuing, the Trustee for such Securities is authorized to recover judgment in its own name and as trustee of an express trust against
the Company for the whole amount of principal of and, premium, if any, and interest remaining unpaid on, such Securities and interest
on overdue principal and, to the extent lawful, overdue interest and such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel.

 

Section 6.9. Trustee
May File Proofs of Claim. 

 

The
Trustee for each Series of Securities is authorized to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of such Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of such Trustee, its agents and counsel) and the Holders of the Securities for which it acts as trustee allowed in any judicial
proceedings relative to the Company (or any other obligor upon such Securities), its creditors or its property and shall be entitled and
empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in
any such judicial proceeding is hereby authorized by each Holder of such Securities to make such payments to such Trustee, and in the
event that such Trustee shall consent to the making of such payments directly to such Holders, to pay to such Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, and any other amounts
due such Trustee under the Indenture. To the extent that the payment of any such compensation, expenses, disbursements and advances of
such Trustee, its agents and counsel, and any other amounts due such Trustee out of the estate in any such proceeding, shall be denied
for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties that such Holders may be entitled to receive in such proceeding whether in liquidation or under any plan
of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize such Trustee to authorize or consent
to or accept or adopt on behalf of any Holder for which it acts as trustee any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of such Holder, or to authorize such Trustee to vote in respect of the claim of any such Holder
in any such proceeding.

 

Section 6.10. Priorities. 

 

If
the Trustee of any Series of Securities collects any money pursuant to this Article VI, it shall pay out the money in the following
order:

 

First: to
the Trustee, its agents and attorneys for amounts due under the Indenture, including payment of all compensation, expenses and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

    - 21 - 

     

    

 

Second: to Holders of such
Securities for amounts due and unpaid on such Securities for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on such Securities for principal, premium, if any and interest, respectively;
and

 

Third: to
the Company or to such party as a court of competent jurisdiction shall direct.

 

Subject
to Section 2.14 hereof, the Trustee may fix a record date and payment date for any payment to Holders of Securities pursuant to this
Section 6.10.

 

Section 6.11. Undertaking
for Costs. 

 

In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against any Trustee for any action taken or omitted
by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to Section 6.6 hereof, or a suit by Holders of
more than 10% in aggregate principal amount of the then outstanding Securities of any Series.

 

ARTICLE VII.

TRUSTEE

 

Section 7.1. Duties
of Trustee. 

 

(a) Subject
to Section 7.2(h), if an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested
in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

 

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

 

(i) The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

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

 

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

 

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

 

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

 

    - 22 - 

     

    

 

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

 

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

 

(e) The
Trustee may refuse to perform any duty or exercise any right or power at the request or direction of any Holder unless it receives indemnity
satisfactory to it against any loss, liability or expense.

 

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

 

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

 

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

 

Section 7.2. Rights
of Trustee. 

 

(a) The
Trustee may rely on and shall be protected in acting or refraining from acting upon any document believed by it to be genuine and to have
been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

 

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

 

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

 

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

 

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

 

(f) The
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder without negligence and in good faith
and in reliance thereon.

 

    - 23 - 

     

    

 

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

 

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

 

(i) The
Trustee shall not be required to provide any bond or surety with respect to the execution of these trusts and powers.

 

Section 7.3. Individual
Rights of Trustee. 

 

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

 

Section 7.4. Trustee’s
Disclaimer. 

 

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

 

Section 7.5. Notice
of Defaults. 

 

If
a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series and, if any Bearer Securities are
outstanding, mail in the manner provided by in TIA § 313(c), notice of a Default or Event of Default within 90 days after
it occurs. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the
Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of Securityholders of that Series.

 

Section 7.6. Reports
by Trustee to Holders. 

 

Within
60 days after May 15 in each year following the issuance of a Series of Securities under this Indenture, the Trustee shall transmit
by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar and, if any Bearer Securities
are outstanding, transmit by mail in accordance with TIA § 313(c), a brief report dated as of such May 15, in accordance
with, and to the extent required under, TIA § 313(a).

 

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

 

Section 7.7. Compensation
and Indemnity. 

 

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

 

    - 24 - 

     

    

 

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

 

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

 

To
secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on
all money or property held or collected by the Trustee pursuant to Section 8.4, except that held in trust to pay principal of and
interest on particular Securities of that Series.

 

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

 

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

 

Section 7.8. Replacement
of Trustee. 

 

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

 

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

 

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

 

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

 

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

 

(d) the
Trustee becomes incapable of acting.

 

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

 

If
a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the Securities
of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

    - 25 - 

     

    

 

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

 

Section 7.9. Successor
Trustee by Merger, etc. 

 

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

 

Section 7.10. Eligibility;
Disqualification. 

 

This
Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1) and (2) and does not violate the
prohibitions in TIA § 310(a)(5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set
forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

 

Section 7.11. Preferential
Collection of Claims Against Company. 

 

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

 

ARTICLE VIII.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.1. Option
to Effect Legal Defeasance or Covenant Defeasance. 

 

The
Company may at any time elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Securities of any Series upon
compliance with the conditions set forth below in this Article VIII.

 

Section 8.2. Legal
Defeasance and Discharge. 

 

Upon
the Company’s exercise under Section 8.1 hereof of the option applicable to this Section 8.2, the Company and each Guarantor,
if any, of such Securities will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have
been discharged from its or their obligations with respect to all outstanding Securities of such Series (including the related guarantees,
if any) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal
Defeasance means that the Company and such Guarantors will be deemed to have paid and discharged the entire indebtedness represented by
the outstanding Securities of such Series (including the related guarantees, if any), which will thereafter be deemed to be “outstanding”
only for the purposes of Section 8.5 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below,
and to have satisfied all its or their other obligations under such Securities, such guarantees, if any, and this Indenture (and the Trustee
for such Securities, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except
for the following provisions which will survive until otherwise terminated or discharged hereunder:

 

(a) the
rights of Holders of outstanding Securities of such Series to receive payments in respect of the principal of, or interest or premium,
if any, on, such Securities when such payments are due solely out of the trust referred to in Section 8.4 hereof;

 

    - 26 - 

     

    

 

(b) the
Company’s obligations with respect to such Securities under Article II hereof;

 

(c) the
rights, powers, trusts, duties and immunities of the Trustee for such Securities hereunder and the Company’s and the Guarantors’,
if any, obligations in connection therewith; and

 

(d) this
Article VIII.

 

Subject
to compliance with this Article VIII, the Company may exercise its option under this Section 8.2 notwithstanding the prior exercise
of its option under Section 8.3 hereof.

 

Section 8.3. Covenant
Defeasance. 

 

Upon
the Company’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Company and each of
the Guarantors, if any, will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from each
of its or their obligations under the covenants contained in Sections 4.3, 4.4, 4.5, 4.6 and 4.7, Section 5.1, and covenants
specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2,
with respect to the outstanding Securities of the applicable Series on and after the date the conditions set forth in Section 8.4
hereof are satisfied (hereinafter, “Covenant Defeasance”), and such Securities will thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders of such Securities (and the consequences of any thereof)
in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Securities will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that,
with respect to the outstanding Securities of such Series, the Company may omit to comply with and will have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document
and such omission to comply will not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified
above, the remainder of this Indenture and such Securities will be unaffected thereby. In addition, upon the Company’s exercise
under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the conditions set forth
in Section 8.4 hereof, Section 6.1(c) hereof will not constitute an Event of Default.

 

Section 8.4. Conditions
to Legal or Covenant Defeasance. 

 

In
order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.2 or 8.3 hereof with respect to Securities
of any Series:

 

(a) the
Company must irrevocably deposit with the Trustee for such Securities, in trust, solely for the benefit of the Holders of such Securities,
cash in Dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of
a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, and premium,
if any, and interest on, the outstanding Securities of such Series on the stated date for payment thereof or on the applicable redemption
date, as the case may be, and the Company must specify whether such Securities are being defeased to such stated date for payment or to
a particular redemption date;

 

(b) in
the case of an election under Section 8.2 hereof, the Company must deliver to the Trustee for such Securities an Opinion of Counsel
confirming that:

 

(1) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

    - 27 - 

     

    

 

(2) since
the date of this Indenture, there has been a change in the applicable federal income tax law,

 

in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders and beneficial owners of the outstanding Securities
of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;

 

(c) in
the case of an election under Section 8.3 hereof, the Company must deliver to the Trustee for such Securities an Opinion of Counsel
reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders and beneficial owners
of such Securities will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and
will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred;

 

(d) no
Default or Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit (other than
a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such
borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection
therewith);

 

(e) such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement
or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of
its Subsidiaries is bound (other than that resulting from the borrowing of funds to be applied to such deposit or the grant of any lien
securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens
in connection therewith);

 

(f) the
Company must deliver to the Trustee for such Securities an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of such Securities over the other creditors of the Company with the intent of defeating, hindering,
delaying or defrauding any creditors of the Company or others; and

 

(g) the
Company must deliver to the Trustee for such Securities an Officers’ Certificate and an Opinion of Counsel (which opinion of counsel
may be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or
the Covenant Defeasance have been complied with.

 

Section 8.5. Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

 

Subject
to Section 8.6 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee
(or other qualifying trustee, collectively for purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4
hereof in respect of the outstanding Securities of any Series will be held in trust and applied by the Trustee, in accordance with the
provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting
as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect
of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 

    - 28 - 

     

    

 

The
Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities of the applicable Series.

 

Notwithstanding
anything in this Article VIII to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request
of the Company any money or non-callable Government Securities held by it as provided in Section 8.4 hereof which, in the opinion
of a nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4 hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.6. Repayment
to Company. 

 

Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, or premium,
if any, or interest on, any Series of Securities and remaining unclaimed for one year after such principal, premium, if any, or interest
has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust;
and the Holders of such Securities will thereafter be permitted to look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense
of the Company cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date
specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of
such money then remaining will be repaid to the Company.

 

Section 8.7. Reinstatement. 

 

If,
in connection with a Legal Defeasance or Covenant Defeasance, the Trustee or Paying Agent is unable to apply any Dollars or non-callable
Government Securities in accordance with Section 8.5, by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company’s and any applicable Guarantors’ obligations under
this Indenture and the applicable Securities and the guarantees will be revived and reinstated as though no deposit had occurred pursuant
to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.5; provided, however, that, if the Company makes any payment of principal of or interest on any such Securities following
the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Securities to receive such payment
from the money held by the Trustee or Paying Agent.

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1. Without
Consent of Holders. 

 

Notwithstanding
Section 9.2 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Securities of one or more
Series without the consent of any Securityholder:

 

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

 

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

 

(c) to
provide for the assumption of the Company’s obligations to the Holders of the Securities by a successor to the Company pursuant
to Article V hereof;

 

    - 29 - 

     

    

 

(d) to
add any additional Events of Default with respect to all or any Series of Securities outstanding hereunder;

 

(e) to
secure the Securities pursuant to the requirements of any covenant on liens in respect of such series of Securities or otherwise;

 

(f) to
change or eliminate any of the provisions of this Indenture, or to add any new provision to this Indenture, in respect of one or more
series of Securities; provided, however, that any such change, elimination or addition (A) shall neither (i) apply to any Security
outstanding on the date of such indenture supplemental hereto nor (ii) modify the rights of the Holder of any such Security with
respect to such provision in effect prior to the date of such indenture supplemental hereto or (B) shall become effective only when
no Security of such series remains outstanding;

 

(g) to
make any change that would provide any additional rights or benefits to the Holders of Securities or that does not adversely affect the
Holders’ rights hereunder in any material respect;

 

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

 

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

 

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

 

(k) to
add an additional Guarantor or obligor under this Indenture; or

 

(l) to
conform any provision of this Indenture, the Securities of any Series or any related guarantees or security documents to the description
of such Securities contained in the Company’s prospectus, prospectus supplement, offering memorandum or similar document with respect
to the offering of the Securities of such Series to the extent that such description was intended to be a verbatim recitation of a provision
in the Indenture, such Securities or any related guarantees or security documents.

 

Upon
the request of the Company and upon receipt by the Trustee of the documents described in Section 12.4 hereof, the Trustee will join
with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and
to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter
into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.2. With
Consent of Holders. 

 

The
Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal
amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
of the Securityholders of each such Series. Except as provided in Section 6.4, the Holders of at least a majority in principal amount
of the outstanding Securities of each Series by notice to the Trustee (including consents obtained in connection with a tender offer or
exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities
with respect to such Series.

 

    - 30 - 

     

    

 

It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any
proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. Upon the request
of the Company and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities
as aforesaid, and upon receipt by the Trustee of the documents described in Section 12.4 hereof, the Trustee will join with the Company
in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated
to, enter into such amended or supplemental Indenture.

 

After
a supplemental indenture or waiver under this section becomes effective, the Company shall promptly mail to the Holders of Securities
affected thereby and, if any Bearer Securities affected thereby are outstanding, publish on one occasion in an Authorized Newspaper, a
notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3. Limitations. 

 

Without
the consent of each Securityholder affected, an amendment, supplement or waiver may not (with respect to any Securities held by a non-consenting
Holder):

 

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

 

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

 

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

 

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

 

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

 

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

 

(g) make
any change in Sections 6.4, 6.7 or 9.3; or

 

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

 

Section 9.4. Compliance
with Trust Indenture Act. 

 

Every
amendment or supplement to this Indenture or the Securities of one or more Series shall be set forth in an amended or supplemental indenture
that complies with the TIA as then in effect.

 

    - 31 - 

     

    

 

Section 9.5. Revocation
and Effect of Consents. 

 

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

 

(b) An
amendment, supplement or waiver effective in accordance with its terms will thereafter bind every Holder.

 

(c) For
purposes of this Indenture, the consent of the Holder of a Global Security shall be deemed to include any consent delivered by any member
of, or participant in, any Depository, any nominees thereof and their respective successors and assigns, or such other depository institution
hereinafter appointed by the Company (“Depository Entity”) by electronic means in accordance with the Automated Tender Offer
Procedures system or other customary procedures of, and pursuant to authorization by, such Depository Entity.

 

(d) The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment,
supplement or waiver. If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those
persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to revoke any
consent previously given, whether or not such persons continue to be Holders after such record date. No such consent shall be valid or
effective for more than 120 days after such record date. The Company shall inform the Trustee of the fixed record date, if applicable.

 

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

 

Section 9.6. Notation
on or Exchange of Securities. 

 

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

 

Section 9.7. Trustee
Protected. 

 

In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be
fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted
by this Indenture.

 

ARTICLE X.

GUARANTEES

 

Section 10.1. Guarantees. 

 

Any
Series of Securities may be guaranteed by one or more of the Guarantors. The terms and the form of any such guarantee will be established
in the manner contemplated by Section 2.2 for that particular Series of Securities.

 

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ARTICLE XI.

SATISFACTION AND DISCHARGE

 

Section 11.1. Satisfaction
and Discharge. 

 

This
Indenture will be discharged and will cease to be of further effect as to a Series of Securities issued hereunder, when:

 

(a) either:

 

(i) all
such Securities that have been authenticated, except lost, stolen or destroyed Securities that have been replaced or paid and Securities
for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee
for cancellation; or

 

(ii) all
such Securities that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a
notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to
be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Securities, cash in Dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest,
to pay and discharge the entire indebtedness on such Securities not delivered to the Trustee for cancellation for principal, premium,
if any, and accrued interest to the date of maturity or redemption;

 

(b) no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting
from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous
deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith) and the deposit will not result
in a breach or violation of, or constitute a default under, any other material instrument to which the Company or any Guarantor of such
Securities is a party or by which the Company or any such Guarantor is bound (other than a breach, violation or default resulting from
the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous
deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith);

 

(c) the
Company or any Guarantor of such Securities has paid or caused to be paid all sums payable by it under this Indenture; and

 

(d) the
Company has delivered irrevocable instructions to the Trustee for such Securities under this Indenture to apply the deposited money toward
the payment of such Securities at maturity or on the redemption date, as the case may be.

 

In
addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee for such Securities stating
that all conditions precedent to satisfaction and discharge have been satisfied, and all fees and expenses of the Trustee shall have been
paid.

 

Notwithstanding
the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (ii) of clause (a)
of this Section 11.1, the provisions of Sections 11.2 and 8.6 hereof will survive. In addition, nothing in this Section 11.1
will be deemed to discharge those provisions of Section 7.7 hereof, that, by their terms, survive the satisfaction and discharge
of this Indenture.

 

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Section 11.2. Application
of Trust Money. 

 

Subject
to the provisions of Section 8.6 hereof, all money or Government Securities deposited with the Trustee pursuant to Section 11.1
hereof shall be held in trust and applied by it, in accordance with the provisions of the Securities with respect to with such deposit
was made and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent) as such Trustee may determine, to the persons entitled thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by
law.

 

If
the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.1 hereof by reason
of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company’s and any applicable Guarantor’s obligations under this Indenture and the applicable
Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.1 hereof; provided that if the
Company has made any payment of principal of, or premium, if any, or interest on, any Securities because of the reinstatement of its obligations,
the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

ARTICLE XII.

MISCELLANEOUS

 

Section 12.1. Trust
Indenture Act Controls. 

 

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

 

Section 12.2. Notices. 

 

Any
notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and (a) delivered in person, (b) mailed by first-class mail or overnight mail, (c) sent by overnight air courier
with next Business Day delivery,  (d) delivered electronically (in .pdf or similar format) if, in case of electronic notices, receipt
is confirmed or (e) by the United States Postal Service:

  

If to the Company by United States Postal Service:

 

Arcimoto, Inc.

P.O. Box 25658

Eugene, OR 97402

  

if to the Company:

 

Arcimoto, Inc.

2034 West 2nd Avenue

Eugene, OR 97402

Telephone No.: (541) 683-6293

Facsimile No.: (___) ___-____

Attention: _____________

With a copy to:

Nelson Mullins Riley & Scarborough LLP

4140 Parklake Avenue, Suite 200

Raleigh, NC 27612

Telephone No.: (919) 329-3804

Facsimile No.: (919) 329-3799

Attention: W. David Mannheim

 

    - 34 - 

     

    

 

if to the Trustee:

 

[Name of Trustee]

[Address of Trustee]

Telephone No.:

Facsimile No.:

Attention: _________

 

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

 

Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

All
notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; the next Business Day after timely
delivery to the courier, if sent by overnight air courier for next Business Day delivery; and when receipt is confirmed, if delivered
electronically.

 

Any
notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar
and, if any Bearer Securities are outstanding, published in an Authorized Newspaper, unless otherwise provided with respect to the applicable
Series. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency
with respect to other Securityholders of that or any other Series.

 

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

 

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

 

If
the Company mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Where
the Indenture provides for notice of any event to a Holder of a Global Security, such notice shall be sufficiently given if given to the
Depository for such Global Security (or its designee), pursuant to the applicable procedures of the Depository, not later than the latest
date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice.

 

Section 12.3. Communication
by Holders with Other Holders. 

 

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

 

Section 12.4. Certificate
and Opinion as to Conditions Precedent. 

 

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

 

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

 

    - 35 - 

     

    

 

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

 

Section 12.5. Statements
Required in Certificate or Opinion. 

 

Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.5 hereof and TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e)
and shall include:

 

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

 

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

 

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

 

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

 

Section 12.6. Rules
by Trustee and Agents. 

 

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

 

Section 12.7. Legal
Holidays. 

 

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

 

Section 12.8. No
Recourse Against Others. 

 

No
past, present or future director, officer, stockholder or employee, as such, of the Company or any successor corporation shall have any
liability for any obligation of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release
are part of the consideration for the execution of this Indenture and the issue of the Securities.

 

Section 12.9. Counterparts. 

 

This
Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

    - 36 - 

     

    

 

Section 12.10. Governing
Law; Waiver of Trial by Jury. 

 

THE LAW OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THIS INDENTURE, THE SECURITIES AND ANY GUARANTEES OF THE SECURITIES. EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED THEREBY.

 

Section 12.11. No
Adverse Interpretation of Other Agreements. 

 

This
Indenture may not be used to interpret any other indenture, loan or debt or other agreement of the Company or its Subsidiaries or of any
other person. Any such indenture, loan or debt or other agreement may not be used to interpret this Indenture.

 

Section 12.12. Successors. 

 

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

 

Section 12.13. Severability. 

 

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

 

Section 12.14. Table
of Contents, Headings, Etc. 

 

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

 

Section 12.15. Securities
in a Foreign Currency. 

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2
of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular
action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency
other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of
taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For
purposes of this Section 12.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable
transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any
reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation
of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in The City of
New York or in the country of issue of the currency in question or such other quotations as the Trustee, upon consultation with the Company,
shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities
of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms
of this Indenture.

 

All
decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding
paragraph shall be in its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for
all purposes and irrevocably binding upon the Company and all Holders.

 

    - 37 - 

     

    

 

ARTICLE XIII.

SINKING FUNDS

 

Section 13.1. Applicability
of Article. 

 

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

 

The
minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 13.2. Each sinking fund payment shall be applied to the redemption of Securities of
any Series as provided for by the terms of the Securities of such Series.

 

Section 13.2. Satisfaction
of Sinking Fund Payments with Securities. 

 

The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply as a credit Securities
of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the
election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through
the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided
that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officers’
Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities
for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through
operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery
or credit of Securities in lieu of cash payments pursuant to this Section 13.2, the principal amount of Securities of such Series
to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such
Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee
or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall
from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or
such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal
amount equal to the cash payment required to be released to the Company.

 

Section 13.3. Redemption
of Securities for Sinking Fund. 

 

Not
less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture or Officers’ Certificate in respect
of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to
the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant
to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 13.2, and the optional amount,
if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the
amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate
or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall
select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice
of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3. Such
notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4,
3.5 and 3.6.

 

    - 38 - 

     

    

 

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

 

	 	ARCIMOTO, INC.
	 	 
	 	By:  	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	[TRUSTEE]
	 	 
	 	By:  	 
	 	 	Name:	 
	 	 	Title:	 

 

 

- 39 -

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