Document:

Exhibit 10.1

 

NEITHER THIS CONVERTIBLE PROMISSORY
NOTE NOR THE SECURITIES UNDERLYING THIS CONVERTIBLE PROMISSORY NOTE, NOR ANY SECURITIES ISSUABLE UPON ITS CONVERSION, IF ANY, HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER APPLICABLE
STATE SECURITIES LAWS AND MAY ONLY BE ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE
SALE OR DISTRIBUTION THEREOF. THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES UNDERLYING THIS CONVERTIBLE PROMISSORY NOTE,
OR THE SECURITIES ISSUABLE UPON ITS CONVERSION, IF ANY, MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE SECURITIES ACT AND QUALIFICATION UNDER APPLICABLE STATE
LAW WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE
SECURITIES ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”).

 

URBAN-GRO, INC.

 

CONVERTIBLE PROMISSORY NOTE

 

Dated: ___________, 2020

(“Issuance Date”)

 

FOR VALUE RECEIVED
URBAN-GRO, INC., a company organized under the laws of the state of Delaware (the “Company”), hereby
promises to pay to XXXXXXXX (the “Payee”), or its registered permitted assigns, the principal amount
of XXXXXXX Dollars ($ USD) together with interest thereon calculated from the Issuance Date (“Interest Commencement
Date”) in accordance with the provisions of this Convertible Promissory Note (as amended, modified and supplemented
from time to time, this “Note”).

 

Certain capitalized terms are defined in
Section 10 hereof.

 

1. Payment of Interest.
Interest on the unpaid principal amount of this Note shall accrue at a rate equal to twelve percent (12%) per annum (the “Interest
Rate”), beginning on the Interest Commencement Date; provided, that the interest rate shall increase to fourteen
percent (14%) so long as any Event of Default has occurred and is continuing. Interest on this Note shall be payable only (x) on
the Maturity Date pursuant to Section 2, (y) upon any conversion pursuant to Section 3, or (z) on the date of any prepayment pursuant
Section 4 (subject at all times to Payee’s right to convert pursuant to Section 3(d) below), in each case only in the form
of the Company’s Common Stock, Conversion Securities or Non-Qualified Conversion Securities as provided in the relevant Section.
In no event shall any interest to be paid under the Notes exceed the maximum rate permitted by law. In any such event, the Note
shall automatically be deemed amended to permit interest charges at an amount equal to, but not greater than, the maximum rate
permitted by law. Interest shall be computed on the basis of the actual number of days elapsed and a 365-day year.

 

2. Maturity Date.
The entire principal amount of this Note shall be due and payable in full on December 31, 2021 (such date, the “Maturity
Date”) upon the tender of such Note by Payee, as provided in Section 3(b). The accrued but unpaid interest on this
Note through the Maturity Date, and so long thereafter until payment is tendered in full, shall be due and payable in the form
of the Company’s Common Stock upon the Maturity Date or any earlier prepayment date, in which case the conversion price shall
be the Alternative Conversion Price (as defined below).

 

 

 

 

    	 	1	 

     

    

 

3. Conversion.

 

(a) Mandatory
Conversion upon Qualified Offering. The principal and interest evidenced by this Note shall be mandatorily converted upon the
closing of a Qualified Offering into the identical security (the “Conversion Security”) issued at such
Qualified Offering as set forth in this Section 3(a). Upon the closing of a Qualified Offering the outstanding principal amount
of, and all accrued but unpaid interest through the date of such closing on, this Note will automatically be converted into a number
of shares of the Conversion Security equal to the number derived by dividing (x) the principal amount of the Note plus any accrued
and unpaid interest through the date of such closing thereon by (y) 75% of the price paid for the Conversion Security by investors
in connection with the Qualified Offering. Notwithstanding anything to the contrary in this Section 3(a), if the Conversion Security
in the case of a Qualified Offering ranks junior to the Common Stock in the event of a liquidation, dissolution or winding up of
the Company, then the principal and interest shall not automatically convert upon the closing of such Qualified Offering and all
the terms of this Note shall continue (including the terms of this Section 3 with respect to one or more subsequent Qualified Offerings).

 

(b) Mandatory
Conversion upon Alternative Conversion Event. In the event that a Qualified Offering has not occurred, the principal and
interest evidenced by this Note shall be mandatorily converted on the earlier of: (A) the Maturity Date; or (B) immediately
prior to (but subject to consummation of) a Business Combination (such event, an “Alternative Conversion Event”).
Upon the occurrence of the applicable Alternative Conversion Event, the outstanding principal amount of, and all accrued but unpaid
interest through the Alternative Conversion Event on, this Note will automatically be converted into a number of shares of Common
Stock equal to the number derived by dividing (x) the principal amount of the Note plus any accrued and unpaid interest through
the Alternative Conversion Event thereon by (y) the Alternative Conversion Price.

 

(c) Voluntary
Conversion upon Non-Qualified Offering. If the Company consummates an offering of securities that constitutes a Non-Qualified
Offering, Payee may elect, in the exercise of its sole discretion, to convert this Note into a number of shares of the identical
security (the “Non-Qualified Conversion Security”) issued pursuant to such Non-Qualified Offering equal
to the number derived by dividing (x) the principal amount of the Note plus any accrued and unpaid interest through the date of
such closing thereon by (y) 75% of the price paid for the Non-Qualified Conversion Securities by investors in connection with the
Non-Qualified Offering.

 

(d) Voluntary
Conversion upon Prepayment. In the event that the Company elects to prepay this Note, in whole or in part, pursuant to Section
4 hereof, Payee may elect, in the exercise of its sole discretion, to convert this Note into a number of shares of Common Stock
equal to the number derived by dividing (x) the principal amount of the Note plus any accrued and unpaid interest through the date
of prepayment by (y) the Alternative Conversion Price.

 

(e) Elective Voluntary
Conversion. At any time after the one hundred twentieth (120th) day following the Issuance Date, and with five (5)
business days advanced written notice to the Company, Payee may elect, in the exercise of its sole discretion, to convert this
Note into a number of shares of Common Stock equal to the number derived by dividing (x) the principal amount of the Note plus
any accrued and unpaid interest through the date of conversion by (y) the Alternative Conversion Price.

 

(f) Fractional
Shares. No fractional shares shall be issued upon a conversion. In lieu of any fractional shares to which Payee would otherwise
be entitled, the Company shall round up to the nearest whole share.

 

 

 

 

    	 	2	 

     

    

 

(g) Notice of
Conversion. Upon the conversion of this Note into Conversion Securities, Non-Qualified Conversion Securities or Common Stock,
as applicable, pursuant hereto, the Payee shall deliver a dated and signed notice of conversion (the “Notice of Conversion”),
a copy of which is attached to this Note as Exhibit A, acknowledging the conversion of the full principal amount of this
Note and any accrued but unpaid interest through the date of such conversion into Conversion Securities, Non-Qualified Conversion
Securities or Common Stock, as applicable. Notices of Conversion shall be deemed delivered on the date sent, if personally delivered,
to the Company’s Chief Executive Officer at the Company’s principal place of business, or when actually received if
sent by another method. The Notice of Conversion shall be accompanied by the original Note.

 

(h) Issuance of
Conversion Securities, Non-Qualified Conversion Securities or Common Stock. As soon as possible after the conversion has been
effected (but in any event within two (2) Business Days), the Company shall deliver to the converting Payee a certificate or certificates
representing the Conversion Securities, Non-Qualified Conversion Securities or Common Stock, as applicable, issuable by reason
of such conversion in such name or names and such denomination or denominations as the converting Payee has specified. The issuance
of Conversion Securities, Non-Qualified Conversion Securities or Common Stock upon conversion of this Note shall be made without
charge to the holder hereof in respect thereof or other cost incurred by the Company or acquirer in connection with such conversion.
Upon conversion of this Note, the Company shall take all such actions as are necessary in order to ensure that the Conversion Securities,
Non-Qualified Conversion Securities or Common Stock issuable upon conversion of the Note shall be validly issued, fully paid and
nonassessable.

 

(i) Reservation
of Common Stock. The Company shall at all times reserve and keep available out of its authorized but unissued shares of capital
stock, solely for the purpose of issuance upon conversion hereunder or pursuant to the terms of any Conversion Securities or Non-Qualified
Conversion Securities, such number of shares of Common Stock or other capital stock issuable upon conversion. All shares of such
capital stock which are so issuable shall, when issued, be duly and validly issued, fully paid and non-assessable and free from
all taxes, liens and charges. The Company shall take all such actions as may be necessary to assure that all such shares of capital
stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities
exchange upon which such shares of capital stock.

 

4. Prepayment.
The principal amount of this Note may be prepaid, in whole or in part, at any time from time to time at the option of the Company,
together with accrued interest through the date of prepayment, which interest shall be paid in the form of the Company’s
Common Stock, in which case the conversion price shall be the Alternative Conversion Price; provided, that any prepayment
will at all times be subject to Payee’s conversion right set forth in Section 3(d) hereof; provided, further,
that in no event shall the Company be required or permitted to pay the principal amount of this Note in cash without the prior
written consent of Bridging Finance Inc. (“Bridging”).

 

 

 

 

 

    	 	3	 

     

    

 

5. Subordination.
Payee agrees, by its acceptance of this Note, for itself and for each future permitted holder (if any) of this Note, that the obligations
evidenced by this Note (the “Subordinated Obligations”) are expressly subordinate and junior in right
of payment to all principal amounts of, and accrued interest on (including, without limitation, any interest that accrues after
the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency or reorganization of the Company),
(x) Bridging or its successors or assigns, (y) James Lowe and (z) Cloud9 Support Inc. (collectively, the “Senior
Obligations”). For purposes of this Note, “subordinate and junior in right of payment” shall mean that
no part of the Subordinated Obligations shall have any claim to the Company’s assets on parity with or prior to the claim
of the Senior Obligations. In the event the Payee receives payment in respect of the Senior Obligations in contravention of the
previous sentence on account of not having knowledge of the continuance of an event of default in respect of any of the Senior
Obligations, the Payee shall pay over to the Company, or a receiver or trustee of the Company as applicable, an amount equal to
the amount so received promptly upon request therefor. Payee further agrees that (1) upon any distribution of money or assets,
or readjustment of the indebtedness of the Company, whether by reason of foreclosure, liquidation, composition, bankruptcy, arrangement,
receivership, assignment for the benefit of creditors or any other action or proceeding involving the Subordinated Obligations,
or the application of the assets of the Company to the payment or liquidation thereof, the creditors holding Senior Obligations
shall be entitled to receive payment in full of all of the Senior Obligations prior to the payment of any part of the Subordinated
Obligations; and (2) during the continuance of any default under this Note, Payee shall not ask for, demand, sue for, take or receive
any payments with respect to all or any part of the Subordinated Obligations or any security therefor, whether from the Company
or any other source, unless Payee shall have provided Bridging with at least ninety (90) day’s advanced written notice or
the Senior Obligations owing to Bridging have been paid in full or otherwise satisfied. Bridging is intended to be a third party
beneficiary of Section 4 hereof and this Section 5 and may enforce the provisions of Section 4 and this Section 5 including
against the Company and the Payee jointly or severally, and Section 4 hereof and this Section 5 may not be amended at any time
while any Senior Obligations are owing to Bridging, without the prior written consent of Bridging. For the avoidance of doubt,
(i) the obligations evidenced by this Note are not hereby subordinated to any other indebtedness of the Company other than
the Senior Obligations and (ii) except as expressly set forth in this Section 5, nothing in this Note limits or restricts
Payee’s right to enforce its rights and remedies under this Note, it being understood and agreed by Payee that its rights
to payment or collateral, if any, as a remedy to any default hereunder shall be junior to that of the Senior Obligations.

 

6. Method of Payments.

 

(a) Payment.
Subject to the terms of this Note, the Company shall pay all sums for principal, interest, or otherwise becoming due on this Note
held by the Payee not later than 5:00 p.m. Colorado time, on the date such payment is due, in immediately available funds, in accordance
with the payment instructions that the Payee may designate in writing, without the presentation or surrender of such Note or the
making of any notation thereon. Any payment made after 5:00 p.m. Colorado time, on a Business Day will be deemed made on the next
following Business Day. If the due date of any payment in respect of this Note would otherwise fall on a day that is not a Business
Day, such due date shall be extended to the next succeeding Business Day, and interest shall be payable on any principal so extended
for the period of such extension. All amounts payable under this Note shall be paid free and clear of, and without reduction by
reason of, any deduction, set-off or counterclaim.

 

(b)  Replacement.
Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note and,
in the case of any such loss, theft or destruction of this Note, upon receipt of an indemnity reasonably satisfactory to the Company
or, in the case of any such mutilation, upon the surrender and cancellation of this Note, the Company, at its expense, will execute
and deliver, in lieu thereof, a new Note of like tenor and dated the date of such lost, stolen, destroyed or mutilated Note.

 

 

 

 

    	 	4	 

     

    

 

7. Representations,
Warranties and Agreements of the Company. The Company represents, warrants and covenants to Payee as of the date hereof and,
with respect to Sections 7(l), (m) and (n) only, for so long as this Note remains outstanding, as follows:

 

(a) Due Incorporation,
Corporate Power, Qualification. The Company (i) is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware; (ii) has the power and authority to own, lease and operate its properties and carry
on its business as now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign corporation
in each jurisdiction where the failure to be so qualified or licensed would reasonably be expected to have a material adverse effect.

 

(b) Authority.
The execution, delivery and performance by the Company of this Note and the consummation of the transactions contemplated hereby
(i) are within the power of the Company and (ii) have been duly authorized by all necessary actions on the part of the
Company.

 

(c) Enforceability.
This Note and each other document executed, or to be executed, by the Company in connection with this Note has been, or will be,
duly executed and delivered by the Company and constitutes, or will constitute, a legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency, or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(d) Non-Contravention.
The execution and delivery by the Company of this Note and the performance and consummation of the transactions contemplated hereby
do not and will not: (i) violate the Company’s Certificate of Incorporation or Bylaws; (ii) violate in any material
respect any provision of, or result in the breach or the acceleration of, or entitle any other Person to accelerate (whether after
the giving of notice or lapse of time or both), any material mortgage, indenture, agreement, instrument or contract to which the
Company is a party or by which it is bound; (iii) result in the creation or imposition of any lien upon any property, asset
or revenue of the Company, or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license,
authorization or approval applicable to the Company, its business or operations, or any of its assets or properties; or (iv) violate
any law applicable to the Company or by which any of its properties or assets may be bound.

 

(e) Approvals.
No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental authority or other
Person (including, without limitation, the shareholders of any Person) is required in connection with the execution and delivery
of this Note executed by the Company and the performance and consummation of the transactions contemplated thereby, other than
such as have been obtained and remain in full force and effect and other than such qualifications or filings under applicable securities
laws as may be required in connection with the transactions contemplated by this Note.

 

(f) Completeness
of Disclosures. The Company has made available to Payee all the information reasonably available to the Company that Payee
has requested for deciding whether to purchase this Note and the Company has disclosed to Payee all other matters known to it that,
either individually or in the aggregate, would reasonably be expected to have a material adverse effect. Any information furnished
by or on behalf of the Company to Payee in connection with the transactions contemplated hereby and the negotiation of this Note
or delivered hereunder or in connection herewith (as modified or supplemented by other information so furnished), taken as a whole,
do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein (when
taken as a whole), in the light of the circumstances under which they were made, not misleading; provided, that, with respect
to any projected or pro forma financial information, the Company represents only that such information was prepared in good faith
based upon assumptions believed to be reasonable at the time of preparation and delivery (it being understood that such projected
or pro forma information may vary from actual results and that such variances may be material).

 

 

 

 

    	 	5	 

     

    

 

(g) Issuance of
the Securities. The securities issued upon the conversion of this Note will, when issued, be duly and validly issued, fully
paid and nonassessable, free and clear of all liens imposed by the Company other than restrictions on transfer provided for under
applicable law or hereunder.

 

(h) SEC Reports;
Financial Statements.

 

(i) As
of its filing date, the Form 10-K filed by the Company with the SEC on May 18, 2020 (the “Form 10-K Date”), the Form
10-Qs filed by the Company following the Form 10-K Date, the Form 8-Ks filed by the Company following the Form 10-K Date, and all
other reports filed by the Company with the SEC pursuant to the Securities Act and the Securities and Exchange Act of 1934, as
amended (the “Exchange Act”), following the Form 10-K Date (such filings, collectively, the “Company
SEC Reports”) complied in all material respects with the applicable requirements of the Securities Act, the Exchange
Act, and the Sarbanes-Oxley Act of 2002, as the case may be, including, in each case, the rules and regulations promulgated thereunder.

 

(ii) Except
to the extent that information contained in the Company SEC Reports has been revised or superseded by a document the Company subsequently
filed with the SEC, the Company SEC Reports do not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading.

 

(iii) The
financial statements (including the related notes thereto) included in the Company SEC Reports comply as to form in all material
respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have
been prepared in accordance with Generally Accepted Accounting Principles applied on a consistent basis during the periods involved
(except as may be indicated in the notes thereto) (“GAAP”) and fairly present in all material respects
the consolidated financial position of the Company and its subsidiaries as of the dates thereof and their respective consolidated
results of operations and cash flows for the periods then ended, all in accordance with GAAP and the applicable rules and regulations
promulgated by the SEC. Since November 3, 2020, the Company has not made any change in the accounting practices or policies applied
in the preparation of its financial statements, except as required by GAAP, the rules of the SEC or policy or applicable law.

 

(iv) Subsequent
to the filing of the Company SEC Reports with the SEC, there has been no material and adverse change or development, or event involving
such a prospective change, in the condition, business, properties or results of operations of the Company and its Subsidiaries.

 

(i) Capitalization.
The capitalization of the Company is as set forth in the Company’s SEC Reports, and the Company has not issued any material
amount of capital stock since November 3, 2020. Except as set forth in the Company’s SEC Reports, the issuance and sale of
the securities upon the conversion of this Note will not obligate the Company to issue shares of Common Stock or other securities
to any Person (other than Payee) and will not result in a right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company are duly authorized,
validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none
of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities.
No further approval or authorization of any stockholder, the Board of Directors of the Company or others is required for the issuance
and sale of the securities upon the conversion of this Note. There are no stockholders agreements, voting agreements or other similar
agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company,
between or among any of the Company’s stockholders.

 

 

 

 

    	 	6	 

     

    

 

(j) Exchange Act
Registration. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken
no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock
under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration.

 

(k) Private Placement.
Assuming the accuracy of the Payee’s representations and warranties set forth below, no registration under the Securities
Act is required for the offer and sale of this Note.

 

(l) Negative Covenants.
For so long as the Note remains outstanding, the Company shall not, without the prior written approval of Payee:

 

(i) directly
or indirectly, purchase or redeem any shares of capital stock of the Company other than repurchases of stock from former employees,
officers, directors, consultants or other persons who performed services for the Company or any subsidiary in connection with the
cessation of such employment or service at the lower of the original purchase price or the then current fair market value thereof
(as determined in good faith by the Board of Directors of the Company);

 

(ii) pay
or declare any dividend or make any distribution on any shares of capital stock of the Company; or

 

(iii) subordinate
this Note to any other obligation of the Company, except for the Senior Obligations.

 

(m) Notices. The
Company will promptly notify Payee in writing of (1) the occurrence of any Event of Default, (2) any proposed Qualified Offering,
Non-Qualified Offering or Business Combination, and (3) any material action, suit or proceeding at law or in equity or by or before
any governmental instrumentality or other agency.

 

(n) Legend Removal.
As of, and at any time following, the date upon which the: (i) securities issuable upon conversion of the Note are eligible to
be sold without restriction under Rule 144 promulgated under the Securities Act (“Rule 144”); and (ii)
Payee has held the Note, or securities issued upon the conversion of the Note, for an aggregate period of twelve (12) months, at
Payee’s request the Company will cause the Company’s transfer agent to remove any legends affixed to such securities
at the Company’s sole cost and expense. In connection therewith, if required by the Company’s transfer agent, the Company
will, at the Company’s expense, promptly cause an opinion of counsel to be delivered to and maintained with its transfer
agent, together with any other authorizations, certificates and directions required by the transfer agent that authorize and direct
the transfer agent to issue such securities without any such legend.

 

8. Representations,
Warranties and Agreements of Payee. Payee represents and warrants to the Company as of the date hereof and covenants and agrees
as follows:

 

(a) Authority.
The execution, delivery and performance by Payee of this Note and the consummation of the transactions contemplated hereby (i) are
within the power of Payee and (ii) have been duly authorized by all necessary actions on the part of Payee.

 

 

 

 

    	 	7	 

     

    

 

(b) Enforceability.
This Note and each other document executed, or to be executed, by Payee in connection with this Note has been, or will be, duly
executed and delivered by Payee and constitutes, or will constitute, a legal, valid and binding obligation of Payee, enforceable
against Payee in accordance with its terms, except as limited by bankruptcy, insolvency, or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(c) Securities
Law Compliance. Payee has been advised that the Note and the underlying securities have not been registered under the Securities
Act and any applicable state securities laws and, therefore, cannot be resold unless it or they are registered under the Securities
Act and applicable state securities laws or unless an exemption from such registration requirements is available. Payee is aware
that the Company is under no obligation to affect any such registration with respect to the Note or the underlying securities or
to file for or comply with any exemption from registration. Payee has not been formed solely for the purpose of making this investment
and is purchasing the Note for its own account for investment, not as a nominee or agent, and not with a view to, or for resale
in connection with, the distribution thereof, and Payee has no present intention of selling, granting any participation in, or
otherwise distributing the same. Payee has such knowledge and experience in financial and business matters that Payee is capable
of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing Payee’s
financial condition and is able to bear the economic risk of such investment for an indefinite period of time. Payee is an “accredited
investor” as such term is defined in Rule 501 of Regulation D under the Securities Act and shall submit to the Company such
further assurances of such status as may be reasonably requested by the Company. The residency of Payee (or, in the case of a partnership
or corporation, such entity’s principal place of business) is correctly set forth beneath Payee’s name on the signature
page hereto.

 

(d) No “Bad
Actor” Disqualification Events. Neither (i) Payee, (ii) any of its directors, executive officers, general partners or
managing members, nor (iii) any beneficial owner of any of Payee’s voting equity securities (in accordance with Rule 506(d)
of the Act) if such beneficial owner is deemed to own 20% or more of Payee’s outstanding voting securities (calculated on
the basis of voting power) is subject to any disqualifications described in Rule 506(d)(1)(i) through (viii) of the Securities
Act (“Disqualification Events”), except for Disqualification Events covered by Rule 506(d)(2)(ii) or
(iii) or (d)(3) under the Securities Act and disclosed reasonably in advance of the date hereof in writing in reasonable detail
to the Company.

 

(e) Investigation.
Payee has conducted its own independent investigation and analysis of the Company. In entering into this Note, Payee has relied
solely upon its own investigation and analysis and the representations and warranties of the Company contained herein. Payee acknowledges
that, other than as expressly set forth in this Note, neither the Company nor any of its respective directors, officers, employees,
Affiliates, agents or representatives make any representation or warranty, either express or implied, as to the accuracy or completeness
of any of the information provided or made available to Payee or its agents or representatives prior to the execution of this Note.
Payee is not relying upon any representation, warranty or agreement with respect to the accuracy or completeness of the information
(written or oral) provided to Payee in connection with the transactions contemplated hereby, or with respect to the appropriateness,
suitability or sufficiency of such information for the purpose of enabling Payee to evaluate such investment, other than the representations,
warranties and agreements of the Company expressly contained in this Note. Payee acknowledges that it has received all information
requested by it to make an investment decision.

 

(f) No General
Solicitation. Neither Payee, nor any of its directors, officers, employees, Affiliates, agents or representatives has either
directly or indirectly, including, through a broker or finder: (a) engaged in any general solicitation or (b) published any advertisement
in connection with the offer and sale of this Note. Payee either has a preexisting personal or business relationship with the Company
or its directors, officers, employees, Affiliates, agents or representatives.

 

 

 

 

    	 	8	 

     

    

 

(g) Legends.
Payee understands that any Conversion Securities, Non-Qualified Conversion Securities or Common Stock issued pursuant to this Note
may be notated with one or all of the following legends:

 

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT
AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND
SUCH LAWS.”

 

Subject to the market
stand-off provisions set forth below in Section 8(h), the requirement that the Conversion Securities, Non-Qualified Conversion
Securities or Common Stock contain the legend set forth above shall cease and terminate as provided in Section 7(n) above or when
such securities are transferred pursuant to Rule 144. In connection with the consummation of any transfer of shares pursuant to
Rule 144, the Company shall, upon surrender of certificates containing such legend and, if reasonably required by the Company,
subject to receipt of an opinion of counsel reasonably acceptable to the Company (at Company’s expense), cause to be delivered
to the holder of any such securities as to which the requirement for such legend shall have terminated, one or more new certificates
evidencing such securities not bearing such legend.

 

(h) Market Stand-Off.
In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration
statement filed under the Securities Act (including, without limitation, a Qualified Offering or a Non-Qualified Offering), Payee
agrees that it shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell
any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of
or transfer, or agree to engage in any of the foregoing transactions with respect to (“Transfer”) any
shares of Conversion Securities, Non-Qualified Conversion Securities or Common Stock (including Common Stock underlying Conversion
Securities or Non-Qualified Conversion Securities) acquired pursuant to this Note without the prior written consent of the Company
or its managing underwriter(s). Such restriction (the “Market Stand-Off”) shall be in effect for such
period of time following the date of the final prospectus for the applicable offering as may be requested by the Company or such
underwriter(s). In no event, however, shall such period exceed 180 days, plus such additional period as may reasonably be requested
by the Company or such underwriter(s) to accommodate regulatory restrictions on (i) the publication or other distribution of research
reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in FINRA Rule
2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto. Notwithstanding the forgoing, in the event
that any beneficial owner of one percent (1%) or more of the Company’s Common Stock shall be subject to a market stand-off
period that is less restrictive than the Market Stand-Off period provided for herein, then Payee shall be afforded the benefits
of such less restrictive Market Stand-Off period on a pro rata basis (based on the total number of shares of Common Stock beneficially
held by all holders of the Company). The Market Stand-Off shall in any event terminate two years after any Qualified Offering or
Non-Qualified Offering. In the event of the declaration of a stock dividend, a spin-off, a stock split, an adjustment in conversion
ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration,
any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Conversion
Securities, Non-Qualified Conversion Securities or Common Stock subject to the Market Stand-Off, or into which such Conversion
Securities, Non-Qualified Conversion Securities or Common Stock thereby becomes convertible, shall immediately be subject to the
Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the
Conversion Securities, Non-Qualified Conversion Securities or Common Stock acquired pursuant to this Note until the end of the
applicable stand-off period. The Company’s underwriters shall be intended third-party beneficiaries of the agreement set
forth in this Section 8(h) and shall be entitled to enforce the provisions hereof as if they were a party hereto. Payee further
agrees to execute such agreements as may be reasonably requested by the underwriters in connection with an underwritten public
offering that are consistent with this Section 8(h) or that are necessary to give further effect thereto.

 

 

 

 

    	 	9	 

     

    

 

9.  Events
of Default. If any of the following events take place prior to the earlier of (x) any conversion pursuant to Section 3
or (y) the payment in full of the obligations evidenced by this Note (each, an “Event of Default”), Payee
at its option may, so long as such event exists, declare all principal and accrued and unpaid interest thereon and all other amounts
payable under this Note immediately due and payable; provided, that this Note shall automatically become due and payable
without any declaration in the case of an Event of Default specified in clause (b), (c), (d), or (e), below:

 

		(a)	The Company shall fail to pay when due any principal payment
on the due date hereunder and such payment shall not have been made within two (2) Business Days thereafter;

 

		(b)	The Company files a petition in voluntary bankruptcy or
requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any
petition against it under such law;

          

	 	(c)	Proceedings for the appointment of a receiver, trustee or custodian of the Company or of all or a substantial part of the assets or property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement;

 

	 	(d)	The Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of the Company or of all or substantially all of its property;

 

	 	(e)	The Company dissolves, liquidates or ceases business activity, or transfers all or substantially all of its assets to an unaffiliated third party;

 

	 	(f)	
        Any material inaccuracy of any representation
        or warranty of the Company set forth in this Note; or

         

	 	(g)	The Company materially breaches any of its agreements set forth in this Note, unless such breach is capable of cure, in which case the Company shall have fifteen (15) days to cure such breach following written notice from Payee.

 

10.  Definitions.

 

“Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, including without limitation any general partner, managing member, officer, director or trustee
of such Person, or any venture capital fund or registered investment company now or hereafter existing that is controlled by one
or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser
with, such Person.

 

“Alternative
Conversion Price” means US $0.60 (sixty cents US), which price shall be adjusted for any stock split (reverse or
forward), stock dividend, combination, or other recapitalization or reclassification of the Common Stock effected after the date
hereof but prior to the repayment or conversion of the Note in accordance with the terms hereof; provided, that if Payee
reasonably believes that the fair market value per share of the Common Stock as of the applicable date of determination is less
than US $0.60 (sixty cents US), then Payee shall have the right to require a Fair Valuation of the Company’s Common Stock
and the price resulting from such Fair Valuation shall be the “Alternative Conversion Price”.

 

 

 

 

    	 	10	 

     

    

 

“Business
Combination” means (i) the consummation of a merger or consolidation of the Company with or into another entity (except
a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation
continue to hold a majority of the outstanding voting securities of the capital stock of the Company or the surviving or acquiring
entity immediately following the consummation of such transaction); (ii) the closing of the transfer (whether by merger, consolidation
or otherwise), in a single transaction or series of related transactions, to a “person” or “group” (within
the meaning of Section 13(d) and Section 14(d) of the Exchange Act) of the Company's capital stock if, after such closing, such
person or group would become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than
50% of the outstanding voting securities of the Company (or the surviving or acquiring entity); or (iii) the closing of the sale,
transfer or other disposition, in a single transaction or series of related transactions, of all or substantially all of the Company's
assets. For the avoidance of doubt, a transaction will not constitute a “Business Combination” if its sole purpose
is to change the state of the Company's incorporation or to create a holding company that will be owned in substantially the same
proportions by the persons who held the Company's securities immediately prior to such transaction.

 

“Business
Day” means a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the
conduct of substantially all of their activities.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share.

 

“Fair
Valuation” means, (a) if the Common Stock is then listed and trading on a domestic securities exchange, (x) the volume
weighted average of the closing sales prices of the Common Stock for such day on all domestic securities exchanges on which the
Common Stock may at the time be listed, or (y) if there have been no sales of the Common Stock on any such exchange on any
such day, the average of the highest bid and lowest asked prices for the Common Stock on all such exchanges at the end of such
day; or (b) if at the applicable time of determination, the Common Stock is not listed on any domestic securities exchange, the
“Fair Valuation” of the Common Stock shall be the fair market value per share as determined by a nationally recognized
investment banking, accounting or valuation firm selected by the Company and reasonably acceptable to Payee. The determination
of such firm shall be final and conclusive, and the fees and expenses of such valuation firm shall be borne by the Company unless
the fair market value per share of the Common Stock, as determined by such firm is US $0.60 (fifty cents US) or more, in which
case the fees and expenses of such valuation firm shall be borne by Payee.

 

“Non-Qualified
Offering” means the closing of the sale of the securities of the Company, whether in a private offering or pursuant
to an effective registration statement under the Securities Act, resulting in less than $2,500,000.00 of gross proceeds to the
Company.

 

“Person”
means any person or entity of any nature whatsoever, specifically including an individual, a firm, a company, a corporation, a
partnership, a limited liability company, a trust or other entity.

 

“Qualified
Offering” means the closing of the sale of the securities of the Company, whether in a private placement or pursuant
to an effective registration statement under the Securities Act resulting in at least $2,500,000.00 of gross proceeds to the Company.

 

 

 

 

    	 	11	 

     

    

 

11. Successors and
Assigns; Transfer of this Note.

 

(a)       Subject
to the restrictions on transfer described in this Section 11, the rights and obligations of the Company and Payee shall be binding
upon and benefit the permitted successors, assigns, heirs, administrators and transferees of the parties.

 

(b)       Neither
this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole
or in part, by either party without the prior written consent of the other party; provided, that notwithstanding the forgoing,
Payee may at any time and from time to time assign to one or more Affiliates of Payee all or any portion of its rights and obligations
under this Note.

 

(c) Payee may not
pledge or grant a security interest in all or any portion of its rights under this Note to secure any obligations of the Payee.

 

12. Waiver and Amendment.
Subject to Section 5 hereof, any provision of this Note may be amended, waived or modified only upon the written consent (including
by electronic mail) of the Company and Payee.

 

13. Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing
and faxed, transmitted via electronic mail message, mailed or delivered to each party at the respective addresses, facsimile numbers,
or email addresses of the parties as set forth on the signature page hereto, or at such other address, facsimile number, or email
address as the Company or Payee shall have furnished to the other party in writing. All such notices and communications will be
deemed effectively given upon the earlier of actual receipt or (a) personal delivery to the party to be notified; (b) when
sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal
business hours, then on the recipient’s next business day; (c) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (iv) one (1) Business Day after the Business Day of deposit with
a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt.

 

14. Payment.
Any payment required pursuant to the terms of this Note shall be made in lawful tender of the United States and in immediately
available funds.

 

15. Waivers.
Subject to the notice requirements set forth in Section 13, the Company hereby waives notice of default, presentment or demand
for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.

 

16. Governing Law.
This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with
the laws of the State of New York, without regard to the conflicts of law provisions of the State of New York, or of any other
state, providing for the application of the laws of any other jurisdiction.

 

17. Waiver of Jury
Trial. Each of the Company and Payee hereby agrees to waive its respective rights to a jury trial of any claim or cause of
action based upon or arising out of this Note.

 

 

 

 

    	 	12	 

     

    

 

18. Fees and Expenses.
Each party shall be responsible for its own fees and expenses incurred in connection with the negotiation, execution and delivery
of this Note. The Company shall pay (a) all reasonable and documented out of pocket expenses incurred by Payee (including the reasonable
fees, charges and disbursements of one firm of counsel for Payee) in connection with any amendments, modifications or waivers of
the provisions hereof which are made at the request of the Company, and (b) all reasonable and documented out of pocket expenses
incurred by Payee (including the fees, charges and disbursements of one firm of counsel for the Payee) in connection with the enforcement
or protection of its rights (i) in connection with this Note or (ii) in connection with the indebtedness hereunder, including all
such reasonable and documented out of pocket expenses incurred during any workout, restructuring or negotiations in respect of
such indebtedness.

 

19.  Headings.
The headings of the sections and paragraphs of this Note are inserted for convenience only and do not constitute a part of this
Note.

 

20.  Severability.
If any provision of this Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of
this Note will remain in full force and effect. Any provision of this Note held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable.

 

21.  Cancellation.
After all principal, premiums (if any) and accrued interest at any time owed on this Note have been paid in full, or this Note
has been converted, this Note will be surrendered to the Company for cancellation and will not be reissued.

 

22. Counterparts;
Electronic Signature. This Note may be executed in any number of counterparts and with counterpart signature pages delivered
via facsimile or other electronic transmission, and each such counterpart and counterpart signature page shall be deemed to be
an original instrument, but all such counterparts together shall constitute but one agreement.

 

**********************************************

 

 

 

 

 

 

    	 	13	 

     

    

 

IN WITNESS
WHEREOF, the Company has executed and delivered this Convertible Promissory Note on the date first written above.

 

 

 

	 	COMPANY:
	 	 
	 	URBAN-GRO, INC.
	 	 
	 	By: ____________________________
	 	Name: Bradley Nattrass
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	ADDRESS:
	 	 
	 	1751 Panorama Point, Unit G
	 	Lafayette, CO 80026
	 	Email: brad@urban-gro.com

 

 

 

PAYEE:

 

 

_______________________________ 

 

 

 

ADDRESS:

 

______________

______________

Email: ______________________

 

 

 

 

    	 	14	 

     

    

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

(To Be Signed Only Upon Conversion of the

Convertible Promissory Note)

 

The undersigned, the holder of the enclosed
Convertible Promissory Note (the “Note”) hereby surrenders such Note for conversion into shares of [__]
Common Stock, [__] Conversion Securities or [__] Non-Qualified Conversion Securities [check one] of urban-gro,
Inc. (the “Shares”) to the extent of $ _________unpaid principal amount and any accrued and unpaid
interest of such Note, and requests that the certificates for such shares be issued in the name of, and delivered to:

 

	 	Name:	 
	 	 	 
	 	Address	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Acknowledgement and Agreement. The
undersigned, acknowledges and agree that the undersigned: (a) is purchasing the Shares in accordance with and subject to the terms
and conditions of the Note, a copy of which the undersigned has read and understands and to which the undersigned hereby expressly
assents, and (b) that the Shares shall remain subject to the legend and market stand-off obligations set forth in Section 8(g)
and Section 8(h) of the Note following conversion. This understanding, acknowledgment and agreement shall inure to the benefit
of and be binding on my heirs, executors, administrators, successors and assigns.

 

Dated: __/__/ 20__PAYEE:

 

 

 

	 	 
	 	(Signature must conform in all respects to name of Payee as specified on the face of the Note)
	 	
         

         

         

	 	 
	 	(Address)

 

 

 

 

    	 	15Exhibit 4.4

 

 

 

TELA BIO, INC.

 

 

 

INDENTURE

 

Dated as of [ · ], 20[ · ]

 

 

 

[ · ]

 

Trustee

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.1.	Definitions.	3
	Section 1.2.	Other Definitions.	4
	Section 1.3.	Incorporation by Reference of Trust Indenture Act.	4
	Section 1.4.	Rules of Construction.	4
	ARTICLE II. THE SECURITIES	4
	Section 2.1.	Issuable in Series.	4
	Section 2.2.	Establishment of Terms of Series of Securities.	4
	Section 2.3.	Execution and Authentication.	6
	Section 2.4.	Registrar and Paying Agent.	7
	Section 2.5.	Paying Agent to Hold Money in Trust.	7
	Section 2.6.	Securityholder Lists.	7
	Section 2.7.	Transfer and Exchange.	8
	Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities.	8
	Section 2.9.	Outstanding Securities.	9
	Section 2.10.	Treasury Securities.	9
	Section 2.11.	Temporary Securities.	9
	Section 2.12.	Cancellation.	9
	Section 2.13.	Defaulted Interest.	10
	Section 2.14.	Global Securities.	10
	Section 2.15.	CUSIP Numbers.	11
	ARTICLE III. REDEMPTION	11
	Section 3.1.	Notice to Trustee.	11
	Section 3.2.	Selection of Securities to be Redeemed.	11
	Section 3.3.	Notice of Redemption.	12
	Section 3.4.	Effect of Notice of Redemption.	12
	Section 3.5.	Deposit of Redemption Price.	12
	Section 3.6.	Securities Redeemed in Part.	13
	ARTICLE IV. COVENANTS	13
	Section 4.1.	Payment of Principal and Interest.	13
	Section 4.2.	SEC Reports.	13
	Section 4.3.	Compliance Certificate.	13
	Section 4.4.	Stay, Extension and Usury Laws.	13
	ARTICLE V. SUCCESSORS	14
	Section 5.1.	When Company May Merge, Etc.	14
	Section 5.2.	Successor Corporation Substituted.	14
	ARTICLE VI. DEFAULTS AND REMEDIES	14
	Section 6.1.	Events of Default.	14
	Section 6.2.	Acceleration of Maturity; Rescission and Annulment.	15
	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee.	16
	Section 6.4.	Trustee May File Proofs of Claim.	16
	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities.	17
	Section 6.6.	Application of Money Collected.	17
	Section 6.7.	Limitation on Suits.	17
	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest.	18
	Section 6.9.	Restoration of Rights and Remedies.	18
	Section 6.10.	Rights and Remedies Cumulative.	18
	Section 6.11.	Delay or Omission Not Waiver.	18
	Section 6.12.	Control by Holders.	18
	Section 6.13.	Waiver of Past Defaults.	19
	Section 6.14.	Undertaking for Costs.	19

 

     

     

    

 

	ARTICLE VII. TRUSTEE	19
	Section 7.1.	Duties of Trustee.	19
	Section 7.2.	Rights of Trustee.	20
	Section 7.3.	Individual Rights of Trustee.	21
	Section 7.4.	Trustee’s Disclaimer.	21
	Section 7.5.	Notice of Defaults.	21
	Section 7.6.	Reports by Trustee to Holders.	21
	Section 7.7.	Compensation and Indemnity.	22
	Section 7.8.	Replacement of Trustee.	22
	Section 7.9.	Successor Trustee by Merger, Etc.	23
	Section 7.10.	Eligibility; Disqualification.	23
	Section 7.11.	Preferential Collection of Claims Against Company.	23
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	23
	Section 8.1.	Satisfaction and Discharge of Indenture.	23
	Section 8.2.	Application of Trust Funds; Indemnification.	24
	Section 8.3.	Legal Defeasance of Securities of any Series.	25
	Section 8.4.	Covenant Defeasance.	26
	Section 8.5.	Repayment to Company.	26
	Section 8.6.	Reinstatement.	27
	ARTICLE IX. AMENDMENTS AND WAIVERS	27
	Section 9.1.	Without Consent of Holders.	27
	Section 9.2.	With Consent of Holders.	28
	Section 9.3.	Limitations.	28
	Section 9.4.	Compliance with Trust Indenture Act.	28
	Section 9.5.	Revocation and Effect of Consents.	29
	Section 9.6.	Notation on or Exchange of Securities.	29
	Section 9.7.	Trustee Protected.	29
	ARTICLE X. MISCELLANEOUS	29
	Section 10.1.	Trust Indenture Act Controls.	29
	Section 10.2.	Notices.	29
	Section 10.3.	Communication by Holders with Other Holders.	30
	Section 10.4.	Certificate and Opinion as to Conditions Precedent.	30
	Section 10.5.	Statements Required in Certificate or Opinion.	30
	Section 10.6.	Rules by Trustee and Agents.	31
	Section 10.7.	Legal Holidays.	31
	Section 10.8.	No Recourse Against Others.	31
	Section 10.9.	Counterparts.	31
	Section 10.10.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.	31
	Section 10.11.	No Adverse Interpretation of Other Agreements.	32
	Section 10.12.	Successors.	32
	Section 10.13.	Severability.	32
	Section 10.14.	Table of Contents, Headings, Etc.	32
	Section 10.15.	Securities in a Foreign Currency.	32
	Section 10.16.	Judgment Currency.	33
	Section 10.17.	Force Majeure.	33
	Section 10.18.	U.S.A. Patriot Act.	34
	ARTICLE XI. SINKING FUNDS	34
	Section 11.1.	Applicability of Article.	34
	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities.	34
	Section 11.3.	Redemption of Securities for Sinking Fund.	34

 

     

     

    

 

TELA BIO,
INC.

 

Reconciliation and tie between Trust Indenture Act of 1939 and

 

Indenture, dated as of [⚫],
20[⚫]

 

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

 

 

 

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

 

Indenture dated as of [⚫],
20[⚫] between TELA Bio, Inc., a company
incorporated under the laws of the State of Delaware (“Company”), and [⚫]
(“Trustee”).

 

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

 

     

     

    

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1. Definitions.

 

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

 

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

 

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

 

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

 

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

 

“Business Day” means
any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection with any payment, the
place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close.

 

“Capital Stock” means
any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    1

     

    

 

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

 

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

 

“GAAP” means accounting
principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Officer’s Certificate”
means a certificate signed by any Officer.

 

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

 

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

 

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

 

“Responsible Officer”
means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture and also
means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because
of his or her knowledge of and familiarity with a particular subject.

 

“SEC” means the Securities
and Exchange Commission.

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

“U.S. Government Obligations”
means securities which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full
faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include
a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder
of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S.
Government Obligation evidenced by such depositary receipt.

 

Section 1.2. Other Definitions.

 

	 	 	DEFINED IN
	TERM	 	SECTION
	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“Specified Courts”	 	10.10
	“successor person”	 	5.1

 

    3

     

    

 

Section 1.3. Incorporation by Reference of Trust Indenture
Act.

 

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

 

“Commission” means the
SEC.

 

“indenture securities”
means the Securities.

 

“indenture security holder”
means a Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

“obligor” on the indenture
securities means the Company and any successor obligor upon the Securities.

 

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

 

Section 1.4. Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(c) “or”
is not exclusive;

 

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

 

(e) provisions
apply to successive events and transactions.

 

ARTICLE II.

THE SECURITIES

 

Section 2.1. Issuable in Series.

 

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

 

Section 2.2. Establishment of Terms of
Series of Securities.

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

2.2.6. the place or places
where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series
may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of
the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or
other means;

 

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

 

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

 

2.2.9. the dates, if
any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of
the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.2.23. whether any of
the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of subordination,
if any, of such guarantees.

 

All Securities of any one Series need not
be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by
or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.

 

Section 2.3. Execution and Authentication.

 

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

 

If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

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

 

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

 

The aggregate principal amount of Securities
of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the
Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided
in Section 2.8.

 

Prior to the issuance of Securities of
any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the
Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section
10.4.

 

    6

     

    

 

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

 

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

 

Section 2.4. Registrar and Paying Agent.

 

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

 

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

 

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

 

Section 2.5. Paying Agent to Hold Money
in Trust.

 

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

 

    7

     

    

 

Section 2.6. Securityholder Lists.

 

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

 

Section 2.7. Transfer and Exchange.

 

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

 

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

 

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

 

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

 

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

 

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.

 

    8

     

    

 

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

 

Section 2.9. Outstanding Securities.

 

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

 

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

 

If the Paying Agent (other than the Company,
a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to
pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and
interest on them ceases to accrue.

 

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

 

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

 

Section 2.10. Treasury Securities.

 

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

 

Section 2.11. Temporary Securities.

 

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

 

Section 2.12. Cancellation.

 

The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to
them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of
the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company.
The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

    9

     

    

 

Section 2.13. Defaulted Interest.

 

If the Company defaults in a payment of
interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable
on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date.

 

The Company shall fix the record date and payment date. At least
10 days before the special record date, the Company shall send to the Trustee and to each Securityholder of the Series a notice
that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest
in any other lawful manner.

 

Section 2.14. Global Securities.

 

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

 

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

 

Except as provided in this Section 2.14.2,
a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee
of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

2.14.3. Legends.
Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE
DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

 

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

 

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

 

    10

     

    

 

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

 

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

 

2.14.6. Consents,
Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount
of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary
or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining any consents,
declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15. CUSIP Numbers.

 

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

 

ARTICLE III.

REDEMPTION

 

Section 3.1. Notice to Trustee.

 

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

 

Section 3.2. Selection of Securities
to be Redeemed.

 

Unless otherwise indicated for a particular
Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities
of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities
are in the form of Global Securities, in accordance with the procedures of the Depositary, (b) if the Securities are listed on
any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on
which the Securities are listed, or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems
fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements,
subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed
shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of
Securities of the Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and
portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities
of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and
the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series
called for redemption also apply to portions of Securities of that Series called for redemption.

 

    11

     

    

  

Section 3.3. Notice of Redemption.

 

Unless otherwise indicated for a particular
Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 15 days but not more than
60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance
with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed.

 

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

 

(a) the redemption
date;

 

(b) the redemption
price;

 

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

 

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

 

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

 

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

 

(g) the CUSIP
number, if any; and

 

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

 

At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has delivered
to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section 3.4. Effect of Notice of Redemption.

 

Once notice of redemption is sent as provided
in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series,
a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption
price plus accrued interest to the redemption date.

 

Section 3.5. Deposit of Redemption Price.

 

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

 

    12

     

    

 

Section 3.6. Securities Redeemed in Part.

 

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

 

ARTICLE IV.

COVENANTS

 

Section 4.1. Payment of Principal and
Interest.

 

The Company covenants and agrees for the
benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any,
on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New
York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal
of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.2. SEC Reports.

 

To the extent any Securities of a Series
are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual
reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may
by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with
the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes
of this Section 4.2.

 

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

 

Section 4.3. Compliance Certificate.

 

To the extent any Securities of a Series
are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an
Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which the Officer
may have knowledge).

 

Section 4.4. Stay, Extension and Usury
Laws.

 

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

 

    13

     

    

 

ARTICLE V.

SUCCESSORS

 

Section 5.1. When Company May Merge,
Etc.

 

The Company shall not consolidate with or
merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor
person”) unless:

 

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

 

(b) immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

The Company shall deliver to the Trustee
prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion of
Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

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

 

Section 5.2. Successor Corporation Substituted.

 

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

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1. Events of Default.

 

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

 

(a) default
in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default
for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying
Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or

 

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

 

(c) default
in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs
(a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series
of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

 

    14

     

    

 

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

 

(i) commences
a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii) orders
the liquidation of the Company,

 

and the order or decree remains
unstayed and in effect for 60 days; or

 

(f) any other
Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture
hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

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

 

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

 

Section 6.2. Acceleration of Maturity;
Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or
(e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities
of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of
the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of
the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration of
acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities
of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if
all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any,
of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided
in Section 6.13.

 

    15

     

    

 

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

 

Section 6.3. Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(a) default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for
a period of 30 days, or

 

(b) default
is made in the payment of principal of any Security at the Maturity thereof, or

 

(c) default
is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,

 

then, the Company will, upon demand of the Trustee, pay
to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal
and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and
any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses, disbursements
and advances of the Trustee, its agents and counsel.

 

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

 

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

 

Section 6.4. Trustee May File Proofs
of Claim.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal
or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(a) to file
and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed
in such judicial proceeding, and

 

(b) to collect
and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to
make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

    16

     

    

 

 

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

 

Section 6.5. Trustee May Enforce Claims
Without Possession of Securities.

 

All rights of action and claims under this
Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the
production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the compensation,
reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Securities in respect of which such judgment has been recovered.

 

Section 6.6. Application of Money Collected.

 

Any money or property collected by the Trustee
pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First: To the payment of all amounts due
the Trustee under Section 7.7; and

 

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

 

Third: To the Company.

 

Section 6.7. Limitation on Suits.

 

No Holder of any Security of any Series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless

 

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

 

(b)   the Holders
of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)   such
Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by the Trustee in compliance with such request;

 

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

 

    17

     

    

 

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

 

Section 6.8. Unconditional Right of Holders
to Receive Principal and Interest.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security
(or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder.

 

Section 6.9. Restoration of Rights and
Remedies.

 

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

 

Section 6.10. Rights and Remedies Cumulative.

 

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

 

Section 6.11. Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or
of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders, as the case may be.

 

Section 6.12. Control by Holders.

 

The Holders of a majority in principal amount
of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities
of such Series, provided that

 

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

 

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

 

    18

     

    

 

(c)   subject
to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability, and

 

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

 

Section 6.13. Waiver of Past Defaults.

 

The Holders of not less than a majority
in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series,
by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences,
except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders
of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.14. Undertaking for Costs.

 

All parties to this Indenture agree, and
each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding
Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest
on any Security on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the
case of redemption, on the redemption date).

 

ARTICLE VII.

TRUSTEE

 

Section 7.1. Duties of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii) The Trustee
shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series
in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of
such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance
with Section 6.12.

 

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

 

    19

     

    

 

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

 

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

 

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

 

(h)   The Paying
Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs
(e), (f) and (g) of this Section and in Section 7.2, each 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 (whether in its original or facsimile
form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate
any fact or matter stated in the document.

 

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

 

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

 

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

 

    20

     

    

 

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

 

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

 

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

 

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

 

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

 

(j)   The permissive
right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so.

 

Section 7.3. Individual Rights of Trustee.

 

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

 

Section 7.4. Trustee’s Disclaimer.

 

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

 

Section 7.5. Notice of Defaults.

 

If a Default or Event of Default occurs
and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the
Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days
after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except
in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee
may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of Securityholders of that Series.

 

Section 7.6. Reports by Trustee to Holders.

 

Within 60 days after each anniversary of
the date of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the
register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required
under, TIA § 313.

 

    21

     

    

 

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

 

Section 7.7. Compensation and Indemnity.

 

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

 

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

 

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

 

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

 

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

 

The provisions of this Section shall survive
the 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.

 

    22

     

    

 

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

 

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

 

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

 

Section 7.9. Successor Trustee by Merger,
Etc.

 

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

 

Section 7.10. Eligibility; Disqualification.

 

This Indenture shall always have a Trustee
who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus
of at least $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.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1. Satisfaction and Discharge
of Indenture.

 

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

 

(a)   either

 

(i) all
Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or
stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

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

 

    23

     

    

 

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

 

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

 

(3) have
been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(4) are deemed
paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2) or (3) above, shall
have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government
Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including
mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments
of principal or interest are due;

 

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

 

(c)   the Company
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.

 

Section 8.2. Application of Trust Funds;
Indemnification.

 

(a)   Subject
to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of
the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory
sinking fund payments or analogous payments as contemplated by Sections 8.1, 8.3 or 8.4.

 

(b)   The Company
shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations
or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of Holders.

 

(c)   The Trustee
shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale
by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

    24

     

    

 

Section 8.3. Legal Defeasance of Securities
of any Series.

 

Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred
to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series,
shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments
acknowledging the same), except as to:

 

(a)   the rights
of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the
principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of
such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to
the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture
and the Securities of such Series;

 

(b)   the provisions
of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and

 

(c)   the rights,
powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided that, the following conditions shall have been satisfied:

 

(d)   the Company
shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds
specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities
of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of
such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which
through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment
and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money,
an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank
expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and
interest, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments
of principal or interest and such sinking fund payments are due;

 

(e)   such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

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

 

(g)   the Company
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of
this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain
or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income
tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and
discharge had not occurred;

 

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

 

(i)   the Company
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

    25

     

    

 

Section 8.4. Covenant Defeasance.

 

Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified
therein, any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or
an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute
a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2
and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities
of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied:

 

(a)    with
reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided
in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series
denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment
of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming
no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount
in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank
expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including
mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments
of principal or interest are due;

 

(b)   such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(c)   no Default
or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;

 

(d)   the Company
shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that the Holders of
the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit
and covenant defeasance and will be subject to Federal income tax on the same amount and in the same manner and at the same times
as would have been the case if such deposit and covenant defeasance had not occurred;

 

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

 

(f)   The Company
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5. Repayment to Company.

 

Subject to applicable abandoned property
law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal
and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for
payment as general creditors unless an applicable abandoned property law designates another person.

 

    26

     

    

 

 

Section 8.6. Reinstatement.

 

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

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1. Without Consent of Holders.

 

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

 

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

 

(b) to comply
with Article V;

 

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

 

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

 

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

 

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

 

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

 

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

 

(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 conform
the terms of this indenture or the terms of the debt securities of any series issued under this indenture to the description thereof
contained in any prospectus, prospectus supplement or similar offering document used in connection with the initial offering and
sale of such debt securities to investors in a public or private offering; or

 

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

 

    27

     

    

 

Section 9.2. With Consent of Holders.

 

The Company and the Trustee may enter into
a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding
Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer
or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of
the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount
of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer
or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or
the Securities with respect to such Series.

 

It shall not be necessary for the consent
of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver,
but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this
section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the
supplemental indenture or waiver. Any failure by the Company to send such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3. Limitations.

 

Without the consent of each Securityholder
affected, an amendment or waiver may not:

 

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

 

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

 

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

 

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

 

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

 

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

 

(g) make
any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

 

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

 

Section 9.4. Compliance with Trust Indenture
Act.

 

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

 

    28

     

    

 

Section 9.5. Revocation and Effect of
Consents.

 

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

 

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

 

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

 

Section 9.6. Notation on or Exchange
of Securities.

 

The Company or the Trustee may place an
appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange
for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section
2.3 new Securities of that Series that reflect the amendment or waiver.

 

Section 9.7. Trustee Protected.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an
Officer’s Certificate or an Opinion of Counsel or both complying with Section 10.4. The Trustee shall sign all supplemental
indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not
sign any supplemental indenture that adversely affects its rights, duties, liabilities or immunities under this Indenture.

 

ARTICLE X.

MISCELLANEOUS

 

Section 10.1. Trust Indenture Act Controls.

 

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

 

Section 10.2. Notices.

 

Any notice or communication by the Company
or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person
or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air
courier guaranteeing next day delivery, to the others’ address:

 

if to the Company:

 

TELA Bio, Inc.

1 Great Valley Parkway, Suite
24

Malvern, PA 19355

Attention: President and Chief
Executive Officer

Telephone: (484) 320-2930

 

    29

     

    

 

with a copy to:

 

Troutman Pepper Hamilton
Sanders LLP

3000 Two Logan Square

Philadelphia, Pennsylvania 19103

Attention: Rachael M. Bushey

Telephone: (215) 981-4331

if to the Trustee:

 

[⚫]

Attention: [⚫]

Telephone: [⚫]

 

with a copy to:

 

[⚫]

Attention: [⚫]

Telephone: [⚫]

 

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

 

Any notice or communication to a Securityholder
shall be sent electronically or by first-class mail to his, her or its address shown on the register kept by the Registrar, in
accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or
any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.

 

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

 

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

 

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

 

Section 10.3. Communication by Holders
with Other Holders.

 

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

 

Section 10.4. Certificate and Opinion
as to Conditions Precedent.

 

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

 

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

 

    30

     

    

 

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

 

Section 10.5. Statements Required in
Certificate or Opinion.

 

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

 

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

 

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

 

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

 

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

 

Section 10.6. Rules by Trustee and Agents.

 

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

 

Section 10.7. Legal Holidays.

 

A “Legal Holiday” is
any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place
on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.8. No Recourse Against Others.

 

A director, officer, employee or stockholder
(past or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder
by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue
of the Securities.

 

Section 10.9. Counterparts.

 

This Indenture may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes.

 

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

 

THIS INDENTURE AND
THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK.

 

    31

     

    

 

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

 

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

 

Section 10.11. No Adverse Interpretation
of Other Agreements.

 

This Indenture may not be used to interpret
another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

Section 10.12. Successors.

 

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

 

Section 10.13. Severability.

 

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

 

Section 10.14. Table of Contents,
Headings, Etc.

 

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

 

Section 10.15. Securities in a Foreign
Currency.

 

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

 

    32

     

    

 

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

 

Section 10.16. Judgment Currency.

 

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

 

Section 10.17. Force Majeure.

 

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

 

Section 10.18. U.S.A. Patriot Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify, and record information that identifies each
person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree
that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. Patriot Act.

 

ARTICLE XI.

SINKING FUNDS

 

Section 11.1. Applicability of Article.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities
pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to
this Indenture.

 

    33

     

    

 

The minimum amount of any sinking fund payment
provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment”
and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities
of any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2. Satisfaction of Sinking
Fund Payments with Securities.

 

The Company may, in satisfaction of all
or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities
(1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities
previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking
fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant
to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted
optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities
have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate
with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities
for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result
of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities
of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not
call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash
payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver
to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released
to the Company.

 

Section 11.3. Redemption of Securities
for Sinking Fund.

 

Not less than 45 days (unless otherwise
indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series
of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an
Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to
the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date
the Securities to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2 and the
Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in and in accordance with 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.

 

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

 

	 	TELA BIO, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:

 

    34

     

    

 

	 	[—], as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:

 

    35

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]