Document:

EX-4.1

 Exhibit 4.1 
  

 
  

 
 SOUTHWEST GAS CORPORATION, 

as Issuer 
 and 

The Bank of New York Mellon Trust Company, N.A., 

as Trustee 
  

 
 FOURTH
SUPPLEMENTAL INDENTURE 
 Dated as of December 1, 2022 

 
  

5.800% SENIOR NOTES DUE 2027 
  

 
  

 
  

 
  

 

 CROSS-REFERENCE TABLE 

Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust Indenture Act of 1939, as amended: 

 

					
	 Trust Indenture Act

Section
	 	 	  	 Indenture

Section

	310(a)(1)	 		  	7.09; 7.10
	(a)(2)	 		  	7.10
	(a)(3)	 		  	Not Applicable
	(a)(4)	 		  	Not Applicable
	(a)(5)	 		  	7.10
	(b)	 		  	7.08; 7.10
	311(a)	 		  	7.11
	(b)	 		  	7.11
	312(a)	 		  	2.05
	(b)	 		  	10.02
	(c)	 		  	10.02
	313(a)	 		  	7.06
	(b)(1)	 		  	Not Applicable
	(b)(2)	 		  	7.06
	(c)	 		  	7.06
	(d)	 		  	7.06
	314(a)	 		  	4.02
	(b)	 		  	Not Applicable
	(c)(1)	 		  	10.03
	(c)(2)	 		  	10.03
	(c)(3)	 		  	Not Applicable
	(d)	 		  	Not Applicable
	(e)	 		  	10.04
	(f)	 		  	4.02
	315(a)	 		  	7.01
	(b)	 		  	7.05
	(c)	 		  	7.01
	(d)	 		  	7.01
	(e)	 		  	6.11
	316(a)(last sentence)	 		  	10.05
	(a)(1)(A)	 		  	6.05
	(a)(1)(B)	 		  	6.04
	(a)(2)	 		  	Not Applicable
	(b)	 		  	6.07
	(c)	 		  	9.03
	317(a)(1)	 		  	6.08
	(a)(2)	 		  	6.09
	(b)	 		  	2.04
	318(a)	 		  	10.16

 Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
		
	 Section 1.01. Definitions.
	  	 	1	 
		
	 Section 1.02. Other Definitions.
	  	 	4	 
		
	 Section 1.03. Incorporation by Reference of Trust Indenture Act
	  	 	5	 
		
	 Section 1.04. Rules of Construction
	  	 	6	 
		
	 Section 1.05. Conflicts with Base Indenture
	  	 	6	 
		
	ARTICLE 2 THE NOTES	  	 	6	 
		
	 Section 2.01. Form and Dating.
	  	 	6	 
		
	 Section 2.02. Execution and Authentication
	  	 	8	 
		
	 Section 2.03. Registrar and Paying Agent
	  	 	9	 
		
	 Section 2.04. Paying Agent to Hold Money in Trust
	  	 	9	 
		
	 Section 2.05. Noteholder Lists
	  	 	9	 
		
	 Section 2.06. Transfer and Exchange
	  	 	9	 
		
	 Section 2.07. Business Days
	  	 	11	 
		
	 Section 2.08. Replacement Notes
	  	 	11	 
		
	 Section 2.09. Outstanding Notes
	  	 	11	 
		
	 Section 2.10. Temporary Notes
	  	 	11	 
		
	 Section 2.11. Cancellation
	  	 	11	 
		
	 Section 2.12. Defaulted Interest
	  	 	12	 
		
	 Section 2.13. CUSIP Numbers, etc
	  	 	12	 
		
	 Section 2.14. Issuance of Additional Notes
	  	 	12	 
		
	 Section 2.15. One Class of Notes
	  	 	12	 
		
	 ARTICLE 3 REDEMPTION
	  	 	12	 
		
	 Section 3.01. Applicability of this Article
	  	 	12	 
		
	 Section 3.02. Notices to Trustee; Selection of Notes to Be Redeemed
	  	 	12	 
		
	 Section 3.03. Notice of Redemption
	  	 	13	 
		
	 Section 3.04. Effect of Notice of Redemption
	  	 	13	 
		
	 Section 3.05. Deposit of Redemption Price
	  	 	13	 
		
	 Section 3.06. Notes Redeemed in Part
	  	 	14	 
		
	 ARTICLE 4 COVENANTS
	  	 	14	 
		
	 Section 4.01. Payment of Notes
	  	 	14	 
		
	 Section 4.02. Compliance Certificate
	  	 	14	 
		
	 Section 4.03. Maintenance of Office or Agency
	  	 	14	 
		
	 Section 4.04. Existence
	  	 	14	 
		
	 Section 4.05. Maintenance of Properties
	  	 	14	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 Section 4.06. Payment of Taxes and Other Claims
	  	 	15	 
		
	 Section 4.07. Restrictions on Liens
	  	 	15	 
		
	 Section 4.08. Restrictions on Sale and Lease-back Transactions
	  	 	16	 
		
	 ARTICLE 5 CONSOLIDATION, MERGER AND SALE OF ASSETS
	  	 	17	 
		
	 Section 5.01. When the Company or any Guarantor May Merge or Transfer Assets
	  	 	17	 
		
	 Section 5.02. Successor Person Substituted
	  	 	17	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	17	 
		
	 Section 6.01. Events of Default
	  	 	17	 
		
	 Section 6.02. Acceleration
	  	 	18	 
		
	 Section 6.03. Other Remedies
	  	 	19	 
		
	 Section 6.04. Waiver of Past or Existing Defaults
	  	 	19	 
		
	 Section 6.05. Control by Majority
	  	 	19	 
		
	 Section 6.06. Limitation on Suits
	  	 	19	 
		
	 Section 6.07. Rights of Holders to Receive Payment
	  	 	19	 
		
	 Section 6.08. Collection Suit by Trustee
	  	 	20	 
		
	 Section 6.09. Trustee May File Proofs of Claim
	  	 	20	 
		
	 Section 6.10. Priorities
	  	 	20	 
		
	 Section 6.11. Undertaking for Costs
	  	 	20	 
		
	 Section 6.12. Waiver of Stay or Extension Laws
	  	 	20	 
		
	 ARTICLE 7 TRUSTEE
	  	 	20	 
		
	 Section 7.01. Duties of Trustee
	  	 	20	 
		
	 Section 7.02. Rights of Trustee
	  	 	21	 
		
	 Section 7.03. Individual Rights of Trustee
	  	 	22	 
		
	 Section 7.04. Trustee’s Disclaimer
	  	 	22	 
		
	 Section 7.05. Notice of Defaults
	  	 	22	 
		
	 Section 7.06. Reports by Trustee to Holders
	  	 	22	 
		
	 Section 7.07. Compensation and Indemnity
	  	 	22	 
		
	 Section 7.08. Replacement of Trustee
	  	 	23	 
		
	 Section 7.09. Successor Trustee by Merger
	  	 	24	 
		
	 Section 7.10. Eligibility; Disqualification
	  	 	24	 
		
	 Section 7.11. Preferential Collection of Claims Against the Company
	  	 	24	 
		
	 ARTICLE 8 DISCHARGE OF INDENTURE; DEFEASANCE
	  	 	24	 
		
	 Section 8.01. Discharge of Liability on Notes; Defeasance
	  	 	24	 
		
	 Section 8.02. Conditions to Defeasance
	  	 	25	 
		
	 Section 8.03. Application of Trust Money
	  	 	25	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 Section 8.04. Repayment to the Company
	  	 	26	 
		
	 Section 8.05. Indemnity for Government Obligations
	  	 	26	 
		
	 Section 8.06. Reinstatement
	  	 	26	 
		
	 ARTICLE 9 AMENDMENTS
	  	 	26	 
		
	 Section 9.01. Without Consent of Holders
	  	 	26	 
		
	 Section 9.02. With Consent of Holders
	  	 	27	 
		
	 Section 9.03. Effect of Consents and Waivers
	  	 	27	 
		
	 Section 9.04. Notation on or Exchange of Notes
	  	 	28	 
		
	 Section 9.05. Trustee to Sign Amendments
	  	 	28	 
		
	 Section 9.06. Compliance with Trust Indenture Act
	  	 	28	 
		
	 ARTICLE 10 MISCELLANEOUS
	  	 	28	 
		
	 Section 10.01. Notices
	  	 	28	 
		
	 Section 10.02. Communication by Holders with Other Holders
	  	 	29	 
		
	 Section 10.03. Certificate and Opinion as to Conditions Precedent
	  	 	29	 
		
	 Section 10.04. Statements Required in Certificate or Opinion
	  	 	29	 
		
	 Section 10.05. When Notes Disregarded
	  	 	29	 
		
	 Section 10.06. Rules by Trustee, Paying Agent and Registrar
	  	 	30	 
		
	 Section 10.07. Governing Law
	  	 	30	 
		
	 Section 10.08. No Recourse Against Others
	  	 	30	 
		
	 Section 10.09. Successors
	  	 	30	 
		
	 Section 10.10. Multiple Originals
	  	 	30	 
		
	 Section 10.11. Variable Provisions
	  	 	30	 
		
	 Section 10.12. Table of Contents; Headings
	  	 	30	 
		
	 Section 10.13. Waiver of Jury Trial
	  	 	30	 
		
	 Section 10.14. Force Majeure
	  	 	30	 
		
	 Section 10.15. U.S.A
	  	 	30	 
		
	 Section 10.16. Trust Indenture Act Controls
	  	 	30	 
		
	 Section 10.17. Foreign Account Tax Compliance Act (FATCA)
	  	 	30	 
		
	 Section 10.18. Electronic Signatures
	  	 	31	 

  

  
 iii 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of December 1, 2022, between Southwest Gas
Corporation, a California corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as Trustee (the “Trustee”). 

THIS FOURTH SUPPLEMENTAL INDENTURE CONTAINS ALL OF THE TERMS RELEVANT TO THE 5.800% SENIOR NOTES DUE 2027 OF SOUTHWEST GAS CORPORATION. THE
BASE INDENTURE (AS DEFINED HEREIN), AS IT MAY BE AMENDED AND SUPPLEMENTED FROM TIME TO TIME, AS TO WHICH THE FOURTH SUPPLEMENTAL INDENTURE SUPPLEMENTS, NEED NOT BE REFERRED TO WITH RESPECT TO THE TERMS OF THE 5.800% SENIOR NOTES DUE 2027 GOVERNED
HEREBY. 
 RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee entered into an indenture in respect of the issuance of Debt Securities (as defined herein) by the
Company, dated as of June 4, 2020 (the “Base Indenture”); 
 WHEREAS, Sections 2.01 and 9.01 of the Base Indenture
provide that the Company and the Trustee may enter into a supplemental indenture to the Base Indenture for, among other things, the purpose of establishing the designation, form, terms and provisions of the Debt Securities; 

WHEREAS, clause (h) of Section 9.01 of the Base Indenture provides that the Company and the Trustee may enter into a supplemental
indenture to the Base Indenture to provide for the issuance of Debt Securities of any series as permitted by Section 2.01 of the Base Indenture; 

WHEREAS, clause (m) of Section 9.01 of the Base Indenture provides that the Company and the Trustee may enter into a supplemental
indenture to the Base Indenture to make changes to the Base Indenture applicable only to a particular series of Debt Securities; 
 WHEREAS,
the Company desires to establish and issue a new series of Debt Securities, the Company’s 5.800% Senior Notes due 2027 (the “Notes”), pursuant to the Base Indenture, as modified by this fourth supplemental indenture (the
“Supplemental Indenture”); and 
 WHEREAS, the Company desires to enter into this Supplemental Indenture pursuant to
Sections 2.01 and 9.01 of the Base Indenture (i) to supplement the Base Indenture, (ii) to provide for the issuance of the Notes and (iii) to make changes to the Base Indenture with respect to (and only with respect to) the Notes as
contemplated by Sections 2.01 and 9.01 of the Base Indenture. 
 NOW, THEREFORE, in consideration of the foregoing, the parties hereto, for
the benefit of each other and for the equal and proportionate benefit of all Persons who hereafter become Holders of the Notes, hereby enter into this Supplemental Indenture which amends, modifies, supplements and restates in its entirety (except
solely for the provisions of the Base Indenture which authorize the creation of this Supplemental Indenture) the Base Indenture with respect to (and only with respect to) the Notes, as follows: 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 

“Additional Notes” means any Notes (other than the Initial Notes) issued under the terms of this Indenture (other than
pursuant to Sections 2.06, 2.08, 2.10, 3.06 and 9.04 of this Indenture, in the case of Notes that are not already Additional Notes). 

“Base Indenture” has the meaning assigned to it in the recitals hereto. 

“Board of Directors” means, with respect to any Person, the Board of Directors of such Person, any management committee of
such Person or any committee thereof duly authorized to act on behalf of such Board of Directors or such management committee. 

  
 1 

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

“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New
York City are authorized or required by law, regulation or executive order to close. 
 “Capital Stock” means, with respect
to any Person, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, partnership interests and limited
liability company membership interests, but excluding any debt securities convertible into such equity. 
 “Code” means the
U.S. Internal Revenue Code of 1986, as amended. 
 “Company” means the Person named as the “Company” in the
preamble to this Indenture until a successor Corporation shall have succeeded to such Person pursuant to the applicable provisions of this Indenture, and thereafter, the “Company” shall mean such successor Corporation. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, this Indenture shall be
principally administered; which office at the date of the execution of this Indenture is located at 2 N. LaSalle Street, 7th Floor, Chicago, Illinois 60602, Attention: Corporate Trust Administration, or at any other time at such other address as the
Trustee may designate from time to time by written notice to the Holders. 
 “Corporation” means a corporation,
association, company, joint-stock company or business trust. 
 “Default” means any event that is, or after notice or
passage of time or both would be, an Event of Default. 
 “DTC” means The Depository Trust Company, its nominees and their
respective successors and assigns. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated by the SEC thereunder. 
 “Finance Lease” means any lease of property of the Company (whether
real, personal or mixed) by the Company as lessee that would, in conformity with generally accepted accounting principles, be required to be accounted for as a finance lease on the balance sheet of the Company. 

“Funded Debt” means all Indebtedness of the Company that by its terms or by the terms of any instrument or agreement relating
thereto matures more than one year from, or is directly or indirectly renewable or extendable at the option of the Company to a date more than one year from the date of creation thereof (including an option of the Company under a revolving credit or
similar agreement obligating the lender or lenders to extend credit over a period of more than one year), but excluding any payments due under the terms thereof within 12 months of any date of determination (including any deposit or payment required
to be made under any prepayment provision, sinking fund, purchase fund or similar provision). 
 “GAAP” means generally
accepted accounting principles in the United States of America in effect from time to time. 
 “guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep well, to purchase assets, goods, securities or services, to take or pay or to
maintain financial statement conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole
or in part); provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee,” when used as a verb, has a correlative
meaning. 
 “guarantor” means any Person that guarantees the Notes. 

“Holder” or “Noteholder” means the Person in whose name a Note is registered on the security register books
of the Registrar. 
  

  
 2 

 “incur” means issue, assume, guarantee or otherwise become liable for. 

“Indebtedness” means, as applied to any Person, Finance Leases, bonds, notes, debentures and other securities representing
obligations for borrowed money created or assumed by such Person. All indebtedness guaranteed as to payment of principal in any manner by such Person or in effect guaranteed by such Person through a contingent agreement to purchase such
indebtedness, and all indebtedness that is both secured by a Lien upon property owned by such Person and upon which such Person customarily pays interest, even though such Person has not assumed or become liable for the payment of such indebtedness,
shall for all purposes hereof be deemed to be “Indebtedness” of such Person. 
 “Indenture” means the Base
Indenture, as supplemented by this Supplemental Indenture, in each case as amended or supplemented from time to time. 
 “Initial
Notes” means the $300,000,000 aggregate principal amount of Notes issued under this Indenture on the Issue Date. 

“Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes as specified in the Form of Face
of Note contained in Exhibit A. 
 “Issue Date” means December 1, 2022. 

“Lien” means any lien, mortgage, pledge, security interest, charge or other encumbrance of any kind. 

“Officer” means the Chief Executive Officer, President, the Controller, the Chief Operating Officer, any Vice President, the
Treasurer, the Assistant Treasurer, the Chief Financial Officer, the Chief Accounting Officer, the General Counsel, the Secretary or the Assistant Secretary, as applicable. 

“Officers’ Certificate” means a certificate signed by any two Officers of the Company. 

“Opinion of Counsel” means a written opinion, reasonably acceptable to the Trustee, from legal counsel to the Company. The
counsel may be an employee of the Company. Opinions of Counsel required to be delivered under this Indenture may have qualifications customary for opinions of the type required and counsel delivering such Opinions of Counsel may rely on certificates
of the Company or governmental or other officials customary for opinions of the type required, including certificates certifying as to matters of fact. 

“Person” means any individual, Corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
 “principal” means the principal of the Notes
plus the premium, if any, payable on the Notes that is due or overdue or is to become due at the relevant time; provided, however, that for purposes of calculating any such premium, the term “principal” shall not include the
premium with respect to which such calculation is being made. 
 “Redemption Date” shall mean the date specified for
redemption of the Notes in accordance with the terms of the Notes and Section 3.01. 
 “SEC” means the Securities and
Exchange Commission or any successor agency. 
 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated by the SEC thereunder. 
 “Securities Custodian” means the custodian with respect to a
Global Note (as appointed by DTC) or any successor Person thereto and shall initially be the Trustee. 
 “Stated Maturity”
means, with respect to any Note, the date specified in such security as the fixed date on which the payment of principal of such Note is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing
for the repurchase of such security at the option of the holder thereof until the exercise of such option by such holder). 

  
 3 

 “Subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements
if such financial statements were prepared in accordance with GAAP as of that date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of that date, owned, controlled or held by the parent or one or more Subsidiaries
of the parent or by the parent and one or more Subsidiaries of the parent. 
 “Supplemental Indenture” has the meaning
assigned to it in the recitals hereto. 
 “Total Capitalization” means, as at any time, the aggregate of (i) all
amounts outstanding on such date classified as shareholders’ equity of the Company on such date, (ii) all amounts outstanding on such date classified as preferred or preference stock of the Company on such date, and (iii) all amounts
of Funded Debt of the Company outstanding on such date determined on an unconsolidated basis. 
 “Trust Indenture Act”
means the U.S. Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 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,
“Trust Indenture Act” means, to the extent required by any such amendments, the U.S. Trust Indenture Act of 1939, as so amended. 

“Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it in accordance with
the applicable provisions of this Indenture and, thereafter, means such successor. 
 “Trust Officer” shall mean, when used
with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture. 
 “Uniform Commercial Code” means the New
York Uniform Commercial Code, as in effect from time to time. 
 “United States” and “U.S.” means the
United States of America. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an
ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and that are not callable or
redeemable at the Company’s option. 
 “Voting Stock” of any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date means the Capital Stock of such person that is at the time entitled to vote generally in the election of the Board of Directors of such person. 

Section 1.02. Other Definitions. 
  

			
	 Term
	  	 Defined in

Section

	“Affiliate”	  	10.05
		
	“Agent Members”	  	2.01(d)
		
	“Authenticating Agent”	  	2.02
		
	“Authentication Order”	  	2.02
		
	“Bankruptcy Law”	  	6.01
		
	“covenant defeasance option”	  	8.01(b)

  
 4 

			
	“Custodian”	  	6.01
		
	“Debt”	  	4.07(a)
		
	“Definitive Notes”	  	2.01(e)
		
	“Event of Default”	  	6.01
		
	“Global Notes”	  	2.01(a)
		
	“legal defeasance option”	  	8.01(b)
		
	“Notes”	  	Recitals
		
	“Notice of Default”	  	6.01
		
	“Paying Agent”	  	2.03
		
	“Registrar”	  	2.03
		
	“Sale and Lease back Transaction”	  	4.08
		
	“Successor”	  	5.01
		
	“Value”	  	4.07(c)

 Section 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture is subject to the
mandatory provisions of the Trust Indenture Act which are incorporated by reference in and made a part of this Indenture. The following terms in the Trust Indenture Act have the following meanings: 

“indenture securities” means the Notes. 

“indenture security holder” means a Holder or Noteholder. 

“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 other obligor on the indenture securities,
including any guarantor. 
 All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by reference to
another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 Section 1.04. Rules of
Construction. For purposes of this Indenture, except as otherwise expressly provided herein or unless the context otherwise requires: 

(i) all terms used in this Indenture that are not defined herein and that are used as defined by the Trust Indenture Act,
defined by reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions; 

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

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

(iv) “including” means including without limitation; 

(v) words in the singular include the plural and words in the plural include the singular; 

(vi) all references to Notes shall refer also to any Additional Notes issued in the form of Notes pursuant to
Section 2.14; 

  
 5 

 (vii) all references to the date the Notes were originally issued shall
refer to the Issue Date or the date any Additional Notes were originally issued, as the case may be; and 
 (viii) all
references herein to particular Sections or Articles shall refer to this Indenture unless otherwise so indicated. 
 Section 1.05.
Conflicts with Base Indenture. In the event that any provision of this Supplemental Indenture limits, qualifies or conflicts with a provision of the Base Indenture, such provision of this Supplemental Indenture shall control. 

ARTICLE 2 
 THE NOTES 

Section 2.01. Form and Dating.. 

(a) Form of Notes. The Notes of shall be substantially in the form attached as Exhibit A, with such appropriate provisions as are
required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable laws or the rules of any securities exchange or
DTC or as may, consistently herewith, be determined by the Officers of the Company executing such Notes, as evidenced by their execution thereof.

The Trustee’s certificate of authentication shall be substantially in the form set forth in this Article. 

The Definitive Notes shall be printed, lithographed or engraved on a steel engraved border or on steel engraved borders or produced by any
combination of these methods, if required by any securities exchange on which the Notes may be listed, or may be produced in any other manner permitted by the rules of any securities exchange on which the Notes may be listed, all as determined by
the Officers of the Company executing such Notes, as evidenced by their execution of such Notes. 
 The Notes shall be issued on the Issue
Date in the form of a permanent global Note (each, a “Global Note” and, collectively, the “Global Notes”), deposited with the Trustee, as custodian for DTC, duly executed by the Company, authenticated by the Trustee
as hereinafter provided and dated the date of their authentication. Each Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single
certificate. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided. 

The principal of and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose in Las Vegas,
Nevada, or at such other office or agency of the Company as may be maintained for such purpose pursuant to Section 2.03; provided, however, that at the option of the Company, each installment of interest may be paid by
(i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note Register or (ii) upon request of any Holder of at least $1,000,000 principal amount of Notes, wire transfer to an account located in
the United States of America maintained by the payee. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts
specified by DTC. 
 (b) Denominations. The Notes shall be issuable only in fully registered form, without coupons, and only in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 (c) Legend for Global Notes. The Global Notes shall
bear the following legend on the face thereof: 
 “UNLESS THIS CERTIFICATE 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 CERTIFICATE 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. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S 

  
 6 

 
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE SUPPLEMENTAL INDENTURE REFERRED TO ON THE REVERSE
HEREOF.” 
 (d) Book-Entry Provisions. 

(i) This Section 2.01(d) shall apply only to Global Notes deposited with the Trustee, as custodian for DTC. 

(ii) Each Global Note initially shall (x) be registered in the name of DTC or the nominee of DTC, (y) be
delivered to the Trustee as custodian for DTC and (z) bear the legend set forth in Section 2.01(c). 

(iii) Members of, or participants in, DTC (“Agent Members”) shall have no rights under this Indenture
with respect to any Global Note held on their behalf by DTC or by the Trustee as the custodian of DTC or under such Global Note, and DTC shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner
of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (x) prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by DTC, or (y) impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 

(iv) In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to subsection
(e) of this Section 2.01 to beneficial owners who are required to hold Definitive Notes, the Securities Custodian shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal
to the principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Definitive Notes of like tenor and amount. 

(v) In connection with the transfer of an entire Global Note to beneficial owners pursuant to subsection (e) of this
Section 2.01, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by DTC in exchange for its
beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 

(vi) The registered holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members
and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes. 

(e) Definitive Notes. Except as provided below, owners of beneficial interests in a Global Note shall not be entitled to have Notes
represented by the Global Note registered in their name or to receive certificated Notes (“Definitive Notes”). If required to do so pursuant to any applicable law or regulation, beneficial owners may obtain Definitive Notes in
exchange for their beneficial interests in a Global Note upon written request in accordance with DTC’s and the Registrar’s procedures. In addition, Definitive Notes shall be transferred to all beneficial owners in exchange for their
beneficial interests in a Global Note if (x) DTC notifies the Company that it is unwilling or unable to continue as depository for such Global Note or DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is
required to be so registered in order to act as depository, and in each case a successor depository is not appointed by the Company within 90 days of such notice, (y) the Company executes and delivers to the Trustee and Registrar an
Officers’ Certificate stating that such Global Note shall be so exchangeable or (z) an Event of Default has occurred and is continuing with respect to the Notes and the Registrar has received a request from DTC to exchange the Global Note
for Definitive Notes. 
 (f) Certificate of Authentication. The Trustee’s certificates of authentication shall be in substantially
the following form: 
 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of
the Notes referred 
 to in the within-mentioned Indenture. 

The Bank of New York Mellon Trust Company, N.A., 

  
 7 

 
as Trustee 
  

			
	By	 	  

		 	    Authorized Signatory
	
	Dated:

 Section 2.02. Execution and Authentication. An Officer of the Company shall sign the Notes for the
Company by manual signature. 
 If an Officer of the Company whose signature is on a Note no longer holds that office at the time the
Trustee authenticates the Note, the Note shall be valid nevertheless. 
 A Note shall not be valid until an authorized signatory of the
Trustee manually or electronically authenticates the Note. The signature of the Trustee on a Note shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication. Each Note shall be dated the date of its authentication. The Trustee shall authenticate Notes for original issue upon receipt of, and shall be fully protected in relying upon: 

 

	 	(a)	 An order to the Trustee signed by an Officer of the Company directing the Trustee to authenticate the Notes (an
“Authentication Order”); 

  

	 	(b)	 a copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of
the Notes were established, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect as of the date of such certificate, and if the terms and form of
such Notes are established by an Officers’ Certificate pursuant to general authorization of the Board of Directors, such Officers’ Certificate; 

  

	 	(c)	 a supplemental indenture, if any; 

 

	 	(d)	 an Officers’ Certificate of the Company delivered in accordance with Section 10.03; and

  

	 	(e)	 an Opinion of Counsel delivered in accordance with Section 10.03, and that states that such Notes, when
authenticated and delivered by Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance with
their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles. 

Notwithstanding anything to the contrary contained herein, the Company may from time to time, without notice to or consent of the Holders,
issue such additional principal amounts of Additional Notes as may be issued and authenticated pursuant to Section 2.14 of this Indenture, and Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu
of, other Notes pursuant to Section 2.06, Section 2.08, Section 2.09, Section 3.06 or Section 9.04. 
 The Trustee
may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Company to authenticate the Notes. Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the
Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such Authenticating Agent. 

In case the Company, pursuant to Article 5, shall be consolidated or merged with or into any other Person or shall sell, lease or convey all
or substantially all of its properties or assets to any Person, and the Successor (if other than the Company), shall have executed an indenture supplemental hereto (if not otherwise a party to the Indenture) with the Trustee pursuant to Article 5,
any of the Notes authenticated or delivered prior to such consolidation, merger, sale, lease or conveyance may, from time to time, at the request of such Successor, be exchanged for other Notes executed in the name of such Successor with such
changes in phraseology and form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Authentication Order of such Successor, shall authenticate
and deliver Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a Successor (if other than the Company) pursuant to this Section 2.02 in exchange or
substitution for or upon registration of transfer of any Notes, such Successor, at the option of the Holders 

  
 8 

 
but without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated and delivered in such new name. 

In connection with the transfer, authentication or cancellation of any Notes by the Trustee, in addition to the other requirements of this
Article 2 and Section 10.03, the Trustee may require that the Company deliver to the Trustee an Opinion of Counsel as provided in Section 7.02(b). 

Section 2.03. Registrar and Paying Agent. The Company shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Company may have one or more additional paying agents. The term “Paying Agent” includes any such additional paying agent. The Company may change the Registrar or appoint one or more
co-Registrars without notice.
 In the event the Company shall retain any Person not a party to this
Indenture as a Paying Agent or Registrar hereunder, the Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall incorporate the applicable terms of the Trust Indenture
Act. Such agency agreement shall implement the provisions of this Indenture that relate to such Paying Agent or Registrar. The Company shall notify the Trustee in writing of the name and address of each such Paying Agent or Registrar. If the Company
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company shall be responsible for the fees and compensation of all Paying
Agents and Registrars appointed or approved by it. Either the Company or any of its domestically incorporated wholly-owned Subsidiaries may act as a Registrar or Paying Agent. 

The Company initially appoints the Trustee as Registrar and Paying Agent for the Notes. 

Section 2.04. Paying Agent to Hold Money in Trust. By no later than 11:00 a.m. (New York City time) on the date on which any
principal or interest on any Note is due and payable, the Company shall deposit with the applicable Paying Agent a sum sufficient to pay such principal or interest when due. The Company shall require each Paying Agent (other than the Trustee) to
agree in writing that such Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held by such Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee in writing of any
Default by the Company in making any such payment. If either of the Company or any of its Subsidiaries acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may
require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.04, the Paying Agent (if other than the Company or a
Subsidiary) shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.05. Noteholder Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Noteholders. If the Trustee is not the Registrar, the Company shall cause the Registrar to furnish to the Trustee, in writing at least five Business 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 Noteholders. 

Section 2.06. Transfer and Exchange. Notwithstanding any other provision of this Indenture or the Notes (other than
Section 2.01(e) hereof), transfers and exchanges of Notes and beneficial interests in a Global Note of the kinds specified in this Section 2.06 shall be made only in accordance with this Section 2.06. The Registrar shall retain copies
of all letters, notices and other written communications received pursuant to Section 2.01 or this Section 2.06. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at
any reasonable time upon the giving of reasonable written notice to the Registrar. 
 (a) Transfer and Exchange of Definitive Notes for
Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06, the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of
transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by
its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06. A Holder of
Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note. 

  
 9 

 (b) Transfer and Exchange of Definitive Notes for Beneficial Interests. A Holder of a
Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request
for such an exchange or transfer, the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. A beneficial interest in a Global Note may be exchanged for a Note that
is not a Global Note as provided in Section 2.01(e). 
 (d) Transfer and Exchange of Beneficial Interests in the Global Notes. The
transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture. Beneficial interests in any Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(d) and Section 2.06(c) hereof. 

(e) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Company shall, subject to the other terms and conditions of
this Article 2, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s or co-Registrar’s request and upon a written order of the Company. 

(ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer
pursuant to Section 3.06 or Section 9.04). 
 (iii) Neither the Registrar nor the co-Registrar or the Issuer shall be required to register the transfer of or exchange of any Note for a period beginning (A) 15 days before the transmission of a notice of an offer to repurchase or redeem Notes and
ending at the close of business on the day of such transmission or (B) 15 days before an Interest Payment Date and ending on such Interest Payment Date. 

(iv) Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent,
the Registrar or any co-Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such
Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-Registrar shall be affected by notice to the
contrary. 
 (v) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall be the
valid and legally binding obligation of the Company, shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(f) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in, DTC or other Person in respect of any aspect of the records, or for maintaining, supervising or reviewing any records, relating to beneficial ownership interests of a Global Note, with respect to the accuracy of the records of DTC or
its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any
notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in
respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC
subject to the applicable rules and procedures of DTC. The Trustee and the Company may conclusively rely and shall be fully protected in relying upon information furnished by DTC with respect to its members, participants and any beneficial owners.

 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any 

  
 10 

 
interest in any Note (including any transfers between or among Agent Members or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(g) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by DTC to a nominee of DTC, by a nominee
of DTC to DTC or to another nominee of DTC or by DTC or any such nominee to a successor depositary or to a nominee of such successor depositary. 

Neither the Trustee nor any agent thereof shall have any responsibility for any actions taken or not taken by DTC or any successor depositary.

 Section 2.07. Business Days. If a payment date is on a date that is not a Business Day, payment shall be made on the next
succeeding day that is a Business Day, and no interest shall accrue on such payment for the intervening period. If a regular record date is on a day that is not a Business Day, the record date shall not be affected. 

Section 2.08. Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note shall provide the
Company and the Trustee with evidence to their satisfaction that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee. In addition, such Holder shall furnish an indemnity or surety bond sufficient in
the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent and the Registrar from any loss that any of them may suffer if a Note is replaced. The Company and the Trustee may charge the Holder for their expenses
in replacing a Note, including reasonable fees and expenses of counsel. Every replacement Note is an additional obligation of the Company. 

Section 2.09. Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those
cancelled, those delivered for cancellation, those for which payment or redemption money has been deposited or set aside in trust as described in Section 8.01 and those described in this Section 2.09 as not outstanding. A Note does not
cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant to
Section 2.08, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a bona fide purchaser. 

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a Redemption Date or Stated Maturity Date money
sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Notes (or portions thereof) cease to be outstanding
and interest on them ceases to accrue. 
 Section 2.10. Temporary Notes. Until Definitive Notes are ready for delivery, the
Company may prepare and the Trustee shall authenticate and deliver temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers appropriate for temporary Notes. Without
unreasonable delay, the Company shall prepare and the Trustee shall authenticate and deliver Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary
Notes at any office or agency maintained by the Company for that purpose and such exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute, and the Trustee shall
authenticate and deliver in exchange therefor, one or more Definitive Notes representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this
Indenture as a Holder of Definitive Notes. 
 Section 2.11. Cancellation. The Company at any time may deliver Notes to the
Trustee for cancellation and such delivery shall be accompanied by an Officers’ Certificate in which the Company directs the Trustee to cancel such Notes. The Registrar and the Paying Agent shall forward to the Trustee for cancellation any
Notes surrendered to them for registration of transfer or exchange or payment. The Trustee and no one else shall cancel (subject to the record retention requirements of the Exchange Act) all Notes surrendered for registration of transfer or
exchange, payment or cancellation and, upon the written request of the Company, deliver a certificate of such cancellation to the Company. The Company may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for
cancellation, but this shall not prohibit the Company from issuing any Additional Notes. All cancelled Notes held by the Trustee may be disposed of by the Trustee in accordance with its then customary practices and procedures. The Trustee shall
provide to the Company a list of all Notes that have been cancelled from time to time as requested in writing by the Company. 

  
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 Section 2.12. Defaulted Interest. If the Company defaults in a payment of
interest on the Notes, the Company shall pay defaulted interest plus interest on such defaulted interest to the extent lawful at the rate specified therefor in the Notes in any lawful manner. The Company may pay the defaulted interest to the Persons
who are Noteholders on a subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee, which specified record date shall not be less than 10
days prior to the payment date for such defaulted interest and shall promptly transmit or cause to be transmitted to each applicable Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be
paid. The Company shall notify the Trustee pursuant to an Officers’ Certificate of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when so
deposited to be held in trust for the benefit of the Person entitled to such defaulted interest as provided in this Section 2.12. 

Section 2.13. CUSIP Numbers, etc. The Company in issuing the Notes may use “CUSIP” or “ISIN” numbers and/or
other similar numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” and/or “ISIN” numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or exchange and that reliance may be placed only on the other identification numbers
printed on the Notes, and any such redemption or exchange shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP numbers and/or other similar numbers.

 Section 2.14. Issuance of Additional Notes. The Company shall be entitled to issue, from time to time, Additional Notes under
this Indenture, which shall have identical terms as the Initial Notes (in each case, other than with respect to the date of issuance, the issue price, the amount of interest payable on the first payment date applicable thereto and any changes
necessary to conform to and ensure compliance with the Securities Act (or other applicable securities laws)), as the case may be; provided that if the Additional Notes are not fungible with the Notes for U.S. federal income tax purposes, the
Additional Notes will have a separate CUSIP number. 
 With respect to any Additional Notes, the Company shall set forth in a Board
Resolution and an Officers’ Certificate, copies of which shall be delivered to the Trustee, the following information: 

(i) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;
and 
 (ii) the issue price, the Issue Date and the “CUSIP” and “ISIN” number of any such Additional
Notes and the amount of interest payable on the first payment date applicable thereto. 
 Section 2.15. One
Class of Notes. The Notes and any Additional Notes shall vote and consent together on all matters as one class, and none of the Notes or any Additional Notes shall have the right to vote or consent as a separate class on any
matter. 
 ARTICLE 3 
 REDEMPTION

 Section 3.01. Applicability of this Article. Redemption of Notes, as permitted or required by any form of Note issued
pursuant to this Indenture or the documentation providing therefor, shall be made in accordance with such form of Note or documentation and this Article 3; provided, however, that if any provision of any such form of Note or
documentation shall conflict with any provision of this Article, the provision of such form of Note or documentation shall govern. 

Section 3.02. Notices to Trustee; Selection of Notes to Be Redeemed. If the Company elects to redeem Notes pursuant to the terms
thereof, it shall notify the Trustee in writing of the Redemption Date and the principal amount of Notes to be redeemed. 
 The Company
shall give each notice to the Trustee provided for in this Section 3.02 at least 10 days before the Redemption Date unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officers’ Certificate from the
Company to the effect that such redemption shall comply with the conditions herein. The record date relating to such redemption shall be selected by the Company and set forth in the related notice given to the Trustee, which record date shall be not
less than 15 days prior to the date selected for redemption by the Company. 

  
 12 

 If fewer than all the Notes then outstanding are to be redeemed, the Trustee shall select
the Notes to be redeemed pro rata or by lot and in the case of Notes held in book entry form, in accordance with DTC’s applicable procedures. 

Notes and portions thereof selected for redemption shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof. Provisions
of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall promptly notify the Company of the Notes or portions of Notes to be redeemed. 

Section 3.03. Notice of Redemption. At least 10 days but not more than 60 days before a date for redemption of Notes, the Company
shall mail (or, in the case of Notes held in book-entry form, send by electronic transmission) a notice of redemption by first-class mail to each Holder of Notes to be redeemed at its registered address. 

The notice shall identify the Notes to be redeemed and shall state: 

(a) the aggregate amount of Notes to be redeemed; 

(b) the Redemption Date; 

(c) the redemption price (or the method of calculating such price) and the amount of accrued interest to be paid, if any; 

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

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price plus accrued and unpaid
interest, if any; 
 (f) if fewer than all the outstanding Notes are to be redeemed, the certificate number (if certificated) and
principal amounts of the particular Notes to be redeemed; 
 (g) that, unless the Company defaults in making such redemption payment,
interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the Redemption Date; 
 (h) the CUSIP number,
or any similar number, if any, printed on the Notes being redeemed; and 
 (i) that no representation is made as to the correctness or
accuracy of the CUSIP number, or any similar number, if any, listed in such notice or printed on the Notes. 
 At the Company’s written
request (which may be rescinded or revoked at any time prior to the time at which the Trustee shall have given such notice to the Holders), the Trustee shall give the notice of redemption in the name of the Company and at the Company’s expense
(which notice shall be sent by electronic transmission in the case of Notes held in book-entry form). In such event, the Company shall provide the Trustee with the information required by this Section 3.03 at least five Business Days prior to
the date chosen for giving such notice to the Holders (unless the Trustee shall agree to a shorter period). The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives
such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other
Notes. 
 Section 3.04. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with
Section 3.03, Notes called for redemption shall become due and payable on the Redemption Date and at the redemption price as stated in the notice. Upon surrender to the Paying Agent on the Redemption Date, such Notes shall be paid at the
redemption price stated in the notice, plus accrued and unpaid interest to, but not including, the Redemption Date; provided that the Company shall have deposited the redemption price with the Paying Agent or the Trustee on or before 11:00
a.m. (New York City time) on the Redemption Date; provided, further, that if the Redemption Date is after a regular record date and on or prior to the Interest Payment Date, the accrued and unpaid interest shall be payable to the
Noteholder of the redeemed Notes registered on the relevant record date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

Section 3.05. Deposit of Redemption Price. By no later than 11:00 a.m. (New York City time) on the Redemption Date, the Company
shall deposit with the Paying Agent (or, if the Company or any of its Subsidiaries is the Paying Agent, 

  
 13 

 
shall segregate and hold in trust) an amount of money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes to be redeemed on that date other than Notes or
portions of Notes called for redemption that are owned by the Company or a Subsidiary and have been delivered by the Company or such Subsidiary to the Trustee for cancellation. All money, if any, earned on funds held by the Paying Agent shall be
remitted to the Company. In addition, the Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest, if any, on,
all Notes to be redeemed. 
 Unless the Company defaults in the payment of such redemption price, interest on the Notes or portions of Notes
to be redeemed shall cease to accrue on and after the applicable Redemption Date, whether or not such Notes are presented for payment. 

Section 3.06. Notes Redeemed in Part. In the case of a partial redemption, selection of the Notes for redemption will be made pro
rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption
that relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the bond will be issued in the name of the holder of the Note upon surrender for
cancellation of the original Note. For so long as the Notes are held by DTC (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the Depositary. 

ARTICLE 4 
 COVENANTS 

Section 4.01. Payment of Notes. The Company covenants and agrees that it shall promptly pay the principal of and interest on the
Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal and interest shall be considered paid on the date due if, on or before 11:00 a.m. (New York City time) on such date, the Trustee or the Paying Agent (or, if
the Company or any of its Subsidiaries is the Paying Agent, the segregated account or separate trust fund maintained by the Company or such Subsidiary pursuant to Section 2.04) holds in accordance with this Indenture money sufficient to pay all
principal and interest then due. 
 The Company shall pay interest on overdue principal at the rate specified therefor in the Notes, and it
shall pay interest on overdue installments of interest at the same rate to the extent lawful as provided in Section 2.12. 

Notwithstanding anything to the contrary contained in this Indenture, the Company or the Paying Agent may, to the extent it is required to do
so by law, deduct or withhold income or other similar taxes imposed by the United States of America or other domestic or foreign taxing authorities from principal or interest payments hereunder. 

Section 4.02. Compliance Certificate. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year
of the Company ending after the date hereof, an Officers’ Certificate signed by its principal executive officer, principal financial officer or principal accounting officer which shall comply with Section 314 of the Trust Indenture Act,
stating whether or not to the knowledge of the signers thereof any Default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided
hereunder), specifying all such Defaults and the nature and status thereof of which they may have knowledge. 
 Section 4.03.
Maintenance of Office or Agency. The Company shall maintain the office or agency required under Section 2.03. The Company shall give prior written notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
address of the Trustee set forth in Section 10.01. 
 Section 4.04. Existence. Except as otherwise permitted by Article 5,
the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a corporation or other Person. 

Section 4.05. Maintenance of Properties. The Company will cause all properties used or useful in the conduct of its business to be
maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the
Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company from
discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the 

  
 14 

 
Company, desirable in the conduct of its business and not disadvantageous in any material respect to the Holders of the Notes. 

Section 4.06. Payment of Taxes and Other Claims. The Company will pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company, and (ii) all lawful claims for labor, materials and supplies
which, if unpaid, might by law become a Lien upon the property of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings or if such failure to pay or discharge could not reasonably be expected to have a material adverse effect on the business, operations, affairs,
financial condition, assets or properties of the Company and its subsidiaries taken as a whole or on the ability of the Company to pay the Notes in accordance with their terms. 

Section 4.07. Restrictions on Liens. 

(a) The Company will not, at any time during which any Notes are outstanding, issue, assume or guarantee any debt for money borrowed
(hereinafter referred to as “Debt”) secured by any Lien upon any property or asset of the Company (whether such property or asset is now owned or hereafter acquired), without in any such case effectively securing, prior to or
concurrently with the issuance, assumption or guarantee of any such Debt, the Notes (together with, if the Company shall so determine, any other indebtedness of or guarantee by the Company ranking equally with the Notes and then existing or
thereafter created) equally and ratably with (or, at the Company’s option, prior to) such Debt, provided, however, that the foregoing restrictions shall not apply to or prevent the creation of: 

(i) Liens on any property acquired, constructed or improved by the Company after the Issue Date that are created or assumed contemporaneously
with, or within 120 days after, such acquisition or completion of the construction or improvement, or within six months thereafter pursuant to a firm commitment for financing arranged with a lender or investor within such 120-day period, to secure or provide for the payment of all or any part of the purchase price of such property or the cost of such construction or improvement incurred after the Issue Date, or, in addition to Liens
contemplated by clauses (a)(ii) and (a)(iii) below, Liens on any property existing at the time of acquisition thereof, provided that the Liens do not apply to any property theretofore owned by the Company other than, in the case
of any such construction or improvement, any theretofore unimproved property on which the property so constructed or the improvement is located; 

(ii) existing Liens on any property or indebtedness of a Person that is merged with or into or consolidated with the Company; provided
that the Liens shall not apply to any property theretofore owned by the Company; 
 (iii) Liens in favor of the United States of America, any
state or any foreign country or any department, agency or instrumentality or political subdivision of any such jurisdiction to secure partial, progress, advance or other payment pursuant to any contract or statute or to secure any indebtedness
incurred for the purpose of financing all or any part of the purchase price or cost of constructing or improving the property subject to such Liens, including, without limitation, Liens to secure Debt of the pollution control or industrial revenue
bond type; 
 (iv) Liens on current assets of the Company to secure loans which mature within 12 months from the creation thereof and which
are made in the ordinary course of business; 
 (v) Liens on any property (including any natural gas, oil or other mineral property) of the
Company to secure all or part of the cost of exploration or drilling for or development of oil or gas reserves or laying a pipeline or to secure Debt incurred to provide funds for any such purpose; 

(vi) any Lien existing on the Issue Date; 

(vii) Liens on moneys or government obligations deposited with a trustee or agent for holders of Debt to defease such Debt; and 

(viii) Liens for the sole purposes of extending, renewing or replacing, in whole or in part, Liens securing Debt of the type referred to in the
foregoing clauses (a)(i) through (a)(vii), inclusive, or this clause (a)(viii); provided, however, that the principal amount of Debt so secured at the time of such extension, renewal or replacement (plus all accrued interest on the
Debt and the amount of all fees and expenses, including premiums, incurred in connection therewith) may not be increased, and that such extension, renewal or replacement is limited to all or part of the property or indebtedness which secured the
Lien so extended, renewed or replaced (plus improvements on such property). 

  
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 (b) The provisions of Section 4.07(a) shall not apply to the issuance, assumption or
guarantee by the Company of Debt secured by a Lien which would otherwise be subject to such restrictions up to an aggregate amount that, together with all other Indebtedness of the Company (other than Debt secured by Liens permitted by
Section 4.07(a)) that would otherwise be subject to such restrictions and the Value of all Sale and Lease-back Transactions in existence at such time (other than any Sale and Lease-back Transaction that, if such Sale and Lease-back Transaction had been a Lien, would have been permitted by Section 4.07(a)(i) and other than Sale and Lease-back Transactions as to which application of amounts have been made in accordance with Section 4.08(b)), does not at the time the Company issues, assumes or guarantees Debt secured by such Lien exceed 10%
of Total Capitalization. 
 (c) “Value” means, with respect to a Sale and Lease-back
Transaction, as at any time, the amount equal to the greater of: 
 (i) the net proceeds from the sale or transfer of the property leased
pursuant to such Sale and Lease-back Transaction; and 
 (ii) the fair value, in the opinion of the
Board of Directors of the Company, of such property at the time of entering into such Sale and Lease-back Transaction, 

in either case divided first by the number of full years of the term of the lease and then multiplied by the number of full years of such term
remaining at the time of determination, without regard to any renewal or extension options contained in the lease. 
 (d) If at any time the
Company shall issue, assume or guarantee any Debt secured by any Lien and if Section 4.07(a) requires that the Notes be secured equally and ratably with such Debt, the Company will promptly deliver to the Trustee: 

(i) an Officers’ Certificate stating that the covenant of the Company contained in Section 4.07(a) has been complied with; and 

(ii) an Opinion of Counsel to the effect that such covenant has been complied with, and that any instrument executed by the Company in the
performance of such covenant complies with such covenant. 
 (e) In the event that the Company shall hereafter secure the Notes equally and
ratably with (or prior to) any other Debt or obligation pursuant to the provisions of this Section 4.07, the Trustee is hereby authorized to enter into an indenture or agreement supplemental hereto and to take such action, if any, as it may
deem advisable to enable it to enforce effectively the rights of the holders so secured, equally and ratably with such Debt and other obligations; provided, however, that if such indenture or agreement affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise, the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture or agreement. 

Section 4.08. Restrictions on Sale and Lease-back Transactions. The Company will not enter into any direct or indirect arrangement
with any Person providing for the lease to the Company of any property of the Company (except for temporary leases for a term, including any renewal thereof, of not more than three years), which property has been or is to be sold or transferred by
the Company to such Person or to any other Person by whom funds have been or are to be advanced on the security of such property (a “Sale and Lease-back Transaction”) unless the
proceeds of such sale are at least equal to the fair value of such property being sold and leased-back and either: 
 (a) the Company would
be entitled, pursuant to the provisions of Section 4.07(a)(i) or Section 4.07(b) to incur Debt secured by a Lien on such property without equally and ratably securing the Notes; or 

(b) within 180 days of the effective date of the Sale and Lease-back Transaction, the Company applies,
or covenants that it will apply, an amount not less than the fair value of such property to one or more of: 
 (i) the payment or other
retirement of Funded Debt incurred or assumed by the Company which ranks senior to or pari passu with the Notes (other than Funded Debt owned by the Company), or 

(ii) the purchase of property at not more than its fair value (other than the property involved in such sale). 

  
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 ARTICLE 5 

CONSOLIDATION, MERGER AND SALE OF ASSETS 

Section 5.01. When the Company or any Guarantor May Merge or Transfer Assets. The Company or any guarantor shall not consolidate
with or sell, lease or convey all or substantially all of its properties or assets to, or merge with or into, in one transaction or a series of related transactions, any other Person, unless: 

(a) the Company or such guarantor, as the case may be, shall be the continuing Person or, alternatively, the successor Person formed by or
resulting from such consolidation or merger, or the Person that receives the transfer of such properties or assets (the “Successor”) shall be a Person organized under the laws of the United States of America, any State thereof or
the District of Columbia and the Successor (if not the Company or such guarantor, as the case may be) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the
obligations of the Company under the applicable Notes and this Indenture or of such guarantor under its guarantee of the applicable Notes by executing a supplemental indenture to this Indenture; 

(b) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company as a
result of such transaction having been incurred by the Company at the time of such transaction, no Default or Event of Default shall have occurred and be continuing; 

(c) if, as a result of any such consolidation or merger or such conveyance, transfer or lease, properties or assets of the Company would become
subject to a Lien which would not be permitted by this Indenture, the Company or such successor Person, as the case may be, shall take such steps as shall be necessary effectively to secure the Notes equally and ratably with (or prior to) all
indebtedness secured thereby; and 
 (d) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance or transfer and such supplemental indenture (if any) comply with this Indenture and that such supplemental indenture constitutes the legal, valid and binding obligation of the
Successor subject to customary exceptions. 
 Section 5.02. Successor Person Substituted. The applicable Successor will succeed
to, and be substituted for, and may exercise every right and power of, the Company or such guarantor, as the case may be, under the Indenture or the respective guarantee of the applicable Notes. The Company or such guarantor, as the case may be,
shall be relieved of all obligations and covenants under the Notes, the respective guarantee of such Notes and the Indenture; provided that in the case of a lease of all or substantially all of the Company’s or such guarantor’s, as
the case may be, property or assets, the Company or such guarantor, as the case may be, will not be released from the obligation to pay the principal of and premium, if any, and interest on such Notes. Notwithstanding the provisions of this Article
5, any guarantor may merge with or into or transfer all or part of its properties or assets to another guarantor or to the Company. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01. Events of Default. An “Event of Default” occurs with respect to the Notes if: 

(a) a Default in any payment of interest on any Note when the same becomes due and payable occurs, and such Default continues for a period
of 30 days; 
 (b) a Default in the payment of the principal of or premium, if any, on any Note when the same becomes due and payable at
its Stated Maturity occurs, upon optional redemption or otherwise; 
 (c) the Company or any guarantor fails to comply with any of its
agreements in the Notes, this Indenture or any guarantee of the Notes, as applicable (other than those referred to in (a) or (b) above) and such failure continues for 60 days after the notice specified below; 

(d) a default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company in an individual principal
amount outstanding of at least $50,000,000 or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company in an individual principal
amount outstanding of at least $50,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay $50,000,000 or more of the principal of

  
 17 

 
such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto or which default shall have resulted in such indebtedness becoming or being
declared due and payable prior to the date on which it would otherwise have become due and payable, without such payment being made in full or such acceleration having been rescinded or annulled, within a period of 30 days after the notice specified
below; 
 (e) any guarantee with respect to the Notes ceases for any reason to be, or is asserted by the Company or the guarantor not to
be, in full force and effect and enforceable in accordance with its terms except to the extent contemplated by this Indenture and any such guarantee of such Notes; 

(f) the Company or any guarantor of the Notes 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 in which it is the debtor; 

(iii) consents to the appointment of a Custodian of it or for any substantial part of its property; 

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

(v) takes any comparable action under any foreign laws relating to insolvency; 

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

(i) is for relief against the Company or any guarantor of the Notes in an involuntary case; 

(ii) appoints a Custodian of the Company or any guarantor of the Notes or for any substantial part of the property of the
Company or any guarantor of the Notes; or 
 (iii) orders the winding up or liquidation of the Company or any guarantor;

 (or any similar relief is granted under any foreign laws) and the order, decree or relief remains unstayed and in effect for 60
consecutive days. 
 The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is
voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

A Default with respect to Notes under clause (c) and (d) of this Section 6.01 is not an Event of Default until the Trustee (by
written notice to the Company) or the Holders of at least 25% in aggregate principal amount of the outstanding Notes (by written notice to the Company and the Trustee) gives notice of the Default and the Company does not cure such Default within the
time specified in said clause (c) or (d), as applicable, after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 

The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’
Certificate of any event that with the giving of notice or the lapse of time would become an Event of Default under clauses (c) through (g) of this Section 6.01, its status and what action the Company is taking or proposes to take with
respect thereto. 
 Section 6.02. Acceleration. If an Event of Default with respect to Notes (other than an Event of Default
specified in Sections 6.01(f) or 6.01(g) with respect to the Company) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of at least 25% in aggregate principal amount of the outstanding Notes by written notice to
the Company and the Trustee, may, and the Trustee at the request of such Holders, shall, declare the principal of and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such principal and accrued and unpaid
interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(f) or 6.01(g) with respect to the Company occurs and is continuing, the principal of and accrued and unpaid interest on all Notes shall
ipso facto become 

  
 18 

 
and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in aggregate principal amount of the outstanding Notes
by written notice to the Trustee may rescind an acceleration and its consequences if all existing Events of Default with respect to Notes have been cured or waived except nonpayment of principal or interest that has become due solely because of such
acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 Section 6.03. Other
Remedies. If an Event of Default occurs and is continuing, the Trustee, in conformity with its duties under this Indenture, will exercise all rights or powers under this Indenture at the request or direction of any Holders of such Notes,
provided, that such Holders provide the Trustee with an indemnity and/or security reasonably satisfactory to the Trustee against any loss, liability or expense. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Noteholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any
other remedy. All available remedies are, to the extent permitted by law, cumulative. 
 Section 6.04. Waiver of Past or Existing
Defaults. The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may, on behalf of the Holders of the Notes, waive any past or existing Default and its consequences except
(a) a Default in the payment of the principal of or interest on a Note or (b) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each affected Noteholder. When a Default is waived, it
is deemed cured, 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 consequent right. 

Section 6.05. Control by Majority. Upon provision of security and/or indemnity reasonably satisfactory to the Trustee, the Holders
of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with respect to the Notes or of exercising any trust or power
conferred on the Trustee. However, the Trustee, which may conclusively rely on opinions of counsel, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of
other Noteholders or would involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. 

Section 6.06. Limitation on Suits. Except to enforce the right to receive payment of principal, premium, if any, or interest when
due, a Holder of Notes may not pursue any remedy with respect to this Indenture or the Notes unless: 
 (a) an Event of Default shall
have occurred and be continuing and the Holder gives to the Trustee prior written notice stating that an Event of Default is continuing; 

(b) the Holders of at least 25% in aggregate principal amount of the Notes then outstanding (including any Additional Notes) make a
written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer to the Trustee security and/or indemnity
reasonably satisfactory to it against any loss, liabilities or expenses in compliance with such request; 
 (d) the Trustee does not
comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (e) the Holders of a
majority in aggregate principal amount of the Notes then outstanding do not give the Trustee a direction inconsistent with the request during such 60-day period. 

A Noteholder may not use this Indenture to prejudice the rights of another Noteholder or to obtain a preference or priority over another
Noteholder (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Noteholders). 

Section 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
to receive payment of principal of and interest on the Notes held by such Holder, on or after the respective due dates expressed in such Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder. 

  
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 Section 6.08. Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to
the extent lawful) and the amounts provided for in Section 7.07. 
 Section 6.09. Trustee May File Proofs of Claim. The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Noteholders allowed in any judicial proceedings relative to the Company, its creditors or any other obligor upon the Notes, or any of their creditors or the property of the Company or such other obligor or
their creditors and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is
hereby authorized by each Holder to make 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 reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 

Section 6.10. Priorities. Any money or other property collected by the Trustee pursuant to Article 6 hereof, or any money or other
property otherwise distributable in respect of the Company’s obligations under this Indenture, shall be applied in the following order: 

FIRST: to the Trustee (including any predecessor Trustee) and its agents for amounts due under this Indenture, including without limitation,
Section 7.07 hereto; 
 SECOND: to Noteholders for amounts due and unpaid on the Notes for principal and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

THIRD: to the Company. 
 The
Trustee may, upon prior written notice to the Company, fix a record date and payment date for any payment to Noteholders pursuant to this Section 6.10. At least 15 days before such record date, the Company shall mail to each Noteholder and the
Trustee a notice that states the record date, the payment date and amount to be paid. 
 Section 6.11. Undertaking for Costs. In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the
outstanding Notes. 
 Section 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall
not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of
this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall
suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 7 

TRUSTEE 
 Section 7.01.
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 its 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 undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  
 20 

 (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 certificates and opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any
such certificates and opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (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 subsection does not limit the effect of subsections (b) or (f) of this Section 7.01; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

(d) [Reserved]. 

(e) The Trustee shall not be liable for interest on any money or other property received by it or for holding moneys or other property
uninvested, in either case, except as otherwise agreed between the Company and the Trustee. Money and other property held in trust by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other money or property except to the extent required by law. 
 (f) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have
reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to the provisions of this Section 7.01 and to the provisions of the Trust Indenture Act, where applicable. 

Section 7.02. Rights of Trustee. (a) The Trustee may conclusively rely on, and shall be protected in acting or refraining from
acting in reliance on, any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate 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 the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may execute any of the trusts or powers or perform any duties hereunder either directly or through attorneys and agents,
respectively, and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care by it hereunder. 

(d) The Trustee shall not be liable for any action it takes, suffers to exist or omits to take in good faith which it believes to be
authorized or within its rights or powers conferred upon it by this Indenture. 
 (e) The Trustee may consult with counsel of its
selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it
hereunder in good faith 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 pursuant to this Indenture, 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. 

  
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 (g) The Trustee shall not be charged with knowledge of any Default or Event of Default
with respect to the Notes unless written notice of such Default or Event of Default shall have been given to a Trust Officer of the Trustee at the Corporate Trust Office by the Company or any other obligor on the Notes or by any Holder of the Notes.
Any such notice shall reference this Indenture and the Notes. 
 (h) The rights, privileges, protections, immunities and benefits given
to the Trustee pursuant to this Indenture, including its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities as Registrar and Paying Agent, as the case may be, hereunder. 

(i) 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 reasonable inquiry or reasonable
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, upon reasonable notice and at reasonable times, to examine the books, records and
premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

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

(k) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of Officers of the
Company authorized at such time to take specified actions pursuant to this Indenture. 
 (l) In no event shall the Trustee be
responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
 Section 7.03. Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do
the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 
 Section 7.04.
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the
proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of
authentication. 
 Section 7.05. Notice of Defaults. If a Default or an Event of Default occurs with respect to the Notes and is
continuing and a Trust Officer receives written notice of such Default or Event of Default, the Trustee shall transmit to each Noteholder notice of Default within 60 days after written notice of it is received by a Trust Officer of the Trustee.
Except in the case of a Default in payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is not opposed to the interests of Noteholders. 

Section 7.06. Reports by Trustee to Holders. As promptly as practicable after each May 15 beginning with the May 15
following the date of this Indenture, and in any event prior to July 15 in each year, the Trustee shall mail to each Noteholder a brief report dated as of such May 15 that complies with Section 313(a) of the Trust Indenture Act. The
Trustee also shall comply with Section 313(b) of the Trust Indenture Act. The Trustee shall promptly deliver to the Company a copy of any report it delivers to Holders pursuant to this Section 7.06. 

A copy of each report at the time of its mailing to Noteholders shall be filed by the Trustee with the SEC and each stock exchange (if any) on
which the Notes are listed. The Company agrees to notify promptly the Trustee in writing whenever the Notes become listed on any stock exchange and of any delisting thereof. 

Section 7.07. Compensation and Indemnity. The Company covenants and agrees to pay to the Trustee (and any predecessor Trustee)
from time to time such compensation for its services as the Company and the Trustee shall from time to time mutually agree 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 (including attorneys’ fees and expenses), disbursements and advances
incurred or made by it in accordance with the provisions of this 

  
 22 

 
Indenture, including costs of collection, in addition to such compensation for its services, except any such expense, disbursement or advance as shall be determined to have been caused by its own
negligence or willful misconduct. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents and counsel. The Trustee shall provide the Company reasonable notice of any expenditure
not in the ordinary course of business. The Company shall indemnify each of the Trustee, its officers, directors, employees and any predecessor Trustees against any and all loss, damage, claim (whether asserted by the Company, a Holder or any other
Person) liability or expense (including reasonable attorneys’ fees and expenses) (other than taxes applicable to the Trustee’s compensation hereunder) incurred by it in connection with the acceptance or administration of this trust and the
performance of its duties hereunder. The Trustee shall notify the Company promptly of any claim of which a Trust Officer has received written notice and for which it may seek indemnity. Failure by the Trustee so to notify the Company shall not
relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate, to the extent reasonable, in the defense of any such claim, and, if (in the sole judgment of counsel to the Trustee) the facts
and/or issues surrounding the claim are reasonably likely to create a conflict with the Company, the Company shall pay the reasonable fees and expenses of separate counsel to the Trustee. The Company need not reimburse any expense or indemnify
against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld or
delayed. 
 To secure the Company’s payment obligations in this Section 7.07, the Trustee (including any predecessor trustee)
shall have a lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. 

The Company’s payment obligations pursuant to this Section 7.07 shall survive the satisfaction, discharge and termination of this
Indenture, the resignation or removal of the Trustee and any discharge of this Indenture including any discharge under any bankruptcy law. In addition to and without prejudice to the rights provided to the Trustee under any of the provisions of this
Indenture, when the Trustee incurs expenses or renders services after the occurrence of a Default specified in Section 6.01(f) or 6.01(g) with respect to the Company, the expenses and the compensation for the services are intended to constitute
expenses of administration under Bankruptcy Law. 
 Section 7.08. Replacement of Trustee. The Trustee may resign at any time
upon 30 days’ written notice to the Company. The Holders of a majority in principal amount of the Notes then outstanding, may remove the Trustee upon 30 days’ written notice to the Trustee and may appoint a successor Trustee, which
successor Trustee shall be reasonably acceptable to the Company. The Company shall remove the Trustee if: 
 (a) the Trustee fails to
comply with Section 7.10; 
 (b) the Trustee is adjudged bankrupt or insolvent; 

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

(d) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Notes and such Holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Company
shall pay all amounts due and owing to the Trustee under Section 7.07 of the Indenture. Thereupon 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 under this Indenture. The successor Trustee shall mail a notice of its succession to Noteholders affected by such resignation or removal. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor
Trustee, subject to the lien provided for in Section 7.07. 
 If a successor Trustee does not take office with respect to the Notes
within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of a
successor Trustee. 
 If the Trustee fails to comply with Section 7.10, any Noteholder may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee. 

  
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 Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the
Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 Section 7.09.
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or
transferee corporation without any further act shall be the successor Trustee; provided that such corporation shall be otherwise qualified and eligible under this Article 7 and Section 310(a) of the Trust Indenture Act, without the
execution or filing of any paper or any further act on the part of the parties hereto. 
 In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.

 Section 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a)
of the Trust Indenture Act. The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with Section 310(b) of the Trust Indenture
Act; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act and any indenture or indentures under which other securities or certificates of interest or participation in
other securities of the Company are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. 

Nothing herein shall prevent the Trustee from filing with the SEC the application referred to in the second to last paragraph of
Section 310(b) of the Trust Indenture Act. 
 Section 7.11. Preferential Collection of Claims Against the Company. The
Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the Trust Indenture Act to the extent indicated. 
 ARTICLE 8 

DISCHARGE OF INDENTURE; DEFEASANCE 

Section 8.01. Discharge of Liability on Notes; Defeasance. (a) When (i) the Company delivers to the Trustee all outstanding
Notes that have not already been delivered to the Trustee for cancellation or (ii) (A) all outstanding Notes have become due and payable, whether at maturity, as a result of repayment at the option of the Holders or as a result of the mailing
of a notice of redemption pursuant to Article 3 hereof or (B) the Notes shall become due and payable at their Stated Maturity within one year, or the Notes are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and, in each case of this clause (ii), the Company or any guarantor, if applicable, irrevocably deposits or causes to be deposited with
the Trustee funds sufficient to pay at maturity or upon redemption all outstanding Notes, including interest thereon to maturity or such Redemption Date, and if, in the case of either clause (i) or (ii), the Company or any guarantor, if
applicable, pays all other sums payable hereunder by the Company and any guarantor, if applicable, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of
this Indenture on demand of the Company or any guarantor, if applicable, accompanied by an Officers’ Certificate and an Opinion of Counsel that all conditions precedent provided herein for satisfaction and discharge of this Indenture have been
complied with at the cost and expense of the Company. 
 (b) Subject to Section 8.01(c) and Section 8.02, the Company at any
time may terminate (i) all of its obligations and the obligations of any guarantors under the Notes, the applicable guarantees and this Indenture as it relates to such Notes and related guarantees (“legal defeasance option”) or
(ii) its obligations, and the obligations of any guarantor, under Sections 4.02, 4.03 and 4.04, Article 5 and the operation of Sections 6.01(c) and 6.01(e) as it relates to the Notes and related guarantees (“covenant defeasance
option”). The Company may exercise its legal defeasance option as it relates to the Notes notwithstanding its prior exercise of its covenant defeasance option as it relates to such Notes. 

If the Company exercises its legal defeasance option with respect to the Notes, payment of the Notes may not be

  
 24 

 
accelerated because of an Event of Default. If the Company exercises its covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in
Sections 6.01(c) or 6.01(e). 
 Upon satisfaction of the conditions set forth herein and upon request of the Company the Trustee shall
acknowledge in writing the discharge of those obligations that the Company terminates. 
 (c) Notwithstanding clauses (a) and (b)
above, the Company’s or any guarantor’s, if applicable, obligations in Sections 2.03, 2.04, 2.05, 2.08, 4.01, 7.07, 7.08, 8.04, 8.05 and 8.06 shall survive until the Notes have been paid in full. Thereafter, the Company’s and the
Trustee’s obligations in Sections 7.07, 8.04 and 8.05 shall survive such satisfaction and discharge. 
 Section 8.02.
Conditions to Defeasance. The Company may exercise its legal defeasance option or its covenant defeasance option with respect to the Notes only if: 

(a) the Company or any guarantor, if applicable, irrevocably deposits or causes to be deposited in trust with the Trustee money or U.S.
Government Obligations or a combination thereof that through the scheduled payment of principal and interest in respect thereof in accordance with their terms shall provide cash at such times and in such amounts as shall be sufficient to pay
principal, any premium and interest when due on all outstanding Notes (except Notes replaced pursuant to Section 2.08) to maturity or redemption, as the case may be; 

(b) the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants or valuation
consultants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment shall provide cash at such times and in such
amounts as shall be sufficient to pay principal and interest when due on all outstanding Notes to maturity or redemption, as the case may be; 

(c) 91 days pass after the deposit is made and during such 91-day period no Default specified in
Sections 6.01(f) or 6.01(g) occurs that is continuing at the end of the period; 
 (d) the Company shall have delivered to the Trustee
an Officers’ Certificate stating that the deposit was not made by the Company or any guarantor, if applicable, with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or any guarantor, if applicable; 

(e) in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating 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 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 Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S.
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 

(f) in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such deposit and defeasance had not occurred; and 
 (g) the Company delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes as contemplated by this Indenture have been complied with. 

Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of any of the Notes at a future
date in accordance with Article 3. 
 Section 8.03. Application of Trust Money. The Trustee shall hold in trust money or U.S.
Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations either directly or through the Paying Agent as the Trustee may determine and in
accordance with this Indenture to the payment of principal of and interest on the Notes that were defeased. 

  
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 Section 8.04. Repayment to the Company. The Trustee and the Paying Agent shall
promptly turn over to the Company upon request any excess money or securities held by them at any time. 
 Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years after the date of payment of such principal
and interest, and, thereafter, Noteholders entitled to the money must look to the Company for payment as general creditors. 
 Any unclaimed
funds held by the Trustee pursuant to this Section 8.04 shall be held uninvested and without any liability for interest. 

Section 8.05. Indemnity for Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations other than any such tax, fee or other charge which by law is for the account of the Holders
of the defeased Notes; provided that the Trustee shall be entitled to charge any such tax, fee or other charge to such Holder’s account. 

Section 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s
obligations under this Indenture as it relates to the defeased Notes and such Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted
to apply all such money or U.S. Government Obligations in accordance with this Article 8; provided, however, that (a) if the Company has made any payment of interest on or principal of the Notes following the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of the particular Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent and (b) unless
otherwise required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee or Paying Agent shall return all such money and U.S. Government Obligations to the Company promptly after receiving a written
request therefor at any time, if such reinstatement of the Company’s obligations has occurred and continues to be in effect. 
 ARTICLE
9 
 AMENDMENTS 

Section 9.01. Without Consent of Holders. The Company and the Trustee may amend this Indenture or the Notes without notice to or
consent of any Noteholder: 
 (a) to cure any ambiguity, omission, defect or inconsistency; 

(b) to evidence the succession of another Person to the Company (or any guarantor) and the assumption by any such successor of the
obligations of the Company (or those of any guarantor) in accordance with the provisions of Article 5; 
 (c) to add any additional
Events of Default; 
 (d) to add to the covenants of the Company for the benefit of the Holders of all the Notes or to surrender any
right or power herein conferred upon the Company; 
 (e) to add one or more guarantees for the benefit of Holders of the Notes or to
release one or more guarantees in accordance with this Indenture or any supplemental indenture hereto; 
 (f) add collateral security
with respect to the Notes; 
 (g) to add or appoint a successor or separate Trustee or other agent; 

(h) to provide for the issuance of any Additional Notes; 

(i) to comply with any requirements in connection with qualifying this Indenture under the Trust Indenture Act; 

(j) to comply with the rules of any applicable securities depository; 

  
 26 

 (k) to provide for uncertificated Notes in addition to or in place of certificated
Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code; 

(l) to conform the provisions of this Indenture to the “Description of Notes,” “Description of the Notes and
Guarantees,” “Description of Debt Securities” and any similar sections of any offering memorandum or prospectus prepared in connection with the issuance of the Notes (with the basis for any such amendment pursuant to this clause
(l) to be set forth in an Officers’ Certificate); 
 (m) to change any other provision if the change does not adversely affect
the interests of any Noteholder. 
 After an amendment under this Section 9.01 becomes effective, the Company shall mail to the
Noteholders a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 

Section 9.02. With Consent of Holders. The Company and the Trustee may amend this Indenture or the Notes without notice to any
Noteholder but with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange for Notes). However, without the consent of
each affected Noteholder, an amendment may not: 
 (a) change the Stated Maturity of the principal of, or installment of interest on,
any Note; 
 (b) reduce the principal amount of, or the rate of interest on, any Notes; 

(c) reduce any premium payable on the redemption or required repurchase of any Note or change the date on which any Note may or must be
redeemed, repaid or required to be repurchased; 
 (d) change the coin or currency in which the principal of, premium, if any, or
interest on any Note is payable; 
 (e) impair the right of any Holder to institute suit for the enforcement of any payment on or after
the Stated Maturity of any Note; 
 (f) reduce the percentage in principal amount of the outstanding Notes, the consent of whose Holders
is required in order to take certain actions; 
 (g) reduce the requirements for quorum or voting by Holders in this Indenture or the
Notes; 
 (h) modify any of the provisions of this Indenture regarding the waiver of past defaults and the waiver of certain covenants
by Holders except to increase any percentage vote required or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each Note affected thereby; or 

(i) modify any of the above provisions of this Section 9.02. 

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 9.02
becomes effective, the Company shall mail to Noteholders a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.02. 
 Section 9.03. Effect of Consents and Waivers. A consent to an amendment, supplement or a waiver by a
Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. After an
amendment or waiver becomes effective with respect to the Notes, it shall bind every Noteholder. 
 The Company may, but shall not be
obligated to, fix a record date for the purpose of determining the Noteholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Noteholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to take any such action, whether or not
such Persons continue to be Holders after such record date. 

  
 27 

 Section 9.04. Notation on or Exchange of Notes. If an amendment changes the
terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Company shall provide in writing to the Trustee an appropriate notation to be placed on the Note regarding the changed terms and return it to the
Holder. Alternatively, if the Company or the Trustee so determine, the Company in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a
new Note shall not affect the validity of such amendment. 
 Section 9.05. Trustee to Sign Amendments. The Trustee shall sign
any amendment authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the
Trustee shall receive indemnity reasonably satisfactory to it. In signing any amendment the Trustee shall receive, and (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by
Section 10.03, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture and that such supplemental indenture constitutes the legal valid and binding obligation of the
Company in accordance with its terms subject to customary exceptions. 
 Upon the execution of any supplemental indenture under this Article
9, this Indenture shall be modified in accordance therewith, and such supplemental Indenture shall form a part of this Indenture for all purposes; and every Noteholder theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby. 
 Section 9.06. Compliance with Trust Indenture Act. Every amendment to this Indenture or the Notes shall comply with
the Trust Indenture Act as then in effect. 
 ARTICLE 10 

MISCELLANEOUS 

Section 10.01. Notices. Except as otherwise provided herein, any notice or communication shall be in writing (including facsimile
and electronic communications in PDF format) and delivered in person or mailed by first-class mail addressed as follows: 
 if to the Company
and any guarantors: 
 Southwest Gas Corporation 

8360 S. Durango Dr. 
 Post Office
Box 98510 
 Las Vegas, Nevada 89193-8510 

Attention: Kenneth J. Kenny 

Facsimile: (702) 876-7117 

Email: ken.kenny@swgas.com 
 with
a copy to: 
 Morrison & Foerster LLP 

425 Market Street 
 San Francisco,
California 94105 
 Attention: Brandon C. Parris, Esq. 

Facsimile: (415) 268-7522 

Email: bparris@mofo.com 
 if to
the Trustee: 
 The Bank of New York Mellon Trust Company, N.A. 

2 N. LaSalle Street. 7th Floor 

Chicago, Illinois 60602 

Attention: Corporate Trust Administration 

Facsimile: (312) 827-8522 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured
e-

  
 28 

 
mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to
give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects
to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of
such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such
instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any
other communication (including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary. 

Any notice or communication mailed to a Noteholder shall be mailed to the Noteholder at the Noteholder’s address as it appears on the
registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 Failure to mail a notice or
communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 Section 10.02. Communication by Holders with Other Holders. Noteholders may communicate pursuant to Section 312(b) of
the Trust Indenture Act with other Noteholders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the Trust Indenture Act. 

Section 10.03. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee
to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (a) an Officers’
Certificate in form reasonably satisfactory to the Trustee 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 

(b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions
precedent have been complied with. 
 Section 10.04. Statements Required in Certificate or Opinion. The certificate or opinion
with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (a) a statement that the
individual 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 individual, 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 individual, such covenant or condition has been complied with. 

Section 10.05. When Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred
in any direction, waiver or consent, Notes owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be protected in conclusively relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually

  
 29 

 
knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 

Section 10.06. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
Noteholders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 Section 10.07. Governing Law.
This Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York (including Section 5-1401 of the General Obligations Law of the State of New York but
otherwise without regard to principles of conflicts of laws). 
 Section 10.08. No Recourse Against Others. A director, Officer,
employee or shareholder (other than the Company), as such, of the Company shall not have any liability for any obligations of the Company under the Notes or this Indenture or for any claim based on, in respect of or by reason of such obligations or
their creation. By accepting a Note, each Noteholder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. 

Section 10.09. Successors. All agreements of the Company in this Indenture and the Notes shall bind its successors and assigns.
All agreements of the Trustee in this Indenture shall bind its successors and assigns. 
 Section 10.10. Multiple Originals. The
parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 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 and signature pages for all purposes. 

Section 10.11. Variable Provisions. The Company initially appoints the Trustee as Paying Agent and Registrar and custodian with
respect to any Global Notes. 
 Section 10.12. Table of Contents; Headings. The table of contents, cross-reference sheet and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 10.13. Waiver of Jury Trial. EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 10.14. 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 efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 10.15.
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“U.S.A. Patriot Act”), the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, 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. 
 Section 10.16. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by, or with another provision included or that is required to be included in this Indenture by the Trust Indenture Act, the duty or provision required by the Trust Indenture Act shall control. 

Section 10.17. Foreign Account Tax Compliance Act (FATCA). In order to comply with applicable tax laws, rules and regulations
(inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Company agrees (i) to provide to The Bank of New York Mellon Trust Company, N.A., upon
request, such information in its possession regarding holders or other applicable parties and/or transactions (including 

  
 30 

 
any modification to the terms of such transactions) so The Bank of New York Mellon Trust Company, N.A. can determine whether it has tax related obligations under Applicable Law and (ii) that
The Bank of New York Mellon Trust Company, N.A. shall be entitled to make such withholding or deduction from payments under the Indenture as may be necessary to comply with Applicable Law. The terms of this section shall survive the termination of
this Indenture. 
 Section 10.18. Electronic Signatures. Exchange and delivery of signature pages for the Base Indenture, this
Supplemental Indenture and the Notes via facsimile or electronic signature shall constitute effective execution, delivery and authentication of such documents. 

  
 31 

 IN WITNESS WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
	SOUTHWEST GAS CORPORATION
		
	By:	 	 /s/ Kenneth J. Kenny

		 	Name: Kenneth J. Kenny
		 	Title: Vice President/Finance/Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Ann M. Dolezal

		 	Name: Ann M. Dolezal
		 	Title: Vice President

  
 (Signature Page to
Supplemental Indenture) 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [UNLESS THIS CERTIFICATE
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 CERTIFICATE 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. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT
IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE SUPPLEMENTAL INDENTURE
REFERRED TO ON THE REVERSE HEREOF.](1) 
 SOUTHWEST GAS CORPORATION 

5.800% SENIOR NOTES DUE 2027 
  

			
	No. [ ]	 	Principal Amount $300,000,000
		
		 	 [(subject to adjustment as reflected in the Schedule of Increases and Decreases in Global Note attached
hereto)](1)

		
		 	 CUSIP NO 845011 AF2

ISIN NO US845011AF2

 Southwest Gas Corporation, a California corporation, for value received, promises to pay to, or registered
assigns, the principal sum of Dollars ($         ) [(subject to adjustment as reflected in the Schedule of Increases and Decreases in Global Note attached hereto)] on December 1, 2027. 

Interest Payment Dates: June 1 and December 1 of each year, commencing on June 1, 2023. 

Record Dates: May 15 and November 15 of each year. 

Additional provisions of this Note are set forth on the other side of this Note. 

 

	(1)	 To be inserted if a Global Note. 

  
 A-1 

 IN WITNESS WHEREOF, SOUTHWEST GAS CORPORATION has caused this Note to be duly executed. 

Dated: December 1, 2022 
  

			
	SOUTHWEST GAS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the Notes referred to 

in the within-mentioned Indenture. 
  

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: December 1, 2022 

  
 A-3 

 [FORM OF REVERSE SIDE OF NOTE] 

[Reverse of Note] 
 5.800% Senior
Notes due 2027 
 1. Interest 

Southwest Gas Corporation, a California corporation (together with its successors and assigns under the Indenture hereinafter referred to,
being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate of 5.800% per annum. 

The Company shall pay interest semiannually on June 1 and December 1 of each year (each such date, an “Interest Payment
Date”), commencing on June 1, 2023. Interest on the Notes shall accrue from December 1, 2022, or from the most recent date to which interest has been paid on the Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. Method of Payment

 By no later than 11:00 a.m. (New York City time) on the date on which any principal of or interest on any Note is due and payable, the
Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Company shall pay interest (except defaulted interest) to the Persons who are registered Holders of Notes at the close
of business on the June 1 or December 1 immediately preceding the Interest Payment Date even if Notes are cancelled, repurchased or redeemed after the record date and on or before the Interest Payment Date. Holders must surrender Notes to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of Notes
represented by a Global Note (including principal, premium, if any, and interest) shall be made by the transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company may make all payments in respect of
a Definitive Note (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof or by wire transfer to an account located in the United States of America maintained by the payee. 

3. Paying Agent and Registrar 
 The Bank
of New York Mellon Trust Company, N.A., a national banking association (the “Trustee”), shall initially act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice to any
Noteholder. The Company or any of its domestically organized wholly-owned Subsidiaries may act as Paying Agent. 
 4. Indenture 

The Company issued the Notes under the Indenture dated as of June 4, 2020 (the “Base Indenture,” supplemented by the
Fourth Supplemental Indenture dated as of December 1, 2022 (the “Supplemental Indenture,” and together with the Base Indenture, the “Indenture”)), between the Company and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Trust Indenture Act”).
Terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Noteholders are referred to the Indenture and the Trust Indenture Act for a statement of those terms. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The Notes are senior unsecured obligations of the Company. The Note is one of the Notes referred to in the Indenture. The Notes include the
Notes issued on the Issue Date and any Additional Notes issued in accordance with Section 2.14 of the Indenture. The Notes and any Additional Notes are treated as a single class of securities under the Indenture. The Indenture imposes certain
limitations on the ability of the Company and its Subsidiaries to create liens, enter into sale and leaseback transactions and enter into mergers and consolidations. 

5. Redemption 

  
 A-4 

 The Notes shall be redeemable, in whole or in part, at any time prior to November 1,
2027 (one month prior to the maturity date of the Notes, the “Par Call Date”), at the option of the Company, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of

	 	•	 	 (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon
discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 30 basis points, less (b) interest accrued to, but not including, the date of redemption; and 

  

	 	•	 	 100% of the aggregate principal amount of the Notes then outstanding to be redeemed, 

plus, in either case, accrued and unpaid interest thereon to, but not including, the Redemption Date. 

On or after the Par Call Date, the Company may redeem the Notes in whole or in part, at any time and from time to time, at a redemption price
equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

“Business Day” means any day other than a Saturday, a Sunday, or a day on which banking institutions or trust companies in
New York City are authorized or required by law, executive order or regulation to close. 
 “Treasury Rate” means, with
respect to any Redemption Date, the yield determined in accordance with the following two paragraphs. 
 The Treasury Rate shall be
determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption
Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates
(Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the
Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or (2) if there is
no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or
(3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable
Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date. 

If on the third Business Day preceding the Redemption Date, H.15 or any successor designation or publication is no longer published, the
Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity
date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding
the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these
two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In
determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

  
 A-5 

 Notice of any redemption will be mailed or electronically delivered (or otherwise
transmitted in accordance with the depositary’s procedures) at least 10 days but not more than 60 days before the Redemption Date to each holder of Notes to be redeemed. 

In the case of a partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the
Trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any bond is to be redeemed in part only, the notice of redemption that relates to the bond will state the
portion of the principal amount of the bond to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the bond will be issued in the name of the holder of the bond upon surrender for cancellation of the original Note. For
so long as the Notes are held by DTC (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the depositary. 

Except as set forth above and in Article 5 of the Notes, the Notes shall not be redeemable by the Company prior to maturity. 

The Notes shall not be entitled to the benefit of any sinking fund. 

6. Notice of Redemption 
 At least 10 days
but not more than 60 days before a date for redemption of Notes, the Company shall mail (or, at the Company’s option in the case of Notes held in book-entry form, send by electronic transmission) a notice of redemption by first-class mail to
each Holder of Notes to be redeemed at its registered address. Notes in denominations of principal amount larger than $2,000 may be redeemed in part but only in integral multiples of $1,000 in excess thereof. If money sufficient to pay the
redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent on or before 11:00 a.m. (New York City time) on the Redemption Date (or, if the Company
or any of its Subsidiaries is the Paying Agent, such money is segregated and held in trust) and certain other conditions are satisfied, on and after such date interest shall cease to accrue on such Notes (or such portions thereof) called for
redemption. 
 7. Denominations; Transfer; Exchange 

The Notes are in fully registered form without coupons in denominations of principal amount of $2,000 and integral multiples of $1,000 in
excess thereof. A Holder may register, transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) for a
period beginning 15 days before the mailing of a notice of redemption of Notes to be redeemed and ending on the date of such mailing. 
 8. Persons
Deemed Owners 
 The registered holder of this Note shall be treated as the owner of it for all purposes. 

9. Unclaimed Money 
 If money for the
payment of principal or interest remains unclaimed for two years after the date of payment of principal and interest, the Trustee or Paying Agent shall pay the money back to the Company at its request. After any such payment, Holders entitled to the
money must look only to the Company and not to the Trustee for payment. 
 10. Defeasance 

Subject to certain conditions set forth in the Indenture, the Company or any guarantor, as applicable, at any time may terminate some or all of
its obligations under the Notes and the Indenture as it relates to the Notes if the Company or any guarantor, as applicable, deposits with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Notes to
redemption or maturity, as the case may be. 

  
 A-6 

 11. Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the
Holders of at least a majority in principal amount of the outstanding Notes and (ii) any default or noncompliance with any provision of the Indenture or the Notes may be waived with the written consent of the Holders of a majority in principal
amount of the outstanding Notes (including consents obtained in connection with a tender offer or exchange for Notes). However, the Indenture requires the consent of each Noteholder that would be affected for certain specified amendments or
modifications of the Indenture and the Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Noteholder, the Company and the Trustee may amend the Indenture or the Notes, among other things, to cure any
ambiguity, omission, defect or inconsistency, or to evidence the succession of another Person to the Company (or any guarantor) and the assumption by any such Person of the obligations of the Company (or any guarantor) in accordance with Article 5
of the Indenture, or to add any additional Events of Default, or to add to the covenants of the Company for the benefit of the Holders of the Notes or surrender rights and powers conferred on the Company, or to add one or more guarantees for the
benefit of the Holders of the Notes or to release one or more guarantees in accordance with the Indenture, or to add collateral security with respect to the Notes, or to add or appoint a successor or separate trustee or other agent, or to provide
for the issuance of Additional Notes, or to comply with any requirements in connection with qualifying the Indenture under the Trust Indenture Act, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to comply
with the rules of any applicable securities depository or to conform the provisions of the Indenture to the “Description of Notes,” “Description of the Notes and Guarantees” or “Description of Debt Securities” sections
of any offering memorandum or prospectus prepared in connection with the issuance of the Notes (with the basis for any such amendment to be set forth in an Officers’ Certificate), or to change any other provision if the change does not
adversely affect the interests of any Noteholder. 
 12. Defaults and Remedies 

Under the Indenture, Events of Default include (a) a Default in any payment of interest on any Note when the same becomes due and payable
occurs, and such default continues for a period of 30 days; (b) a Default in the payment of the principal of or premium, if any, on any Note when the same becomes due and payable at its Stated Maturity occurs, upon optional redemption or
otherwise; (c) the Company or any guarantor fails to comply with any of its agreements in the Notes, the Indenture or any guarantee of the Notes, as applicable (other than those referred to in (a) or (b) above) and such failure continues
for 60 days after the notice specified below; (d) a default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company in an individual principal amount outstanding of at least $50,000,000 or under any
mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company in an individual principal amount outstanding of at least $50,000,000, whether such
indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay $50,000,000 or more of the principal of such indebtedness when due and payable after the expiration of any applicable grace period with respect
thereto or which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such payment being made in full or such acceleration
having been rescinded or annulled, within a period of 30 days after the notice specified below; (e) any guarantee with respect to the Notes ceases for any reason to be, or is asserted by the Company or the guarantor not to be, in full force and
effect and enforceable in accordance with its terms except to the extent contemplated by this Indenture and any such guarantee of the Notes; and (f) certain events of bankruptcy or insolvency involving the Company or any guarantor. 

A Default with respect to Notes under clause (c) and (d) above is not an Event of Default until the Trustee (by written notice to the
Company) or the Holders of at least 25% in aggregate principal amount of the outstanding Notes (by written notice to the Company and the Trustee) gives notice of the Default and the Company does not cure such Default within the time specified in
said clause (c) or (d), as applicable, after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 

If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes may
declare all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency involving the Company are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of
Default. 
 Noteholders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse

  
 A-7 

 
to enforce the Indenture or the Notes unless it receives indemnity and/or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Noteholders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it in
good faith determines that withholding notice is not opposed to their interest. 
 13. Trustee Dealings with the Company 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company and may otherwise deal with the Company with the same rights it would have if it were not Trustee. 

14. No Recourse Against Others 
 A
director, officer, employee or shareholder (other than the Company), as such, of the Company shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of
such obligations or their creation. By accepting a Note, each Noteholder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

15. Authentication 
 This Note shall not
be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually or electronically signs the certificate of authentication on the other side of this Note. 

16. Abbreviations 
 Customary
abbreviations may be used in the name of a Noteholder or an assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the entirety), JT TEN (joint tenants with rights of survivorship and not as tenants in common), CUST (custodian) and
U/G/M/A (Uniform Gift to Minors Act). 
 17. CUSIP and ISIN Numbers 

The Company has caused CUSIP and ISIN numbers and/or other similar numbers to be printed on the Notes and has directed the Trustee to use CUSIP
and ISIN numbers and/or other similar numbers in notices of redemption as a convenience to Noteholders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and
reliance may be placed only on the other identification numbers placed thereon. 
 18. Governing Law 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

(Print or type assignee’s name, address and zip code) 

(Insert assignee’s Social Security or Tax I.D. No.) 

and irrevocably appoint as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

                       
                                  

 

			
	Date:                                     
                                         
                      	 	Your Signature:                                   
                                         
                    

  

	
	 Signature
Guarantee:                                       
                                         

 (Signature must be guaranteed by a participant in a recognized Signature 

Guarantee Medallion Program or other signature guarantor program reasonably 

acceptable to the Trustee) 
  

	
	  

	Sign exactly as your name appears on the other side of this Note.

  
 A-9 

 [TO BE ATTACHED IF A GLOBAL NOTE] 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTE 

The following increases and decreases in this Global Note have been made: 

 

																	
	 Date of
 Decrease

or Increase
	  	Amount of decrease
in Principal Amount
of this Global Note	 	  	Amount of increase
in
Principal Amount of
this Global Note	 	  	Principal Amount of
this Global Note
following such
decrease or increase	 	  	Signature of
authorized signatory
of Trustee or
Securities Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 A-10Exhibit 4.5 – SPA-EXECUTION VERSION

 

SECURITIES
PURCHASE AGREEMENT

 

THIS SECURITIES PURCHASE
AGREEMENT (this “Agreement”), dated as of August 1, 2022, by and among Fennec Pharmaceuticals Inc.,
a British Columbia corporation (the “Company”), each investor identified on the signature pages hereto
(each, an “Investor” and collectively, the “Investors”), and Petrichor Opportunities
Fund I LP, as collateral agent (in such capacity, the “Collateral Agent”).

 

RECITALS

 

A.            The
Company and each Investor are executing and delivering this Agreement in reliance upon the exemption from registration afforded by Section 4(a)(2) of
the Securities Act of 1933, as amended (the “Securities Act”).

 

B.            Each
First Closing Investor, severally and not jointly, wishes to purchase, and the Company wishes to issue to each First Closing Investor,
upon the terms and conditions stated in this Agreement, at the First Closing, one or more secured convertible notes of the Company in
the form attached hereto as Exhibit A-1 (collectively, the “First Closing Notes” and each, individually,
a “First Closing Note”) in the aggregate principal amount set forth across from such First Closing Investor’s
name under the heading “Principal Amount of First Closing Note” on the Schedule of Investors, which First Closing Notes shall
be convertible on the terms stated therein into common shares, no par value, of the Company (the “Common Shares”)
(the shares of Common Shares issuable pursuant to the terms of the First Closing Notes and, to the extent issued and sold hereunder at
any Initial Second Closing, Delayed Second Closing, Third Closing or Fourth Closing, any Second Closing Notes, Third Closing Notes and
Fourth Closing Notes issued hereunder, including, without limitation, upon conversion or otherwise, collectively, the “Note
Shares”).

 

C.            In
the event that the Second Closing Trigger Event occurs, the Company and each Second Closing Investor agrees that, on the terms set forth
herein, the Company shall, at the Initial Second Closing (and, if applicable, any Delayed Second Closing), issue and sell to each Approving
Second Closing Investor additional secured convertible notes of the Company in the form attached hereto as Exhibit A-2 (collectively,
the “Second Closing Notes” and each, individually, a “Second Closing Note”) in the
aggregate principal amount set forth across from such Second Closing Investor’s name under the heading “Principal Amount
of Second Closing Note” on the Schedule of Investors.

 

D.            In
the event that the Company and such Third Closing Investor agrees on such future issuance, on the terms set forth herein, the Company
may, at the Third Closing, issue and sell to the each Third Closing Investor additional secured convertible notes of the Company in the
form attached hereto as Exhibit A-3 (collectively, the “Third Closing Notes” and each, individually,
a “Third Closing Note”) in the aggregate principal amount not in excess of the amount set forth across from
such Third Closing Investor’s name under the heading “Principal Amount of Third Closing Note” on the Schedule of Investors.

 

E.            In
the event that the Company and such Fourth Closing Investor agrees on such future issuance, on the terms set forth herein, the Company
may, at the Fourth Closing, issue and sell to the each Fourth Closing Investor additional secured convertible notes of the Company in
the form attached hereto as Exhibit A-4 (collectively, the “Fourth Closing Notes” and each, individually,
a “Fourth Closing Note”; the First Closing Notes, together with any Second Closing Notes, Third Closing Notes
and Fourth Closing Notes issued hereunder, collectively, the “Notes” and each, individually, a “Note”)
in the aggregate principal amount not in excess of the amount set forth across from such Fourth Closing Investor’s name under the
heading “Principal Amount of Fourth Closing Note” on the Schedule of Investors.

 

F.            The
First Closing Notes, any Second Closing Notes, any Third Closing Notes, any Fourth Closing Notes, the Note Shares, the Commitment Fee
Warrants, and the Commitment Fee Warrant Shares are collectively referred to herein as the “Securities.”

 

     

     

    

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the Company and the Investors, intending to be legally bound hereby, agree as follows:

 

Article I

DEFINITIONS

 

1.1           Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated:

 

“8-K Filing”
has the meaning set forth in Section 4.3.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 144 under the Securities Act.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Alternative
Proposal” has the meaning set forth in Section 4.12.

 

“Applicable Closing
Date” means (i) with respect to the First Closing, the First Closing Date, (ii) with respect to the Initial Second
Closing, the Initial Second Closing Date, (iii) to the extent applicable, with respect to any Delayed Second Closing, the Delayed
Second Closing Date, (iv) with respect to the Third Closing, the Third Closing Date, and (iv) with respect to the Fourth Closing,
the Fourth Closing Date.

 

“Applicable Date”
means the earlier of (x) the first date on which the resale by the Investors of all the Registrable Securities required to be filed
on the initial Registration Statement in respect of a particular Closing is declared effective by the SEC (and each prospectus contained
therein is available for use on such date) or (y) the first date on which all of the Registrable Securities are eligible to be resold
by the Investors pursuant to Rule 144 (or, if a Current Public Information Failure has occurred and is continuing, such later date
after which the Company has cured such Current Public Information Failure).

 

“Applicable Fourth
Closing Notes” has the meaning set forth in Section 2.1(d)(iii).

 

“Applicable Third
Closing Notes” has the meaning set forth in Section 2.1(c)(iii).

 

“Approving Second
Closing Investor” has the meaning set forth in Section 2.1(b)(i).

 

“BHCA”
has the meaning set forth in Section 3.1(jj).

 

“Board”
means the board of directors of the Company.

 

“Board Observer
Agreement” has the meaning set forth in Section 2.2(a)(iv).

 

“Business Day”
means any day other than Saturday, Sunday, any day which shall be a federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Claims”
has the meaning set forth in Section 6.1(a).

 

“Closing”
means each of the First Closing, Initial Second Closing, Delayed Second Closing (if applicable), Third Closing and Fourth Closing,
as applicable.

 

    2 

     

    

 

“Collateral”
means all property (whether real or personal and whether tangible or intangible) with respect to which any security interests have been
granted (or purported to be granted) pursuant to any Security Document, including Collateral as defined in the Security Agreement.

 

“Collateral Agent”
has the meaning set forth in the Preamble.

 

“Commitment Fee
Warrants” means, collectively, any First Commitment Fee Warrants and Second Commitment Fee Warrants issued or issuable
pursuant to Section 4.10.

 

“Commitment Fee
Warrant Shares” means, collectively, any First Commitment Fee Warrant Shares and Second Commitment Fee Warrant Shares.

 

“Common Shares”
has the meaning set forth in the Recitals.

 

“Common Share
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Shares, including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

 

“Company”
has the meaning set forth in the Preamble.

 

“Company Counsel”
means, collectively, Rutan & Tucker, LLP and LaBarge Weinstein LLP.

 

“Current Public
Information Failure” has the meaning set forth in Section 4.7(b).

 

“Delayed Second
Closing” means, solely in the event that a Delayed Second Closing Event has occurred, the closing of the purchase and sale
of Second Closing Notes on the Delayed Second Closing Date pursuant to Section 2.1(b).

 

“Delayed Second
Closing Date” means, solely in the event that a Delayed Second Closing Event has occurred, and subject to the satisfaction
of the conditions set forth in Section 5.3 on or prior to such date, the date that is five (5) Business Days following
the Company’s delivery to the Second Closing Investors of the Delayed Second Closing Notice pursuant to Section 2.1(b)(iv).

 

“Delayed Second
Closing Event” has the meaning set forth in Section 2.1(b)(iv).

 

“Delayed Second
Closing Notice” has the meaning set forth in Section 2.1(b)(iv).

 

“Effectiveness
Deadline” means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 4.7(a) with
respect to the Note Shares issuable upon conversion of the Notes issued at a particular Closing, the 150th calendar day after
the Applicable Closing Date in respect of such Closing (or, if subject to a review by the SEC, the 180th calendar day after
the Applicable Closing Date in respect of such Closing) and (ii) with respect to any additional Registration Statements (other than
the Registration Statements referred to in clause (i) above) that may be required to be filed by the Company pursuant to
this Agreement, the 150th calendar day following the date on which the Company was required to file such additional Registration
Statement (or, if subject to a review by the SEC, the 180th calendar day following the date on which the Company was required
to file such additional Registration Statement).

 

“Effectiveness
Failure” has the meaning set forth in Section 4.7(b).

 

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

 

    3 

     

    

 

“Exercising Fourth
Closing Investor” has the meaning set forth in Section 2.1(d)(iii).

 

“Exercising Third
Closing Investor” has the meaning set forth in Section 2.1(c)(iii).

 

“Existing Credit
Agreement” means that certain Loan and Security Agreement, dated as of February 1, 2019, between Fennec Pharmaceuticals, Inc.
and Western Alliance Bank, as amended, restated, supplemented or otherwise modified, together with all “Loan Documents” (as
defined therein) and any other agreements or instrument entered into in connection therewith.

 

“Existing Indebtedness”
means all Indebtedness of the Company and its Subsidiaries arising under or in connection with the Existing Credit Agreement (or any
other “Loan Document” (as defined therein)).

 

“FDA Approval”
means approval by the U.S. Food and Drug Administration of the Company’s new drug application for PEDMARK for commercialization
in the United States.

 

“FDA Approval
Notice” has the meaning set forth in Section 2.1(b)(i).

 

“Federal Reserve”
has the meaning set forth in Section 3.1(jj).

 

“Filing Deadline”
means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 4.7(a) with
respect to the Note Shares issuable upon conversion of the Notes issued at a particular Closing, the 105th calendar day after
the Applicable Closing Date in respect of such Closing and (ii) with respect to any additional Registration Statements (other than
the Registration Statements referred to in clause (i) above) that may be required to be filed by the Company pursuant to
this Agreement, the date on which the Company was required to file such additional Registration Statement pursuant to the terms of this
Agreement.

 

“Filing Failure”
has the meaning set forth in Section 4.7(b).

 

“FINRA”
has the meaning set forth in Section 3.2(c).

 

“First Closing”
means the closing of the purchase and sale of the First Closing Notes pursuant to Section 2.1(a).

 

“First Closing
Date” means the first (1st) Trading Day after the date on which the last to be satisfied or waived of the conditions
set forth in Sections 2.1(a) and 5.1 (other than those to be satisfied at the First Closing) shall have been satisfied
or waived.

 

“First Closing
Investor” means each Investor set forth under the heading “First Closing Investors” on the Schedule of Investors.

 

“First Closing
Notes” has the meaning set forth in the Recitals.

 

“First Commitment
Fee Warrant Shares” means (i) all Common Shares of the Company issued or issuable pursuant to, and upon the exercise
of, any First Commitment Fee Warrant, and (ii) any securities issued or issuable pursuant to the First Commitment Fee Warrant with
respect to the Common Shares referred to in the foregoing clause by way of an equity dividend or equity split or in connection with a
combination or subdivision of Common Shares, reclassification, merger, consolidation or other reorganization of the Company.

 

“First Commitment
Fee Warrants” has the meaning set forth in Section 4.10(a).

 

    4 

     

    

 

“Fourth Closing”
means the closing of the purchase and sale of the Fourth Closing Notes pursuant to Section 2.1(d).

 

“Fourth Closing
Date” has the meaning set forth in Section 2.1(d)(iii).

 

“Fourth Closing
Deadline” means December 31, 2023.

 

“Fourth Closing
Election Notice” has the meaning set forth in Section 2.1(d)(iii).

 

“Fourth Closing
Investor” means each Investor set forth under the heading “Fourth Closing Investors” on the Schedule of Investors.

 

“Fourth Closing
Notes” has the meaning set forth in the Recitals.

 

“Fourth Closing
Request” has the meaning set forth in Section 2.1(d)(ii).

 

“GAAP”
means United States generally accepted accounting principles applied on a consistent basis during the periods involved.

 

“Guaranty Agreement”
has the meaning set forth in Section 2.2(a)(ii).

 

“Indebtedness”
means, with respect to any Person, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued,
undertaken or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary
course of business), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar
instruments, (D) all obligations evidenced by notes (including the First Closing Notes, the Second Closing Notes, the Third Closing
Notes and the Fourth Closing Notes), bonds, debentures or similar instruments, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds
of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited
to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement, which are required
under generally accepted accounting principles to be presented as liabilities, and (G) all indebtedness referred to in clauses (A) through
(F) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured
by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts
and contract rights) owned by such Person, even though such Person which owns such assets or property has not assumed or become liable
for the payment of such indebtedness.

 

“Indemnified
Damages” has the meaning set forth in Section 6.1(a).

 

“Indemnified
Party” has the meaning set forth in Section 6.1(a).

 

“Indemnified
Person” has the meaning set forth in Section 6.1(a).

 

“Initial Second
Closing” means the closing of the purchase and sale of Second Closing Notes on the Initial Second Closing Date pursuant
to Section 2.1(b).

 

“Initial Second
Closing Date” means, solely in the event that the Second Closing Trigger Event shall have occurred, and subject to the
satisfaction of the conditions set forth in Section 5.2 on or prior to such date, the date that is five (5) Business
Days following the Company’s delivery to the Second Closing Investors of the FDA Approval Notice pursuant to Section 2.1(b)(i).

 

    5 

     

    

 

“Investor”
has the meaning set forth in the Preamble.

 

“Investor Label
Approval Notice” has the meaning set forth in Section 2.1(b)(i).

 

“Label Side Letter”
means that certain letter agreement, dated as of the date hereof, among the Company and the Second Closing Investors, which letter agreement
specifically sets forth that such letter agreement is the “Label Side Letter” hereunder.

 

“Legend Removal
Date” has the meaning set forth in Section 4.1(d).

 

“Lien”
means any lien, security interest, pledge, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Maintenance
Failure” has the meaning set forth in Section 4.7(b).

 

“Material Adverse
Effect” means any condition, circumstance, or situation that may result in, or reasonably be expected to result in (i) a
material adverse effect on the legality, validity or enforceability of this Agreement or any of the Transaction Documents, (ii) a
material adverse effect on the results of operations, assets, liabilities, business or condition (financial or otherwise) of the Company
and its Subsidiaries, taken as a whole, (iii) a material adverse effect on the Company’s authority or ability to perform its
obligations hereunder or under any of the Transaction Documents in any material respect on a timely basis, or (iv) a material adverse
effect on the rights or remedies of the Investors or the Collateral Agent under any Transaction Document.

 

“Material Contract”
means any contract of the Company that has been filed or was required to have been filed as an exhibit to the SEC Reports pursuant to
Item 601(b)(10) of Regulation S-K.

 

“Money Laundering
Laws” has the meaning set forth in Section 3.1(kk).

 

“Note Shares”
has the meaning set forth in the Recitals.

 

“Notes”
has the meaning set forth in the Recitals.

 

“Observer”
has the meaning set forth in Section 4.9.

 

“OFAC”
has the meaning set forth in Section 3.1(hh).

 

“Permits”
has the meaning set forth in Section 3.1(s).

 

“Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
a government or any department or agency thereof and any other legal entity.

 

“Petrichor”
means Petrichor Opportunities Fund I LP.

 

“Press Release”
has the meaning set forth in Section 4.3.

 

“Principal Market”
has the meaning given to such term in the Notes.

 

    6 

     

    

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, a partial proceeding, such as a deposition),
whether commenced or threatened in writing.

 

“Registrable
Securities” means (i) the Note Shares, (ii) the Commitment Fee Warrant Shares and (iii) any shares of capital
stock issued or issuable with respect to the Note Shares, the Notes, the Commitment Fee Warrant Shares and the Commitment Fee Warrants,
including, without limitation, (1) as a result of any share split, dividend, distribution, recapitalization or similar transaction
and (2) shares of capital share of a Successor Entity (as defined in the Notes) into which the Common Shares are converted or exchanged,
in each case, without regard to any limitations on conversion or exercise of the Notes or the Commitment Fee Warrants.

 

“Registration
Delay Payments” has the meaning set forth in Section 4.7(b).

 

“Registration
Period” has the meaning set forth in Section 4.7(c)(i).

 

“Registration
Statement” means a registration statement or registration statements (including, without limitation, any shelf registration
statement) of the Company filed under the Securities Act covering Registrable Securities, including, in each case, the prospectus, amendments
and supplements to such registration statement or prospectus, including pre- and post-effective amendments, all exhibits thereto and
all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement.

 

“Required Approvals”
has the meaning set forth in Section 3.1(p).

 

“Required Registration
Amount” means, with respect to any Notes or Commitment Fee Warrants issued at a particular Closing, 120% of the maximum
number of Note Shares and Commitment Fee Warrant Shares issuable upon conversion of such Notes and Commitment Fee Warrants (assuming
for purposes hereof that any such conversion shall not take into account any limitations on the conversion or exercise of the Notes or
Commitment Fee Warrants set forth in the Notes or Commitment Fee Warrants).

 

“Requisite Stockholder
Approval” means the stockholder approval contemplated by Nasdaq Listing Standard Rule 5635(d) with respect to
the issuance of Note Shares upon conversion of all of the Notes (including the First Closing Notes and Second Closing Notes) issuable
at the First Closing, Initial Second Closing and Delayed Second Closing pursuant to this Agreement in excess of the limitations
imposed by such rule.

 

“Requisite Stockholder
Approval Deadline” means the date that is one hundred and twenty (120) days following the Initial Second Closing Date.

 

“Rule 144”
means Rule 144 promulgated by the SEC under the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

“Schedule of
Investors” means the list of Investors attached hereto as Annex A.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“SEC Reports”
has the meaning set forth in Section 3.1(g).

 

“Second Closing
Deadline” means the seventh (7th) Business Day following September 30, 2022.

 

    7 

     

    

 

“Second Closing
Investor” means each Investor set forth under the heading “Second Closing Investors” on the Schedule of Investors.

 

“Second Closing
Notes” has the meaning set forth in the Recitals.

 

“Second Closing
Trigger Event” has the meaning set forth in Section 2.1(b)(ii).

 

“Second Commitment
Fee” has the meaning set forth in Section 4.10(b).

 

“Second Commitment
Fee Trigger Date” means the earliest to occur of (i) the Initial Second Closing Date, (ii) the Maturity Date
(as defined in the First Closing Notes), (iii) the date on which all of the First Closing Notes shall have been converted into Common
Shares (or other equity interests) in accordance with their terms and (iv) the date on which the entire outstanding principal amount
of the First Closing Notes shall have been repaid in full.

 

“Second Commitment
Fee Warrant Shares” means (i) all Common Shares of the Company issued or issuable pursuant to, and upon the exercise
of, any Second Commitment Fee Warrant, and (ii) any securities issued or issuable pursuant to the Second Commitment Fee Warrant
with respect to the Common Shares referred to in the foregoing clause by way of an equity dividend or equity split or in connection with
a combination or subdivision of Common Shares, reclassification, merger, consolidation or other reorganization of the Company.

 

“Second Commitment
Fee Warrants” has the meaning set forth in Section 4.10(b).

 

“Securities Act”
has the meaning set forth in the Recitals.

 

“Security Agreement”
has the meaning set forth in Section 2.2(a)(iii). – Request Copy ?

 

“Security Documents”
means, collectively, the Security Agreement and any other security agreement, collateral access agreement, landlord waiver, account control
agreement or other agreement or instrument pursuant to or in connection with which the Company or any of the Subsidiary Guarantors grants
or perfects a security interest to the Collateral Agent for the benefit of the Investors.

 

“Subsidiary”
means any Person (including any Person formed or acquired after the date hereof) in which the Company, directly or indirectly, (i) owns
or controls more than 50% of the outstanding capital stock or any equity or similar interest of such Person, (ii) owns or controls
more than 50% of any class or classes of capital stock or other equity interests having ordinary voting power to elect a majority of
the board of directors (or other applicable governing body) of such Person, or (iii) controls or operates all or any part of the
business, operations or administration of such Person.

 

“Subsidiary Guarantor”
means each Subsidiary of the Company that is, or that becomes, (i) a party to the Guaranty Agreement as a “Subsidiary Guarantor”
thereunder, and (ii) a party to the Security Agreement as a “Grantor” thereunder.

 

“Termination
Fee” has the meaning set forth in Section 8.1(b).

 

“Third Closing”
means the closing of the purchase and sale of the Third Closing Notes pursuant to Section 2.1(c).

 

“Third Closing
Date” has the meaning set forth in Section 2.1(c)(iii).

 

“Third Closing
Deadline” means December 31, 2023.

 

    8 

     

    

 

“Third Closing
Election Notice” has the meaning set forth in Section 2.1(c)(iii).

 

“Third Closing
Investor” means each Investor set forth under the heading “Third Closing Investors” on the Schedule of Investors.

 

“Third Closing
Notes” has the meaning set forth in the Recitals.

 

“Third Closing
Request” has the meaning set forth in Section 2.1(c)(ii).

 

“Total Purchase
Price” means, with respect to any Investor, the aggregate price paid by such Investor hereunder for all Notes purchased
by such Investor at one or more Closings hereunder.

 

“Trading Day”
means (i) a day on which the Common Shares is traded on a Trading Market (other than the OTCBB), or (ii) if the Common Shares
is not listed or quoted on a Trading Market (other than the OTCBB), a day on which the Common Shares is traded in the over-the-counter
market, as reported by the OTCBB, or (iii) if the Common Shares is not listed or quoted on any Trading Market, a day on which the
Common Shares is quoted in the over-the-counter market as reported by the OTC Markets Group Inc. (or any similar organization or agency
succeeding to its functions of reporting prices); provided, that in the event that the Common Shares is not listed or quoted as
set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

 

“Trading Market”
means whichever of the NYSE American, New York Stock Exchange, the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq Global Market,
the Nasdaq Capital Market, the Toronto Stock Exchange or the OTCBB on which the Common Shares is listed or quoted for trading on the
date in question.

 

“Transaction
Documents” means this Agreement, including the schedules, annexes and exhibits attached hereto, the Notes, the Security
Documents, the Guaranty Agreement, the First Commitment Fee Warrants, the Second Commitment Fee Warrants (if applicable), the Board Observer
Agreement, and each of the other agreements or instruments entered into or executed by the parties hereto in connection with the transactions
contemplated by this Agreement.

 

“Transfer Agent”
means Computershare Investor Services Inc., or any successor transfer agent for the Company.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that if, with respect to any
financing statement or by reason of any provisions of law, the perfection or the effect of perfection or non-perfection of the security
interests granted to the Collateral Agent for the benefit of the Investors pursuant to the applicable Transaction Document is governed
by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than New York, then “UCC” means
the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions of each Transaction
Document and any financing statement relating to such perfection or effect of perfection or non-perfection.

 

“Violations”
has the meaning set forth in Section 6.1(a).

 

“VWAP”
has the meaning given to such term in the Notes.

 

    9 

     

    

 

Article II

PURCHASE AND SALE

 

2.1           Closings.

 

(a)            First
Closing. Subject to the terms and conditions set forth in this Agreement, at the First Closing, the Company shall issue and sell
to each First Closing Investor, and each First Closing Investor shall, severally and not jointly, purchase from the Company, First Closing
Notes in the principal amount set forth across from such First Closing Investor’s name under the heading “Principal Amount
of First Closing Note” on the Schedule of Investors, at a purchase price equal to the principal face amount thereof. The date and
time of the First Closing shall be 10:00 a.m. (New York time), on the First Closing Date. The First Closing shall take place at
the offices of LaBarge Weinstein LLP, or at such other location as the parties determine. The First Closing may take place by delivery
of the items to be delivered at the First Closing by facsimile or other electronic transmission.

 

(b)            Second
Closing.

 

(i)             In
the event that the FDA Approval shall occur on or prior to September 30, 2022, the Company shall, within two (2) Business Days
following the occurrence of the FDA Approval, deliver written notice of such FDA Approval to each of the Second Closing Investors (such
notice, a “FDA Approval Notice”), which FDA Approval Notice shall specify (x) that the FDA Approval shall
have occurred, and (y) the label with respect to which such FDA Approval has occurred (such label, the “FDA Approved
Label”). Upon receipt of a FDA Approval Notice in accordance with the foregoing, in the event that a Second Closing Investor
shall, in its sole discretion (subject to the following sentence), approve of the FDA Approved Label, such Second Closing Investor shall,
within five (5) Business Days of receipt of such FDA Approval Notice, deliver the Company written notice of such Second Closing
Investor’s approval of the FDA Approved Label (such notice, an “Investor Label Approval Notice”; and
any such Second Closing Investor that delivers an Investor Label Approval Notice in accordance with the foregoing is herein referred
to as an “Approving Second Closing Investor”). Notwithstanding the foregoing, each Second Closing Investor
agrees to provide an Investor Label Approval Notice in accordance with the foregoing if the FDA Approved Label is exactly in the form
attached as Annex A to the Label Side Letter, with no amendments, modifications, supplements or additional provisions thereto (it being
acknowledged and agreed that, if the FDA Approved Label is not exactly in the form attached as Annex A to the Label Side Letter, with
no amendments, modifications, supplements or additional provisions thereto, each Second Closing Investor’s decision whether to
approve the FDA Approved Label and provide an Investor Label Approval Notice shall be in such Second Closing Investor’s sole discretion).

 

(ii)            In
the event that (x) the FDA Approval shall occur on or prior to September 30, 2022 and (y) an Approving Second Closing
Investor shall deliver an Investor Label Approval Notice in accordance with the foregoing clause (i) (the occurrence of the
events specified in both clause (x) and clause (y) is herein collectively referred to as the “Second Closing Trigger
Event”), then the Company shall, subject to clause (iv) below, become irrevocably obligated to issue, sell
and deliver to each Approving Second Closing Investor such Approving Second Closing Investor’s Second Closing Notes on the Initial
Second Closing Date on the terms and conditions set forth herein.

 

(iii)           Subject
to clause (iv) below, solely in the event that the Second Closing Trigger Event shall occur, then, subject to the terms and
conditions set forth in this Agreement, at the Initial Second Closing, the Company shall issue and sell to each Approving Second Closing
Investor, and each such Approving Second Closing Investor shall, severally and not jointly, purchase from the Company, each such Approving
Second Closing Investor’s Second Closing Notes in the principal amount set forth across from each such Approving Second Closing
Investor’s name under the heading “Principal Amount of Second Closing Note” on the Schedule of Investors, at a purchase
price equal to the principal face amount thereof. The date and time of the Initial Second Closing shall be 10:00 a.m. (New York
time) on the Initial Second Closing Date. The Initial Second Closing shall take place at the offices of LaBarge Weinstein LLP, or at
such other location as the parties determine. The Initial Second Closing may take place by delivery of the items to be delivered at the
Initial Second Closing by facsimile or other electronic transmission.

 

    10 

     

    

 

(iv)          Notwithstanding
the foregoing provisions of this Section 2.1(b), in the event that (x) the Second Closing Trigger Event shall occur
and the Approving Second Closing Investors are required to purchase Second Closing Notes at the Initial Second Closing pursuant to this
Section 2.1(b), and (y) if the Company were to issue the total amount of Second Closing Notes required to be purchased
by the Approving Second Closing Investors at the Initial Second Closing pursuant to the foregoing, the Company would be required to obtain
the Requisite Stockholder Approval (the occurrence of the events specified in both clause (x) and clause (y) is herein collectively
referred to as the “Delayed Second Closing Event”), then, notwithstanding anything to the contract set forth
herein:

 

(A)          the
aggregate principal amount of Second Closing Notes required to be issued by the Company to, and purchased by, the Approving Second Closing
Investors at the Initial Second Closing shall be reduced to the maximum principal amount of Second Closing Notes that can be issued by
the Company at the Initial Second Closing without the Company being required to obtain the Requisite Stockholder Approval, and the aggregate
purchase price payable by the Approving Second Closing Investors in respect thereof shall be reduced to an amount equal to the reduced
principal face amount thereof;

 

(B)           the
Company and the Approving Second Closing Investors shall consummate the closing of the purchase and sale of such reduced principal amount
of Second Closing Notes at the Initial Second Closing in accordance with the terms hereof;

 

(C)           following
the Initial Second Closing, the Company shall take all actions necessary to obtain, and shall use its best efforts to obtain, the Requisite
Stockholder Approval necessary to permit the issuance in full of all Second Closing Notes that would otherwise have been required to
be issued at the Initial Second Closing (without giving effect to this clause (iv)) on or prior to the Requisite Stockholder Approval
Deadline;

 

(D)           in
the event that the Requisite Stockholder Approval is obtained on or prior to the Requisite Stockholder Approval Deadline, then (i) the
Company shall, within two (2) Business Days following the receipt of the Requisite Stockholder Approval, deliver written notice
of the Requisite Stockholder Approval to each of the Approving Second Closing Investors (such notice, a “Delayed Second Closing
Notice”), and (ii) subject to the terms and conditions set forth in this Agreement, at the Delayed Second Closing,
the Company shall issue and sell to each Approving Second Closing Investor, and each such Approving Second Closing Investor shall, severally
and not jointly, purchase from the Company, Second Closing Notes in a principal amount equal to (x) the amount set forth across
from each such Approving Second Closing Investor’s name under the heading “Principal Amount of Second Closing Note”
on the Schedule of Investors, minus (y) the principal amount of Second Closing Notes purchased by such Approving Second Closing
Investor at the Initial Second Closing, at a purchase price equal to the principal face amount thereof. The date and time of the Delayed
Second Closing shall be 10:00 a.m. (New York time) on the Delayed Second Closing Date. The Delayed Second Closing shall take place
at the offices of LaBarge Weinstein LLP, or at such other location as the parties determine. The Delayed Second Closing may take place
by delivery of the items to be delivered at the Delayed Second Closing by facsimile or other electronic transmission; and

 

(E)           in
the event that the Requisite Stockholder Approval not obtained on or prior to the Requisite Stockholder Approval Deadline, then, as partial
relief (other than equity remedies) for the damages to any Approving Second Closing Investor by reason of its ability to purchase the
total amount of Second Closing Notes originally intended to be purchased by such Approving Second Closing Investor hereon (which remedy
shall not be exclusive of any other remedies available in equity), (x) the Company shall pay to each Approving Second Closing Investor,
on the Required Stockholder Approval Deadline, an amount in cash equal to (i) two percent (2.00%), times, (ii) an amount equal
to (1) the amount set forth across from each such Approving Second Closing Investor’s name under the heading “Principal
Amount of Second Closing Note” on the Schedule of Investors, minus (2) the initial aggregate principal amount of Second Closing
Notes issued to such Second Closing Investor at the Initial Second Closing, and (y) each Approving Second Closing Investor’s
obligations hereunder to purchase any additional Second Closing Notes shall terminate and cease to be of effect.

 

    11 

     

    

 

(v)            For
the avoidance of doubt, (A) unless (x) the FDA Approval shall occur on or prior to September 30, 2022 and (y) a Second
Closing Investor delivers an Investor Label Approval Notice to the Company in accordance with the foregoing, such Second Closing Investor
shall have no obligation hereunder to purchase any or all of such Second Closing Investor’s Second Closing Notes hereunder, and
(B) in the event that the Initial Second Closing shall not occur on or prior to the Second Closing Deadline, all obligations of
the Second Closing Investors to purchase any Second Closing Notes hereunder shall terminate and expire on the Second Closing Deadline.

 

(c)            Third
Closing.

 

(i)             Solely
in the event that the Second Closing Trigger Event and the Initial Second Closing shall have previously occurred, the Company shall have
the right, but not the obligation, to request that the Third Closing Investors agree to purchase $10,000,000 in aggregate principal amount
of Third Closing Notes prior to the Third Closing Deadline in accordance with this Section 2.1(c).

 

(ii)            In
the event that the Company desires to request that the Third Closing Investors purchase the Third Closing Notes pursuant to this Section 2.1(c),
the Company shall deliver each Third Closing Investor written notice of such request (a “Third Closing Request”)
after the Initial Second Closing but on or prior to the date that is fifteen (15) Business Days prior to the Third Closing Deadline,
which Third Closing Request shall (x) sets forth that the aggregate principal amount of such Third Closing Notes that the Company
requests to sell to the Third Closing Investors at the Third Closing, shall be $10,000,000, (y) set forth the Company’s irrevocable
offer to sell the Third Closing Notes specified in the Third Closing Request to the Third Closing Investors in accordance with this Section 2.1(c),
and (z) specify the closing date for such sale of Third Closing Notes hereunder (the “Third Closing Date”),
which Third Closing Date (A) shall not be earlier than the fifteenth (15th) Business Day following the delivery of the
Third Closing Election Notice to the Company, and (B) shall not be later than the Third Closing Deadline.

 

(iii)           In
the event that the Company shall timely deliver a Third Closing Request to the Third Closing Investors in accordance with the foregoing,
each Third Closing Investor shall have the right, but not the obligation, to purchase all, but not less than all, of the Third Closing
Notes specified in the Third Closing Request (which amount shall be allocated among the Third Closing Investors in proportion to the
principal amount set forth across from such Third Closing Investor’s name under the heading “Principal Amount of Third Closing
Note” on the Schedule of Investors (with respect to any particular Third Closing Investor, such Third Closing Notes are herein
referred to as such Third Closing Investor’s “Applicable Third Closing Notes”).
In the event that any Third Closing Investor desires to purchase such Third Closing Investor’s Applicable Third Closing
Notes, such Third Closing Investor must deliver written notice to the Company of its election to purchase such Third Closing Investor’s
Applicable Third Closing Notes hereunder (a “Third Closing Election Notice”) no later than five (5) Business
Days after the Company’s request and in no event later than five (5) Business Days prior to the Third Closing Deadline, which
Third Closing Election Notice shall specify that such Third Closing Investor is exercising its right under this Section 2.1(c) to
purchase such Third Closing Investor’s Applicable Third Closing Notes (any Third Closing Investor that shall so deliver a Third
Closing Election Notice to the Company in accordance with the foregoing is herein referred to as an “Exercising Third Closing
Investor”).

 

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(iv)           Upon
an Exercising Third Closing Investor’s delivery of a Third Closing Election Notice to the Company pursuant to clause (iii) above,
the Company shall become irrevocably obligated to issue, sell and deliver to such Exercising Third Closing Investor such Exercising Third
Closing Investor’s Third Closing Notes on the Third Closing Date on the terms and conditions set forth herein.

 

(v)            For
the avoidance of doubt, unless and until a Third Closing Investor delivers a Third Closing Election Notice to the Company in accordance
with the foregoing, such Third Closing Investor shall have no obligation hereunder to purchase any or all of such Third Closing Investor’s
Third Closing Notes hereunder.

 

(vi)            Solely
in the event that one or more Exercising Third Closing Investors shall have delivered a Third Closing Election Notice to the Company
in accordance with the foregoing pursuant to which each such Exercising Third Closing Investor shall have elected to purchase such Exercising
Third Closing Investor’s Third Closing Notes on the Third Closing Date, subject to the terms and conditions set forth in this Agreement,
at the Third Closing, the Company shall issue and sell to each such Exercising Third Closing Investor, and each such Exercising Third
Closing Investor shall, severally and not jointly, purchase from the Company, each such Exercising Third Closing Investor’s Applicable
Third Closing Notes at a purchase price equal to the principal face amount thereof. The date and time of the Third Closing shall be 10:00
a.m. (New York time) on the Third Closing Date. The Third Closing shall take place at the offices of LaBarge Weinstein LLP, or at
such other location as the parties determine. The Third Closing may take place by delivery of the items to be delivered at the Third
Closing by facsimile or other electronic transmission.

 

(d)            Fourth
Closing.

 

(i)             Solely
in the event that the Second Closing Trigger Event, the Initial Second Closing and the Third Closing shall have previously occurred (or,
in the case of the Third Closing, shall occur contemporaneously with the Fourth Closing), the Company shall have the right, but not the
obligation, to request that the Fourth Closing Investors agree to purchase $10,000,000 in aggregate principal amount of Fourth Closing
Notes prior to the Fourth Closing Deadline in accordance with this Section 2.1(d).

 

(ii)            In
the event that the Company desires to request that the Fourth Closing Investors purchase the Fourth Closing Notes pursuant to this Section 2.1(d),
the Company shall deliver each Fourth Closing Investor written notice of such request (a “Fourth Closing Request”)
after the Initial Second Closing but on or prior to the date that is fifteen (15) Business Days prior to the Fourth Closing Deadline,
which Fourth Closing Request shall (x) sets forth that the aggregate principal amount of such Fourth Closing Notes that the Company
requests to sell to the Fourth Closing Investors at the Fourth Closing, shall be $10,000,000, (y) set forth the Company’s
irrevocable offer to sell the Fourth Closing Notes specified in the Fourth Closing Request to the Fourth Closing Investors in accordance
with this Section 2.1(d), and (z) specify the closing date for such sale of Fourth Closing Notes hereunder (the “Fourth
Closing Date”), which Fourth Closing Date (A) shall not be earlier than the fifteenth (15th) Business Day
following the delivery of the Fourth Closing Election Notice to the Company, and (B) shall not be later than the Fourth Closing
Deadline.

 

(iii)           In
the event that the Company shall timely deliver a Fourth Closing Request to the Fourth Closing Investors in accordance with the foregoing,
each Fourth Closing Investor shall have the right, but not the obligation, to purchase all, but not less than all, of the Third Closing
Notes specified in the Fourth Closing Request (which amount shall be allocated among the Fourth Closing Investors in proportion to the
principal amount set forth across from such Fourth Closing Investor’s name under the heading “Principal Amount of Fourth
Closing Note” on the Schedule of Investors (with respect to any particular Fourth Closing Investor, such Fourth Closing Notes are
herein referred to as such Fourth Closing Investor’s “Applicable Fourth Closing Notes”).
In the event that any Fourth Closing Investor desires to purchase such Fourth Closing Investor’s Applicable Fourth Closing
Notes, such Fourth Closing Investor must deliver written notice to the Company of its election to purchase such Fourth Closing Investor’s
Applicable Fourth Closing Notes hereunder (a “Fourth Closing Election Notice”) no later than five (5) Business
Days after the Company’s request and in no event later than five (5) Business Days prior to the Fourth Closing Deadline, which
Fourth Closing Election Notice shall specify that such Fourth Closing Investor is exercising its right under this Section 2.1(d) to
purchase such Fourth Closing Investor’s Applicable Fourth Closing Notes (any Fourth Closing Investor that shall so deliver a Fourth
Closing Election Notice to the Company in accordance with the foregoing is herein referred to as an “Exercising Fourth Closing
Investor”).

 

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(iv)          Upon
an Exercising Fourth Closing Investor’s delivery of a Fourth Closing Election Notice to the Company pursuant to clause (iii) above,
the Company shall become irrevocably obligated to issue, sell and deliver to such Exercising Fourth Closing Investor such Exercising
Fourth Closing Investor’s Fourth Closing Notes on the Fourth Closing Date on the terms and conditions set forth herein.

 

(v)           For
the avoidance of doubt, unless and until a Fourth Closing Investor delivers a Fourth Closing Election Notice to the Company in accordance
with the foregoing, such Fourth Closing Investor shall have no obligation hereunder to purchase any or all of such Fourth Closing Investor’s
Fourth Closing Notes hereunder.

 

(vi)          Solely
in the event that one or more Exercising Fourth Closing Investors shall have delivered a Fourth Closing Election Notice to the Company
in accordance with the foregoing pursuant to which each such Exercising Fourth Closing Investor shall have elected to purchase such Exercising
Fourth Closing Investor’s Fourth Closing Notes on the Fourth Closing Date, subject to the terms and conditions set forth in this
Agreement, at the Fourth Closing, the Company shall issue and sell to each such Exercising Fourth Closing Investor, and each such Exercising
Fourth Closing Investor shall, severally and not jointly, purchase from the Company, each such Exercising Fourth Closing Investor’s
Applicable Fourth Closing Notes at a purchase price equal to the principal face amount thereof. The date and time of the Fourth Closing
shall be 10:00 a.m. (New York time) on the Fourth Closing Date. The Fourth Closing shall take place at the offices of LaBarge Weinstein
LLP, or at such other location as the parties determine. The Fourth Closing may take place by delivery of the items to be delivered at
the Fourth Closing by facsimile or other electronic transmission.

 

(vii)         For
the avoidance of doubt, the Third Closing and the Fourth Closing may occur contemporaneously.

 

(e)            Determination
of Conversion Prices for Notes. The Company and each of the Investors hereby agree that the initial “Conversion Price”
(as set forth in the First Closing Notes, Second Closing Notes, Third Closing Notes and Fourth Closing Notes, as applicable) with respect
to the First Closing Notes, any Second Closing Notes, Third Closing Notes or Fourth Closing Notes issued by the Company hereunder at
the Initial Second Closing, Delayed Second Closing (if applicable), Third Closing and Fourth Closing shall be determined as follows:

 

(i)            With
respect to the First Closing Notes issued by the Company hereunder at the First Closing, the initial “Conversion Price” with
respect to such First Closing Notes on the First Closing Date shall be equal to $8.11.

 

    14 

     

    

 

(ii)            With
respect to any Second Closing Notes issued by the Company hereunder at the Initial Second Closing, the initial “Conversion Price”
with respect to such Second Closing Notes on the Initial Second Closing Date shall be equal to the lesser of (a) the product of
(x) 120%, times (y) the VWAP of the Common Shares for the five (5) Trading Days ending at the close of business on the
Principal Market on the Trading Day immediately prior to the receipt of the FDA Approval, and (b) the product of (x) 150%,
times (y) the “Conversion Price” (as defined in the First Closing Notes) as in effect at the close of business on the
Principal Market on the Trading Day immediately prior to the receipt of the FDA Approval.

 

(iii)          With
respect to any Second Closing Notes issued by the Company hereunder at the Delayed Second Closing (if applicable), the initial “Conversion
Price” with respect to such Second Closing Notes on the Delayed Second Closing Date shall be equal to the “Conversion Price”
(as defined in the Second Closing Notes issued at the Initial Second Closing) as in effect at the close of business on the Principal
Market on the Trading Day immediately prior to the Delayed Second Closing Date.

 

(iv)          With
respect to any Third Closing Notes issued by the Company hereunder at the Third Closing, the initial “Conversion Price” with
respect to such Third Closing Notes on the Third Closing Date shall be equal to the “Conversion Price” (as defined in the
Second Closing Notes issued at the Initial Second Closing) as in effect at the close of business on the Principal Market on the Trading
Day immediately prior to the Third Closing Date.

 

(v)           With
respect to any Fourth Closing Notes issued by the Company hereunder at the Fourth Closing, the initial “Conversion Price”
with respect to such Fourth Closing Notes on the Fourth Closing Date shall be equal to the “Conversion Price” (as defined
in the Second Closing Notes issued at the Initial Second Closing) as in effect at the close of business on the Principal Market on the
Trading Day immediately prior to the Fourth Closing Date.

 

2.2            First
Closing Deliverables.

 

(a)            At
the First Closing, the Company shall:

 

(i)             deliver
or cause to be delivered to each First Closing Investor a duly executed First Closing Note in the principal amount set forth across from
such First Closing Investor’s name under the heading “Principal Amount of First Closing Note” on the Schedule of Investors;

 

(ii)            deliver
or cause to be delivered to each First Closing Investor a duly executed Guaranty Agreement in the form attached hereto as Exhibit B
(the “Guaranty Agreement”), executed by each of the Subsidiaries, if any, of the Company;

 

(iii)           deliver
or cause to be delivered to each First Closing Investor a duly executed Security Agreement in the form attached hereto as Exhibit C
(the “Security Agreement”), executed by the Company and each of the Subsidiaries, if any, of the Company;

 

(iv)          deliver
or cause to be delivered to Petrichor a duly executed Board Observer Agreement in the form attached hereto as Exhibit D (the
 “Board Observer Agreement”), executed by the Company; and

 

(v)            issue
and deliver to each First Closing Investor a First Commitment Fee Warrant in accordance with Section 4.10(a).

 

    15 

     

    

 

(b)           At
the First Closing, the First Closing Investors (as applicable) shall deliver or cause to be delivered to the Company the following:

 

(i)            the
aggregate purchase price for the First Closing Notes purchased by such First Closing Investor hereunder, as set forth across from such
First Closing Investor’s name under the heading “Aggregate First Closing Purchase Price” on the Schedule of Investors,
in U.S. dollars and in immediately available funds, by wire transfer to an account designated in writing to such First Closing Investor
by the Company for such purpose; and

 

(ii)            an
executed Board Observer Agreement, executed by the individual designated by Petrichor to serve as a board observer thereunder.

 

2.3           Initial
Second Closing Deliverables. Solely in the event that the Second Closing Trigger Event shall have occurred and one or more Approving
Second Closing Investors shall have delivered an Investor Label Approval Notice in accordance with Section 2.1(b), at the
Initial Second Closing:

 

(a)           the
Company shall deliver or cause to be delivered to each Approving Second Closing Investor a duly executed Second Closing Note in the principal
amount set forth across from such Approving Second Closing Investor’s name under the heading “Principal Amount of Second
Closing Note” on the Schedule of Investors (or, in the event that a Delayed Second Closing Event has occurred, such lesser principal
amount as determined in accordance with Section 2.1(b)(iv)); and

 

(b)           each
Approving Second Closing Investor shall deliver or cause to be delivered to the Company the aggregate purchase price for the Second Closing
Notes purchased by such Approving Second Closing Investor at the Initial Second Closing, as set forth across from such Approving Second
Closing Investor’s name under the heading “Aggregate Second Closing Purchase Price” on the Schedule of Investors (or,
in the event that a Delayed Second Closing Event has occurred, such lesser amount as determined in accordance with Section 2.1(b)(iv)),
in U.S. dollars and in immediately available funds, by wire transfer to an account designated in writing to such Approving Second Closing
Investor by the Company for such purpose.

 

2.4            Delayed
Second Closing Deliverables. Solely in the event that the Initial Second Closing and a Delayed Second Closing Event shall have occurred,
at the Delayed Second Closing:

 

(a)            the
Company shall deliver or cause to be delivered to each Approving Second Closing Investor a duly executed Second Closing Note in a principal
amount determined in accordance with Section 2.1(b)(iv); and

 

(b)           each
Approving Second Closing Investor shall deliver or cause to be delivered to the Company the aggregate purchase price for the Second Closing
Notes purchased by such Approving Second Closing Investor at the Delayed Second Closing, as determined in accordance with Section 2.1(b)(iv),
in U.S. dollars and in immediately available funds, by wire transfer to an account designated in writing to such Approving Second Closing
Investor by the Company for such purpose.

 

2.5           Third
Closing Deliverables. Solely in the event that one or more Exercising Third Closing Investors shall have delivered a Third Closing
Election Notice to the Company in accordance with Section 2.1(c) pursuant to which each such Exercising Third Closing
Investor shall have elected to purchase each such Exercising Third Closing Investor’s Applicable Third Closing Notes on the Third
Closing Date, at the Third Closing:

 

    16 

     

    

 

(a)            the
Company shall deliver or cause to be delivered to each Exercising Third Closing Investor a duly executed Third Closing Note in a principal
amount equal to such Exercising Third Closing Investor’s Applicable Third Closing Notes; and

 

(b)            each
Exercising Third Closing Investor shall deliver or cause to be delivered to the Company the aggregate purchase price for the Applicable
Third Closing Notes purchased by such Exercising Third Closing Investor hereunder, in U.S. dollars and in immediately available funds,
by wire transfer to an account designated in writing to such Exercising Third Closing Investor by the Company for such purpose.

 

2.6            Fourth
Closing Deliverables. Solely in the event that one or more Exercising Fourth Closing Investors shall have delivered a Fourth Closing
Election Notice to the Company in accordance with Section 2.1(d) pursuant to which each such Exercising Fourth Closing
Investor shall have elected to purchase each such Exercising Fourth Closing Investor’s Applicable Fourth Closing Notes on the Fourth
Closing Date, at the Fourth Closing:

 

(a)            the
Company shall deliver or cause to be delivered to each Exercising Fourth Closing Investor a duly executed Fourth Closing Note in a principal
amount equal to such Exercising Fourth Closing Investor’s Applicable Fourth Closing Notes; and

 

(b)            each
Exercising Fourth Closing Investor shall deliver or cause to be delivered to the Company the aggregate purchase price for the Applicable
Fourth Closing Notes purchased by such Exercising Fourth Closing Investor hereunder, in U.S. dollars and in immediately available funds,
by wire transfer to an account designated in writing to such Exercising Fourth Closing Investor by the Company for such purpose.

 

Article III

REPRESENTATIONS AND WARRANTIES

 

3.1            Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investors, as of the date hereof and as the date
of each Closing, as follows:

 

(a)            Subsidiaries.
The Company owns, directly or indirectly, all of the capital stock or comparable equity interests of each Subsidiary free and clear of
any Lien (other than Liens which will be discharged on or before the First Closing and restrictions on transfer arising under applicable
securities laws), and all issued and outstanding shares of capital stock or comparable equity interest of each Subsidiary are validly
issued and are fully paid, non-assessable and free of preemptive and similar rights. The Company does not own an equity or other ownership
interest in any Person other than the Subsidiaries.

 

(b)            Organization
and Qualification. The Company and each Subsidiary is an entity duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation or organization, as applicable, with the requisite power and legal authority to own and use
its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation
of any of the provisions of its certificate or articles of incorporation, bylaws or other organizational or charter documents, as applicable.
The Company and each Subsidiary is duly qualified to do business and is in good standing as a foreign corporation or other entity in
each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where
the failure to be so qualified or in good standing, as the case may be, would not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect and no Proceeding has been instituted seeking to revoke, limit or curtail such power
or authority or qualification.

 

    17 

     

    

 

(c)            Authorization;
Enforcement. The Company and each of its Subsidiaries has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents to which it is a party and otherwise to carry out its obligations
hereunder and thereunder and, in the case of the Company, to issue the Securities, in each case, in accordance with the terms hereof
and thereof. The execution and delivery by the Company and each of its Subsidiaries of each of the Transaction Documents to which it
is a party and the consummation by it of the transactions contemplated hereby and thereby, including, in the case of the Company, the
issuance of the Notes and the reservation for issuance and issuance of the Note Shares and the issuance of the Commitment Fee Warrants
and the reservation for issuance and issuance of the Commitment Fee Warrant Shares, have been duly authorized by all necessary action
on the part of the Company and each such Subsidiary, and (other than the filing with the SEC of one or more Registration Statements in
accordance with Section 4.7, any filings as may be required by state securities agencies, and any filings required pursuant
to the Security Documents) no further consent, filing, authorization or action is required from or with any United States federal or
state regulatory authority or governmental body or any Trading Market by the Company or any Subsidiary. Each of the Transaction Documents
to which it is a party has been (or upon delivery will be) duly executed by the Company and each of its Subsidiaries and is, or when
delivered in accordance with the terms hereof, will constitute, the valid and binding obligation of the Company and each such Subsidiary
enforceable against the Company and each such Subsidiary in accordance with its terms, except (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies and (iii) insofar as indemnification provisions contained herein may be limited by applicable law.

 

(d)            No
Conflicts. The execution, delivery and performance by the Company and each of its Subsidiaries of the Transaction Documents to which
it is a party, the consummation by the Company and each of its Subsidiaries of the transactions contemplated hereby and thereby, and,
in the case of the Company, the issuance and sale of the Notes and the reservation for issuance and issuance of the Note Shares and the
issuance of the Commitment Fee Warrants and the reservation for issuance and issuance of the Commitment Fee Warrant Shares, do not, and
will not, (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate of incorporation,
bylaws or other organizational or charter documents, as applicable, (ii) conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or
assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or
without notice, lapse of time or both) of, any agreement (including any Material Contract), credit facility, debt or other instrument
(evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by
which any property or asset of the Company or any Subsidiary is bound, or affected, or (iii) result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or any
Subsidiary is subject or by which any property or asset of the Company or any Subsidiary is bound or affected, except, in the case of
clauses (ii) and (iii) above, to the extent that such conflict, default, termination, amendment, acceleration, cancellation
right or violation would not have or reasonably be expected to result in a Material Adverse Effect. The Company is not in violation of
the listing requirements of the Trading Market and has no knowledge of any facts that would reasonably lead to delisting or suspension
of the Common Shares in the foreseeable future. The issuance by the Company of the Securities shall not have the effect of delisting
or suspending the Common Shares from the Trading Market.

 

(e)            Valid
Issuance. The Notes are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will
be duly and validly issued, fully paid and nonassessable, free and clear of all Liens (other than restrictions on transfer arising under
applicable securities laws) and will not be subject to preemptive or similar rights of shareholders. Upon issuance or conversion in accordance
with the Notes, the Note Shares, when issued, will be validly issued, fully paid and nonassessable, free and clear of all Liens (other
than restrictions on transfer arising under applicable securities laws) and will not be subject to preemptive or similar rights of shareholders,
with the holders being entitled to all rights accorded to a holder of Common Shares. The Commitment Fee Warrants are duly authorized
and, when issued in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable,
free and clear of all Liens (other than restrictions on transfer arising under applicable securities laws) and will not be subject to
preemptive or similar rights of shareholders. Upon issuance in accordance with the Commitment Fee Warrants, the Commitment Fee Warrant
Shares, when issued, will be validly issued, fully paid and nonassessable, free and clear of all Liens (other than restrictions on transfer
arising under applicable securities laws) and will not be subject to preemptive or similar rights of shareholders, with the holders being
entitled to all rights accorded to a holder of Common Shares.

 

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(f)            Capitalization.
As of July 29, 2022, the aggregate number of shares and type of all authorized, issued and outstanding classes of shares, capital
stock, options and other securities of the Company and each of its Subsidiaries (whether or not presently convertible into or exercisable
or exchangeable for shares of capital stock of the Company or such Subsidiary, as applicable) is set forth in Schedule 3.1(f) hereto.
All outstanding shares of capital stock of the Company and of each Subsidiary are duly authorized, validly issued, fully paid and nonassessable
and have been issued in compliance in all material respects with all applicable securities laws, and none of such outstanding shares
was issued in violation of any preemptive rights or similar rights to subscribe for or purchase any capital stock of the Company or such
Subsidiary. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in
the transactions contemplated by the Transaction Documents that have not been effectively waived as of the date hereof and as of each
Applicable Closing Date. The issuance and sale of the Securities (including the Note Shares) and the transactions contemplated by the
Transaction Documents will not obligate the Company to issue shares of Common Shares or other securities to any Person (other than the
Investors) 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. The Company has not issued any capital stock since its most recently filed periodic report under the Exchange
Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans and pursuant to the conversion
and/or exercise of Common Share Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange
Act. As of the First Closing, the Company shall have reserved from its duly authorized capital stock not less than the maximum number
of Note Shares issuable upon conversion of the First Closing Notes based on the initial Conversion Price (as defined in the Notes) of
$8.11. As of the First Closing, the Company shall have reserved from its duly authorized capital stock not less than the maximum number
of First Commitment Fee Warrant Shares issuable upon exercise of the First Commitment Fee Warrants based on the initial Exercise Price
(as defined in the First Commitment Fee Warrants) of $8.11. As of each Closing occurring after the First Closing, (i) the Company
shall have reserved from its duly authorized capital stock not less than the maximum number of Note Shares issuable upon conversion of
all Notes then outstanding (including the Notes issued at such Closing) based on the then effective Conversion Price (as defined in the
Notes), and (ii) the Company shall have reserved from its duly authorized capital stock not less than the maximum number of Commitment
Fee Warrant Shares issuable upon conversion of all Commitment Fee Warrants then outstanding (including any Commitment Fee Warrants issued
at such Closing) based on the then effective Exercise Price (as defined in the Notes).

 

(g)            SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be
filed by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof (the “SEC Reports”).
As of their respective dates (or, if amended or superseded by a filing prior to the First Closing Date, then on the date of such filing),
the SEC Reports filed by the Company complied in all material respects with the requirements of the Exchange Act and the rules and
regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed (or, if amended or superseded by a filing prior
to the First Closing Date, then on the date of such filing) by the Company, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the
time of filing (or, if amended or superseded by a filing prior to the First Closing Date, then on the date of such filing). Such financial
statements have been prepared in accordance with GAAP, except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all footnotes required by GAAP or may be condensed or summary
statements, and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, year-end audit adjustments. All Material Contracts to which the Company or any Subsidiary is a party or to which
the property or assets of the Company or any Subsidiary are subject are included as part of or identified in the SEC Reports.

 

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(h)            Absence
of Litigation. Except as disclosed in the SEC Reports, there is no action, suit, claim, or Proceeding pending, or, to the Company’s
knowledge, threatened, before or by any court, public board, government agency, self-regulatory organization or body that adversely affect
or challenge the legality, validity or enforceability of any of the Transaction Documents or that would, individually or in the aggregate,
have or be reasonably likely to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or executive
officer thereof, is or has within the past ten years been the subject of any action, suit, notice of violation, proceeding (including
any partial proceeding such as a deposition) or investigation involving a claim of violation of or liability under federal or state securities
laws or a claim of breach of fiduciary duty. To the knowledge of the Company, within the past ten years there has not been, and there
is not pending or contemplated, any investigation by the SEC involving the Company or any current director or executive officer of the
Company. The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the
Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(i)             Compliance.
Except as would not, individually or in the aggregate, have or be reasonably likely to result in a Material Adverse Effect, (i) neither
the Company nor any Subsidiary is in default under or in violation of (and no event has occurred that has not been waived that, with
notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary
received written notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement
or any other agreement (including any Material Contract) or instrument to which it is a party or by which it or any of its properties
is bound (whether or not such default or violation has been waived), (ii) neither the Company nor any Subsidiary is in violation
of any order of any court, arbitrator or governmental body to which the Company or any Subsidiary is subject or by which any property
or asset of the Company or any Subsidiary is bound or affected, or (iii) neither the Company nor any Subsidiary is in violation
of any law, statute, rule or regulation of any governmental authority to which the Company or any Subsidiary is subject or by which
any property or asset of the Company or any Subsidiary is bound or affected.

 

(j)             Title
to Assets. Neither the Company nor any Subsidiary owns real property. The Company and each Subsidiary has good and marketable title
in all personal property owned by them that is material to the business of the Company and each Subsidiary, in each case free and clear
of all Liens (other than Liens which will be discharged on or before the First Closing), except for Liens that do not, individually or
in the aggregate, have or are reasonably likely to result in a Material Adverse Effect or which do not materially affect the value and
do not materially interfere with the use of such property by the Company. Any real property and facilities held under lease by the Company
or any Subsidiary is held by it under valid, subsisting and enforceable leases of which the Company and each Subsidiary is in compliance
in all material respects.

 

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(k)            Intellectual
Property. The Company and its Subsidiaries own or possess adequate rights or licenses to use all trademarks, trade names, service
marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations,
trade secrets and rights necessary to conduct their respective businesses as now conducted. Except for matters described in the SEC Documents,
or matters which would not be reasonably likely to have a Material Adverse Effect, the Company and its Subsidiaries do not have any knowledge
of any violation or infringement by the Company or its Subsidiaries of trademark, trade name rights, patents, patent rights, copyrights,
inventions, licenses, service names, service marks, service mark registrations, trade secret or other similar rights of others, and,
to the knowledge of the Company, there is no claim, action or Proceeding being made or brought against, or to the Company’s knowledge,
being threatened against, the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights, invention, copyright,
license, service names, service marks, service mark registrations, trade secret or other violation or infringement; and the Company and
its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing. The Company and its Subsidiaries
have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except
where failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l)             Insurance.
The Company and each Subsidiary is insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the businesses and locations in which the Company and each Subsidiary is engaged. Neither the
Company nor any Subsidiary has any reason to believe that it will be unable to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business.

 

(m)           Internal
Accounting Controls. The Company and each Subsidiary maintain a system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and
to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific
authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.

 

(n)            Sarbanes-Oxley
Act; Disclosure Controls. The Company is in compliance in all material respects with applicable requirements, as a non-accelerated
filer and smaller reporting company, of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and applicable
rules and regulations promulgated by the SEC thereunder, except where such noncompliance would not have, individually or in the
aggregate, a Material Adverse Effect. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and
Rule 15d-15(e) under the Exchange Act).

 

(o)            Indebtedness.
Except as disclosed in the SEC Reports, neither the Company nor any Subsidiary (i) has any outstanding Indebtedness, or (ii) is
in violation of any term of and is not in default under any contract, agreement or instrument relating to any Indebtedness, except where
such violations and defaults would not result, individually or in the aggregate, in a Material Adverse Effect.

 

(p)            Filings,
Consents and Approvals. Neither the Company nor any of its Subsidiaries is required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance by the Company or any of its Subsidiaries of the
Transaction Documents (including the issuance of the Securities), other than (i) filings required by applicable state securities
laws, (ii) the filing of any requisite notices and/or application(s) to any Trading Market for the issuance and sale of the
Note Shares or Commitment Fee Warrant Shares and the listing of the Note Shares or Commitment Fee Warrant Shares for trading or quotation,
as the case may be, thereon in the time and manner required thereby, (iii) the filing of one or more Registration Statements in
accordance with Section 4.7, (iv) solely with respect to the issuance of the Second Closing Notes at the Delayed Second
Closing (if applicable), the Requisite Stockholder Approval, if required, and (v) those that have been made or obtained prior to
the date of this Agreement (collectively, the “Required Approvals”).

 

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(q)           Material
Changes; Undisclosed Events, Liabilities or Developments. Since December 31, 2021, there has been no event, occurrence or development
that has had or that would reasonably be expected to result in a Material Adverse Effect. Since December 31, 2021, except as specifically
disclosed in an SEC Report filed subsequent to such date and prior to the date hereof: (i) the Company and its Subsidiaries have
not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary
course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial
statements pursuant to GAAP or disclosed in filings made with the SEC, (ii) the Company has not altered its method of accounting,
(iii) the Company has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased,
redeemed or made any agreements to purchase or redeem any shares of its capital stock, (iv) the Company has not issued any equity
securities to any officer, director or Affiliate, except pursuant to existing Company share option plans, and (v) there has not
been any material change or amendment to, or any waiver of any material right by the Company under, any Material Contract under which
the Company or any of its Subsidiaries is bound or subject. The Company does not have pending before the SEC any request for confidential
treatment of information. Except for the transactions contemplated by the Transaction Documents, including the issuance of the Securities,
no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist
with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition,
that would be required to be disclosed by the Company on a Current Report on Form 8-K at the time this representation is made or
deemed made that has not been publicly disclosed at least one Trading Day prior to the date that this representation is made.

 

(r)            Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company
or any of its Subsidiaries, which would reasonably be expected to result in a Material Adverse Effect. None of the Company’s or
its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such
Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and
its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer
of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality,
disclosure or proprietary information agreement or non-competition agreement with the Company, or any restrictive covenant in favor of
any third party. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations
relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to
be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(s)           Consents
and Permits. Except as disclosed in the SEC Reports, each of the Company and its Subsidiaries has made all filings, applications
and submissions required by, possesses and is operating in compliance with, all approvals, licenses, certificates, certifications, clearances,
consents, grants, exemptions, marks, notifications, orders, permits and other authorizations issued by, the appropriate federal, state
or foreign regulatory authorities necessary for the ownership or lease of its respective properties or to conduct its businesses as described
in the SEC Reports (collectively, “Permits”), except for such Permits for which the failure to possess, obtain
or make would not have a Material Adverse Effect; the Company and its Subsidiaries are in compliance with the terms and conditions of
all such Permits, except where the failure to be in compliance would not have a Material Adverse Effect; all of the Permits are valid
and in full force and effect, except where any invalidity, individually or in the aggregate, would not reasonably be expected to have
a Material Adverse Effect; and neither the Company nor any of its Subsidiaries has received any written notice relating to the limitation,
revocation, cancellation, suspension, modification or non-renewal of any such Permit which, singly or in the aggregate, if the subject
of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, or has any reason to believe that any such license,
certificate, permit or authorization will not be renewed in the ordinary course.

 

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(t)            Regulatory
Filings. Except as disclosed in the SEC Reports, neither the Company nor any of its Subsidiaries has failed to file with the applicable
regulatory authorities any required filing, declaration, listing, registration, report or submission, except for such failures that,
individually or in the aggregate, would not have a Material Adverse Effect.

 

(u)           Environmental
Laws. Except as set forth in the SEC Reports, the Company and its Subsidiaries (i) are in compliance with any and all applicable
federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety,
the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”);
(ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses as described in the SEC Reports; and (iii) have not received notice of any actual or
potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants
or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure
to receive required permits, licenses, other approvals or liability as would not, individually or in the aggregate, have a Material Adverse
Effect; and, to the knowledge of the Company, there is no pending investigation or investigation threatened that could reasonably be
expected to lead to such a claim.

 

(v)           Transactions
with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of the Company or any Subsidiary
and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction
with the Company or any Subsidiary (other than for services as employees, officers and directors), which would be required to be disclosed
pursuant to Item 404 of Regulation S-K under the Securities Act.

 

(w)           Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiaries to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Transaction Documents. The Investors shall have no obligation with respect to any fees or with respect to any claims made by or
on behalf of other Persons for fees of a type contemplated in this Section 3.1(w) that may be due in connection with
the transactions contemplated by the Transaction Documents. The Company shall pay, and hold each Investor harmless against, any liability,
loss or expense (including, without limitation, attorney’s fees and out-of-pocket expenses) arising in connection with any such
fees or claims.

 

(x)            Private
Placement. Assuming the accuracy of the Investors’ representations and warranties set forth in Section 3.2 and
their compliance with their agreements contained in this Agreement, no registration under the Securities Act is required for the offer
and sale of the Securities by the Company to the Investors pursuant to the terms of this Agreement. The issuance and sale of the Securities
do not, and will not, contravene the rules and regulations of the Trading Market, which, for the avoidance of doubt, as of the date
hereof, is the Nasdaq Capital Market and the Toronto Stock Exchange.

 

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(y)           Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Notes, will not be or be
an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

(z)            Registration
Rights. Other than (i) as disclosed in the SEC Reports and (ii) as set forth in this Agreement, no Person has any right
to cause the Company to effect the registration under the Securities Act of any securities of the Company.

 

(aa)         Disclosure.
The Company understands and confirms that the Investors will rely on the foregoing representation in effecting transactions in securities
of the Company. All of the disclosure furnished by or on behalf of the Company to the Investors regarding the Company and its Subsidiaries,
their respective businesses and the transactions contemplated hereby, including the Schedules to this Agreement, is true and correct
and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein not misleading. The Company acknowledges and agrees that no Investor makes or has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(bb)         No
Integrated Offering. Assuming the accuracy of the Investors’ representations and warranties set forth in in Section 3.2
and their compliance with their agreements contained in this Agreement, neither the Company, nor any of its Affiliates, nor any Person
acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any
security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for
purposes of the Securities Act which would require the registration of any such securities under the Securities Act.

 

(cc)         Solvency.
Based on the consolidated financial condition of the Company as of the First Closing Date and any Applicable Closing Date occurring after
the First Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Notes hereunder on such
Applicable Closing Date: (i) the fair saleable value of the Company’s assets as a going concern exceeds the amount that will
be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities)
as they mature and (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now
conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company.
The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts
of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe
that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from
the First Closing Date or within one year from any Applicable Closing Date occurring after the First Closing Date.

 

(dd)        Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and
all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns,
reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes
for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no
basis for any such claim.

 

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(ee)          No
General Solicitation. Neither the Company nor any person acting on behalf of the Company has offered or sold any of the Securities
by any form of general solicitation or general advertising. The Company has offered, and may offer, the Securities for sale only to the
Investors and other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(ff)           Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the Company’s knowledge, any agent or other person acting
on behalf of the Company or any Subsidiary, has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment
or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic
government officials or employees, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law or (iv) violated in any material
respect any provision of Foreign Corrupt Practices Act of 1977, as amended.

 

(gg)         Accountants.
Haskell & White LLP (the “Accountant”), whose report on the consolidated financial statements of the
Company is filed with the SEC as part of the Company’s most recent Annual Report on Form 10-K filed with the SEC, is and,
during the periods covered by their report, was an independent registered public accounting firm within the meaning of the Securities
Act and the Public Company Accounting Oversight Board (United States). To the Company’s knowledge, the Accountant is not in violation
of the auditor independence requirements of the Sarbanes-Oxley Act with respect to the Company.

 

(hh)         Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent,
employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use
the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any joint venture partner
or other person or entity, towards any sales or operations in Cuba, Iran, Syria, Sudan or any other country sanctioned by OFAC or
for the purpose of financing the activities of any person currently subject to any U.S. sanctions.

 

(ii)            U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning
of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Investors’ request.

 

(jj)            Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of
1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
 “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the
total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any
of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject
to the BHCA and to regulation by the Federal Reserve.

 

(kk)          Money
Laundering. The operations of the Company and its Subsidiaries are and, to the Company’s knowledge, have been conducted at
all times in material compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively,
the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or,
to the Company’s knowledge, threatened.

 

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(ll)           Disqualification
Events. None of the Company or any Subsidiary, any of their respective predecessors, any director, executive officer, other officer
of the Company or any Subsidiary participating in the offering contemplated hereby, any beneficial owner (as that term is defined in
Rule 13d-3 under the Exchange Act) of 20% or more of the Company’s outstanding voting equity securities, calculated on the
basis of voting power, any “promoter” (as that term is defined in Rule 405 under the Securities Act) connected with
the Company or any of the Subsidiaries in any capacity at the time of the First Closing or any other Closing occurring after the First
Closing, any placement agent or dealer participating in the offering of the Notes, any of such agents’ or dealer’s directors,
executive officers, other officers participating in the offering of the Notes (each, a “Covered Person” and,
together, “Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in
Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”). The Company
has exercised reasonable care to determine (i) the identity of each person that is a Covered Person; and (ii) whether any Covered
Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under
Rule 506(e). The Company is not for any other reason disqualified from reliance upon Rule 506 of Regulation D under the Securities
Act for purposes of the offer and sale of the Securities. The Company will notify the Investors prior to the First Closing Date or any
Applicable Closing Date occurring after the First Closing Date of the existence of any Disqualification Event with respect to any Covered
Person.

 

(mm)       Acknowledgment
Regarding Investor’s Purchase of Securities. The Company acknowledges and agrees that each Investor is acting solely in the
capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby
and that no Investor is (i) an officer or director of the Company, (ii) an “affiliate” (as defined in Rule 144)
of the Company or (iii) to its knowledge, a “beneficial owner” of more than 10% of the shares of Common Shares (as defined
for purposes of Rule 13d-3 of the Exchange Act). The Company further acknowledges that no Investor is acting as a financial advisor
or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated
hereby and thereby, and any advice given by an Investor or any of its representatives or agents in connection with the Transaction Documents
and the transactions contemplated hereby and thereby is merely incidental to such Investor’s purchase of the Securities. The Company
further represents to each Investor that the Company’s decision to enter into the Transaction Documents to which it is a party
has been based solely on the independent evaluation by the Company and its representatives.

 

(nn)         Acknowledgement
Regarding Investors’ Trading Activity. It is understood and acknowledged by the Company that, except as otherwise specifically
set forth in any written agreement between the Company and the applicable Investor, (i) following the public disclosure of the transactions
contemplated by the Transaction Documents, in accordance with the terms thereof, none of the Investors have been asked by the Company
to agree, nor has any Investor agreed with the Company, to refrain from effecting any transactions in or with respect to (including,
without limitation, purchasing or selling, long and/or short) any securities of the Company, or “derivative” securities based
on securities issued by the Company or to hold any of the Securities for any specified term; (ii) each Investor shall not be deemed
to have any affiliation with or control over any arm’s length counterparty in any “derivative” transaction; and (iv) each
Investor may rely on the Company’s obligation to timely deliver shares of Common Shares upon conversion, exercise or exchange,
as applicable, of the Notes as and when required pursuant to the Transaction Documents for purposes of effecting trading in the Common
Shares of the Company. The Company further understands and acknowledges that, except as otherwise specifically set forth in any written
agreement between the Company and the applicable Investor, following the public disclosure of the transactions contemplated by the Transaction
Documents pursuant to the Press Release (as defined below) one or more Investors may engage in trading activities at various times during
the period that the Securities are outstanding, including, without limitation, during the periods that the value and/or number of the
Note Shares deliverable with respect to the Securities are being determined and such trading activities, if any, can reduce the value
of the existing shareholders’ equity interest in the Company both at and after the time the trading activities are being conducted.
The Company acknowledges that, except as otherwise specifically set forth in any written agreement between the Company and the applicable
Investor, such aforementioned trading activities do not constitute a breach of this Agreement, the Notes or any other Transaction Document
or any of the documents executed in connection herewith or therewith.

 

    26 

     

    

 

(oo)         Manipulation
of Price. The Company has not, and, to the knowledge of the Company, no Person acting on their behalf has, directly or indirectly,
(i) taken any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting
purchases of, any of the Securities, (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase
any other securities of the Company in connection with the transactions contemplated by the Transaction Documents, or (iv) paid
or agreed to pay any Person for research services with respect to any securities of the Company.

 

(pp)         Ranking
of Notes. No Indebtedness of the Company will be senior to, or pari passu with, the Notes in right of payment, whether with
respect to payment or redemptions, interest, damages, upon liquidation or dissolution or otherwise.

 

(qq)         Security
Interest in Collateral. The provisions of this Agreement and the other Transaction Documents create legal, valid and enforceable
Liens on, and security interests in, all of the Company’s and each of the Subsidiary Guarantor’s right, title and interest
in and to all the Collateral in favor of the Collateral Agent, for the benefit of the Collateral Agent and the Investors, and upon (x) the
making of the filings, recordings and other similar actions specified in the Security Documents, and (y) the taking of possession
or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or
control (which possession or control shall be given to the Collateral Agent to the extent required by any Security Document), such Liens
shall constitute perfected and continuing Liens on, and security interests in, the Collateral, securing the Secured Obligations (as defined
in the Security Agreement), enforceable against the Company, the Subsidiary Guarantors and all third parties, having priority over all
other Liens (other than Liens which will be discharged on or before the First Closing) on the Collateral.

 

(rr)          THE
REPRESENTATIONS AND WARRANTIES MADE BY THE COMPANY IN THIS SECTION 3.1 ARE THE EXCLUSIVE REPRESENTATIONS AND WARRANTIES MADE BY
THE COMPANY. THE COMPANY HAS NOT MADE ANY IMPLIED REPRESENTATIONS OR WARRANTIES AND THE COMPANY HEREBY DISCLAIMS ANY EXPRESS OR IMPLIED
REPRESENTATIONS OR WARRANTIES OTHER THAN THOSE SET FORTH IN THIS SECTION 3.1.

 

3.2           Representations
and Warranties of the Investors. Each Investor hereby, as to itself only and for no other Investor, represents and warrants to the
Company as follows:

 

(a)            Organization;
Authority. Such Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization with the requisite corporate, limited liability company, partnership or other power and authority to enter into and
to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The purchase by such Investor of the Securities hereunder and the consummation of the transactions contemplated by the Transaction Documents
have been duly authorized by all necessary corporate, partnership or other action on the part of such Investor. This Agreement and the
Transaction Documents to which such Investor is a party or has or will execute have been duly executed and delivered by such Investor
and constitute the valid and binding obligations of such Investor, enforceable against it in accordance with their terms, except (i) as
limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions contained herein
may be limited by applicable law.

 

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(b)           No
Public Sale or Distribution. Such Investor is acquiring the Securities for its own account and not with a view towards, or for resale
in connection with, the public sale or distribution thereof, except pursuant to sales registered under the Securities Act or under an
exemption from such registration and in compliance with applicable federal and state securities laws, and such Investor does not have
a present arrangement to effect any distribution of the Securities to or through any person or entity; provided, however,
by making the representations herein, such Investor does not agree, or make any representation or warranty, to hold any of the Securities
for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant
to a registration statement or an exemption from registration under the Securities Act.

 

(c)           Investor
Status. Such Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act and within
the meaning of National Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators. Such Investor
is not a registered broker dealer registered under Section 15(a) of the Exchange Act, or a member of the Financial Industry
Regulatory Authority, Inc. (“FINRA”) or an entity engaged in the business of being a broker dealer. Such
Investor is not subject to any Disqualification Event.

 

(d)           Experience
of Such Investor; Risk of Loss. Such Investor has such knowledge, sophistication and experience in business and financial matters
so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits
and risks of such investment. Such Investor understands that it must bear the economic risk of its investment in the Securities, and
is able to bear such risk and is able to afford a complete loss of such investment.

 

(e)           Access
to Information. Such Investor acknowledges that it has been furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and sale of the Securities that have been requested by such Investor. Such Investor
has been afforded the opportunity to ask questions of the Company and receive answers from representatives of the Company concerning
the Company and the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities. Neither
such inquiries nor any other due diligence investigations conducted by such Investor or its advisors, if any, or its representatives
shall modify, amend or affect such Investor’s right to rely on the Company’s representations and warranties contained herein
or in any other Transaction Document.

 

(f)            No
Governmental Review. Such Investor understands that no U.S. federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(g)           Reliance
on Exemptions. Such Investor understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of U.S. federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and such Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such
Investor set forth herein and in the other Transaction Documents in order to determine the availability of such exemptions and the eligibility
of such Investor to acquire the Securities.

 

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(h)           Residency.
Such Investor is a resident of that jurisdiction specified below its address on the Schedule of Investors.

 

(i)            Transfer
or Resale. Such Investor understands that: (i) the Securities have not been and are not being registered under the Securities
Act, any U.S. state securities laws or the laws of any foreign country or other jurisdiction, and may not be offered for sale, sold,
assigned or transferred other than pursuant to Section 4.1; and (ii) except as set forth in Section 4.7,
neither the Company nor any other Person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder.

 

(j)            Legends.
Such Investor understands that each of the certificates representing the Securities, except as set forth below, shall bear any legend
as required by the “blue sky” laws of any state and a restrictive legend as set forth in Section 4.1(b), which
shall only be removed as set forth in Section 4.1(d).

 

Article IV

OTHER AGREEMENTS OF THE PARTIES

 

4.1           Transfer
Restrictions.

 

(a)           The
Investors covenant that the Securities will be disposed of only pursuant to an effective registration statement under, and in compliance
with the requirements of, the Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, and in compliance with applicable state securities laws. In connection with any transfer of Securities
other than (i) pursuant to an effective registration statement, (ii) to the Company, (iii) pursuant to Rule 144 (provided
that the Investor provides the Company with reasonable assurances (in the form of a seller representation letter) that such Securities,
as applicable, may be sold pursuant to such rule) or Rule 144A (as promulgated under the Securities Act), or (iv) in connection
with a bona fide pledge as contemplated in Section 4.1(c), the Company may require the transferor to provide to the Company
an opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company,
to the effect that such transfer does not require registration of such transferred Securities, as applicable, under the Securities Act.
Notwithstanding the foregoing, the Company hereby consents to and agrees to register on the books of the Company and with its Transfer
Agent, without any such legal opinion, except to the extent that the transfer agent requests such legal opinion, any transfer of Securities,
as applicable, by an Investor to an Affiliate of such Investor; provided further that such transfer does not involve a “sale”
within the meaning of Section 2(a)(3) of the Securities Act; and provided, further that such Affiliate does not
request any removal of any existing legends on any certificate evidencing such Securities, as applicable.

 

(b)           The
Investors agree to the imprinting, until no longer required by this Section 4.1(b), of the following legend on any certificate
evidencing any of the Securities:

 

THESE SECURITIES [for Notes, insert:
AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF; for Commitment Fee Warrants, insert: AND THE SECURITIES ISSUABLE UPON EXERCISE
HEREOF] HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS AND,
ACCORDINGLY, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.

 

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UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) THE ISSUE
DATE AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

 

(c)           The
Company acknowledges and agrees that an Investor may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Securities, as applicable, to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement
and, if required under the terms of such arrangement, such Investor may transfer pledged or secured Securities, as applicable, to the
pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal
counsel of the pledgee, secured party or pledgor shall be required in connection therewith; provided, that an opinion of legal
counsel to the Company may be required by the Transfer Agent in connection with any such transfer. Further, no notice shall be required
of such pledge. At the appropriate Investor’s expense, the Company will execute and deliver such reasonable documentation as a
pledgee or secured party of Securities, as applicable, may reasonably request in connection with a pledge or transfer of such Securities,
as applicable, including, (i) the opinion of legal counsel to the Company, if required by the Transfer Agent, as described above
and (ii) if the Securities, as applicable, are subject to registration pursuant to this Agreement, the preparation and filing of
any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities
Act to appropriately amend the list of selling shareholders.

 

(d)           Certificates
evidencing the Securities, as applicable, shall not be required to contain such legend or any other legend (i) following any sale
of such Securities, as applicable, pursuant to an effective registration statement under the Securities Act, (ii) pursuant to Rule 144
if the holder provides the Company with a legal opinion (and the documents upon which the legal opinion is based) reasonably acceptable
to the Company to the effect that the Securities, as applicable, can be sold under Rule 144 or (iii) if the holder provides
the Company with a legal opinion (and the documents upon which the legal opinion is based) reasonably acceptable to the Company to the
effect that the legend is not required under applicable requirements of the Securities Act (including controlling judicial interpretations
and pronouncements issued by the staff of the SEC (the “Staff”)). The Company, at its expense, shall cause
Company Counsel to issue any legal opinion to the Transfer Agent in connection with any sale or transfer pursuant to Rule 144 in
compliance with this Section 4.1(d). The Company will no later than three (3) Trading Days following the delivery by
an Investor to the Company or the Transfer Agent (if delivery is made to the Transfer Agent a copy shall be contemporaneously delivered
to the Company) of (x) a legended certificate representing the applicable Securities, as applicable, and any necessary instruments
of transfer and (y) evidence reasonably satisfactory to the Company and its counsel of the occurrence of any of (i) through
(iii) above (including any applicable investor and broker representation letters and the delivery of any legal opinion referred
to therein, as applicable), deliver or cause to be delivered to such Investor (or a transferee of such Investor, as applicable) a certificate
or book-entry (including shares transferred via DWAC or similar methodology by DTC) representing such Securities, as applicable, that
is free from all restrictive and other legends(the date on which (x) and (y) are delivered being referred to herein as the
 “Legend Removal Date”). The Company may not make any notation on its records or give instructions to the Transfer
Agent that expand the restrictions on transfer set forth in this Section 4.1(d).

 

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4.2            Use
of Proceeds. The Company intends to use the net proceeds from the sale of the Notes to fund product commercialization, to fund research
and development, for general corporate purposes, to repay certain existing indebtedness and to pay the fees and expenses incurred in
connection with the transactions contemplated by this Agreement. The Company shall not use such proceeds (x) in violation of FCPA
or OFAC regulations, or (y) to make any dividend or distribution in respect of, or to repurchase or redeem, any shares of its capital
stock.

 

4.3            Securities
Laws Disclosure; Publicity. The Company shall, on or before 9:30 a.m. (New York time), on the first (1st) Business Day after
the date of this Agreement, issue a press release (the “Press Release”), the contents of which shall be subject
to prior review and reasonable approval of the Investors, disclosing all the material terms of the transactions contemplated by the Transaction
Documents. On or before 9:30 a.m., New York time, on the first (1st) Business Day after the date of this Agreement, the Company shall
file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by the Transaction Documents
in the form required by the Exchange Act and attaching all the material Transaction Documents (including, without limitation, this Agreement
(and all schedules to this Agreement) and the form of Notes (including all attachments, the “8-K Filing”).
From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided
to any of the Investors by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents
in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the filing of the 8-K Filing,
the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral,
between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the
one hand, and any of the Investors or any of their affiliates, on the other hand, shall terminate. Without the prior written consent
of an Investor, which consent shall not be unreasonably withheld, conditioned or delayed, the Company shall not publicly disclose the
name of such Investor, or include the name of such Investor in any filing with the SEC or any regulatory agency or Trading Market; provided,
however, that without such Investor’s consent, the Company may publicly disclose the name of such Investor, or include the name
of such Investor in any filing with the SEC or any regulatory agency or Trading Market, (a) as required by federal securities law
in connection with any registration statement contemplated by this Agreement or (b) to the extent such disclosure is required by
law or Trading Market regulations, in which case the Company shall provide the Investors with prior notice of such disclosure permitted
under this clause (b); provided, however, that, notwithstanding the foregoing proviso, at least five (5) Business Days prior to
the Company’s filing with the SEC of its first Quarterly Report on Form 10-Q or Annual Report on Form 10-K following
the First Closing Date, the Company shall deliver to each Investor a draft of such Quarterly Report on Form 10-Q or such Annual
Report on Form 10-K and shall reasonably cooperate with each such Investor in respect of any reasonable comments thereto proposed
by such Investor.

 

4.4            Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Investor
is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution
under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Investor
could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities, as applicable, under the
Transaction Documents.

 

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4.5            Non-Public
Information. Except with respect to (i) the material terms and conditions of the transactions contemplated by the Transaction
Documents and (ii) information provided to the Observer, the Company covenants and agrees that neither it, nor any other Person
acting on its behalf, will provide any Investor or its agents or counsel with any information that the Company believes constitutes material
non-public information from and after the filing of the Press Release, unless prior thereto such Investor shall have entered into a written
agreement with the Company regarding the confidentiality and use of such information. The Company understands and confirms that each
Investor shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.6            Blue
Sky. The Company, on or before each Applicable Closing Date, shall take such action as the Company shall reasonably determine is
necessary in order to obtain an exemption for or to qualify the Notes for sale to the Investors at such Closing pursuant to this Agreement
under applicable securities or “blue sky” laws of the states of the United States (or to obtain an exemption from such qualification).
The Company shall make all filings and reports relating to the offer and sale of the Securities, as applicable, required under applicable
securities or “blue sky” laws of the states of the United States following the Applicable Closing Date and shall provide
copies to any Investor who so requests.

 

4.7            Resale
Registration.

 

(a)            Mandatory
Registration. Following each Closing, the Company shall prepare and, as soon as reasonably practicable, but in no event later than
the Filing Deadline in respect of such Closing, file with the SEC, a Registration Statement on Form S-3 or such other form under
the Securities Act as is then available to the Company (or, in the case of an existing shelf registration statement, file a prospectus
supplement with the SEC), providing for the resale from time to time by the Investors of at least the number of Registrable Securities
equal to the Required Registration Amount in respect of the Notes and Commitment Fee Warrants issued at such Closing as of the date such
Registration Statement is initially filed with the SEC. Notwithstanding anything to the contrary contained herein, the Filing Deadline
with respect to any Registration Statement shall be automatically extended by a number of days necessary to address any comments to such
Registration Statement by any Investor’s counsel, which comments have required that the Company not file such Registration Statement
as set forth in clause (B) of Section 4.7(c)(iii). Each Registration Statement (or, in the case of an existing
shelf registration statement, prospectus supplement) required to be filed pursuant to the terms of this Agreement, shall contain (except
as otherwise directed by the Investors) the “Selling Shareholders” and “Plan of Distribution” sections in substantially
the form attached hereto as Annex B. The Company agrees to use its reasonable best efforts to cause each Registration Statement
(or, in the case of an existing shelf registration statement, each prospectus supplement) required to be filed pursuant to the terms
of this Agreement to be declared effective by the SEC as soon as practicable following such filing and prior to the applicable Effectiveness
Deadline for such Registration Statement. The Company shall promptly, and in any event within three (3) Trading Days, notify the
Investors of the effectiveness of a Registration Statement. The Company shall maintain the effectiveness of each Registration Statement
for so long as there are any Registrable Securities covered by such Registration Statement outstanding, with respect to such outstanding
Registrable Securities.

 

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(b)            Effect
of Failure to File and Obtain and Maintain Effectiveness of any Registration Statement. If (i) a Registration Statement covering
the resale of all of the Registrable Securities required to be covered thereby (after giving effect to any reduction pursuant to Section 4.7(g))
and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the Filing Deadline
for such Registration Statement (a “Filing Failure”) or (B) not declared effective by the SEC on or before
the Effectiveness Deadline for such Registration Statement (an “Effectiveness Failure”) (it being understood
that if on or prior to the fifth Business Day immediately following the effective date for such Registration Statement the Company shall
not have filed a “final” prospectus for such Registration Statement with the SEC under Rule 424(b) (to the extent
such a prospectus is either technically required by such rule or is otherwise required under applicable securities laws in order
to permit the resale by the Investors of the Registrable Securities covered thereby), the Company shall be deemed to not have satisfied
this clause (i)(B) and such event shall be deemed to be an Effectiveness Failure), (ii) on any day after the effective date
of a Registration Statement during the Registration Period (as defined below) for such Registration Statement sales of all of the Registrable
Securities required to be included on such Registration Statement cannot be made pursuant to such Registration Statement (including,
without limitation, because of a failure to keep such Registration Statement effective, a failure to disclose such information as is
necessary for sales to be made pursuant to such Registration Statement, a suspension or delisting of the Common Shares on the applicable
Trading Market, or a failure to register a sufficient number of Common Shares or by reason of a stop order) or the prospectus contained
therein is not available for use for any reason (a “Maintenance Failure”), or (iii) if a Registration
Statement is not effective for any reason or the prospectus contained therein is not available for use for any reason, and either (x) the
Company fails for any reason to satisfy the requirements of Rule 144(c)(1), including, without limitation, the failure to satisfy
the current public information requirement under Rule 144(c) or (y) the Company has ever been an issuer described in Rule 144(i)(1)(i) or
becomes such an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Current
Public Information Failure”) as a result of which any of the Investors are unable to sell Registrable Securities without
restriction under Rule 144 (including, without limitation, volume restrictions), then, as partial relief (other than equitable remedies)
for the damages to any holder by reason of any such delay in, or reduction of, its ability to sell Registrable Securities (which remedy
shall not be exclusive of any other remedies available in equity), the Company shall pay to each holder of Registrable Securities relating
to such Registration Statement an amount in cash equal to one half of one percent (0.50%) of the Total Purchase Price paid by such Investor
for the Notes purchased by such Investor pursuant to this Agreement on (1) the date of such Filing Failure, Effectiveness Failure,
Maintenance Failure or Current Public Information Failure, as applicable, and (2) on every thirty (30) day anniversary of (I) a
Filing Failure until such Filing Failure is cured; (II) an Effectiveness Failure until such Effectiveness Failure is cured; (III) a
Maintenance Failure until such Maintenance Failure is cured; and (IV) a Current Public Information Failure until the earlier of
(i) the date such Current Public Information Failure is cured and (ii) such time that such public information is no longer
required pursuant to Rule 144 (in each case, pro-rated for periods totaling less than thirty (30) days). The payments to which a
holder of Registrable Securities shall be entitled pursuant to this Section 4.7(b) are referred to herein as “Registration
Delay Payments.” Following the initial Registration Delay Payment for any particular event or failure (which shall be paid
on the date of such event or failure, as set forth above), without limiting the foregoing, if an event or failure giving rise to the
Registration Delay Payments is cured prior to any monthly anniversary of such event or failure, then such Registration Delay Payment
shall be made on the third (3rd) Business Day after such cure (pro-rated for the number of days elapsed between the date on
which the most recent Registration Delay Payment was required to have been paid in accordance with this Section 4.7(b) and
the date of cure). In the event the Company fails to make Registration Delay Payments in a timely manner in accordance with the foregoing,
such Registration Delay Payments shall bear interest at the rate of one percent (1.0%) per month (prorated for partial months) until
paid in full. Notwithstanding the foregoing, no Registration Delay Payments shall be owed to an Investor (other than with respect to
a Maintenance Failure resulting from a suspension or delisting of (or a failure to timely list) the Common Shares on the applicable Trading
Market) with respect to any period during which all of such Investor’s Registrable Securities may be sold by such Investor without
restriction under Rule 144 (including, without limitation, volume restrictions) and without the need for current public information
required by Rule 144(c)(1)). For the avoidance of doubt, no more than one Registration Delay Payment shall be payable by the Company
at any given time, notwithstanding that more than one failure giving rise to a Registration Delay Payment shall have occurred and is
continuing (e.g., an Effectiveness Failure and a Current Public Information Failure continuing simultaneously); provided, that,
Registration Delay Payments shall continue in accordance with this Section 4.7(b) until all failures giving rise to
such payments are cured.

 

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(c)            Related
Obligations. The Company shall use its reasonable best efforts to effect the registration of all the Registrable Securities in accordance
with the intended method of disposition thereof, and, pursuant thereto, the Company shall have the following obligations:

 

(i)            The
Company shall promptly prepare and file with the SEC a Registration Statement with respect to all the Registrable Securities required
to be covered thereby (but in no event later than the applicable Filing Deadline) and use its reasonable best efforts to cause such Registration
Statement to become effective as soon as practicable after such filing and prior to the applicable Effectiveness Deadline. The Company
shall keep each Registration Statement effective (and the prospectus contained therein available for use) pursuant to Rule 415 for
resales by the Investors on a delayed or continuous basis at then-prevailing market prices (and not fixed prices) at all times until
the earlier of (A) the date as of which all of the Investors may sell all of the Registrable Securities required to be covered by
such Registration Statement (disregarding any reduction pursuant to Section 4.7(g)) without restriction pursuant to Rule 144
(including, without limitation, volume restrictions) and without the need for current public information required by Rule 144(c)(1) (or
Rule 144(i)(2), if applicable) or (B) the date on which the Investors shall have sold all of the Registrable Securities covered
by such Registration Statement (the “Registration Period”). Notwithstanding anything to the contrary contained
in this Agreement, the Company shall ensure that, when filed and at all times while effective, each Registration Statement (1) shall
not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make
the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading and (2) will
disclose (whether directly or through incorporation by reference to other SEC filings to the extent permitted) all material information
regarding the Company and its securities. The Company shall submit to the SEC, within five (5) Business Days after the Staff advises
the Company (orally or in writing, whichever is earlier) that the Staff either will not review a particular Registration Statement or
has no further comments on such Registration Statement (as the case may be), a request for acceleration of effectiveness of such Registration
Statement to a time and date not later than forty-eight (48) hours after the submission of such request.

 

(ii)            The
Company shall prepare and file with the SEC such amendments (including, without limitation, post-effective amendments) and supplements
to each Registration Statement and the prospectus used in connection with each such Registration Statement, which prospectus is to be
filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep each such Registration Statement effective
at all times during the Registration Period for such Registration Statement, and, during such period, comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities of the Company required to be covered by such Registration
Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof as set forth in such Registration Statement or the completion of the applicable Registration
Period; provided, however, by 5:30 p.m. (New York time) on or prior to the fifth (5th) Business Day immediately following
the effective date of each Registration Statement, the Company shall file with the SEC in accordance with Rule 424(b) under
the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement (whether or not such
a prospectus is technically required by such rule). In the case of amendments and supplements to any Registration Statement which are
required to be filed pursuant to this Agreement (including, without limitation, pursuant to this Section 4.7(c)(ii)) by reason
of the Company filing a report on Form 10-Q or Form 10-K or any analogous report under the Exchange Act, the Company shall,
if permitted under the applicable rules and regulations of the SEC, have incorporated such report by reference into such Registration
Statement, if applicable, or shall file such amendments or supplements with the SEC on or prior to the third (3rd) Trading
Day following the date on which the Exchange Act report is filed with the SEC which created the requirement for the Company to amend
or supplement such Registration Statement.

 

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(iii)          The
Company shall (A) permit legal counsel for each Investor, at each such Investor’s cost and expense, to review and comment
upon (i) each Registration Statement that includes the name, or otherwise identifies, any Investor as a “Selling Shareholder”
with respect to securities registered for sale pursuant to such Registration Statement at least five (5) days prior to its filing
with the SEC and (ii) all amendments and supplements to each Registration Statement that includes the name, or otherwise identifies,
any Investor as a “Selling Shareholder” with respect to securities registered for sale pursuant to such Registration Statement
(including, without limitation, the prospectus contained therein) (except for Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports) within a reasonable number of days prior to their
filing with the SEC, and (B) not file any Registration Statement or amendment or supplement thereto, in each, referred to in clause
(A) above, in a form to which any legal counsel for any Investor reasonably objects in a timely manner. The Company shall reasonably
cooperate with legal counsel for each other Investor in performing the Company’s obligations pursuant to this Section 4.7(c)(iii).

 

(iv)          The
Company shall promptly furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge,
(i) copies of any correspondence from the SEC or the Staff to the Company or its representatives relating to such Registration Statement,
provided that such correspondence shall not contain any material, non-public information regarding the Company or any of its Subsidiaries,
(ii) upon request, after the same is prepared and filed with the SEC, a reasonable number of copies of such Registration Statement
and any amendment(s) and supplement(s) thereto, including, if so requested, the financial statements and schedules filed therewith,
all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (iii) upon request, upon the effectiveness
of such Registration Statement, two (2) copies of the prospectus included in such Registration Statement and all amendments and
supplements thereto (or such other number of copies as such Investor may reasonably request from time to time), and (iv) such other
documents, including, without limitation, copies of any preliminary or final prospectus, as such Investor may reasonably request from
time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor.

 

(v)           The
Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and qualification
applies, the resale by Investors of the Registrable Securities covered by any Registration Statement under such other securities or “blue
sky” laws of jurisdictions in the United States as shall be reasonably appropriate for the distribution of the Registrable Securities
covered by such Registration Statement, (ii) prepare and file in those jurisdictions, such amendments (including, without limitation,
post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness
thereof during the applicable Registration Period, (iii) take such other actions as may be necessary to maintain such registrations
and qualifications in effect at all times during the applicable Registration Period, and (iv) take all other actions reasonably
necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, the Company
shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where
it would not otherwise be required to qualify but for this Section 4.7(c)(v), (y) subject itself to general taxation
in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly
notify each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension
of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws
of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such
purpose.

 

(vi)          The
Company shall notify each Investor in writing of the happening of any event, as promptly as practicable after becoming aware of such
event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, non-public
information regarding the Company or any of its Subsidiaries), and promptly prepare a supplement or amendment to such Registration Statement
and such prospectus contained therein to correct such untrue statement or omission and, upon request by any Investor, deliver two (2) copies
of such supplement or amendment to such Investor (or such other number of copies as such Investor may reasonably request). The Company
shall also promptly notify each Investor in writing when a prospectus or any prospectus supplement or post-effective amendment relating
to a Registration Statement has been filed, when a Registration Statement or any post-effective amendment thereto has become effective
(notification of such effectiveness shall be delivered to each Investor by facsimile or e-mail on the same day of such effectiveness
or by overnight mail), and when the Company receives written notice from the SEC that a Registration Statement or any post-effective
amendment thereto will be reviewed by the SEC. The Company shall respond as promptly as reasonably practicable to any comments received
from the SEC with respect to each Registration Statement or any amendment thereto. If the Company receives SEC comments which challenge
the right of an Investor to have its Registrable Securities included in a Registration Statement without being deemed an underwriter
thereunder, the Company shall, in discussions with and responses to the SEC, use its reasonable best efforts to cause as many Registrable
Securities as possible to be included in such Registration Statement without characterizing any Investor as an underwriter and in such
regard use its reasonable best efforts to cause the SEC to permit the affected Investors or their respective counsel to reasonably participate
in SEC conversations on such issue together with Company Counsel, and timely convey relevant information concerning such issue with the
affected Investors or their respective counsel. In no event may the Company name any Investor as an underwriter without such Investor’s
prior written consent.

 

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(vii)         The
Company shall (i) use reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of
each Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the loss of an
exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is
issued, to obtain the withdrawal of such order or suspension as soon as reasonably practicable and (ii) notify each Investor who
holds Registrable Securities of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.

 

(viii)        The
Company shall hold in confidence and not make any disclosure of confidential information concerning an Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure
of such information is necessary to avoid or correct a misstatement or omission in a Registration Statement or is otherwise required
to be disclosed in a Registration Statement pursuant to the Securities Act, (iii) the release of such information is ordered pursuant
to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information
has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document.
The Company agrees that it shall, to the extent permitted by law, upon learning that disclosure of such information concerning an Investor
is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such
Investor and allow such Investor, at such Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

 

(ix)           Without
limiting any obligation of the Company under this Agreement, the Company shall use its reasonable best efforts either to (i) cause
all of the Registrable Securities covered by each Registration Statement to be listed on each securities exchange on which securities
of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange, or (ii) secure designation and quotation of all of the Registrable Securities on the applicable
Trading Market. In addition, the Company shall cooperate with each Investor and any broker or dealer through which any such Investor
proposes to sell its Registrable Securities in effecting a filing with FINRA pursuant to FINRA Rule 5110 as requested by such Investor
and at such Investor’s expense. Other than with respect to the immediately preceding sentence, the Company shall pay all fees and
expenses in connection with satisfying its obligations under this Section 4.7(c)(ix).

 

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(x)            The
Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate the
timely preparation and delivery of certificates (subject to applicable securities laws, not bearing any restrictive legend) representing
the Registrable Securities to be offered pursuant to any Registration Statement and enable such certificates to be in such denominations
or amounts (as the case may be) as the Investors may reasonably request from time to time and registered in such names as the Investors
may request.

 

(xi)           The
Company shall use its reasonable best efforts to cause the Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

 

(xii)          The
Company shall make generally available to its security holders as soon as practical, but not later than ninety (90) days after the close
of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158
under the Securities Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter
next following the effective date of each Registration Statement.

 

(xiii)         The
Company shall otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC in connection
with any registration hereunder.

 

(xiv)        Within
two (2) Business Days after the date on which a Registration Statement which covers Registrable Securities is declared effective
by the SEC, the Company shall deliver, or shall cause legal counsel for the Company to deliver, to the Transfer Agent (with copies to
the Investors whose Registrable Securities are included in such Registration Statement upon request by any such Investor) written confirmation
that such Registration Statement has been declared effective by the SEC.

 

(xv)          If
any Investor may be required under applicable securities law to be described in any Registration Statement as an underwriter and such
Investor consents to so being named an underwriter, at the request of any Investor, the Company shall furnish to such Investor, on the
date of the effectiveness of such Registration Statement and thereafter from time to time on such dates as an Investor may reasonably
request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as
is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the
Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement,
in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Investors.

 

(xvi)         If
any Investor may be required under applicable securities law to be described in any Registration Statement as an underwriter and such
Investor consents to so being named an underwriter, upon the written request of such Investor, the Company shall make available for inspection,
upon reasonable notice and during normal business hours, by (i) such Investor, (ii) legal counsel for such Investor and (iii) one
(1) firm of accountants or other agents retained by such Investor (collectively, the “Inspectors”), all
pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be deemed reasonably necessary by each Inspector to enable such Investor to exercise its due diligence responsibly, and cause
the Company’s officers, directors and employees to supply all information which any Inspector may reasonably request; provided,
however, each Inspector shall agree in writing to hold in strict confidence and not to make any disclosure (except to such Investor)
or use of any Record or other information which the Company’s board of directors determines in good faith to be confidential, and
of which determination the Inspectors are so notified, unless (1) the disclosure of such Records is necessary to avoid or correct
a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act, (2) the release of such
Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or
(3) the information in such Records has been made generally available to the public other than by disclosure in violation of this
Agreement or any other Transaction Document. Such Investor agrees that it shall, upon learning that disclosure of such Records is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the
Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed
confidential. Nothing herein (or in any other confidentiality agreement between the Company and such Investor, if any) shall be deemed
to limit any Investor’s ability to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and
regulations. For the avoidance of doubt, any material non-public information received by an Inspector and/or an Investor in connection
with exercising its inspection right under this Section 4.7(c)(xvi) shall not constitute a violation of any provision
of the other Transaction Documents.

 

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(xvii)       The
Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of its Registrable
Securities pursuant to each Registration Statement.

 

(d)            Obligations
of the Investors. Each Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by
it, and the intended method of disposition of such securities as the Company shall reasonably request and as shall be required in connection
with the registration of the Registrable Securities, and shall execute such documents in connection with such registration as the Company
may reasonably request. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the
Company as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement, unless such
Investor has notified the Company in writing of such Investor’s election to exclude all of such Investor’s Registrable Securities
from such Registration Statement.

 

(e)            Expenses
of Registration. All expenses incurred in connection with any Registration Statement, excluding underwriters’ discounts and
commissions, but including without limitation all registration, filing and qualification fees, word processing, duplicating, printers’
and accounting fees, stock exchange fees, messenger and delivery expenses, all fees and expenses of complying with state securities or
blue sky laws and the fees and disbursements of counsel for the Company shall be paid by the Company.

 

(f)            Sufficient
Number of Shares Registered. Subject to Section 4.7(g), in the event the number of shares available under any Registration
Statement during the applicable Registration Period is insufficient to cover all of the Registrable Securities required to be covered
by such Registration Statement or an Investor’s allocated portion of the Registrable Securities pursuant to Section 4.7(h),
the Company shall amend such Registration Statement (if permissible), or file with the SEC a new Registration Statement (on the short
form available therefor, if applicable), or both, so as to cover at least the Required Registration Amount as of the Trading Day immediately
preceding the date of the filing of such amendment or new Registration Statement, in each case, as soon as practicable, but in any event
not later than fifteen (15) Business Days after the necessity therefor arises (but taking account of any Staff position with respect
to the date on which the Staff will permit such amendment to such Registration Statement and/or such new Registration Statement (as the
case may be) to be filed with the SEC). The Company shall use reasonable best efforts to cause such amendment to such Registration Statement
and/or such new Registration Statement (as the case may be) to become effective as soon as practicable following the filing thereof with
the SEC and prior to the applicable Effectiveness Deadline for such Registration Statement. Subject to Section 4.7(g), for
purposes of the foregoing provision, the number of shares available under a Registration Statement shall be deemed “insufficient
to cover all of the Registrable Securities” if at any time the number of Common Shares available for resale under the applicable
Registration Statement is less than the product determined by multiplying (i) the Required Registration Amount as of such time by
(ii) 0.90. The calculation set forth in the foregoing sentence shall be made without regard to any limitations on conversion, exercise,
amortization and/or redemption of the Notes or Commitment Fee Warrants (and such calculation shall assume that (A) the Notes are
then convertible in full into Common Shares at the then prevailing Conversion Rate (as defined in the Notes), (B) no redemptions
or prepayments of the Notes occur prior to the scheduled Maturity Date (except to the extent redemptions or prepayments of the Notes
have actually occurred on or prior to such date), and (C) the Commitment Fee Warrants are then exercisable in full into Common Shares
at the then prevailing Exercise Price (as defined in the Commitment Fee Warrants).

 

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(g)            Offering.
Notwithstanding anything to the contrary contained in this Agreement, in the event the Staff or the SEC seeks to characterize any offering
pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities by, or on behalf of,
the Company, or in any other manner, such that the Staff or the SEC do not permit such Registration Statement to become effective and
used for resales in a manner that does not constitute such an offering and that permits the continuous resale at the market by the Investors
participating therein (or as otherwise may be acceptable to each Investor) without being named therein as an “underwriter,”
then the Company shall reduce the number of shares to be included in such Registration Statement by all Investors until such time as
the Staff and the SEC shall so permit such Registration Statement to become effective as aforesaid. In making such reduction, the Company
shall reduce the number of shares to be included by all Investors on a pro rata basis (based upon the number of Registrable Securities
otherwise required to be included for each Investor) unless the inclusion of shares by a particular Investor or a particular set of Investors
are resulting in the Staff or the SEC’s “by or on behalf of the Company” offering position, in which event the shares
held by such Investor or set of Investors shall be the only shares subject to reduction (and if by a set of Investors on a pro rata basis
by such Investors or on such other basis as would result in the exclusion of the least number of shares by all such Investors); provided,
that, with respect to such pro rata portion allocated to any Investor, such Investor may elect the allocation of such pro rata portion
among the Registrable Securities of such Investor. In addition, in the event that the Staff or the SEC requires any Investor seeking
to sell securities under a Registration Statement filed pursuant to this Agreement to be specifically identified as an “underwriter”
in order to permit such Registration Statement to become effective, and such Investor does not consent to being so named as an underwriter
in such Registration Statement, then, in each such case, the Company shall reduce the total number of Registrable Securities to be registered
on behalf of such Investor, until such time as the Staff or the SEC does not require such identification or until such Investor accepts
such identification and the manner thereof. In the event of any reduction in Registrable Securities pursuant to this paragraph, an affected
Investor shall have the right to require, upon delivery of a written request to the Company signed by such Investor, the Company to file
a registration statement within forty-five (45) days of such request (subject to any restrictions imposed by Rule 415 or required
by the Staff or the SEC) for resale by such Investor in a manner acceptable to such Investor, and the Company shall following such request
cause to be and keep effective such Registration Statement in the same manner as otherwise contemplated in this Agreement for Registration
Statements hereunder, in each case until such time as: (i) all Registrable Securities held by such Investor have been registered
and sold pursuant to an effective Registration Statement in a manner acceptable to such Investor or (ii) all Registrable Securities
may be resold by such Investor without restriction (including, without limitation, volume limitations) pursuant to Rule 144 (taking
account of any Staff position with respect to “affiliate” status) and without the need for current public information required
by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (iii) such Investor agrees to be named as an underwriter
in any such Registration Statement in a manner acceptable to such Investor as to all Registrable Securities held by such Investor and
that have not theretofore been included in a Registration Statement under this Agreement.

 

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(h)           Allocation
of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement and any increase in
the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the number of Registrable
Securities held by each Investor at the time such Registration Statement covering such initial number of Registrable Securities or increase
thereof is declared effective by the SEC. In the event that an Investor sells or otherwise transfers any of such Investor’s Registrable
Securities, each transferee or assignee (as the case may be) that becomes an Investor shall be allocated a pro rata portion of the then-remaining
number of Registrable Securities included in such Registration Statement for such transferor or assignee (as the case may be). Any Common
Shares included in a Registration Statement and which remain allocated to any Person which ceases to hold any Registrable Securities
covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on the number of Registrable Securities
then held by such Investors which are covered by such Registration Statement.

 

(i)             No
Inclusion of Other Securities. The Company shall in no event include any securities other than Registrable Securities on any Registration
Statement filed in accordance herewith without the prior written consent of the Investors (provided, however, that securities registered
pursuant to a separate prospectus supplement under a shelf registration statement shall not constitute a violation of this Section 4.7(i)).
The Company shall not enter into any agreement providing any registration rights to any of its security holders to the extent such agreement
requires, or would otherwise result in, any registration statement of the Company in respect of any securities of the Company (other
than the Registrable Securities) becoming effective on or prior to the Applicable Date.

 

4.8            Furnishing
of Information. In order to enable the Investors to sell the Securities under Rule 144 of the Securities Act, for a period of
two years from each Applicable Closing Date, the Company shall use its commercially reasonable efforts to timely file (or obtain extensions
in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to the Exchange Act. During such two year period, if the Company is not required to file reports pursuant to such laws, it will
prepare and furnish to the Investors and make publicly available in accordance with Rule 144(c) such information as is required
for the Investors to sell the Note Shares and Commitment Fee Warrant Shares under Rule 144.

 

4.9            Board
Observer. Until such time as the Board Observer Agreement is terminated pursuant to Section 8 of the Board Observer Agreement,
the Company shall allow one (1) non-voting representative designated by Petrichor (such representative, the “Observer”)
to attend, in the capacity of an observer and not a member, all meetings the Board. The Company shall give the Observer prior written
notice of all meetings of the Board on the terms and conditions set forth in the Board Observer Agreement.

 

4.10            Commitment
Fees.

 

(a)            As
an inducement to the First Closing Investors to purchase the Notes hereunder, and in consideration thereof, on the First Closing Date,
the Company agrees to pay the First Closing Investors a commitment fee by issuing each such First Closing Investor a warrant, initially
exercisable for such number of shares of the Company’s Common Shares (subject to adjustment as therein provided) set forth opposite
each such First Closing Investor’s name under the heading “First Commitment Fee Warrants” on the Schedule of Investors,
at an initial exercise price as set forth therein (subject to adjustment as provided therein), such warrants to be substantially in the
form of Exhibit E-1 attached hereto (all such warrants issued pursuant to this Agreement, or delivered in substitution or
exchange for any thereof, being collectively called the “First Commitment Fee Warrants” and, individually,
a “First Commitment Fee Warrant”), duly executed and dated the First Closing Date, and registered in each such
First Closing Investor’s name or in the name of its nominee.

 

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(b)           As
an inducement to the First Closing Investors to purchase the Notes hereunder, and in consideration thereof, on the Second Commitment
Fee Trigger Date, the Company agrees to pay the First Closing Investors an additional commitment fee (the “Second Commitment
Fee”), which additional commitment fee shall be payable on the Second Commitment Fee Trigger Date either, at the option
of the Company, (A) in cash, by wire transfer of immediately available funds to each such First Closing Investor, in an amount equal
to 1.00% of the initial principal amount of the Notes purchased by such First Closing Investor hereunder (including any First Closing
Notes purchased by such First Closing Investor at the First Closing and any Second Closing Notes purchased, or purchasable, by such First
Closing Lender at the Initial Second Closing (determined without giving effect to any reduction in the principal amount of Second Closing
Notes issued at the Initial Second Closing pursuant to Section 2.1(b)(iv))), or (B) by issuing each such First Closing
Investor a warrant, initially exercisable for such number of shares of the Company’s Common Shares (subject to adjustment as therein
provided) set forth opposite each such First Closing Investor’s name under the heading “Second Commitment Fee Warrants”
on the Schedule of Investors, at an initial exercise price as set forth therein (subject to adjustment as provided therein), such warrants
to be substantially in the form of Exhibit E-2 attached hereto (all such warrants issued pursuant to this Agreement, or delivered
in substitution or exchange for any thereof, being collectively called the “Second Commitment Fee Warrants”
and, individually, a “Second Commitment Fee Warrant, duly executed and dated the Second Commitment Fee Trigger Date,
and registered in each such First Closing Investor’s name or in the name of its nominee.

 

4.11         Use
of Efforts. The Company shall, and the Company shall cause its Subsidiaries to, use reasonable best efforts to satisfy (or cause
the satisfaction of) all of the conditions set forth in Section 5.1(a) as promptly as practicable following the date
of this Agreement.

 

4.12         No
Shop. Except for the transactions contemplated hereby, during the period from the date hereof through the First Closing Date or the
earlier termination of this Agreement pursuant to Section 8.1(a), (a) the Company shall not, and shall cause its Subsidiaries,
Affiliates and representatives to not, take any action to encourage the submission of any proposal or offer from any Person with respect
to, or initiate, engage or continue in discussions or negotiations with any Person (other than the Collateral Agent and the Investors)
concerning, any issuance or sale of any convertible promissory notes, capital stock, equity, Indebtedness or convertible securities
by, or any incurrence of any Indebtedness by, the Company or any of its Subsidiaries (an “Alternative Proposal”)
or (b) furnish or cause to be furnished to any Person (other than the Collateral Agent and the Investors) any information with respect
to the business, operations, properties or assets of the Company or any of its Subsidiaries in connection with, or in an attempt to facilitate,
such Person’s pursuit of any Alternative Proposal.

 

Article V

CONDITIONS To Closings

 

5.1            Conditions
Precedent to the First Closing.

 

(a)           Conditions
Precedent to the Obligations of the First Closing Investors(b)     . The obligation of each First Closing
Investor to purchase the First Closing Notes at the First Closing is subject to the satisfaction, unless waived in writing by such First
Closing Investor, at or before the First Closing, of each of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of the Company and each Subsidiary contained herein and in each other Transaction
Document shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material
Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse
Effect) as of the date when made and as of the First Closing Date with the same effect as though made on and as of the First Closing
Date (except for those representations and warranties that speak as of a specific date, which shall be true and correct in all material
respects as of such specified date).

 

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(ii)            Performance.
The Company and each Subsidiary Guarantor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the First Closing;
provided, that, with respect to covenants, agreements and conditions that are qualified by materiality, the Company shall have
performed such covenants, agreements and conditions, as so qualified, in all respects.

 

(iii)           Approvals.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of
the First Closing Notes (including all Required Approvals), all of which shall be and remain so long as necessary in full force and effect.

 

(iv)          No
Suspensions of Trading in Common Shares; Listing. Trading in the Common Shares shall not have been suspended by the SEC or any Trading
Market at any time since the date of execution of this Agreement and, at any time prior to the First Closing Date, trading in securities
generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on
securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either
by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
other national or international calamity which, in each case, makes it impracticable to purchase the First Closing Notes at the First
Closing.

 

(v)           Absence
of Litigation. No action, suit or proceeding by or before any court or any governmental body or authority, against the Company or
any Subsidiary Guarantor or pertaining to the transactions contemplated by this Agreement or their consummation, shall have been instituted
on or before the First Closing Date, which action, suit or proceeding would, if determined adversely, have or reasonably be expected
to result in, a Material Adverse Effect.

 

(vi)          Transaction
Documents. The Company and each Subsidiary Guarantor shall have executed each of the Transaction Documents to which it is a party
and delivered the same to the First Closing Investors.

 

(vii)         No
Injunction. No Proceeding shall have been filed and no statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered or promulgated by any court or governmental authority of competent jurisdiction that prohibits or seeks to
prohibit or otherwise challenges the consummation of any of the transactions contemplated by the Transaction Documents.

 

(viii)        Adverse
Changes. Since the execution of this Agreement, no event or series of events shall have occurred that has had a Material Adverse
Effect.

 

(ix)           Legal
Opinion. Company Counsel shall have delivered to the First Closing Investors a legal opinion of Company Counsel, addressed to the
First Closing Investors, in form and substance mutually agreed upon by the parties hereto.

 

(x)            Officer’s
Certificate. The Company shall have delivered to the First Closing Investors a certificate executed by a duly authorized officer
of the Company certifying the fulfillment of the conditions specified in Sections 5.1(a)(i), 5.1(a)(ii) and 5.1(a)(viii).

 

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(xi)           Secretary’s
Certificate. The Company and each of the Subsidiary Guarantors shall have delivered to the First Closing Investors a certificate
executed by the secretary of the Company or such Subsidiary Guarantor, as applicable, dated as of the First Closing Date, as to (i) the
resolutions adopted by the Board of Directors of the Company or such Subsidiary Guarantor, as applicable, approving the transactions
contemplated hereby, (ii) the certificate of incorporation of the Company or such Subsidiary Guarantor, as applicable, as in effect
on the First Closing Date, (iii) the bylaws of the Company or such Subsidiary Guarantor, as applicable, as in effect on the First
Closing Date, (iv) the good standing of the Company or such Subsidiary Guarantor, as applicable, not more than five (5) days
prior to the First Closing Date, and (v) the authority and incumbency of the officers of the Company or such Subsidiary Guarantor,
as applicable, executing the Transaction Documents.

 

(xii)          Collateral
Items.

 

(A)          In
accordance with the terms of the Security Documents, the Company and each of the Subsidiary Guarantors shall have (1) delivered
to the Collateral Agent (i) original certificates (a) representing each Subsidiaries’ shares of capital stock to the
extent such Subsidiary is a corporation or otherwise has certificated equity and (b) representing all other equity interests and
all promissory notes required to be pledged thereunder, in each case, accompanied by undated stock powers and allonges executed in blank
and other proper instruments of transfer and (B) authorized the Collateral Agent and the First Closing Investors to file appropriate
financing statements on Form UCC-1 in such office or offices as may be necessary or, in the opinion of the First Closing Investors,
desirable to perfect the security interests purported to be created by each Security Document.

 

(B)           Within
two (2) Business Days prior to the Closing, the Company shall have delivered or caused to be delivered to the First Closing Investors
(A) certified copies of requests for copies of information on Form UCC-11, listing all effective financing statements which
name as debtor the Company or any of the Subsidiary Guarantors and which are filed in such office or offices as may be necessary or,
in the opinion of the First Closing Investors, desirable to perfect the security interests purported to be created by the Security Agreement,
together with copies of such financing statements, none of which, except as otherwise agreed in writing by the First Closing Investors,
shall cover any of the Collateral (as defined in the Security Agreement), and the results of searches for any tax Lien and judgment Lien
filed against such Person or its property, which results, except as otherwise agreed to in writing by the First Closing Investors, shall
not show any such Liens; and (B) a perfection certificate, duly completed and executed by the Company and each of the Subsidiary
Guarantors, in form and substance satisfactory to the First Closing Investors (the “Perfection Certificate”).

 

(C)           Each
document (including any UCC financing statement) required by the Security Documents or reasonably requested by the First Closing Investors
to be filed, registered or recorded in order to create in favor of the Collateral Agent, for the benefit of the Investors, a perfected
Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Permitted Liens),
shall be in proper form for filing, registration or recordation.

 

(xiii)         First
Commitment Fee Warrants. The Company shall have issued and delivered the First Commitment Fee Warrants to each of the First Closing
Investors in accordance with Section 4.10(a).

 

(xiv)         Repayment
of Existing Indebtedness.

 

(A)          The
Company shall have delivered to the Collateral Agent an executed copy of a customary payoff letter in respect of the Existing Indebtedness
and all documents or instruments necessary to release all Liens securing the Existing Indebtedness, in each case, in form and substance
acceptable to the Collateral Agent.

 

    43 

     

    

 

(B)           Either
prior to or contemporaneously with the First Closing, (i) all Existing Indebtedness shall have been repaid in full, (ii) the
Company and each of its Subsidiaries shall cease to have any obligations under the Existing Indebtedness or the Existing Credit Agreement
(or any “Loan Document” as defined therein), and (iii) all commitments under the Existing Indebtedness or the Existing
Credit Agreement (or any “Loan Document” as defined therein), if any, to lend or make other extensions of credit thereunder
shall have been terminated.

 

(xv)         General.
The Company and the Subsidiary Guarantors shall have delivered to such First Closing Investor such other documents, instruments or certificates
relating to the transactions contemplated by this Agreement as such Investor or its counsel may reasonably request.

 

(b)           Conditions
Precedent to the Obligations of the Company. The obligation of the Company to sell the First Closing Notes at the First Closing is
subject to the satisfaction or waiver by the Company, at or before the First Closing, of each of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of the Investors contained herein shall be true and correct in all respects (in
the case of any representation or warranty qualified by materiality or Material Adverse Effect) or in all material respects (in the case
of any representation or warranty not qualified by materiality or Material Adverse Effect) as of the date when made and as of the First
Closing Date with the same effect as though made on and as of the First Closing Date (except for those representations and warranties
that speak as of a specific date, which shall be true and correct in all material respects as of such specified date).

 

(ii)            Performance.
The Investors shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by the Transaction Documents to be performed, satisfied or complied with by them at or prior to the First Closing.

 

(iii)           Deliverables.
The Investors shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company. The
Investors shall have delivered to the Company those items required by Section 2.2(b).

 

5.2           Conditions
Precedent to the Initial Second Closing.

 

(a)            Conditions
Precedent to the Obligations of the Second Closing Investors(b)     . The obligation of each Approving
Second Closing Investor to purchase such Approving Second Closing Investor’s Second Closing Notes at the Initial Second Closing
is subject to the satisfaction, unless waived in writing by such Approving Second Closing Investor, at or before the Initial Second Closing,
of each of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of the Company and each Subsidiary contained herein and in each other Transaction
Document shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material
Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse
Effect) as of the date when made and as of the Initial Second Closing Date with the same effect as though made on and as of the Initial
Second Closing Date (except for those representations and warranties that speak as of a specific date, which shall be true and correct
in all material respects as of such specified date).

 

(ii)            Performance.
The Company and each Subsidiary Guarantor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the Initial Second
Closing; provided, that, with respect to covenants, agreements and conditions that are qualified by materiality, the Company shall
have performed such covenants, agreements and conditions, as so qualified, in all respects.

 

    44 

     

    

 

(iii)           Approvals.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of
the Second Closing Notes (including all Required Approvals), all of which shall be and remain so long as necessary in full force and
effect.

 

(iv)          No
Suspensions of Trading in Common Shares; Listing. Trading in the Common Shares shall not have been suspended by the SEC or any Trading
Market at any time since the date of execution of this Agreement and, at any time prior to the Initial Second Closing Date, trading in
securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established
on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared
either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities
or other national or international calamity which, in each case, makes it impracticable to purchase the Second Closing Notes at the Initial
Second Closing.

 

(v)           Absence
of Litigation. No action, suit or proceeding by or before any court or any governmental body or authority, against the Company or
any Subsidiary Guarantor or pertaining to the transactions contemplated by this Agreement or their consummation, shall have been instituted
on or before the Initial Second Closing Date, which action, suit or proceeding would, if determined adversely, have or reasonably be
expected to result in, a Material Adverse Effect.

 

(vi)          No
Injunction. No Proceeding shall have been filed and no statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered or promulgated by any court or governmental authority of competent jurisdiction that prohibits or seeks to
prohibit or otherwise challenges the consummation of any of the transactions contemplated by the Transaction Documents.

 

(vii)         Adverse
Changes. Since the execution of this Agreement, no event or series of events shall have occurred that has had a Material Adverse
Effect.

 

(viii)        Legal
Opinion. Company Counsel shall have delivered to the Approving Second Closing Investors a legal opinion of Company Counsel, addressed
to the Approving Second Closing Investors, in form and substance reasonable satisfactory to the Approving Second Closing Investors.

 

(ix)           Officer’s
Certificate. The Company shall have delivered to the Approving Second Closing Investors a certificate executed by a duly authorized
officer of the Company certifying the fulfillment of the conditions specified in Sections 5.2(a)(i), 5.2(a)(ii), 5.2(a)(vii) and
5.2(a)(xi).

 

(x)            Secretary’s
Certificate. The Company and each of the Subsidiary Guarantors shall have delivered to the Approving Second Closing Investors a certificate
executed by the secretary of the Company or such Subsidiary Guarantor, as applicable, dated as of the Initial Second Closing Date, as
to (i) the resolutions adopted by the Board of Directors of the Company or such Subsidiary Guarantor, as applicable, approving the
transactions contemplated hereby, (ii) the certificate of incorporation of the Company or such Subsidiary Guarantor, as applicable,
as in effect on the Initial Second Closing Date, (iii) the bylaws of the Company or such Subsidiary Guarantor, as applicable, as
in effect on the Initial Second Closing Date, (iv) the good standing of the Company or such Subsidiary Guarantor, as applicable,
not more than five (5) days prior to the Initial Second Closing Date, and (v) the authority and incumbency of the officers
of the Company or such Subsidiary Guarantor, as applicable, executing the Transaction Documents.

 

    45 

     

    

 

(xi)           Second
Closing Trigger Event. The Second Closing Trigger Event shall have occurred.

 

(xii)          Investor
Label Approval Notice. Such Approving Second Closing Investor shall have delivered an Investor Label Approval Notice in accordance
with Section 2.1(b).

 

(xiii)         Second
Commitment Fee. The Company shall have paid the Second Commitment Fee to each of the First Closing Investors in accordance with Section 4.10(b).

 

(xiv)         First
Closing. The First Closing shall have previously occurred.

 

(xv)          General.
The Company and the Subsidiary Guarantors shall have delivered to such Approving Second Closing Investor such other documents, instruments
or certificates relating to the transactions contemplated by this Agreement as such Approving Second Closing Investor or its counsel
may reasonably request.

 

(b)            Conditions
Precedent to the Obligations of the Company. The obligation of the Company to sell the Second Closing Notes to an Approving Second
Closing Investor at the Initial Second Closing is subject to the satisfaction or waiver by the Company, at or before the Initial Second
Closing, of each of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of such Approving Second Closing Investor contained herein shall be true and correct
in all respects (in the case of any representation or warranty qualified by materiality or Material Adverse Effect) or in all material
respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) as of the date when
made and as of the Initial Second Closing Date with the same effect as though made on and as of the Initial Second Closing Date (except
for those representations and warranties that speak as of a specific date, which shall be true and correct in all material respects as
of such specified date).

 

(ii)            Performance.
Such Approving Second Closing Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by them at or prior to the Initial Second
Closing.

 

5.3           Conditions
Precedent to the Delayed Second Closing.

 

(a)            Conditions
Precedent to the Obligations of the Second Closing Investors. The obligation of each Approving Second Closing Investor to purchase
such Approving Second Closing Investor’s Second Closing Notes at the Delayed Second Closing is subject to the satisfaction, unless
waived in writing by such Approving Second Closing Investor, at or before the Delayed Second Closing, of each of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of the Company and each Subsidiary contained herein and in each other Transaction
Document shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material
Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse
Effect) as of the date when made and as of the Delayed Second Closing Date with the same effect as though made on and as of the Delayed
Second Closing Date (except for those representations and warranties that speak as of a specific date, which shall be true and correct
in all material respects as of such specified date).

 

    46 

     

    

 

(ii)            Performance.
The Company and each Subsidiary Guarantor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the Delayed Second
Closing; provided, that, with respect to covenants, agreements and conditions that are qualified by materiality, the Company shall
have performed such covenants, agreements and conditions, as so qualified, in all respects.

 

(iii)           Approvals.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of
the Second Closing Notes (including all Required Approvals), all of which shall be and remain so long as necessary in full force and
effect.

 

(iv)          No
Suspensions of Trading in Common Shares; Listing. Trading in the Common Shares shall not have been suspended by the SEC or any Trading
Market at any time since the date of execution of this Agreement and, at any time prior to the Delayed Second Closing Date, trading in
securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established
on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared
either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities
or other national or international calamity which, in each case, makes it impracticable to purchase the Second Closing Notes at the Delayed
Second Closing.

 

(v)           Absence
of Litigation. No action, suit or proceeding by or before any court or any governmental body or authority, against the Company or
any Subsidiary Guarantor or pertaining to the transactions contemplated by this Agreement or their consummation, shall have been instituted
on or before the Delayed Second Closing Date, which action, suit or proceeding would, if determined adversely, have or reasonably be
expected to result in, a Material Adverse Effect.

 

(vi)          No
Injunction. No Proceeding shall have been filed and no statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered or promulgated by any court or governmental authority of competent jurisdiction that prohibits or seeks to
prohibit or otherwise challenges the consummation of any of the transactions contemplated by the Transaction Documents.

 

(vii)         Adverse
Changes. Since the execution of this Agreement, no event or series of events shall have occurred that has had a Material Adverse
Effect.

 

(viii)        Legal
Opinion. Company Counsel shall have delivered to the Approving Second Closing Investors a legal opinion of Company Counsel, addressed
to the Approving Second Closing Investors, in form and substance reasonable satisfactory to the Approving Second Closing Investors.

 

(ix)           Officer’s
Certificate. The Company shall have delivered to the Approving Second Closing Investors a certificate executed by a duly authorized
officer of the Company certifying the fulfillment of the conditions specified in Sections 5.3(a)(i), 5.3(a)(ii), 5.3(a)(vii) and
5.3(a)(xii).

 

(x)            Secretary’s
Certificate. The Company and each of the Subsidiary Guarantors shall have delivered to the Approving Second Closing Investors a certificate
executed by the secretary of the Company or such Subsidiary Guarantor, as applicable, dated as of the Delayed Second Closing Date, as
to (i) the resolutions adopted by the Board of Directors of the Company or such Subsidiary Guarantor, as applicable, approving the
transactions contemplated hereby, (ii) the certificate of incorporation of the Company or such Subsidiary Guarantor, as applicable,
as in effect on the Delayed Second Closing Date, (iii) the bylaws of the Company or such Subsidiary Guarantor, as applicable, as
in effect on the Delayed Second Closing Date, (iv) the good standing of the Company or such Subsidiary Guarantor, as applicable,
not more than five (5) days prior to the Delayed Second Closing Date, and (v) the authority and incumbency of the officers
of the Company or such Subsidiary Guarantor, as applicable, executing the Transaction Documents.

 

    47 

     

    

 

(xi)           Initial
Second Closing. The Initial Second Closing shall have previously occurred.

 

(xii)          Requisite
Stockholder Approval. A Delayed Second Closing Event shall have occurred and the Requisite Stockholder Approval shall have been obtained.

 

(xiii)         General.
The Company and the Subsidiary Guarantors shall have delivered to such Approving Second Closing Investor such other documents, instruments
or certificates relating to the transactions contemplated by this Agreement as such Approving Second Closing Investor or its counsel
may reasonably request.

 

(b)           Conditions
Precedent to the Obligations of the Company(c)     . The obligation of the Company to sell the Second
Closing Notes to an Approving Second Closing Investor at the Delayed Second Closing is subject to the satisfaction or waiver by the Company,
at or before the Delayed Second Closing, of each of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of such Approving Second Closing Investor contained herein shall be true and correct
in all respects (in the case of any representation or warranty qualified by materiality or Material Adverse Effect) or in all material
respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) as of the date when
made and as of the Delayed Second Closing Date with the same effect as though made on and as of the Delayed Second Closing Date (except
for those representations and warranties that speak as of a specific date, which shall be true and correct in all material respects as
of such specified date).

 

(ii)            Performance.
Such Approving Second Closing Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by them at or prior to the Delayed Second
Closing.

 

5.4            Conditions
Precedent to the Third Closing.

 

(a)            Conditions
Precedent to the Obligations of the Third Closing Investors. The obligation of each Exercising Third Closing Investor to purchase
such Exercising Third Closing Investor’s Applicable Third Closing Notes at the Third Closing is subject to the satisfaction, unless
waived in writing by such Exercising Third Closing Investor, at or before the Third Closing, of each of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of the Company and each Subsidiary contained herein and in each other Transaction
Document shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material
Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse
Effect) as of the date when made and as of the Third Closing Date with the same effect as though made on and as of the Third Closing
Date (except for those representations and warranties that speak as of a specific date, which shall be true and correct in all material
respects as of such specified date).

 

(ii)             Performance.
The Company and each Subsidiary shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the Third Closing;
provided, that, with respect to covenants, agreements and conditions that are qualified by materiality, the Company shall have
performed such covenants, agreements and conditions, as so qualified, in all respects.

 

    48 

     

    

 

(iii)          Approvals.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of
the Third Closing Notes (including all Required Approvals), all of which shall be and remain so long as necessary in full force and effect.

 

(iv)          No
Suspensions of Trading in Common Shares; Listing. Trading in the Common Shares shall not have been suspended by the SEC or any Trading
Market at any time since the date of execution of this Agreement and, at any time prior to the Third Closing Date, trading in securities
generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on
securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either
by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
other national or international calamity which, in each case, makes it impracticable to purchase the Third Closing Notes at the Third
Closing.

 

(v)           Absence
of Litigation. No action, suit or proceeding by or before any court or any governmental body or authority, against the Company or
any Subsidiary Guarantor or pertaining to the transactions contemplated by this Agreement or their consummation, shall have been instituted
on or before the Third Closing Date, which action, suit or proceeding would, if determined adversely, have or reasonably be expected
to result in, a Material Adverse Effect.

 

(vi)          No
Injunction. No Proceeding shall have been filed and no statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered or promulgated by any court or governmental authority of competent jurisdiction that prohibits or seeks to
prohibit or otherwise challenges the consummation of any of the transactions contemplated by the Transaction Documents.

 

(vii)         Adverse
Changes. Since the execution of this Agreement, no event or series of events shall have occurred that has had a Material Adverse
Effect.

 

(viii)        Legal
Opinion. Company Counsel shall have delivered to the Exercising Third Closing Investors a legal opinion of Company Counsel, addressed
to the Exercising Third Closing Investors, in form and substance reasonable satisfactory to the Exercising Third Closing Investors.

 

(ix)           Officer’s
Certificate. The Company shall have delivered to the Exercising Third Closing Investors a certificate executed by a duly authorized
officer of the Company certifying the fulfillment of the conditions specified in Sections 5.4(a)(i), 5.4(a)(ii) and
5.4(a)(vii).

 

(x)            Secretary’s
Certificate. The Company and each of the Subsidiary Guarantors shall have delivered to the Exercising Third Closing Investors a certificate
executed by the secretary of the Company or such Subsidiary Guarantor, as applicable, dated as of the Third Closing Date, as to (i) the
resolutions adopted by the Board of Directors of the Company or such Subsidiary Guarantor, as applicable, approving the transactions
contemplated hereby, (ii) the certificate of incorporation of the Company or such Subsidiary Guarantor, as applicable, as in effect
on the Third Closing Date, (iii) the bylaws of the Company or such Subsidiary Guarantor, as applicable, as in effect on the Third
Closing Date, (iv) the good standing of the Company or such Subsidiary Guarantor, as applicable, not more than five (5) days
prior to the Third Closing Date, and (v) the authority and incumbency of the officers of the Company or such Subsidiary Guarantor,
as applicable, executing the Transaction Documents.

 

(xi)           Third
Closing Election Notice. Such Exercising Third Closing Investor shall have delivered a Third Closing Election Notice to the Company
in accordance with Section 2.1(c) pursuant to which such Exercising Third Closing Investor shall have elected to purchase
such Exercising Third Closing Investor’s Applicable Third Closing Notes on the Third Closing Date.

 

    49 

     

    

 

(xii)          General.
The Company and the Subsidiary Guarantors shall have delivered to such Exercising Third Closing Investor such other documents, instruments
or certificates relating to the transactions contemplated by this Agreement as such Exercising Third Closing Investor or its counsel
may reasonably request.

 

(b)           Conditions
Precedent to the Obligations of the Company. The obligation of the Company to sell the Third Closing Notes to an Exercising Third
Closing Investor at the Third Closing is subject to the satisfaction or waiver by the Company, at or before the Third Closing, of each
of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of such Exercising Third Closing Investor contained herein shall be true and correct
in all respects (in the case of any representation or warranty qualified by materiality or Material Adverse Effect) or in all material
respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) as of the date when
made and as of the Third Closing Date with the same effect as though made on and as of the Third Closing Date (except for those representations
and warranties that speak as of a specific date, which shall be true and correct in all material respects as of such specified date).

 

(ii)            Performance.
Such Exercising Third Closing Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by them at or prior to the Third Closing.

 

5.5           Conditions
Precedent to the Fourth Closing.

 

(a)            Conditions
Precedent to the Obligations of the Fourth Closing Investors. The obligation of each Exercising Fourth Closing Investor to purchase
such Exercising Fourth Closing Investor’s Applicable Fourth Closing Notes at the Fourth Closing is subject to the satisfaction,
unless waived in writing by such Exercising Fourth Closing Investor, at or before the Fourth Closing, of each of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of the Company and each Subsidiary contained herein and in each other Transaction
Document shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material
Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse
Effect) as of the date when made and as of the Fourth Closing Date with the same effect as though made on and as of the Fourth Closing
Date (except for those representations and warranties that speak as of a specific date, which shall be true and correct in all material
respects as of such specified date).

 

(ii)            Performance.
The Company and each Subsidiary shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the Fourth Closing;
provided, that, with respect to covenants, agreements and conditions that are qualified by materiality, the Company shall have
performed such covenants, agreements and conditions, as so qualified, in all respects.

 

    50 

     

    

 

(iii)          Approvals.
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of
the Fourth Closing Notes (including all Required Approvals), all of which shall be and remain so long as necessary in full force and
effect.

 

(iv)          No
Suspensions of Trading in Common Shares; Listing. Trading in the Common Shares shall not have been suspended by the SEC or any Trading
Market at any time since the date of execution of this Agreement and, at any time prior to the Fourth Closing Date, trading in securities
generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on
securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either
by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
other national or international calamity which, in each case, makes it impracticable to purchase the Fourth Closing Notes at the Fourth
Closing.

 

(v)           Absence
of Litigation. No action, suit or proceeding by or before any court or any governmental body or authority, against the Company or
any Subsidiary Guarantor or pertaining to the transactions contemplated by this Agreement or their consummation, shall have been instituted
on or before the Fourth Closing Date, which action, suit or proceeding would, if determined adversely, have or reasonably be expected
to result in, a Material Adverse Effect.

 

(vi)          No
Injunction. No Proceeding shall have been filed and no statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered or promulgated by any court or governmental authority of competent jurisdiction that prohibits or seeks to
prohibit or otherwise challenges the consummation of any of the transactions contemplated by the Transaction Documents.

 

(vii)         Adverse
Changes. Since the execution of this Agreement, no event or series of events shall have occurred that has had a Material Adverse
Effect.

 

(viii)        Legal
Opinion. Company Counsel shall have delivered to the Exercising Fourth Closing Investors a legal opinion of Company Counsel, addressed
to the Exercising Fourth Closing Investors, in form and substance reasonable satisfactory to the Exercising Fourth Closing Investors.

 

(ix)           Officer’s
Certificate. The Company shall have delivered to the Exercising Fourth Closing Investors a certificate executed by a duly authorized
officer of the Company certifying the fulfillment of the conditions specified in Sections 5.5(a)(i), 5.5(a)(ii) and
5.5(a)(vii).

 

(x)            Secretary’s
Certificate. The Company and each of the Subsidiary Guarantors shall have delivered to the Exercising Fourth Closing Investors a
certificate executed by the secretary of the Company or such Subsidiary Guarantor, as applicable, dated as of the Fourth Closing Date,
as to (i) the resolutions adopted by the Board of Directors of the Company or such Subsidiary Guarantor, as applicable, approving
the transactions contemplated hereby, (ii) the certificate of incorporation of the Company or such Subsidiary Guarantor, as applicable,
as in effect on the Fourth Closing Date, (iii) the bylaws of the Company or such Subsidiary Guarantor, as applicable, as in effect
on the Fourth Closing Date, (iv) the good standing of the Company or such Subsidiary Guarantor, as applicable, not more than five
(5) days prior to the Fourth Closing Date, and (v) the authority and incumbency of the officers of the Company or such Subsidiary
Guarantor, as applicable, executing the Transaction Documents.

 

(xi)            Fourth
Closing Election Notice. Such Exercising Fourth Closing Investor shall have delivered a Fourth Closing Election Notice to the Company
in accordance with Section 2.1(d) pursuant to which such Exercising Fourth Closing Investor shall have elected to purchase
such Exercising Fourth Closing Investor’s Applicable Fourth Closing Notes on the Fourth Closing Date.

 

(xii)          General.
The Company and the Subsidiary Guarantors shall have delivered to such Exercising Fourth Closing Investor such other documents, instruments
or certificates relating to the transactions contemplated by this Agreement as such Exercising Fourth Closing Investor or its counsel
may reasonably request.

 

    51 

     

    

 

(b)           Conditions
Precedent to the Obligations of the Company. The obligation of the Company to sell the Fourth Closing Notes to an Exercising Fourth
Closing Investor at the Fourth Closing is subject to the satisfaction or waiver by the Company, at or before the Fourth Closing, of each
of the following conditions:

 

(i)             Representations
and Warranties. The representations and warranties of such Exercising Fourth Closing Investor contained herein shall be true and
correct in all respects (in the case of any representation or warranty qualified by materiality or Material Adverse Effect) or in all
material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) as of the date
when made and as of the Fourth Closing Date with the same effect as though made on and as of the Fourth Closing Date (except for those
representations and warranties that speak as of a specific date, which shall be true and correct in all material respects as of such
specified date).

 

(ii)            Performance.
Such Exercising Fourth Closing Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by them at or prior to the Third Closing.

 

Article VI

INDEMNIFICATION

 

6.1           Indemnification.

 

(a)           To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Collateral Agent and
each Investor and each of their respective directors, officers, shareholders, members, partners, employees, agents, and representatives
and each Person, if any, who controls such Investor within the meaning of the Securities Act or the Exchange Act and each of the directors,
officers, shareholders, members, partners, employees, agents, advisors, representatives of such controlling Persons (each, an “Indemnified
Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs (including, without
limitation, court costs, reasonable attorneys’ fees and costs of defense and investigation), amounts paid in settlement or expenses,
joint or several (collectively, “Claims”), incurred in investigating, preparing or defending any action, claim,
suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or
other regulatory agency, body or the SEC, whether pending or threatened in writing (“Indemnified Damages”),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon: (i) any breach of the representations, warranties, covenants or agreements made by the
Company in this Agreement or in the other Transaction Documents, (ii) any untrue statement or alleged untrue statement of a material
fact in any Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification
of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered,
or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, (iii) any untrue statement or alleged untrue statement of a material fact contained in any final prospectus relating
to any Registration Statement (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of
the circumstances under which the statements therein were made, not misleading, (iv) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act, any other law applicable to the Company, including, without limitation, any applicable state
securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to any
Registration Statement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”),
or (v) any Proceeding instituted against such Indemnified Person in any capacity by any shareholder of the Company who is not an
Affiliate of such Indemnified Person, with respect to any of the transactions contemplated by the Transaction Documents (a “Shareholder
Suit”). Subject to Section 6.1(c), the Company shall reimburse the Indemnified Persons for any legal fees or
other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to
the contrary contained herein, the indemnification agreement contained in this Section 6.1(a): (i) shall not apply to
a Claim by an Indemnified Person arising out of or based upon a Violation or Shareholder Suit which occurs in reliance upon and in conformity
with information furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation
of, or inclusion in, any Registration Statement or any such amendment thereof or supplement thereto and (ii) shall not be available
to a particular Investor to the extent such Claim is based on a failure of such Investor to deliver or to cause to be delivered the prospectus
made available by the Company (to the extent applicable), including, without limitation, a corrected prospectus, if such prospectus or
corrected prospectus was made available by the Company; and (iii) shall not apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and
shall survive the transfer of any of the Registrable Securities by any of the Investors.

 

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(b)            In
connection with any Registration Statement, each Investor agrees to severally and not jointly indemnify, hold harmless and defend, to
the same extent and in the same manner as is set forth in Section 6.1(a), the Company, each of its directors, officers, shareholders,
members, partners, employees, agents, and representatives and each Person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act (each, an “Indemnified Party”), against any Claim or Indemnified Damages
to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified
Damages arise out of or are based upon any Violation or Shareholder Suit, in each case, to the extent, and only to the extent, that such
Violation or Shareholder Suit occurs in reliance upon and in conformity with written information furnished to the Company by such Investor
expressly for use in connection with the preparation of, or inclusion in, (x) a Registration Statement or any such amendment thereof
or supplement thereto or (y) any final prospectus relating to any Registration Statement (as amended or supplemented, if the Company
files any amendment thereof or supplement thereto with the SEC); and, subject to Section 6.1(c) and the below provisos
in this Section 6.1(b), such Investor will reimburse an Indemnified Party for any legal or other expenses reasonably incurred
by such Indemnified Party in connection with investigating or defending any such Claim; provided, however, the indemnity
agreement contained in this Section 6.1(b) and the agreement with respect to contribution contained in Section 6.2
shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such
Investor, which consent shall not be unreasonably withheld or delayed, provided, further, that such Investor shall be liable under
this Section 6.1(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such
Investor as a result of the applicable sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer
of any of the Registrable Securities by any of the Investors.

 

(c)            Promptly
after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 6.1 of notice of the
commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such
Indemnified Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying
party under this Section 6.1, deliver to the applicable indemnifying party a written notice of the commencement thereof,
and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with
any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying
party and the Indemnified Person or the Indemnified Party (as the case may be); provided, however, an Indemnified Person
or Indemnified Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such counsel to
be paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the
indemnifying party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such
Indemnified Person or Indemnified Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including,
without limitation, any impleaded parties) include both such Indemnified Person or Indemnified Party (as the case may be) and the indemnifying
party, and such Indemnified Person or such Indemnified Party (as the case may be) shall have been advised by counsel that a conflict
of interest is likely to exist if the same counsel were to represent such Indemnified Person or such Indemnified Party and the indemnifying
party (in which case, if such Indemnified Person or such Indemnified Party (as the case may be) notifies the indemnifying party in writing
that it elects to employ separate counsel at the expense of the indemnifying party, then the indemnifying party shall not have the right
to assume the defense thereof and such counsel shall be at the expense of the indemnifying party); provided, further that
in the case of clause (iii) above the indemnifying party shall not be responsible for the reasonable fees and expenses of more than
one (1) separate legal counsel for such Indemnified Person or Indemnified Party (as the case may be). The Indemnified Party or Indemnified
Person (as the case may be) shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any
such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the
Indemnified Party or Indemnified Person (as the case may be) which relates to such action or Claim. The indemnifying party shall keep
the Indemnified Party or Indemnified Person (as the case may be) reasonably apprised at all times as to the status of the defense or
any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding
effected without its prior written consent; provided, however, the indemnifying party shall not unreasonably withhold,
delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified
Person (as the case may be), consent to entry of any judgment or enter into any settlement or other compromise which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person (as the case
may be) of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any admission as
to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated
to all rights of the Indemnified Party or Indemnified Person (as the case may be) with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within
a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified
Person or Indemnified Party (as the case may be) under this Section 6.1, except to the extent that the indemnifying party
is materially and adversely prejudiced in its ability to defend such action.

 

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(d)           No
Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) in connection with such sale shall be entitled to indemnification from any Person involved in such sale of Registrable
Securities who is not guilty of fraudulent misrepresentation.

 

(e)            The
indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities to which the indemnifying party may
be subject pursuant to the law.

 

6.2            Contribution.
To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the
maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6.1 to the fullest
extent permitted by law; provided, however: (i) no contribution shall be made under circumstances where the maker
would not have been liable for indemnification under the fault standards set forth in Section 6.1; (ii) no Person involved
in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable
Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall
be limited in amount to the amount of net proceeds received by such seller from the applicable sale of such Registrable Securities pursuant
to a Registration Statement. Notwithstanding the provisions of this Section 6.2, no Investor shall be required to contribute,
in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Investor from the applicable
sale of the Registrable Securities subject to the Claim exceeds the amount of any damages that such Investor has otherwise been required
to pay, or would otherwise be required to pay under Section 6.1(b), by reason of such untrue or alleged untrue statement
or omission or alleged omission.

 

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Article VII

COLLATERAL AGENT

 

7.1            Appointment.
Each of the Investors hereby irrevocably appoints the Collateral Agent as its agent and authorizes the Collateral Agent to take such
actions on its behalf, including execution of the other Transaction Documents, and to exercise such powers as are delegated to the Collateral
Agent by the terms of the Transaction Documents, together with such actions and powers as are reasonably incidental thereto.

 

7.2            Duties.
The Collateral Agent shall not have any duties or obligations except those expressly set forth in the Transaction Documents. Without
limiting the generality of the foregoing, (a) the Collateral Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether an Event of Default (as defined in the Notes) has occurred and is continuing, (b) the Collateral Agent shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated by the Transaction Documents that the Collateral Agent is required to exercise in writing as directed by the Required Holders
(as defined in the Notes), and (c) except as expressly set forth in the Transaction Documents, the Collateral Agent shall not have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Subsidiaries
that is communicated to or obtained by the entity serving as Collateral Agent or any of its Affiliates in any capacity. The Collateral
Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Holders (as defined
in the Notes) or in the absence of its own gross negligence or willful misconduct. The Collateral Agent shall be deemed not to have knowledge
of any Event of Default unless and until written notice thereof is given to the Collateral Agent by the Company or an Investor, and the
Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with any Transaction Document, (ii) the contents of any certificate, report or other document delivered
hereunder or in connection with any Transaction Document, (iii) the performance or observance of any of the covenants, agreements
or other terms or conditions set forth in any Transaction Document, (iv) the validity, enforceability, effectiveness or genuineness
of any Transaction Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on
the Collateral or the existence of the Collateral, or (vi) the satisfaction of any condition set forth in any Transaction Document.
The entity serving as the Collateral Agent may generally engage in any kind of business with the Company or any Subsidiary of the Company
or other Affiliate thereof as if it were not the Collateral Agent hereunder. The Collateral Agent shall be entitled to rely upon, and
shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person. The Collateral Agent also may rely upon any statement
made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.
The Collateral Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

 

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7.3            Sub-Agents.
The Collateral Agent may perform any and all of its duties and exercise its rights and powers by or through any one or more sub-agents
appointed by the Collateral Agent. The Collateral Agent and any such sub-agent may perform any and all its duties and exercise its rights
and powers through their respective Affiliates. The exculpatory provisions of this Article VII shall apply to any such sub-agent
and to the Affiliates of the Collateral Agent and any such sub-agent, and shall apply to their activities as Collateral Agent.

 

7.4            Successor
Collateral Agent. Subject to the appointment and acceptance of a successor Collateral Agent as provided in this paragraph, the Collateral
Agent may resign at any time by notifying the Investors and the Company. Upon any such resignation, the Required Holders (as defined
in the Notes) shall have the right to appoint a successor. If no successor shall have been so appointed by the Required Holders (as defined
in the Notes) and shall have accepted such appointment within 30 days after the retiring Collateral Agent gives notice of its resignation,
then the retiring Collateral Agent may, on behalf of the Investors, appoint a successor Collateral Agent which shall be a commercial
bank or an Affiliate of any such commercial bank. Upon the acceptance of its appointment as Collateral Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent,
and the retiring Collateral Agent shall be discharged from its duties and obligations hereunder. After the Collateral Agent’s resignation
hereunder, the provisions of this Article VII shall continue in effect for the benefit of such retiring Collateral Agent,
its sub agents and their respective Affiliates in respect of any actions taken or omitted to be taken by any of them while it was acting
as Collateral Agent.

 

7.5            Non-Reliance.
Each Investor acknowledges that it has, independently and without reliance upon the Collateral Agent or any other Investor and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Investor also acknowledges that it will, independently and without reliance upon the Collateral Agent or any other Investor and
based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking
or not taking action under or based upon this Agreement, any other Transaction Document or related agreement or any document furnished
hereunder or thereunder.

 

Article VIII

MISCELLANEOUS

 

8.1           Termination.

 

(a)            This
Agreement may be terminated by the Company or Investors having the right to acquire a majority of the First Closing Notes hereunder,
by written notice to the other parties, if the First Closing has not been consummated by September 14, 2022. In the case of any
termination of this Agreement pursuant to this Section 8.1(a), this Agreement shall be of no further force and effect except
for the provisions of this Article VIII which shall continue in full force and effect.

 

(b)            In
the event that this Agreement is terminated pursuant to Section 8.1(a) for any reason by any party, then the Company
shall, as promptly as practicable following such termination (and in any event within two (2) Business Days), pay to the Collateral
Agent (for the benefit of the Investors) an amount equal to $100,000 (the “Termination Fee”) by wire transfer
of immediately available funds to an account designated by the Collateral Agent. The Company acknowledges that the agreements contained
in this Section 8.1(b) are an integral part of the transactions contemplated by this Agreement. In the event that the
Company shall fail to pay the Termination Fee (or any portion thereof) when due pursuant to this Section 8.1, then, in addition
to the Termination Fee, (x) the Company shall pay interest, compounded daily, on the Termination Fee from the second (2nd)
Business Day following the termination of the Agreement, at the “Prime Rate” as published in the printed copy of the Wall
Street Journal on any particular day as the same may be adjusted from time to time and (y) the Company shall reimburse the Collateral
Agent and the Investors for all out-of-pocket costs and expenses actually incurred by the Collateral Agent and the Investors (including
fees and expenses of counsel) in connection with enforcing the rights of the Collateral Agent and the Investors under this Section 8.1(b) (including
with respect to any claims, actions or litigations in respect thereof). The Company further acknowledges that (i) without the provision
regarding the Termination Fee and the other provisions of this Section 8.1(b), the Collateral Agent and the Investors would
not have entered into this Agreement, and (ii) that the Termination Fee (and any other amounts payable under this Section 8.1(b)),
if paid pursuant to this Section 8.1(b), is not a penalty, but rather is liquidated damages in a reasonable amount that will
appropriately compensate the Collateral Agent and the Investors for such termination of this Agreement. Other than the right to sue and
seek damages in respect of (x) any default, breach or violation by the Company of its obligations under Section 4.12
or Section 8.2 and (y) any willful default, breach or violation by the Company of its obligations under Section 4.11
(it being acknowledged that the rights of the Collateral Agent and Investors to sue and seek damages in respect of the matters referred
to in the foregoing clauses (x) and (y) shall survive any termination of this Agreement), the right to receive payment of the
Termination Fee and other amounts payable under this Section 8.1(b) shall be the sole remedy of the Collateral Agent
and all Investors in the event of a termination of this Agreement pursuant to Section 8.1.

 

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8.2            Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, the Company shall pay or otherwise reimburse
the Collateral Agent and the Investors for all reasonable and documented fees and expenses incurred by or on behalf of the Collateral
Agent and the Investors in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Transaction
Documents and the matters contemplated herein and therein, including, without limitation, the reasonable and documented fees and expenses
of counsel to the Collateral Agent and the Investors.

 

8.3            Entire
Agreement; Further Assurances. The Transaction Documents, together with the Exhibits, Annexes and Schedules thereto, contain the
entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
At or after the Closing, and without further consideration, the Company and the Investors will execute and deliver to the Investors such
further documents as may be reasonably requested in order to give practical effect to the intention of the parties under the Transaction
Documents.

 

8.4            Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and provided
by email and by deposit with a nationally recognized courier service and shall be deemed given and effective on the earliest of (a) the
Trading Date such notice or communication is delivered by such nationally recognized courier service to the party to whom such notice
is required to be given, if such notice or communication is delivered at the address specified in this Section 8.4 prior
to 6:30 p.m. (New York time) on a Trading Day, or (b) the next Trading Day after the date of delivery, if such notice or communication
is delivered by such nationally recognized courier service to the party to whom such notice is required to be given at the address specified
in this Section 8.4 on a day that is not a Trading Day or later than 6:30 p.m. (New York time) on any Trading Day. The
addresses and email addresses for such notices and communications are those set forth on the signature pages hereof, or such other
address as may be designated in writing hereafter, in the same manner, by any such Person.

 

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8.5            Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment,
by the Company, the Collateral Agent and the Investors holding or having the right to acquire a majority of the Note Shares (voting together
as a single class) at the time of such amendment or, in the case of a waiver, by the party against whom enforcement of any such waiver
is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a
continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

8.6            Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any
of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.

 

8.7            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.
The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investors;
provided, however this Agreement shall be assigned to any corporation or association into which the Company may be merged
or converted or with which it may be consolidated, or any corporation, association or other similar entity resulting from any merger,
conversion or consolidation to which the Company shall be a party without the execution or filing of any paper with any party hereto
or any further act on the part of any of the parties to this Agreement except where an instrument of transfer or assignment is required
by law to effect such succession, anything herein to the contrary notwithstanding. Any Investor may assign its rights under this Agreement
to any Person to whom such Investor assigns or transfers any Securities; provided (i) such transferor agrees in writing with
the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company after such assignment, (ii) the
Company is furnished with written notice of the name and address of such transferee or assignee, (iii) following such transfer or
assignment, the further disposition of such securities by the transferee or assignee is restricted under the Securities Act and applicable
state securities laws, (iv) such transferee agrees in writing to be bound, with respect to the transferred Securities, as applicable,
by the provisions hereof that apply to the “Investors” and (v) such transfer shall have been made in accordance with
the applicable requirements of this Agreement and with all laws applicable thereto.

 

8.8            No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

8.9            Governing
Law; Venue; Waiver of Jury Trial. This agreement shall be governed by and construed in accordance with the laws of the State of New
York. The Company and Investors hereby irrevocably submit to the exclusive jurisdiction of the state and federal courts sitting in the
City of New York, Borough of Manhattan for the adjudication of any dispute brought by the Company or any Investor hereunder, in connection
herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waive, and agree not to assert in any suit, action or proceeding brought by the Company or any Investor,
any claim that it is not personally subject to the jurisdiction of any such court, or that such suit, action or proceeding is improper.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by
law. The Company and Investors hereby waive all rights to a trial by jury.

 

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8.10         Survival.
Unless this Agreement is terminated under Section 8.1(a), the representations and warranties, agreements and covenants contained
herein shall survive indefinitely and shall not be merged in the consummation of the transactions contemplated by this Agreement or any
of the Transaction Documents.

 

8.11         Execution.
This Agreement may be executed in counterparts, all of which when taken together shall be considered one and the same agreement. In the
event that any signature is delivered by facsimile transmission or email attachment, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile
or email-attached signature page were an original thereof.

 

8.12         Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon
a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision
in this Agreement.

 

8.13         Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are several and
not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations
of any other Investor under any Transaction Documents. The decision of each Investor to purchase Securities pursuant to this Agreement
has been made by such Investor independently of any other Investor and independently of any information, materials, statements or opinions
as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or
prospects of the Company which may have been made or given by any other Investor or by any agent or employee of any other Investor, and
no Investor or any of its agents or employees shall have any liability to any other Investor (or any other person) relating to or arising
from any such information, materials, statements or opinions. Nothing contained herein or in any Transaction Document, and no action
taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to
such obligations or the transactions contemplated by the Transaction Documents. Each Investor acknowledges that no other Investor has
acted as agent for such Investor in connection with making its investment hereunder and that no other Investor will be acting as agent
of such Investor in connection with monitoring its investment hereunder. Each Investor shall be entitled to independently protect and
enforce its rights, including without limitation the rights arising out of this Agreement or out of the other Transaction Documents,
and it shall not be necessary for any other Investor to be joined as an additional party in any Proceeding for such purpose.

 

8.14         Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Collateral
Agent, the Investors and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction
Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that
a remedy at law would be adequate.

 

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8.15         Replacement
of Securities. If any certificate or instrument evidencing any Securities, as applicable, is mutilated, lost, stolen or destroyed,
then the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to
the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also
pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities, as
applicable, but without any requirement to post a bond (unless required by the Transfer Agent, in which case the cost of such bond shall
be paid by the Company).

 

8.16         Liquidated
Damages. The Company’s obligations to pay (i) the Termination Fee and any other amounts payable under Section 8.1(b),
and (ii) any partial liquidated damages or other amounts owing under the Transaction Documents is, in each case, a continuing obligation
of the Company and shall not terminate until the entire Termination Fee (and any other amounts payable under Section 8.1(b)),
unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant
to which such Termination Fee (and any other amounts payable under Section 8.1(b)), partial liquidated damages or other amounts
are due and payable shall have been canceled.

 

 

[SIGNATURE
PAGES FOLLOW]

 

    60 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed or caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

	 	COMPANY: 
	 	 
	 	FENNEC PHARMACEUTICALS INC.
	 	 
	 	 
	 	By:	/s/ Robert Andrade
	 	Name:	 Robert Andrade
	 	Title:	CFO
	 	 	 
	 	Address for Notice:
	 	 
	 	Fennec Pharmaceuticals Inc.
 68 TW Alexander Drive
 Research Triangle
                Park, NC 27709 
 Attn: Robert Andrade, CFO
 Email: randrade@fennecpharma.com

                 

                With a copy to, which shall not constitute notice:

                 

                LaBarge Weinstein LLP 

321 Water Street, Suite 501

Vancouver, BC V6B1B8

Attn: Randy Taylor

Email: rt@lwlaw.com

 

 

Signature Page to Securities Purchase Agreement

 

    

     

    

 

	 	COLLATERAL AGENT:
	 	 
	 	Petrichor Opportunities Fund I LP
	 	BY PETRICHOR OPPORTUNITIES FUND I GP LLC
	 	 
	 	 
	 	By:	/s/
Tadd Wessel                    
	 	Name:	Tadd Wessel
	 	Title:	Managing Member
	 	 	 
	 	Address for Notice:
	 	 
	 	Petrichor Opportunities Fund I LP 
 885 Third Avenue, Suite 2403 

New York, NY 10022 
 Attn: Michael Beecham 
 Email: mbeecham@petrichorcap.com

                 

                With a copy to, which shall not constitute notice:

                 

                Greenberg Traurig, LLP 

MetLife Building 

200 Park Avenue 

New York, NY 10166

 Attn: Todd E. Bowen 

Email: bowent@gtlaw.com    

 

 

Signature Page to Securities Purchase
Agreement

 

    

     

    

 

Investor Signature Page

 

IN WITNESS WHEREOF, by its
execution and delivery of this signature page, the undersigned Investor hereby joins in and agrees to be bound by the terms and conditions
of that certain Securities Purchase Agreement, dated as of August 1, 2022 (the “Purchase Agreement”),
by and among Fennec Pharmaceuticals Inc., a British Columbia corporation, the Investors (as defined therein), and the Collateral Agent
(as defined therein), as to the principal amount of the Notes set forth across from such Investor’s name on the Schedule of Investors,
and authorizes this signature page to be attached to the Purchase Agreement or counterparts thereof.

 

	 	NAME OF INVESTOR:
	 	 
	 	Petrichor Opportunities Fund I LP
	 	BY PETRICHOR OPPORTUNITIES FUND I GP LLC    
	 	 
	 	 
	 	By:	/s/ Tadd Wessel
	 	Name:	Tadd Wessel
	 	Title:	Managing Member
	 	 	 
	 	Address for Notice:
	 	 
	 	Petrichor Opportunities Fund I LP

                

885 Third Avenue, Suite 2403 

New York, NY 10022 

Attn: Michael Beecham 

Email: mbeecham@petrichorcap.com

                 

                With a copy to, which shall not constitute notice:

                 

                Greenberg Traurig, LLP 

MetLife Building 

200 Park Avenue 

New York, NY 10166 

Attn: Todd E. Bowen 

Email: bowent@gtlaw.com  

 

 

Delivery Instructions (if different than above):

	c/o:	 	 

	Address:	 	 
	 	 

	Telephone No.:	 	 

	Facsimile No. :	 	 

	Other Special Instructions:	 	 

 

 

Signature Page to Securities Purchase Agreement

 

    

     

    

 

ANNEX
a

 

SCHEDULE
OF INVESTORS

 

		I.	FIRST CLOSING INVESTORS

 

	Name and Address of Investor	Principal Amount

 of First Closing

 Note	Aggregate First

 Closing 

Purchase Price	First 

Commitment

 Fee Warrants	Second

 Commitment

 Fee Warrants
	Petrichor Opportunities Fund I LP 

885 Third Avenue 

Suite 2403

 New York, NY 10022	$5,000,000	$5,000,000	55,498	55,498
	TOTAL:	$5,000,000	$5,000,000	55,498	55,498

 

		II.	SECOND CLOSING INVESTORS

 

	Name and Address of Investor	Principal Amount

 of Second Closing 

Note	Aggregate 

Second Closing 

Purchase Price
	Petrichor Opportunities Fund I LP

 885 Third Avenue 

Suite 2403

 New York, NY 10022	$20,000,000	$20,000,000
	TOTAL:	$20,000,000	$20,000,000

 

III.            THIRD
CLOSING INVESTORS

 

	Name and Address of Investor	Principal Amount of 

Third Closing Note	Aggregate Third

 Closing Purchase 

Price
	Petrichor Opportunities Fund I LP

 885 Third Avenue 

Suite 2403 

New York, NY 10022	$10,000,000	$10,000,000
	TOTAL:	$10,000,000	$10,000,000

 

		IV.	FOURTH CLOSING INVESTORS

 

	Name and Address of Investor	Principal Amount of 

Fourth Closing Note	Aggregate

 Fourth Closing 

Purchase Price
	Petrichor Opportunities Fund I LP

 885 Third Avenue

 Suite 2403

 New York, NY 10022	$10,000,000	$10,000,000
	TOTAL:	$10,000,000	$10,000,000

 

    Annex A

     

    

 

ANNEX B

 

“SELLING SHAREHOLDERS” / “PLAN
OF DISTRIBUTION”

 

Plan of Distribution

 

Each Selling Shareholder
(the “Selling Shareholders”) of the shares and any of their pledgees, assignees and successors-in-interest may, from
time to time, sell any or all of their shares covered hereby on the NASDAQ Capital Market or any other stock exchange, market or trading
facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Shareholder
may use any one or more of the following methods when selling shares:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and
resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	in transactions through broker-dealers that agree with the Selling Shareholders to sell a specified number
of such securities at a stipulated price per security;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an options exchange
or otherwise;

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Shareholders
may also sell shares under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), if available,
rather than under this prospectus.

 

Broker-dealers engaged by
the Selling Shareholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts
from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts
to be negotiated.

 

In connection with the sale
of the shares or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the shares in the course of hedging the positions they assume. The Selling Shareholders
may also sell shares short and deliver these shares to close out their short positions, or loan or pledge the shares to broker-dealers
that in turn may sell these securities. The Selling Shareholders may also enter into option or other transactions with broker-dealers
or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other
financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell
pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

    Annex B

     

    

 

The Company is required to
pay certain fees and expenses incurred by the Company incident to the registration of the shares. The Company has agreed to indemnify
the Selling Shareholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

 

The Selling Shareholders
may be deemed to be statutory underwriters under the Securities Act. In addition, any broker-dealers who act in connection with the sale
of the shares hereunder may be deemed to be “underwriters” within the meaning of Section 2(11) of the Securities Act,
and any commissions received by them and profit on any resale of the shares as principal may be deemed to be underwriting discounts and
commissions under the Securities Act. Because Selling Shareholders may be deemed to be “underwriters” within the meaning
of the Securities Act, they may be subject to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder.

 

The selling shareholders
have acknowledged that they understand their obligations to comply with the provisions of the Securities Exchange Act of 1934, as amended,
and the rules thereunder relating to stock manipulation, particularly Regulation M.

 

We agreed to keep this prospectus
effective with respect to the common shares offered by a Selling Shareholder hereunder until the earlier of such Selling Shareholder’s
sale of such shares pursuant to this prospectus or until such shares may be sold without restrictions or other limitations pursuant to
Rule 144 (or any successor provision) under the Securities Act (including, without limitation, volume restrictions) and without
the need for current public information required by Rule 144(c)(1).

 

We will make copies of this
prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser
at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

There can be no assurance
that the Selling Shareholders will sell any or all of the common shares registered pursuant to the registration statement of which this
prospectus forms a part.

 

We are not aware of any plans,
arrangements or understandings between the Selling Shareholders and any underwriter, broker-dealer or agent regarding the sale of common
shares by the selling shareholders.

 

We will pay all expenses
incident to the filing of this registration statement, estimated to be $[●]. These expenses include accounting and legal fees in
connection with the preparation of the registration statement of which this prospectus forms a part, legal and other fees in connection
with the qualification of the sale of the shares under the laws of certain states (if any), registration and filing fees and other expenses.

 

    Annex B

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