Document:

ExpressJet Holdings, Inc.

			
EXHIBIT 10.2

EXPRESSJET HOLDINGS, INC.,

AS ISSUER,

EXPRESSJET AIRLINES, INC.

AS GUARANTOR

AND

BANK ONE, N.A.,

AS TRUSTEE

4.25% Convertible Notes due 2023

INDENTURE

Dated as of August 5, 2003

	
 

	
CROSS REFERENCE TABLE*

	
	
  

						
	
TIA Section

	
..................................................................

	
Indenture Section

	
310

	
(a)

	
(1

	
)

	
 

	
..................................................................

	
7.10

		
(a)

	
(2

	
)

	
 

	
..................................................................

	
7.10

		
(a)

	
(3

	
)

	
 

	
..................................................................

	
N.A.

		
(a)

	
(4

	
)

		
..................................................................

	
N.A.

		
(b)

				
..................................................................

	
7.08; 7.10

		
(c)

				
..................................................................

	
N.A.

	
311

	
(a)

			
 

	
..................................................................

	
7.11

		
(b)

				
..................................................................

	
7.11

		
(c)

			
 

	
..................................................................

	
N.A.

	
312

	
(a)

				
..................................................................

	
2.05

		
(b)

				
..................................................................

	
13.03

		
(c)

				
..................................................................

	
13.03

	
313

	
(a)

				
..................................................................

	
7.06

		
(b)

	
(1

	
)

		
..................................................................

	
N.A.

		
(b)

	
(2

	
)

		
..................................................................

	
7.06

		
(c)

				
..................................................................

	
13.02

		
(d)

				
..................................................................

	
7.06

	
314

	
(a)

				
..................................................................

	
4.02; 4.03; 14.02

		
(b)

				
..................................................................

	
N.A.

		
(c)

	
(1

	
)

		
..................................................................

	
13.04

		
(c)

	
(2

	
)

		
..................................................................

	
13.04

		
(c)

	
(3

	
)

		
..................................................................

	
N.A.

		
(d)

				
..................................................................

	
N.A.

		
(e)

				
..................................................................

	
13.05

		
(f)

				
..................................................................

	
N.A.

	
315

	
(a)

				
..................................................................

	
7.01

		
(b)

				
..................................................................

	
7.05; 13.02

		
(c)

				
..................................................................

	
7.01

		
(d)

				
..................................................................

	
7.01

		
(e)

				
..................................................................

	
6.11

	
316

	
(a)

				
(last sentence)............................................

	
2.08

		
(a)

	
(1

	
)

	
(A

	
)

	
..................................................................

	
6.05

		
(a)

	
(1

	
)

	
(B

	
)

	
..................................................................

	
6.04

		
(a)

	
(2

	
)

		
..................................................................

	
N.A.

		
(b)

				
..................................................................

	
6.07

	
317

	
(a)

	
(1

	
)

		
..................................................................

	
6.08

		
(a)

	
(2

	
)

		
..................................................................

	
6.09

		
(b)

				
..................................................................

	
2.04

	
318

	
(a)

				
..................................................................

	
13.01

N.A. means Not Applicable.

*     Note:  This Cross Reference Table shall not, for any purpose, be deemed to be part of the

      Indenture.

	
TABLE OF CONTENTS*

	
 

		
 

			
	
 

	
 

		
  

	
Page

	
   

				
			
ARTICLE I

		
			
DEFINITIONS AND INCORPORATION BY REFERENCE

		
	

 Section 1.01.

		

 Definitions........................................................................................

	

 

	

 1

	
Section 1.02.

		
Other Definitions..............................................................................

		
6

	
Section 1.03.

		
Incorporation by Reference of Trust Indenture Act............................

		
7

	
Section 1.04.

		
Rules of Construction.......................................................................

		
7

	
Section 1.05.

		
Acts of Holders................................................................................

		
8

	
   

		
   

		
   

			
ARTICLE II

		
			
THE SECURITIES

		
	

 Section 2.01.

		

 Form and Dating..............................................................................

		

 9

	
Section 2.01.

		
Execution and Authentication............................................................

		
11

	
Section 2.03.

		
Registrar, Paying Agent and Conversion Agent.................................

		
12

	
Section 2.04.

		
Paying Agent to Hold Money and Securities in Trust.........................

		
12

	
Section 2.05.

		
Securityholder Lists..........................................................................

		
13

	
Section 2.06.

		
Transfer and Exchange.....................................................................

		
13

	
Section 2.07.

		
Replacement Securities.....................................................................

		
14

	
Section 2.08.

		
Outstanding Securities; Determinations of Holders’ Action................

		
15

	
Section 2.09.

		
Temporary Securities.......................................................................

		
16

	
Section 2.10.

		
Cancellation.....................................................................................

		
16

	
Section 2.11.

		
Persons Deemed Owners.................................................................

		
16

	
Section 2.12.

		
Global Securities..............................................................................

		
17

	
Section 2.13.

		
CUSIP Numbers.............................................................................

		
21

	
   

		
   

		

			
ARTICLE III

		
			
REDEMPTION AND REPURCHASES

		
	

 Section 3.01.

		

 Right to Redeem; Notices to Trustee................................................

		

 21

	
Section 3.02.

		
Selection of Securities to Be Redeemed............................................

		
22

	
Section 3.03.

		
Notice of Redemption......................................................................

		
22

	
Section 3.04.

		
Effect of Notice of Redemption........................................................

		
23

	
Section 3.05.

		
Deposit of Redemption Price............................................................

		
23

	
Section 3.06.

		
Securities Redeemed in Part.............................................................

		
23

	
Section 3.07.

		
Conversion Arrangement on Call for Redemption on Specified Dates 

		
23

	
Section 3.08.

		
Repurchase of Securities at Option of the Holder on Specified Dates 

		
24

	
Section 3.09.

		
Company’s Right to Elect Manner of Payment of Repurchase Price..

		
26

	
Section 3.10.

		
Effect of Repurchase Notice.............................................................

		
29

	
Section 3.11.

		
Deposit of Repurchase Price............................................................

		
30

	
Section 3.12.

		
Securities Repurchased in Part.........................................................

		
30

	
Section 3.13.

		
Repayment to the Company.............................................................

		
30

	
Section 3.14.

		
Repurchase of Securities at Option of the Holder

 Upon A Designated Event................................................................

		
30

	
Section 3.15.

		
Notices; Method of Exercising Repurchase Rights, etc......................

		
31

	
   

		
   

		
			
ARTICLE IV

		
			
COVENANTS

		
	

 Section 4.01.

		

 Payment of Securities.......................................................................

		

 33

	
Section 4.02.

		
SEC and Other Reports...................................................................

		
34

	
Section 4.03.

		
Compliance Certificate.....................................................................

		
34

	
Section 4.04.

		
Further Instruments and Acts............................................................

		
34

	
Section 4.05.

		
Maintenance of Office or Agency.....................................................

		
34

	
Section 4.06.

		
Delivery of Certain Information.........................................................

		
35

	
Section 4.07.

		
Covenant to Comply with Securities Laws

 Upon Purchase of Securities.............................................................

		
35

	
   

		
   

		
			
ARTICLE V

		
			
CONSOLIDATION, MERGER OR SALE BY THE COMPANY

		
	
Section 5.01.

 

		

 Consolidation, Merger or Sale of Assets by the Company

 or the Guarantor Permitted...............................................................

		
36

	
Section 5.02.

		
Successor Corporation Substituted...................................................

		
36

	
   

		
   

		

			
ARTICLE VI

		
			
DEFAULTS AND REMEDIES

		
	

 Section 6.01.

		

 Events of Default.............................................................................

		

 36

	
Section 6.02.

		
Acceleration; Rescission and Annulment..........................................

		
37

	
Section 6.03.

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

		
38

	
Section 6.04.

		
Trustee May File Proofs of Claim....................................................

		
39

	
Section 6.05.

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

		
39

	
Section 6.06.

		
Delay or Omission Not Waiver.......................................................

		
39

	
Section 6.07.

		
Waiver of Past Defaults...................................................................

		
40

	
Section 6.08.

		
Control by Majority........................................................................

		
40

	
Section 6.09.

		
Limitation on Suits by Holders.........................................................

		
40

	
Section 6.10.

		
Rights of Holders to Receive Payment.............................................

		
41

	
Section 6.11.

		
Application of Money Collected......................................................

		
41

	
Section 6.12.

		
Restoration of Rights and Remedies.................................................

		
41

	
Section 6.13.

		
Rights and Remedies Cumulative.....................................................

		
41

	
Section 6.14.

		
Undertaking for Costs.....................................................................

		
42

	
Section 6.15.

		
Waiver of Stay or Extension Laws...................................................

		
42

	
   

		
   

		
			
ARTICLE VII

		
			
TRUSTEE

		
	

 Section 7.01.

		

 Duties of Trustee.............................................................................

		

 42

	
Section 7.02.

		
Rights of Trustee.............................................................................

		
43

	
Section 7.03.

		
Individual Rights of Trustee.............................................................

		
45

	
Section 7.04.

		
Trustee’s Disclaimer........................................................................

		
45

	
Section 7.05.

		
Notice of Defaults...........................................................................

		
45

	
Section 7.06.

		
Reports by Trustee to Holders........................................................

		
45

	
Section 7.07.

		
Compensation and Indemnity..........................................................

		
45

	
Section 7.08.

		
Replacement of Trustee...................................................................

		
46

	
Section 7.09.

		
Successor Trustee by Merger..........................................................

		
47

	
Section 7.10.

		
Eligibility; Disqualification................................................................

		
47

	
Section 7.11.

		
Preferential Collection of Claims Against Company..........................

		
47

	
   

		
   

		
			
ARTICLE VIII

		
			
DISCHARGE OF INDENTURE

		
	

 Section 8.01.

		

 Discharge of Liability on Securities..................................................

		

 47

	
Section 8.02.

		
Repayment to the Company or the Guarantor..................................

		
48

	
   

		
   

		
			
ARTICLE IX

		
			
AMENDMENTS

		
	

 Section 9.01.

		

 Without Consent of Holders............................................................

		

 48

	
Section 9.02.

		
With Consent of Holders.................................................................

		
49

	
Section 9.03.

		
Compliance with Trust Indenture Act...............................................

		
49

	
Section 9.04.

		
Revocation and Effect of Consents, Waivers and Actions.................

		
49

	
Section 9.05.

		
Notation on or Exchange of Securities.............................................

		
50

	
Section 9.06.

		
Trustee to Sign Supplemental Indentures..........................................

		
50

	
Section 9.07.

		
Effect of Supplemental Indentures....................................................

		
50

	
   

		
   

		
			
ARTICLE X

		
			
CONVERSION

		
	

 Section 10.01.

		

 Conversion Privilege.......................................................................

		

 50

	
Section 10.02.

		
Conversion Procedure....................................................................

		
51

	
Section 10.03.

		
Fractional Shares............................................................................

		
52

	
Section 10.04.

		
Taxes on Conversion......................................................................

		
52

	
Section 10.05.

		
Company to Provide Stock.............................................................

		
53

	
Section 10.06.

		
Adjustment of Initial Conversion Price.............................................

		
53

	
Section 10.07.

		
Notice of Adjustments....................................................................

		
59

	
Section 10.08.

		
Notice of Certain Transactions........................................................

		
59

	
Section 10.09.

		
Reorganization of Company; Special Distributions............................

		
60

	
Section 10.10.

		
Company Determination Final.........................................................

		
60

	
Section 10.11

		
Trustee’s Adjustment Disclaimer.....................................................

		
60

	
Section 10.12.

		
Successive Adjustment....................................................................

		
61

	
Section 10.13.

		
Company’s Right to Elect to Pay Cash or Common Stock...............

		
61

	
   

		
   

		
			
ARTICLE XI

		
			
GUARANTEE

		
	

 Section 11.01.

		

 Unconditional Guarantee.................................................................

		

 61

	
Section 11.02.

		
Limitation on Guarantor’s Liability...................................................

		
63

	
Section 11.03.

		
Release of Guarantor......................................................................

		
63

	
Section 11.04.

		
Benefits Acknowledged..................................................................

		
63

	
Section 11.05.

		
Endorsement of Guarantee..............................................................

		
63

	
   

		
   

		

			
ARTICLE XII

		
			
PAYMENT OF INTEREST

		
	

 Section 12.01.

		

 Interest Payments...........................................................................

		

 64

	
Section 12.02.

		
Defaulted Interest...........................................................................

		
64

	
Section 12.03.

		
Interest Rights Preserved................................................................

		
65

	
   

		
   

		
			
ARTICLE XIII

		
			
MISCELLANEOUS

		
	

 Section 13.01.

		

 Trust Indenture Act Controls...........................................................

		
65

	
Section 13.02.

		
Notices..........................................................................................

		
65

	
Section 13.03.

		
Communication by Holders with Other Holders...............................

		
66

	
Section 13.04.

		
Certificate and Opinion as to Conditions Precedent.........................

		
66

	
Section 13.05.

		
Statements Required in Certificate or Opinion..................................

		
67

	
Section 13.06.

		
Separability Clause.........................................................................

		
67

	
Section 13.07.

		
Rules by Trustee, Paying Agent, Conversion Agent and Registrar.....

		
67

	
Section 13.08.

		
Legal Holidays................................................................................

		
67

	
Section 13.09.

		
GOVERNING LAW.....................................................................

		
67

	
Section 13.10.

		
No Recourse Against Others..........................................................

		
67

	
Section 13.11.

		
Successors.....................................................................................

		
68

	
Section 13.12.

		
Multiple Originals............................................................................

		
68

	
   

		
   

		
			
EXHIBITS

		
	

 Exhibit A-1

		

 Form of Global Security

		

 

	
Exhibit A-2

		
Form of Guarantee

		
	
Exhibit A-3

		
Form of Certified Security

		
	
Exhibit B

		
Transfer Certificate

		
					

*    Notes:  This Table of Contents shall not, for any purpose, be deemed to be part of the

       Indenture.

                       
INDENTURE, dated as of August [4], 2003, among EXPRESSJET HOLDINGS, INC., a Delaware corporation (the
“Company”), EXPRESSJET AIRLINES, INC., a Delaware corporation (the “Guarantor”), and BANK
ONE, N.A., as trustee (the “Trustee”).

RECITALS OF THE COMPANY

                       
The Company has duly authorized the creation of an issue of 4.25% Convertible Notes due 2023 (the “Notes”)
having the terms, tenor, amount and other provisions hereinafter set forth, and, to provide therefor, the Company has duly
authorized its execution and delivery of this Indenture.

                       
The Guarantor has duly authorized the Guarantee of the Notes and, to provide therefor, the Guarantor has duly authorized its
execution and delivery of this Indenture.

                       
All things necessary to make the Securities, when the Notes are duly executed by the Company, and the Notes are authenticated and
delivered hereunder and duly issued by the Company, the valid obligations of the Company, and to make this Indenture a valid and
binding agreement of the Company and the Guarantor, in accordance with their and its terms, have been done.  In addition, all
things necessary to duly authorize the issuance of the Common Stock of the Company issuable upon the conversion of the Securities,
and to duly reserve for issuance the number of shares of Common Stock issuable upon such conversion, have been done.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

DEFINITIONS AND INCORPORATION BY REFERENCE

                                   
Definitions.

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

                       
“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or
beneficial interest therein, the rules and procedures of the Depositary for such Security, in each case to the extent applicable to
such transaction and as in effect from time to time.

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

                       
“Business Day” means each day of the year other than a Saturday or a Sunday or other day on which banking
institutions in The City of New York are required or authorized to close.

                       
“Capacity Purchase Agreement” means the Capacity Purchase Agreement dated as of April 17, 2002 among Continental
Airlines, Inc., the Company, XJT Holdings, Inc. and the Guarantor, as amended and restated through the date hereof.

                       
“Capital Stock” for any corporation means any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated) stock or other equity issued by that corporation.

                       
“Certificated Securities” means any of the Securities that are in the form of the Securities attached hereto as
Exhibit A-3.

                       
“Closing Sale Price” of Capital Stock on any date means (a) the closing per share sale price (or, if no closing
sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid
and the average ask prices) on such date on the United States principal national securities exchange on which the Capital Stock is
traded or, if the Capital Stock is not listed on a United States national or regional securities exchange, as reported by the
National Association of Securities Dealers Automated Quotation System or by the National Quotation Bureau Incorporated or (b) in
the absence of such quotation, such price as the Company shall determine on the basis of such quotations as the Company considers
appropriate.

                       
“Common Stock” shall mean the shares of common stock, $0.01 par value, of the Company as it exists on the date
of this Indenture or any other shares of Capital Stock of the Company into which the Common Stock shall be reclassified or
changed.

                       
“Company” means the party named as the “Company” in the first paragraph of this Indenture
until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such
successor.  The foregoing sentence shall likewise apply to any subsequent such successor or successors.

                       
“Company Request” or “Company Order” means a written request or order signed in the name of
the Company by any one Officer.

                       
“Continuing Director” means, as of any date of determination, any member of the Board of Directors of the
Company who was a member of the Board of Directors of the Company on the date of the original issuance of the Notes, or was
nominated for election to the Board of Directors of the Company with the approval of, or whose election to the Board of Directors
of the Company was ratified by, at least a majority of the Continuing Directors who were members of the Board of Directors of the
Company at the time of such nomination.

                       
“Corporate Trust Office” means the principal office of the Trustee at which at any time this Indenture shall be
administered, which office at the date hereof is located at 1111 Polaris Parkway, Suite OH1-0181, Columbus, Ohio 43215,
Attention:  Corporate Trust Administration, or such other address as the Trustee may designate from time to time by notice to
the Company, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may
designate from time to time by notice to the Company).

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

                       
“Designated Event” means any event that is a Fundamental Change, a Termination of Trading, or a “Change of
Control” (as defined in the Capacity Purchase Agreement).

                       
“Fundamental Change” means the occurrence of any of the following: (a) the sale, lease, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the assets of the Company and its subsidiaries, taken as a whole, to any "person" or "group" (as such terms
are used in Section13(d) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)), (b) the
adoption of a plan relating to the liquidation or dissolution of the Company, (c) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any "person" or "group" (as such terms are used in
Section 13(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rule 13d-3 and Rule 13d-5 under the
Exchange Act), directly or indirectly through one or more intermediaries, of more than 50% of the voting power of the outstanding
voting stock of the Company, or (d) the first day on which more than a majority of the members of the Board of Directors of the
Company are not Continuing Directors.

                       
“Global Securities” means any of the Securities that are in the form of the Securities attached hereto as
Exhibit A-1, and that are deposited with and registered in the name of the Depositary, representing Securities sold in reliance on
Rule 144A and Regulation S under the Securities Act.

                       
“Guarantee” means the guarantee of the Guarantor set forth in Article XI.

                       
“Guarantor” means the party named as the “Guarantor” in the first paragraph of this Indenture
until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such
successor.  The foregoing sentence shall likewise apply to any subsequent such successor or successors.

                       
“Holder” or “Securityholder” means a person in whose name a Security is registered on the
Registrar’s books.

                       
“Indenture” means this Indenture, as amended or supplemented from time to time in accordance with the terms
hereof, including the provisions of the TIA that are deemed to be a part hereof.

                       
“Interest Payment Date” means February 1 and August 1 of each year, commencing February 1, 2004.

                       
“Issue Date” of any Security means the date on which the Security was originally issued or deemed issued as set
forth on the face of the Security.

                       
“Issue Price” of any Security means, in connection with the original issuance of such Security, the initial
issue price at which the Security is sold as set forth on the face of the Security.

                       
“Notes” means any of the Company’s 4.25% Convertible Notes due 2023, as amended or supplemented from time
to time, issued under this Indenture.

                       
“Officer” means the Chairman of the Board, the President, any Executive Vice President, any Senior Vice
President, any Vice President, the Treasurer or the Secretary of the Company or of the Guarantor, as applicable.

                       
“Officer’s Certificate” means a certificate signed by an Officer of the Company signing alone, and
delivered to the Trustee.

                       
“Opinion of Counsel” means a written opinion containing the information specified in Sections 13.04 and 13.05,
from legal counsel who is reasonably acceptable to the Trustee.  The counsel may be an employee of, or counsel to, the Company
or the Trustee.

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

                       
“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of
the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated
and delivered under Section 2.07 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.

                       
“Principal Amount” of each Security means the principal amount as set forth on the face of the Security.

                       
“Redemption Date” or “redemption date” means the date specified for redemption of the
Securities in accordance with the terms of the Securities and this Indenture.

                       
“Redemption Price” or “redemption price” shall have the meaning set forth in paragraph 5 of
the Securities.

                       
“Regular Record Date” means each January 15 and July 15 (whether or not a Business Day).

                       
“Regulation S” means Regulation S under the Securities Act (or any successor regulation having substantially
similar provisions), as it may be amended from time to time.

                       
“Responsible Officer” means, when used with respect to the Trustee, any officer assigned to administer corporate
trust matters or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with
the particular subject and who, in each case, shall have direct responsibility for the administration of this Indenture.

                       
“Restricted Security” means a Security required to bear the restrictive legend set forth in the form of Security
set forth in Exhibits A-1 and A-3 of this Indenture.

                       
“Rule 144” means Rule 144 under the Securities Act (or any successor rule having substantially similar
provisions), as it may be amended from time to time.

                       
“Rule 144A” means Rule 144A under the Securities Act (or any successor rule having substantially similar
provisions), as it may be amended from time to time.

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

                       
“Securities” means the Notes.

                       
“Securityholder” or “Holder” means a person in whose name a Security is registered on the
Registrar’s books.

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

                       
“Subsidiary” means (i) a corporation, a majority of whose Capital Stock with voting power, under ordinary
circumstances, to elect directors is, at the date of determination, directly or indirectly owned by the Company, by one or more
Subsidiaries of the Company or by the Company and one or more Subsidiaries of the Company, (ii) a partnership in which the Company
or a Subsidiary of the Company holds a majority interest in the equity capital or profits of such partnership, or (iii) any other
person (other than a corporation or a partnership) in which the Company, a Subsidiary of the Company or the Company and one or more
Subsidiaries of the Company, directly or indirectly, at the date of determination, has (x) at least a majority ownership interest
or (y) the power to elect or direct the election of a majority of the directors or other governing body of such person.

                       
“Termination of Trading” will be deemed to have occurred if the Common Stock (or other common stock into which
the Securities are then convertible) is neither listed for trading on a United States national securities exchange nor approved for
trading on the Nasdaq National Market.

                       
“TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939 as in effect on the date
of this Indenture, provided, however, that in the event the TIA is amended after such date, TIA means, to the extent required by
any such amendment, the TIA as so amended.

                       
“Trading Day” means:

                       
(1)        if the applicable security is listed or admitted for trading on The New York Stock
Exchange or another national security exchange, a day on which The New York Stock Exchange or such other national security exchange
is open for business;

                       
(2)        if the applicable security is quoted on the Nasdaq National Market, a day on which
trades may be made thereon; or

                       
(3)        if the applicable security is not so listed, admitted for trading or quoted, a day on
which the applicable security is traded regular way in the over-the-counter market and for which a closing bid and a closing asked
price for such security are available.

                       
“Trustee” means the party named as the “Trustee” in the first paragraph of this Indenture
until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such
successor.  The foregoing sentence shall likewise apply to any subsequent such successor or successors.

                                   
Other Definitions.

	
Term

		
Defined in

 Section

	
	

		

	
	
“Act”

	
..................................................

	
1.05(a

	
)

	
“Agent Members”

	
..................................................

	
2.12(f

	
)

	
“Bankruptcy Law”

	
..................................................

	
6.01

	
	
“Clearstream”

	
..................................................

	
2.01(a

	
)

	
“Company Repurchase Notice”

	
..................................................

	
3.09(d

	
)

	
“Company Repurchase Notice Date”

	
..................................................

	
3.09(d

	
)

	
“Conversion Agent”

	
..................................................

	
2.03

	
	
“Conversion Date”

	
..................................................

	
10.02(a

	
)

	
“Conversion Price”

	
..................................................

	
10.01(a

	
)

	
“Current Market Price”

	
..................................................

	
10.06(f)(i

	
)

	
“Custodian”

	
..................................................

	
6.01

	
	
“Defaulted Interest”

	
..................................................

	
12.02

	
	
“Depositary”

	
..................................................

	
2.01(a

	
)

	
“Designated Event Notice”

	
..................................................

	
3.15(a

	
)

	
“Designated Event Repurchase Date”

	
..................................................

	
3.14

	
	
“Designated Event Repurchase Exercise Notice”

	
..................................................

	
3.15(b

	
)

	
“Designated Event Repurchase Price”

	
..................................................

	
3.14

	
	
“Distribution”

	
..................................................

	
10.06(d

	
)

	
“DTC”

	
..................................................

	
2.01(a

	
)

	
“Euroclear”

	
..................................................

	
2.01(a

	
)

	
“Event of Default”

	
..................................................

	
6.01

	
	
“Exchange Act”

	
..................................................

	
3.09(c

	
)

	
“Expiration Time”

	
..................................................

	
10.06(e

	
)

	
“fair market value”

	
..................................................

	
10.06(f)(ii

	
)

	
“Legal Holiday”

	
..................................................

	
12.08

	
	
“Legend”

	
..................................................

	
2.06(f

	
)

	
“Notice of Default”

	
..................................................

	
6.01

	
	
“Paying Agent”

	
..................................................

	
2.03

	
	
“Purchased Shares”

	
..................................................

	
10.06(e)(i

	
)

	
“QIBs”

	
..................................................

	
2.01(a

	
)

	
“Record Date”

	
..................................................

	
10.06(f)(iii

	
)

	
“Registrar”

	
..................................................

	
2.03

	
	
“Repurchase Date”

	
..................................................

	
3.08

	
	
“Repurchase Notice”

	
..................................................

	
3.08(a

	
)

	
“Repurchase Price”

	
..................................................

	
3.08

	
	
“Rule 144A Information”

	
..................................................

	
4.06

	
	
“Securities Act”

	
..................................................

	
3.09(c

	
)

	
“Special Record Date”

	
..................................................

	
12.02

	
	
“Spinoff Valuation Period”

	
..................................................

	
10.06(d)(1

	
)

	
“Trigger Event”

	
..................................................

	
10.06(c

	
)

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

                       
“Commission” means the SEC.

                       
“indenture securities” means the Securities.

                       
“indenture security holder” means a Securityholder.

                       
“indenture to be qualified” means this Indenture.

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

                       
“obligor” on the indenture securities means the Company and the Guarantor.

                       
All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by
SEC rule have the meanings assigned to them by such definitions.

                                   
Rules of Construction.  Unless the context otherwise requires:

                                   
a defined term has the meaning assigned to it;

                                   
an accounting term not otherwise defined has the meaning assigned to it in accordance with United States generally accepted
accounting principles as in effect from time to time;

                                   
“or” is not exclusive;

                                   
“including” means including, without limitation; and

                                   
words in the singular include the plural, and words in the plural include the singular.

                                   
Acts of Holders.  1.  Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments (which may
take the form of an electronic writing or messaging or otherwise be in accordance with customary procedures of the Depositary or
the Trustee) of substantially similar tenor signed by such Holders in person or by their agent duly appointed in writing (which may
be in electronic form); and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, when it is hereby expressly required, to the Company or the Guarantor.  Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of Holders signing such instrument or instruments.  Proof of execution of any such instrument or of a
writing appointing any such agent (either of which may be in electronic form) shall be sufficient for any purpose of this Indenture
and conclusive in favor of the Trustee, the Company and the Guarantor, if made in the manner provided in this Section.

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

                       
The ownership of Securities shall be proved by the register maintained by the Registrar.

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

                       
If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act,
the Company may, at its option, by or pursuant to a resolution of the Board of Directors, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but
the Company shall have no obligation to do so.  If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at
the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of outstanding Securities have authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the outstanding Securities shall be computed as of such
record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture within six months after the record date.

THE SECURITIES

                                   
Form and Dating.  The Securities and the Trustee’s certificate of authentication shall be substantially in the
form of Exhibits A-1 and A-3, which are a part of this Indenture.  The Securities may have notations, legends or endorsements
required by law, stock exchange rule or usage (provided that any such notation, legend or endorsement required by usage is in a
form acceptable to the Company).  The Company shall provide any such notations, legends or endorsements to the Trustee in
writing.  Each Security shall be dated the date of its authentication.

                                   
Global Securities.  Securities offered and sold within the United States to “qualified institutional
buyers” as defined in Rule 144A (“QIBs”) in reliance on Rule shall be issued, initially in the form of one
or more Global Securities, which shall be deposited with the Trustee at its Corporate Trust Office, as custodian for the Depositary
and registered in the name of The Depository Trust Company (“DTC”) or the nominee thereof (such depositary, or
any successor thereto, and any such nominee being hereinafter referred to as the “Depositary”) for the accounts
of participants in DTC (and, in the case of Securities transferred subsequent to such initial issuance to Holders pursuant to
Regulation S, registered with the Depositary for the accounts of designated agents holding on behalf of the Euroclear S.A./N.V., as
operator of the Euroclear System (“Euroclear”) or Clearstream Banking, société anonyme
(“Clearstream”)),

duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate Principal Amount of the
Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the
Depositary as hereinafter provided.

                                   
Global Securities in General.  Except as provided in this Section 2.01, 2.06 or 2.12, owners of beneficial interests in
Global Securities will not be entitled to receive physical delivery of Certificated Securities.  Each Global Security shall
represent such of the outstanding Securities as shall be specified therein and each shall provide that it shall represent the
aggregate Principal Amount of outstanding Securities from time to time endorsed thereon and that the aggregate Principal Amount of
outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges,
repurchases, redemptions and conversions.

                       
Any adjustment of the aggregate Principal Amount of a Global Security to reflect the amount of any increase or decrease in the
Principal Amount of outstanding Securities represented thereby shall be made by the Trustee in accordance with instructions given
by the Holder thereof as required by Section 2.12 hereof and shall be made on the records of the Trustee and the Depositary.

                                   
Book-Entry Provisions.  This Section 2.01(c) shall apply only to Global Securities deposited with or on behalf of the
Depositary.

                       
The Company shall execute, the Guarantor shall execute an endorsement of the Guarantee on, and the Trustee shall, in accordance
with this Section 2.01(c), authenticate and deliver initially one or more Global Securities that (a) shall be registered in the
name of the Depositary, (b) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions
or held by the Trustee as custodian for such Depositary and (c) shall bear legends substantially to the following effect:

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

                       
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.

                       
THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.
PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S.
PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S ADOPTED UNDER THE SECURITIES ACT;
(2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THE SECURITY
EVIDENCED HEREBY OR THE COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY THEREOF;
(B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A ADOPTED UNDER THE SECURITIES ACT (IF AVAILABLE); (C) TO PERSONS
OTHER THAN U.S. PERSONS OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 ADOPTED UNDER THE SECURITIES ACT OR ANOTHER AVAILABLE EXEMPTION UNDER THE
SECURITIES ACT (IF AVAILABLE), OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT; AND (3) AGREES THAT
IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, FURNISH TO THE
TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED PURSUANT TO THE INDENTURE TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND
“U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.  IN ANY CASE, THE HOLDER
HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD TO THIS SECURITY OR ANY COMMON STOCK
ISSUABLE UPON CONVERSION OF SUCH SECURITY, EXCEPT AS PERMITTED BY THE SECURITIES ACT.

                                   
Certificated Securities.  Securities not issued as interests in the Global Securities will be issued in certificated
form substantially in the form of Exhibit A-3 attached hereto.

                                   
Execution and Authentication.  The Notes shall be executed on behalf of the Company by any Officer and the Guarantee
endorsed thereon on behalf of the Guarantor by an Officer.  The signature of the Officer of the Company on the Notes and of
the Guarantor on the endorsement of the Guarantee appearing on the Notes may be manual or facsimile.

                       
Securities bearing the manual or facsimile signatures of an individual who was at the time of the execution of the Securities the
proper Officer of the Company or the Guarantor, as the case may be, shall bind the Company and the Guarantor, notwithstanding that
such individual has ceased to hold such office prior to the authentication and delivery of such Securities or did not hold such
office at the date of authentication of such Securities.

                       
No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on
such Security a certificate of authentication substantially in the form provided for herein duly executed by the Trustee by manual
signature of an authorized signatory of the Trustee and such certificate upon any Security shall be conclusive evidence, and the
only evidence, that such Security has been duly authenticated and delivered hereunder.

                       
The Trustee shall authenticate and deliver Securities for original issue in an aggregate Principal Amount of up to $143,750,000
upon one or more Company Orders without any further action by the Company.  The aggregate Principal Amount of Securities
outstanding at any time may not exceed the amount set forth in the foregoing sentence, except as provided in Section 2.07.

                       
The Securities shall be issued only in registered form without coupons and only in denominations of $1,000 of Principal Amount and
any integral multiple thereof.

                                   
Registrar, Paying Agent and Conversion Agent.  The Company shall maintain an office or agency where Securities may be
presented for registration of transfer or for exchange (“Registrar”), an office or agency where Securities may
be presented for purchase or payment (“Paying Agent”) and an office or agency where Securities may be presented
for conversion (“Conversion Agent”).  The Registrar shall keep a register of the Securities and of their
transfer and exchange.  The Company may have one or more co-registrars, one or more additional paying agents and one or more
additional conversion agents.  The term Paying Agent includes any additional paying agent, including any named pursuant to
Section 4.05.  The term Conversion Agent includes any additional conversion agent, including any named pursuant to Section
4.05.

                       
The Company shall enter into an appropriate agency agreement with any Registrar or co-registrar, Paying Agent or Conversion Agent
(other than the Trustee).  The agreement shall implement the provisions of this Indenture that relate to such agent.  The
Company shall notify the Trustee of the name and address of any such agent.  If the Company fails to maintain a Registrar,
Paying Agent or Conversion Agent, the Trustee shall act as such.  The Company or any Subsidiary or an Affiliate of either of
them may act as Paying Agent, Registrar, Conversion Agent or co-registrar.

                       
The Company initially appoints the Trustee as Registrar, Conversion Agent and Paying Agent in connection with the Securities.

                                   
Paying Agent to Hold Money and Securities in Trust.  Except as otherwise provided herein, not later than 10:00 a.m.,
New York City time, on each due date of payments in respect of any Security, the Company shall deposit with the Paying Agent a sum
of money (in immediately available funds if deposited on the due date) or Common Stock sufficient to make such payments when so
becoming due.  The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent
shall hold in trust for the benefit of Securityholders or the Trustee all money and Common Stock held by the Paying Agent for the
making of payments in respect of the Securities and shall notify the Trustee of any default by the Company in making any such
payment.  At any time during the continuance of any such default, the Paying Agent shall, upon the written request of the
Trustee, forthwith pay to the Trustee all money and Common Stock so held in trust.  If the Company, a Subsidiary or an
Affiliate of either of them acts as Paying Agent, it shall segregate the money and Common Stock held by it as Paying Agent and hold
it as a separate trust fund.  The Company at any time may require a Paying Agent to pay all money and Common Stock held by it
to the Trustee and to account for any funds and Common Stock disbursed by it.  Upon doing so, the Paying Agent shall have no
further liability for the money or Common Stock.

                                   
Securityholder Lists.  The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders.  If the Trustee is not the Registrar, the Company shall
cause to be furnished to the Trustee at least semiannually on June 1 and December 1 a listing of Securityholders dated within 15
days of the date on which the list is furnished and at such other times as the Trustee may request in writing a list in such form
and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders.

                                   
Transfer and Exchange.  1.  Subject to Section 2.12 hereof, upon surrender for registration of transfer of any
Security, together with a written instrument of transfer satisfactory to the Registrar duly executed by the Securityholder or such
Securityholder’s attorney duly authorized in writing, at the office or agency of the Company designated as Registrar or
co-registrar pursuant to Section 2.03, the Company shall execute, the Guarantor shall execute an endorsement of the Guarantee on,
and the Trustee upon receipt of a Company Order shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Securities of any authorized denomination or denominations, of a like aggregate Principal
Amount.  The Company shall not charge a service charge for any registration of transfer or exchange, but the Company may
require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection
with the registration of transfer or exchange of the Securities from the Securityholder requesting such registration of transfer or
exchange.

                       
Subject to Section 2.12 hereof, at the option of the Holder, Securities may be exchanged for other Securities of any authorized
denomination or denominations, of a like aggregate Principal Amount, upon surrender of the Securities to be exchanged, together
with a written instrument of transfer satisfactory to the Registrar duly executed by the Securityholder or such
Securityholder’s attorney duly authorized in writing, at such office or agency.  Whenever any Securities are so
surrendered for exchange, the Company shall execute, the Guarantor shall execute an endorsement of the Guarantee on, and the
Trustee upon receipt of a Company Order shall authenticate and deliver, the Securities that the Holder making the exchange is
entitled to receive.

                       
The Company shall not be required to make, and the Registrar need not register, transfers or exchanges of Securities selected for
redemption (except, in the case of Securities to be redeemed in part, the portion thereof not to be redeemed) or any Securities in
respect of which a Repurchase Notice or Designated Event Notice has been given and not withdrawn by the Holder thereof in
accordance with the terms of this Indenture (except, in the case of Securities to be purchased in part, the portion thereof not to
be purchased) or any Securities for a period of 15 days before the mailing of a notice of redemption of Securities to be
redeemed.

                       
Notwithstanding any provision to the contrary herein, so long as a Global Security remains outstanding and is held by or on behalf
of the Depositary, transfers of a Global Security, in whole or in part, shall be made only in accordance with Section 2.12 and this
Section 2.06(b).  Transfers of a Global Security shall be limited to transfers of such Global Security in whole, or in part,
to nominees of the Depositary or to a successor of the Depositary or such successor’s nominee.

                       
Successive registrations and registrations of transfers and exchanges as aforesaid may be made from time to time as desired, and
each such registration shall be noted on the register for the Securities.

                       
Any Registrar appointed pursuant to Section 2.03 hereof shall provide to the Trustee such information as the Trustee may reasonably
require in connection with the delivery by such Registrar of Securities upon registration of transfer or exchange of
Securities.

                       
No Registrar shall be required to make registrations of transfer or exchange of Securities during any periods designated in the
text of the Securities or in this Indenture as periods during which such registration of transfers and exchanges need not be
made.

                       
If Securities are issued upon the registration of transfer, exchange or replacement of Securities subject to restrictions on
transfer and bearing the legends set forth on the form of Security attached hereto as Exhibits A-1 and A-3 setting forth such
restrictions (collectively, the “Legend”), or if a request is made to remove the Legend on a Security, the
Securities so issued shall bear the Legend, or the Legend shall not be removed, as the case may be, unless there is delivered to
the Company and the Registrar such satisfactory evidence, which shall include an

  Opinion of Counsel, as may be reasonably required by the Company and the Registrar, that neither the Legend nor the
restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or
Rule 144 or that such Securities are not “restricted” within the meaning of Rule 144.  Upon (i) provision
of such satisfactory evidence or (ii) notification by the Company to the Trustee and Registrar of the sale of such Security
pursuant to a registration statement that is effective at the time of such sale, the Trustee, upon receipt of a Company Order,
shall authenticate and deliver a Security that does not bear the Legend.  If the Legend is removed from the face of a Security
and the Security is subsequently held by an Affiliate of the Company, the Company shall use its reasonable best efforts to
reinstate the Legend.

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

                                   
Replacement Securities.  If any mutilated Security is surrendered to the Trustee or if the Holder of a Security claims
and submits an affidavit or other evidence, satisfactory to the Trustee and the Company, to the effect that the Security has been
lost, destroyed or wrongfully taken, the Company shall issue and the Trustee, upon receipt of the authentication order of the
Company in the form of an Officers' Certificate, shall authenticate a replacement Security if the Trustee's requirements are met.
If required by the Trustee or the Company, such Holder must provide an indemnity bond or other indemnity, sufficient in the
judgment of both the Company and the Trustee, to protect the Company, the Trustee or any Agent from any loss which any of them may
suffer if a Security is replaced.  The Company and the Trustee may charge such Holder for their expenses in replacing a
Security.

                       
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its
discretion, but subject to any conversion rights, may, instead of issuing a new Security, pay such Security, upon satisfaction of
the conditions set forth in the preceding paragraph.

                       
Every new Security issued pursuant to this Section 2.07 in lieu of any mutilated, destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and such new Security shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities duly issued hereunder.

                       
The provisions of this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies of any
Holder with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

                                   
Outstanding Securities; Determinations of Holders’ Action.  Securities outstanding at any time are all the
Securities authenticated by the Trustee, except for those cancelled by it, those paid pursuant to Section 2.10 and delivered to it
for cancellation and those described in this Section 2.08 as not outstanding.  A Security does not cease to be outstanding
because the Company or an Affiliate thereof holds the Security; provided, however, that in determining whether the
Holders of the requisite Principal Amount of Securities have given or concurred in any request, demand, authorization, direction,
notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of
the Company or such other obligor shall be disregarded and deemed not to be outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.  Subject to the
foregoing, only Securities outstanding at the time of such determination shall be considered in any such determination (including
determinations pursuant to Articles VI and IX).

                       
If a Security is replaced or paid pursuant to Section 2.07 (other than a mutilated Security surrendered for replacement), the
replaced or paid Security ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced or paid
Security is held by a bona fide purchaser.  A mutilated Security ceases to be outstanding upon surrender of such Security and
replacement thereof pursuant to Section 2.07.

                       
If the Paying Agent holds, in accordance with this Indenture, on a Redemption Date, or on the Business Day following the Repurchase
Date or a Designated Event Repurchase Date, or on Stated Maturity, money or securities, if permitted hereunder, sufficient to pay
Securities payable on that date, then immediately after such Redemption Date, Repurchase Date, Designated Event Repurchase Date or
Stated Maturity, as the case may be, such Securities shall cease to be outstanding and interest (if any) on such Securities shall
cease to accrue; provided, that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to
this Indenture.

                       
If a Security is converted in accordance with Article X, then from and after the time of conversion on the Conversion Date, such
Security shall cease to be outstanding and interest (if any) shall cease to accrue on such Security.

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

                       
If temporary Securities are issued, the Company will cause definitive Securities to be prepared without unreasonable delay. 
After the preparation of definitive Securities, the temporary Securities shall be exchangeable for definitive Securities upon
surrender of the

  temporary Securities at the office or agency of the Company designated for such purpose pursuant to Section 2.03, without
charge to the Holder.  Upon surrender for cancellation of any one or more temporary Securities the Company shall execute, the
Guarantor shall execute an endorsement of the Guarantee on, and, upon Company Order, the Trustee shall authenticate and deliver in
exchange therefor a like Principal Amount of definitive Securities of authorized denominations.  Until so exchanged the
temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities.

                                   
Cancellation.  All Securities surrendered for payment, purchase by the Company pursuant to Article III, conversion,
redemption or registration of transfer or exchange shall, if surrendered to any person other than the Trustee, be delivered to the
Trustee and shall be promptly cancelled by it.  The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all
Securities so delivered shall be promptly cancelled by the Trustee.  The Company may not issue new Securities to replace
Securities it has paid or delivered to the Trustee for cancellation or that any Holder has converted pursuant to Article X. 
No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as
expressly permitted by this Indenture.  All cancelled Securities held by the Trustee shall be disposed of by the Trustee.

                                   
Persons Deemed Owners.  Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such
Security for the purpose of receiving payment of principal of the Security or the payment of any Redemption Price, Repurchase Price
or Designated Event Repurchase Price in respect thereof or interest thereon, for the purpose of conversion and for all other
purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or
the Trustee shall be affected by notice to the contrary.

                                   
Global Securities.  1.  Notwithstanding any other provisions of this Indenture or the Securities, (A) transfers of
a Global Security, in whole or in part, shall be made only in accordance with Section 2.06 and Section 2.12(b)(i) below, (B)
transfer of a beneficial interest in a Global Security for a Certificated Security shall comply with Section 2.06 and Section
2.12(b)(i) below, and (C) transfers of a Certificated Security shall comply with Section 2.06 and Section 2.12(b)(ii) and transfer
of a Certificated Security for a beneficial interest in a Global Security shall comply with Section 2.06 and Section 2.12(b)(iii)
below.

                                   
Transfer of Global Security.  A Global Security may not be transferred, in whole or in part, to any Person other than
the Depositary or a nominee or any successor thereof, and no such transfer to any such other Person may be registered; provided
that this Section 2.12(b) shall not prohibit any transfer of a Security that is issued in exchange for a Global Security but is not
itself a Global Security.  No transfer of a Security to any Person shall be effective under this Indenture or the Securities
unless and until such Security has been registered in the name of such Person.  Nothing in this Section 2.12(b) shall prohibit
or render ineffective any transfer of a beneficial interest in a Global Security effected in accordance with the other provisions
of this Section 2.12(b).

                                   
Restrictions on Transfer of a Beneficial Interest in a Global Security for a Certificated Security.  A beneficial
interest in a Global Security may not be exchanged for a Certificated Security except upon satisfaction of the requirements set
forth below.  Upon receipt by the Trustee of a request for transfer of a beneficial interest in a Global Security in
accordance with Applicable Procedures for a Certificated Security in the form satisfactory to the Trustee, together with:

                                   
so long as the Securities are Restricted Securities, certification, in the form set forth in Exhibit B;

                                   
written instructions to the Trustee to make, or direct the Registrar to make, an adjustment on its books and records with respect
to such Global Security to reflect a decrease in the aggregate Principal Amount of the Securities represented by the Global
Security, such instructions to contain information regarding the Depositary account to be credited with such decrease; and

                                   
if the Company or Registrar so requests, an Opinion of Counsel or other evidence reasonably satisfactory to them as to the
compliance with the restrictions set forth in the Legend,

then the Trustee shall cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures
existing between the Depositary and the Registrar, the aggregate Principal Amount of Securities represented by the Global Security
to be decreased by the aggregate Principal Amount of the Certificated Security to be issued, shall authenticate and deliver such
Certificated Security and shall debit or cause to be debited to the account of the Person specified in such instructions a
beneficial interest in the Global Security equal to the Principal Amount of the Certificated Security so issued.

                                   
Transfer and Exchange of Certificated Securities.  When Certificated Securities are presented to the Registrar with a
request:

                                   
(x)        to register the transfer of such Certificated Securities; or

                                   
(y)        to exchange such Certificated Securities for an equal Principal Amount of
Certificated Securities of other authorized denominations,

the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction
are met; provided, however, that the Certificated Securities surrendered for registration of transfer or exchange:

                                   
shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the
Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and

                                   
so long as such Securities are Restricted Securities, such Securities are being transferred or exchanged pursuant to an effective
registration statement under the Securities Act or, if being transferred pursuant to clause (1), (2) or (3) below, are accompanied
by the additional information and documents specified in each clause, as applicable:

                                   
if such Certificated Securities are being delivered to the Registrar by a Holder for registration in the name of such Holder,
without transfer, a certification from such Holder to that effect; or

                                   
if such Certificated Securities are being transferred to the Company, a certification to that effect; or

                                   
if such Certificated Securities are being transferred pursuant to an exemption from registration (i) a certification to that effect
(in the form set forth in Exhibit B, if applicable) and (ii) if the Company or Registrar so requests, an opinion of counsel or
other evidence reasonably satisfactory to them as to the compliance with the restrictions set forth in the Legend.

                       
Restrictions on Transfer of a Certificated Security for a Beneficial Interest in a Global Security.  A Certificated
Security may not be exchanged for a beneficial interest in a Global Security except upon satisfaction of the requirements set forth
below.

                       
Upon receipt by the Trustee of a Certificated Security, duly endorsed or accompanied by appropriate instruments of transfer, in
form satisfactory to the Trustee, together with:

                       
so long as the Securities are Restricted Securities, certification, in the form set forth in Exhibit B, that such Certificated
Security is being transferred in accordance with Rule 144A, Regulation S or Rule 144; and

                       
written instructions directing the Trustee to make, or to direct the Registrar to make, an adjustment on its books and records with
respect to such Global Security to reflect an increase in the aggregate Principal Amount of the Securities represented by the
Global Security, such instructions to contain information regarding the Depositary account to be credited with such increase,

then the Trustee shall cancel such Certificated Security and cause, or direct the Registrar to cause, in accordance with the
standing instructions and procedures existing between the Depositary and the Registrar, the aggregate Principal Amount of
Securities represented by the Global Security to be increased by the aggregate Principal Amount of the Certificated Security to be
exchanged, and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Global Security equal to the Principal Amount of the Certificated Security so cancelled.  If no Global
Securities are then outstanding, the Company shall issue and the Trustee, upon receipt of a Company Order, shall authenticate a new
Global Security in the appropriate Principal Amount.

                                   
Subject to the succeeding paragraph, every Security shall be subject to the restrictions on transfer provided in the Legend
including the requirement of the delivery of an Opinion of Counsel, if so provided.  Whenever any Restricted Security is
presented or surrendered for registration of transfer or for exchange for a Security registered in a name other than that of the
Holder, such Security must be accompanied by a certificate in substantially the form set forth in Exhibit B, dated the date of such
surrender and signed by the Holder of such Security, as to compliance with such restrictions on transfer.  The Registrar shall
not be required to accept for such registration of transfer or exchange any Security not so accompanied by a properly completed
certificate.

                                   
The restrictions imposed by the Legend upon the transferability of any Security shall cease and terminate when such Security has
been sold pursuant to an effective registration statement under the Securities Act or transferred in compliance with Rule 144 or,
if earlier, upon the expiration of the holding period applicable to sales thereof under paragraph (k) of Rule 144.  Any
Security as to which such restrictions on transfer shall have expired in accordance with their terms or shall have terminated may,
upon a surrender of such Security for exchange to the Registrar in accordance with the provisions of this Section 2.12
(accompanied, in the event that such restrictions on transfer have terminated by reason of a transfer in compliance with Rule 144,
by an opinion of counsel having substantial experience in practice under the Securities Act and otherwise reasonably acceptable to
the Company, addressed to the Company, the Trustee and the Registrar and in form acceptable to the Company, to the effect that the
transfer of such Security has been made in compliance with Rule 144), be exchanged for a new Security, of like tenor and aggregate
Principal Amount, which shall not bear the restrictive Legend.  The Company shall inform the Trustee of the effective date of
any registration statement registering the Securities under the Securities Act.  The Trustee and the Registrar shall not be
liable for any action taken or omitted to be taken by it in good faith in accordance with the aforementioned opinion of counsel or
registration statement.

                                   
As used in the preceding two paragraphs of this Section 2.12, the term “transfer” encompasses any sale, pledge,
transfer, hypothecation or other disposition of any Security.

                                   
The provisions of clauses (1), (2), (3), (4) and (5) below shall apply only to Global Securities:

                                   
Notwithstanding any other provisions of this Indenture or the Securities, except as provided in Section 2.12(b)(i), a Global
Security shall not be exchanged in whole or in part for a Security registered in the name of any Person other than the Depositary
or one or more nominees thereof, provided that a Global Security may be exchanged for Securities registered in the names of any
person designated by the Depositary in the event that (i) the Depositary has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or such Depositary has ceased to be a “clearing agency”
registered under the Exchange Act, and a successor Depositary is not appointed by the Company within 90 days or (ii) the Company
elects to discontinue use of the system of book-entry transfer through DTC (or any successor depositary).  Any Global Security
exchanged pursuant to clause

(i) of this sub-section shall be so exchanged in whole and not in part, and any Global Security exchanged pursuant to clause
(ii) of this sub-section may be exchanged in whole or from time to time in part as directed by the Depositary.  Any Security
issued in exchange for a Global Security or any portion thereof shall be a Global Security; provided that any such Security so
issued that is registered in the name of a person other than the Depositary or a nominee thereof shall not be a Global
Security.

                                   
Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered form,
without interest coupons, shall have an aggregate Principal Amount equal to that of such Global Security or portion thereof to be
so exchanged, shall be registered in such names and be in such authorized denominations as the Depositary shall designate and shall
bear the applicable legends provided for herein.  Any Global Security to be exchanged in whole shall be surrendered by the
Depositary to the Trustee, as Registrar.  With regard to any Global Security to be exchanged in part, either such Global
Security shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with
respect to such Global Security, the Principal Amount thereof shall be reduced, by an amount equal to the portion thereof to be so
exchanged, by means of an appropriate adjustment made on the records of the Trustee.  Upon any such surrender or adjustment,
the Trustee shall authenticate and deliver the Security issuable on such exchange to or upon the order of the Depositary or an
authorized representative thereof.

                                   
Subject to the provisions of clause (5) below, the registered Holder may grant proxies and otherwise authorize any Person,
including Agent Members (as defined below) and persons that may hold interests through Agent Members, to take any action which a
holder is entitled to take under this Indenture or the Securities.

                                   
In the event of the occurrence of any of the events specified in clause (1) above, the Company will promptly make available to the
Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons.

                                   
Neither any members of, or participants in, the Depositary (collectively, the “Agent Members”) nor any other
Persons on whose behalf Agent Members may act shall have any rights under this Indenture with respect to any Global Security
registered in the name of the Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such
nominee, as the case may be, may be treated by the Company, the Guarantor, the Trustee and any agent of the Company or the Trustee
as the absolute owner and holder of such Global Security for all purposes whatsoever.  Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between
the Depositary, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of customary
practices of such Persons governing the exercise of the rights of a holder of any Security.

The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use
of Euroclear” and the “Management Regulations and Instructions to Participants” of Clearstream shall be
applicable to interests in any Global Securities that are held by participants through Euroclear or Clearstream.

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

REDEMPTION AND REPURCHASES

                                   
Right to Redeem; Notices to Trustee.  The Company, at its option, may redeem the Securities in accordance with the
provisions of paragraphs 5 and 7 of the Securities.  Prior to August 4, 2008, the Company cannot redeem the Securities. 
Beginning on August 4, 2008, the Company may redeem the Securities for cash in whole at any time, or in part from time to
time.  If the Company elects to redeem Securities pursuant to paragraph 5 of the Securities, it shall notify the Trustee in
writing of the Redemption Date, the Principal Amount of Securities to be redeemed, the Redemption Price and the amount of accrued
and unpaid interest, if any, payable on the Redemption Date.

                       
The Company shall give the notice to the Trustee provided for in this Section 3.01 by a Company Order, at least 45 days before the
Redemption Date (unless a shorter notice shall be satisfactory to the Trustee).  If fewer than all the Securities are to be
redeemed, the record date relating to such redemption shall be selected by the Company and given to the Trustee, which record date
shall not be less than ten days after the date of notice to the Trustee.

                                   
Selection of Securities to Be Redeemed.  If less than all the Securities are to be redeemed, the Trustee shall select
the Securities to be redeemed pro rata or by lot or by any other method the Trustee considers fair and appropriate (so long as such
method is not prohibited by the rules of any stock exchange on which the Securities are then listed).  The Trustee shall make
the selection at least 30 days but not more than 60 days before the Redemption Date from outstanding Securities not previously
called for redemption.

                       
Securities and any portions thereof that the Trustee selects shall be in Principal Amounts of $1,000 or an integral multiple of
$1,000.  Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities
called for redemption.  The Trustee shall notify the Company promptly of the Securities or portions of Securities to be
redeemed.

                       
If any Security selected for partial redemption is converted in part before termination of the conversion right with respect to the
portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion
selected for redemption.  Securities which have been converted during a selection of Securities to be redeemed may be treated
by the Trustee as outstanding for the purpose of such selection.

                                   
Notice of Redemption.  At least 30 days but not more than 60 days before a Redemption Date, the Company shall mail a
notice of redemption by first-class mail, postage prepaid, to each Holder of Securities to be redeemed.

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

                                   
the Redemption Date;

                                   
the Redemption Price and accrued and unpaid interest, if any, payable on the Redemption Date;

                                   
the Conversion Price;

                                   
the name and address of the Paying Agent and Conversion Agent;

                                   
that Securities called for redemption may be converted at any time before the close of business on the Business Day immediately
preceding the Redemption Date, even if not otherwise convertible at such time;

                                   
that Holders who want to convert Securities must satisfy the requirements set forth in paragraph 8 of the Securities;

                                   
that Securities called for redemption must be surrendered to the Paying Agent to collect the Redemption Price and accrued and
unpaid interest, if any;

                                   
if fewer than all the outstanding Securities are to be redeemed, the certificate number and Principal Amounts of the particular
Securities to be redeemed;

                                   
that, unless the Company defaults in making payment of such Redemption Price and any interest which is due and payable interest (if
any) will cease to accrue on and after the Redemption Date;

                                   
the CUSIP number of the Securities; and

                                   
any other information the Company wants to present.

                       
At the Company’s request, the Trustee shall give the notice of redemption to Holders in the Company’s name and at the
Company’s expense, provided that the Company makes such request at least five Business Days (unless a shorter period shall be
satisfactory to the Trustee) prior to the date such notice of redemption must be mailed.

                                   
Effect of Notice of Redemption.  Once notice of redemption is given, Securities called for redemption become due and
payable on the Redemption Date and at the Redemption Price (together with accrued and unpaid interest, if any, to but not including
the date of redemption) stated in the notice except for Securities which are converted in accordance with the terms of this
Indenture.  Upon surrender to the Paying Agent, such Securities shall be paid at the Redemption Price (together with accrued
and unpaid interest, if any, to but not including the date of redemption) stated in the notice.

                                   
Deposit of Redemption Price.  Prior to 10:00 a.m. (New York City time), on any Redemption Date, the Company shall
deposit with the Paying Agent (or if the Company or a Subsidiary or an Affiliate of either of them is the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the Redemption Price of, and any accrued and unpaid interest to but not
including the date of redemption with respect to, all Securities to be redeemed on that date other than Securities or portions of
Securities called for redemption which on or prior thereto have been delivered by the Company to the Trustee for cancellation or
have been converted.  The Paying Agent shall as promptly as practicable return to the Company any money not required for that
purpose because of conversion of Securities pursuant to Article X.  If such money is then held by the Company in trust and is
not required for such purpose it shall be discharged from such trust.

                                   
Securities Redeemed in Part.  Upon surrender of a Security that is redeemed in part, the Company shall execute, the
Guarantor shall execute an endorsement of the Guarantee on, and the Trustee shall authenticate and deliver to the Holder a new
Security in an authorized denomination equal in Principal Amount to the unredeemed portion of the Security surrendered.

                                   
Conversion Arrangement on Call for Redemption on Specified Dates.  In connection with any redemption of Securities, the
Company may arrange for the purchase and conversion of any Securities called for redemption by an agreement with one or more
investment banks or other purchasers to purchase such Securities by paying to the Trustee in trust for the Securityholders, on or
prior to 10:00 a.m. New York City time on the Redemption Date, an amount that, together with any amounts deposited with the Trustee
by the Company for the redemption of such Securities, is not less than the Redemption Price of, and any accrued and unpaid interest
with respect to, such Securities.  Notwithstanding anything to the contrary contained in this Article III, the obligation of
the Company to pay the Redemption Price of such Securities shall be deemed to be satisfied and discharged to the extent such amount
is so paid by such purchasers.  If such an agreement is entered into, any Securities not duly surrendered for conversion by
the Holders thereof may, at the option of the Company, be deemed, to the fullest extent permitted by law, acquired by such
purchasers from such Holders and (notwithstanding anything to the contrary contained in Article X) surrendered by such purchasers
for conversion, all as of immediately prior to the close of business on the second Business Day prior to the Redemption Date,
subject to payment of the above amount as aforesaid. 

The Trustee shall hold and pay to the Holders whose Securities are selected for redemption any such amount paid to it for
purchase and conversion in the same manner as it would moneys deposited with it by the Company for the redemption of
Securities.  Without the Trustee’s prior written consent, no arrangement between the Company and such purchasers for the
purchase and conversion of any Securities shall increase or otherwise affect any of the powers, duties, responsibilities or
obligations of the Trustee as set forth in this Indenture, and the Company agrees to indemnify the Trustee from, and hold it
harmless against, any loss, liability or expense arising out of or in connection with any such arrangement for the purchase and
conversion of any Securities between the Company and such purchasers, including the costs and expenses incurred by the Trustee in
the defense of any claim or liability arising out of or in connection with the exercise or performance of any of its powers,
duties, responsibilities or obligations under this Indenture.

                                   
Repurchase of Securities at Option of the Holder on Specified Dates.  Securities shall be purchased by the Company
pursuant to the terms of the Securities at the option of the Holder on August 1, 2008, August 1, 2013 and August 1, 2018 (each, a
“Repurchase Date”), at a purchase price of 100% of the Principal Amount plus any accrued and unpaid interest
(the “Repurchase Price”), in each case, to, but excluding, such Repurchase Date, subject to the provisions of
Section 3.09.  Repurchases of Securities under this Section 3.08 shall be made, at the option of the Holder thereof, upon:

                                   
delivery to the Paying Agent by a Holder of a written notice (a “Repurchase Notice”) during the period beginning
at any time from the opening of business on the date that is 20 Business Days prior to the applicable relevant Repurchase Date
until the close of business on the third Business Day prior to such Repurchase Date stating:

                                   
the certificate numbers of the Securities, or the appropriate Depository information if the Security is represented by a Global
Security, which the Holder will deliver to be purchased,

                                   
the portion of the Principal Amount of the Securities which the Holder will deliver to be purchased, which portion must be a
Principal Amount of $1,000 or an integral multiple thereof,

                                   
that such Security shall be purchased as of the Repurchase Date pursuant to the terms and conditions specified in paragraph 6 of
the Securities and in this Indenture, and

                                   
in the event the Company elects, pursuant to Section 3.09, to pay the Repurchase Price to be paid as of such Repurchase Date, in
whole or in part, in shares of Common Stock but such portion of the Repurchase Price shall ultimately be payable to such Holder
entirely in cash because any of the conditions to payment of the Repurchase Price in Common Stock is not satisfied prior to the
close of business on such Repurchase Date, as set forth in Section 3.09(c), whether such Holder elects (i) to withdraw such
Repurchase Notice as to some or all of the Securities to which such Repurchase Notice relates (stating the Principal Amount and
certificate numbers of the Securities as to which such withdrawal shall relate),

or (ii) to receive cash in respect of the entire Repurchase Price for all Securities (or portions thereof) to which such
Repurchase Notice relates; and

                                   
delivery or book-entry transfer of the Securities to the Paying Agent at any time after delivery of the applicable Repurchase
Notice (together with all necessary endorsements) at the office of the Paying Agent, such delivery being a condition to receipt by
the Holder of the Repurchase Price therefor; provided that such Repurchase Price shall be so paid pursuant to this Section
3.08 only if the Security so delivered to Paying Agent shall conform in all respects to the description thereof in the related
Repurchase Notice.

                       
If the Company has elected to pay the Repurchase Price in whole or in part in shares of Common Stock, but is unable to deliver the
shares of Common Stock, a Holder, in such Holder’s Repurchase Notice and in any written notice of withdrawal delivered by
such Holder pursuant to the terms of Section 3.10, may elect to withdraw the Repurchase Notice or to receive cash.  If a
Holder fails to indicate in its Repurchase Notice its election to receive cash or Common Stock, the Holder shall be deemed to have
elected to receive cash in respect of the entire Repurchase Price for all Securities subject to such Repurchase Notice.

                       
The Company shall purchase from the Holder thereof, pursuant to this Section 3.08, a portion of a Security, if the Principal Amount
of such portion is $1,000 or an integral multiple of $1,000.  Provisions of this Indenture that apply to the purchase of all
of a Security also apply to the purchase of such portion of such Security.

                       
Any purchase by the Company contemplated pursuant to the provisions of this Section shall be consummated by the delivery of the
consideration to be received by the Holder promptly following the later of the Repurchase Date and the time of the book-entry
transfer or delivery of the Security.

                       
Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Repurchase Notice contemplated by
this Section 3.08 shall have the right to withdraw such Repurchase Notice at any time prior to the close of business on the
Business Day immediately preceding the Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in
accordance with Section 3.10.

                       
The Paying Agent shall promptly notify the Company of the receipt by it of any Repurchase Notice or written notice of withdrawal
thereof.

                                   
Company’s Right to Elect Manner of Payment of Repurchase Price.  (a)  The Securities to be repurchased on
any Repurchase Date pursuant to Section 3.08 may be paid for, in whole or in part, at the election of the Company, in cash or
Common Stock or any combination of cash and Common Stock, subject to the conditions set forth in Sections 3.09(c) and (d). 
The Company shall designate, in the Company Repurchase Notice delivered pursuant to Section 3.09(d), whether the Company will
repurchase the Securities for cash or shares of Common Stock, or, if a combination thereof, the percentages of the Repurchase Price
of Securities in respect of which it will pay in cash or shares of Common Stock; provided that the Company will pay cash for
fractional interests in shares of Common Stock. 

For purposes of determining the existence of potential fractional interests, all Securities subject to repurchase by the Company
held by a Holder shall be considered together (no matter how many separate certificates are to be presented).  Each Holder
whose Securities are repurchased pursuant to Section 3.08 shall receive the same percentage of cash or shares of Common Stock in
payment of the Repurchase Price for such Securities, except with regard to the payment of cash in lieu of fractional shares of
Common Stock.  The Company may not change its election with respect to the consideration (or components or percentages of
components thereof) to be paid once the Company has given its Company Repurchase Notice to Holders except pursuant to Section
3.09(c) in the event of a failure to satisfy, prior to the close of business on the Business Day immediately preceding the
Repurchase Date, any condition to the payment of the Repurchase Price, in whole or in part, in shares of Common Stock.

                       
At least three Business Days before each Company Repurchase Notice Date, the Company shall deliver an Officer’s Certificate
to the Trustee specifying:

                                   
the manner of payment selected by the Company,

                                   
the information required by Section 3.09(d) in the Company Repurchase Notice,

                                   
if the Company elects to pay the Repurchase Price, or a specified percentage thereof, in shares of Common Stock, that the
conditions to such manner of payment set forth in Section 3.09(c) have been or will be complied with, and

                                   
whether the Company desires the Trustee to give the Company Repurchase Notice required by Section 3.09(d).

                                   
At the option of the Company, the Repurchase Price of Securities in respect of which a Repurchase Notice pursuant to Section 3.08
has been given, or a specified percentage thereof, may be paid by the Company with cash.

                                   
At the option of the Company, the Repurchase Price of Securities in respect of which a Repurchase Notice pursuant to Section 3.08
has been given, or a specified percentage thereof, may be paid by the Company by the issuance of a number of shares of Common Stock
equal to the quotient obtained by dividing (i) the portion of the Repurchase Price to be paid in shares of Common Stock by (ii)
97.5% of the average of the Closing Sale Price of the shares of Common Stock for the five consecutive Trading Days immediately
preceding but ending on the third Business Day prior to the applicable Repurchase Date, appropriately adjusted to take into account
the occurrence, during the period commencing on the first of the Trading Days during such five Trading Day period and ending on the
Repurchase Date, of any event described in Section 10.09, subject to the next succeeding paragraph.

                       
The Company will not issue fractional shares of Common Stock in payment of the Repurchase Price.  Instead, the Company will
pay cash based on the Closing Sale Price as of the applicable Repurchase Date for all fractional shares.  It is understood
that if a Holder elects to have more than one Security purchased, the number of shares of Common Stock shall be based on the
aggregate Principal Amount of Securities to be purchased.

                       
The Company’s right to exercise its election to purchase Securities through the issuance of shares of Common Stock shall be
conditioned upon:

                                   
the Company’s giving a timely Company Repurchase Notice containing an election to purchase all or a specified percentage of
the Securities with shares of Common Stock as provided herein;

                                   
the registration of such shares of Common Stock under the Securities Act of 1933, as amended (the “Securities
Act”), and Securities Exchange Act of 1934, as amended (the “Exchange Act”), if required;

                                   
the listing of such shares of Common Stock on a United States national securities exchange or the quotation of such shares of
Common Stock in an inter-dealer quotation system of any registered United States national securities association, in each case, if
the Common Stock is then listed on a national securities exchange or quoted in an inter-dealer quotation system;

                                   
any necessary qualification or registration of such shares of Common Stock under applicable state securities laws or the
availability of an exemption from such qualification and registration; and

                                   
the receipt by the Trustee of an (A) Officer’s Certificate stating that the terms of the issuance of the shares of Common
Stock are in conformity with this Indenture, (B) an Opinion of Counsel to the effect that the shares of Common Stock to be issued
by the Company in payment of the Repurchase Price in respect of the Securities have been duly authorized and, when issued and
delivered pursuant to the terms of this Indenture in payment of the Repurchase Price in respect of the Securities, will be validly
issued, fully paid and non assessable and, to the best of such counsel’s knowledge, free from preemptive rights under
applicable state law or known material contracts and (C) an Officer’s Certificate, stating that the conditions to the
issuance of the shares of Common Stock have been satisfied.

                       
Such Officer’s Certificate shall also set forth the number of shares of Common Stock to be issued for each $1,000 Principal
Amount of Securities and the Closing Price of a share of Common Stock on each Trading Day during the period commencing on the fifth
Trading Day immediately preceding but ending on the third Business Day prior to the applicable Repurchase Date.  If the
foregoing conditions are not satisfied prior to the close of business on the last day prior to the Repurchase Date and the Company
has elected to repurchase the Securities through the issuance of shares of Common Stock, the Company shall pay the entire
Repurchase Price of the Securities in cash.

                       
Promptly after determination of the actual number of shares of Common Stock to be issued upon repurchase of Securities, the Company
shall be required to disseminate a press release through Dow Jones & Company, Inc. or Bloomberg Business News containing this
information or publish the information on the Company’s website or through such other public medium as the Company may use at
that time.

                                   
In connection with any repurchase of Securities, the Company shall, more than 20 Business Days prior to each Repurchase Date (the
“Company Repurchase Notice Date”), give notice to Holders (with a copy to the Trustee) setting forth information
specified in this Section 3.09(d) (the “Company Repurchase Notice”).

                       
Each Company Repurchase Notice shall:

                                   
state the Repurchase Price and the Repurchase Date to which the Company Repurchase Notice relates;

                                   
state whether the Repurchase Price will be paid in cash, shares of Common Stock or a combination thereof, specifying the percentage
of each;

                                   
if shares of Common Stock will be used to pay all or part of the Repurchase Price, state:

                       
(a)        the method for valuing the shares of Common Stock to be delivered in connection with
the repurchase; and

                                   
that Holders of the Securities will bear the market risk with respect to the value of the shares of Common Stock to be delivered
from the date the number of shares is determined;

                                   
include a form of Repurchase Notice;

                                   
the Conversion Price;

                                   
state the name and address of the Conversion Agent;

                                   
state that Securities must be surrendered to the Paying Agent to collect the Repurchase Price;

                                   
if the Securities are then convertible, state that Securities as to which a Repurchase Notice has been given may be converted only
if the Repurchase Notice is withdrawn in accordance with the terms of this Indenture; and

                                   
state the CUSIP number of the Securities.

Company Repurchase Notices may be given by the Company or, at the Company’s request, the Trustee shall give such Company
Repurchase Notice in the Company’s name and at the Company’s expense.

                                   
All shares of Common Stock delivered upon repurchase of the Securities shall be newly issued shares or treasury shares, shall be
duly authorized, validly issued, fully paid and nonassessable and shall be free from preemptive rights and free of any lien or
adverse claim created by the Company.

                                   
If a Holder of a repurchased Security is paid in shares of Common Stock, the Company shall pay any documentary, stamp or similar
issue or transfer tax due on such issue of Common Stock.  However, the Holder shall pay any such tax which is due because the
Holder requests the Common Stock to be issued in a name other than the Holder’s name.  The Paying Agent may refuse to
deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until
the Paying Agent receives a sum sufficient to pay any tax which will be due because the shares of Common Stock are to be issued in
a name other than the Holder’s name.  Nothing herein shall preclude any income tax withholding required by law or
regulations.

                                   
The Company will comply with the provisions of Rule 13e-4 and any other tender offer rules under the Exchange Act to the extent
then applicable in connection with the repurchase rights of the Holders of Securities.

                                   
Effect of Repurchase Notice.  Upon receipt by the Paying Agent of the Repurchase Notice specified in Section 3.08, the
Holder of the Security in respect of which such Repurchase Notice was given shall (unless such Repurchase Notice is validly
withdrawn) thereafter be entitled to receive solely the Repurchase Price with respect to such Security.  Such Repurchase Price
shall be paid to such Holder, subject to receipt of funds and/or Securities by the Paying Agent, promptly following the later of
(x) the Repurchase Date with respect to such Note (provided the Holder has satisfied the conditions in Section 3.08) and (y) the
time of delivery of such Security to the Paying Agent by the Holder thereof in the manner required by Section 3.08. 
Securities in respect of which a Repurchase Notice has been given by the Holder thereof may not be converted pursuant to Article X
hereof on or after the date of the delivery of such Repurchase Notice unless such Repurchase Notice has first been validly
withdrawn.

                       
A Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the office of the Paying Agent at any
time prior to the close of business on the Business Day immediately preceding the Repurchase Date, specifying:

                                   
the certificate number, if any, of the Security in respect of which such notice of withdrawal is being submitted, or the
appropriate Depositary information if the Security in respect of which such notice of withdrawal is being submitted is represented
by a Global Security,

                                   
the Principal Amount of the Security with respect to which such notice of withdrawal is being submitted, and

                                   
the Principal Amount, if any, of such Security which remains subject to the original Repurchase Notice and which has been or will
be delivered for purchase by the Company.

                       
A written notice of withdrawal of a Repurchase Notice may be in the form set forth in the preceding paragraph or may be in the form
of a conditional withdrawal contained in a Repurchase Notice pursuant to the terms of Section 3.08(a)(D).

                                   
Deposit of Repurchase Price.  Prior to 10:00 a.m. (New York City Time) on the Business Day following the Repurchase
Date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of either of them is
acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.04) an amount of cash (in immediately
available funds if deposited on such Business Day) or Common Stock, if permitted hereunder, or a combination of both cash and
Common Stock, if permitted hereunder and the Company so elects to pay the Repurchase Price in such combination, sufficient to pay
the aggregate Repurchase Price of all the Securities or portions thereof that are to be purchased as of the Repurchase Date.

                       
As soon as practicable after the Repurchase Date the Company shall deliver to each Holder entitled to receive shares of Common
Stock through the Paying Agent, a certificate for the number of full shares of Common Stock issuable in payment of the Repurchase
Price and cash in lieu of any fractional interests.  The person in whose name the certificate for the shares of Common Stock
is registered shall be treated as a Holder of record of Common Stock on the Business Day following the Repurchase Date.  No
payment or adjustment will be made for dividends on the shares of Common Stock the record date for which occurred on or prior to
the Repurchase Date.

                                   
Securities Repurchased in Part.  Upon presentation of any Security repurchased only in part, the Company shall execute,
the Guarantor shall execute an endorsement of the Guarantee on, and the Trustee shall authenticate and make available for delivery
to the Holder thereof, at the expense of the Company, a new Security or Securities, of any authorized denomination, in aggregate
Principal Amount equal to the unrepurchased portion of the Securities presented.

                                   
Repayment to the Company.  The Paying Agent shall return to the Company any cash or shares of Common Stock that remain
unclaimed, together with interest or dividends, if any, thereon, held by them for the payment of the Repurchase Price; provided
that to the extent that the aggregate amount of cash or shares of Common Stock deposited by the Company pursuant to Section 3.11
exceeds the aggregate Repurchase Price of the Securities or portions thereof which the Company is obligated to purchase as of the
Repurchase Date then, unless otherwise agreed in writing with the Company, promptly after the Business Day following the Repurchase
Date, the Paying Agent shall return any such excess to the Company together with interest or dividends, if any, thereon.

                                   
Repurchase of Securities at Option of the Holder Upon A Designated Event.  In the event that a Designated Event shall
occur, then each Holder shall have the right, at the Holder’s option, to require the Company to repurchase, and upon the
exercise of such right the Company shall repurchase, all of such Holder’s Notes, or any portion of the principal amount
thereof that is equal to $1,000 or any integral multiple of $1,000 in excess thereof, on the date (the “Designated Event
Repurchase Date”) that is 45 days after the date of the Designated Event Notice (as defined in Section 3.15(a)) at a
purchase price equal to 100% of the principal amount of the Notes to be repurchased (the “Designated Event Repurchase
Price”) plus interest, if any, accrued but unpaid to, but excluding, the Designated Event Repurchase Date;
provided, however, that installments of interest on Notes whose Stated Maturity is on or prior to the Repurchase
Date

  shall be payable to the Holders of such Notes, or one or more Predecessor Securities, registered as such on the relevant
Regular Record Date.  In the event that the Designated Event Repurchase Date is a date between a Regular Record Date and the
corresponding Interest Payment Date, the Company shall pay interest on the Notes being repurchased to the Holder who surrenders
such Notes for repurchase.  Any reference herein, in any context, to the principal of any Note as of any time, shall be deemed
to include a reference to the Designated Event Repurchase Price payable in respect of such Note to the extent that such Designated
Event Repurchase Price is, was or would be so payable at such time, and express mention of the Designated Event Repurchase Price in
any provision hereof shall not be construed as excluding the Designated Event Repurchase Price in such provision when such express
mention is not made.

                                   
Notices; Method of Exercising Repurchase Right, Etc.  1.  Unless the Company shall have theretofore called for
redemption all of the Notes, on or before the 30th day after the occurrence of a Designated Event, the Company or, at the request
and expense of the Company, the Trustee, shall give to all Holders of Notes, notice (the “Designated Event
Notice”) of the occurrence of the Designated Event and of the repurchase right set forth herein arising as a result
thereof.  If the Company gives such Designated Event Notice to Holders, it shall also give such Designated Event Notice to the
Trustee.

                       
Each Designated Event Notice shall describe such Designated Event, shall state that as a result of the occurrence of such
Designated Event the Holder has the right to require the Company to repurchase the Holder’s Notes in whole or in part and
shall state:

                                   
the Designated Event Repurchase Date,

                                   
the date by which the repurchase right must be exercised pursuant to Section 3.15(b),

                                   
the Designated Event Repurchase Price,

                                   
a description of the procedure which a Holder must follow to exercise a repurchase right, and the place or places where such Notes
are to be surrendered for payment of the Designated Event Repurchase Price and accrued and unpaid interest, if any, to, but
excluding, the Designated Event Repurchase Date,

                                   
that on the Designated Event Repurchase Date the Designated Event Repurchase Price, and accrued and unpaid interest, if any, will
become due and payable upon each such Note designated by the Holder to be repurchased (unless such Holder exercises its right to
convert such Note pursuant to Article X of this Indenture), and that interest thereon shall cease to accrue on and after said date
with respect to any Note designated by the Holder to be repurchased,

                                   
the Conversion Price then in effect, the date on which the right to convert the principal amount of the Notes to be repurchased
will terminate and the place or places where such Notes may be surrendered for conversion, and

                                   
the place or places that the notice described in Section 3.15(b) shall be delivered, and the form of such notice.

                       
No failure of the Company to give the foregoing notices or defect therein shall limit any Holder’s right to exercise a
repurchase right or affect the validity of the proceedings for the repurchase of Notes.

                       
If any of the foregoing provisions or other provisions of this Article III are inconsistent with applicable law, such law shall
govern.

                       
(b)        To exercise a repurchase right, a Holder shall deliver to the Trustee or any Paying
Agent on or before the 30th day after the date of the Designated Event Notice (i) written notice of the Holder’s exercise of
such right (a “Designated Event Repurchase Exercise Notice”), which notice shall set forth the name of the
Holder, the certificate number of the Notes to be repurchased (and, if any Note is to repurchased in part, the portion of the
principal amount thereof to be repurchased (which portion must be a Principal Amount of $1,000 or an integral multiple thereof) and
the name of the Person in which the portion thereof to remain Outstanding after such repurchase is to be registered and a statement
that an election to exercise the repurchase right pursuant to this Section 3.15(b) is being made thereby with respect to the Notes
so specified for repurchase in such notice and (ii) delivery or book-entry transfer of the Notes to the Paying Agent at any time
after delivery of the applicable Designated Event Notice (together with all necessary endorsements) at the office of the Paying
Agent, such delivery being a condition to receipt by the Holder of the Designated Event Repurchase Price therefor; provided
that such Designated Event Repurchase Price shall be so paid pursuant to this Section 3.15 only if the Note so delivered to Paying
Agent shall conform in all respects to the description thereof in the related Designated Event Repurchase Exercise Notice. 
Securities in respect of which a Designated Event Repurchase Exercise Notice has been given by the Holder thereof may not be
converted pursuant to Article X hereof on or after the date of the delivery of such Designated Event Repurchase Exercise Notice
unless such Designated Event Repurchase Exercise Notice has first been validly withdrawn.

                       
A Designated Event Repurchase Exercise Notice may be withdrawn by means of a written notice of withdrawal delivered to the office
of the Paying Agent at any time prior to the close of business on the Business Day immediately preceding the Designated Event
Repurchase Date, specifying:

                                   
the certificate number, if any, of the Security in respect of which such notice of withdrawal is being submitted, or the
appropriate Depositary information if the Security in respect of which such notice of withdrawal is being submitted is represented
by a Global Security,

                                   
the Principal Amount of the Security with respect to which such notice of withdrawal is being submitted, and

                                   
the Principal Amount, if any, of such Security which remains subject to the original Repurchase Notice and which has been or will
be delivered for purchase by the Company.

                       
The Paying Agent shall promptly notify the Company of the receipt by it of any Designated Event Repurchase Exercise Notice or
written notice of withdrawal thereof.

                       
(c)        If the Holder of a Note exercises a repurchase right in accordance with the terms
hereof, the Company shall pay or cause to be paid to the Trustee or the Paying Agent the Designated Event Repurchase Price in cash
for payment to such Holder on the Designated Event Repurchase Date together with accrued and unpaid interest, if any, to but
excluding the Designated Event Repurchase Date payable with respect to the Notes as to which such Holder has exercised the
repurchase right; provided, however, that installments of interest that mature on or prior to the Designated Event
Repurchase Date shall be payable in cash to the Holders of such Notes, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Regular Record Date, in each case according to the terms and provisions of Article XII of the
Indenture.

                       
(d)        If any Note (or portion thereof) surrendered for repurchase shall not be so paid on
the Designated Event Repurchase Date, the principal amount of such Note (or portion thereof, as the case may be) shall, until paid,
bear interest to the extent permitted by applicable law from the Designated Event Repurchase Date at the rate of 4.25% per
annum.

                       
(e)        With respect to any Note which is to be repurchased only in part, the Trustee shall
authenticate and make available for delivery to the Holder of such Note without service charge, a new Note or Notes, containing
identical terms and conditions, each in an authorized denomination in aggregate principal amount equal to and in exchange for the
unrepurchased portion of the principal of the Note so surrendered.

                       
(f)         Any purchase by the Company contemplated pursuant to the provisions of this
Section shall be consummated by the delivery of the consideration to be received by the Holder promptly following the later of the
Designated Event Repurchase Date and the time of the book-entry transfer or delivery of the Note.

COVENANTS

                                   
Payment of Securities.  The Company shall promptly make all payments in respect of the Securities on the dates and in
the manner provided in the Securities or pursuant to this Indenture.  Any amounts to be given to the Trustee or Paying Agent
shall be deposited with the Trustee or Paying Agent by 10:00 a.m., New York City time, by the Company.  The Principal Amount,
Redemption Price, Repurchase Price, Designated Event Repurchase Price, and interest, if any, shall be considered paid on the
applicable date due if on such date (or, in the case of a Repurchase Price or Designated Event Repurchase Price, on the Business
Day following the applicable Repurchase Date or Designated Event Repurchase Date, as the case may be) the Trustee or the Paying
Agent holds, in accordance with this Indenture, money or securities, if permitted hereunder, sufficient to pay all such amounts
then due.

                       
The Company shall, to the extent permitted by law, pay interest on overdue amounts at the rate per annum set forth in paragraph 1
of the Securities, compounded semiannually, which interest shall accrue from the date such overdue amount was originally due to the
date payment of such amount, including interest thereon, has been made or duly provided for.  All such interest shall be
payable on demand.  The accrual of such interest on overdue amounts shall be in lieu of, and not in addition to, the continued
accrual of interest.

                                   
SEC and Other Reports.  If requested by the Trustee, the Company shall deliver to the Trustee, within 30 days after it
files such annual and quarterly reports, information, documents and other reports with the SEC, copies of its annual and quarterly
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act.  The Company also shall comply with the provisions of TIA Section 314(a).  Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of the same shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officer’s Certificates).

                                   
Compliance Certificate.  The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of
the Company (beginning with the fiscal year ending on December 31, 2003) an Officer’s Certificate, stating whether or not to
the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and
if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have
knowledge.

                                   
Further Instruments and Acts.  Upon request of the Trustee, the Company and the Guarantor will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of
this Indenture.

                                   
Maintenance of Office or Agency.  The Company will maintain in the Borough of Manhattan, The City of New York, an
office or agency of the Trustee, Registrar, Paying Agent and Conversion Agent where Securities may be presented or surrendered for
payment, where Securities may be surrendered for registration of transfer, exchange, purchase, redemption or conversion and where
notices and demands to or upon the Company and the Guarantor in respect of the Securities and this Indenture may be served. 
The office of Bank One, N. A., located at 55 Water Street, 1st Floor, Jeanette Park Entrance, New York, New York 10041 (Attention:
Corporate Trust Administration), shall initially be such office or agency for all of the aforesaid purposes.  The Company
shall give prompt written notice to the Trustee of the location, and of any change in the location, of any such office or agency
(other than a change in the location of the office of the Trustee).  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 12.02.

                       
The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that
no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the
Borough of Manhattan, The City of New York, for such purposes.

                                   
Delivery of Certain Information.  At any time when the Company is not subject to Section 13 or 15(d) of the Exchange
Act, upon the request of a Holder or any beneficial holder of Securities or shares of Common Stock which are restricted securities
issued upon conversion thereof, the Company will promptly furnish or cause to be furnished Rule 144A Information (as defined below)
to such Holder or any beneficial holder of Securities or holder of shares of Common Stock issued upon conversion of Securities, or
to a prospective purchaser of any such security designated by any such holder, as the case may be, to the extent required to permit
compliance by such Holder or holder with Rule 144A under the Securities Act in connection with the resale of any such
security.  “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4)
under the Securities Act.

                                   
Covenant to Comply With Securities Laws Upon Purchase of Securities.  In connection with any offer to purchase or
purchase of Securities under Section 3.08 or 3.15 hereof (provided that such offer or purchase constitutes an “issuer
tender offer” for purposes of Rule 13e-4 (which term, as used herein, includes any successor provision thereto) under the
Exchange Act at the time of such offer or purchase), the Company shall to the extent applicable (i) comply with Rule 13e-4 and Rule
14e-1 under the Exchange Act, (ii) file the related Schedule TO (or any successor schedule, form or report) under the Exchange Act,
and (iii) otherwise comply with all Federal and state securities laws so as to permit the rights and obligations under Sections
3.08 and 3.15 to be exercised in the time and in the manner specified in Sections 3.08 and 3.15.

CONSOLIDATION, MERGER OR SALE BY THE COMPANY

                                   
Consolidation, Merger or Sale of Assets by the Company Permitted.  The Company may not merge or consolidate with or
into any other corporation or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its assets to any
Person, unless (i)(A) in the case of a merger or consolidation, the Company is the surviving corporation or (B) in the case of a
merger or consolidation where the Company is not the surviving corporation and in the case of any such sale, conveyance or other
disposition, the resulting, successor or acquiring Person is a corporation organized and existing under the laws of the United
States, any State or the District of Columbia and such corporation expressly assumes by supplemental indenture all the obligations
of the Company under the Securities and any coupons appertaining thereto and under this Indenture, (ii) immediately thereafter,
giving effect to such merger or consolidation, or such sale, conveyance, transfer, lease or other disposition (including any
indebtedness directly or indirectly incurred or anticipated to be incurred in connection with or in respect of such transactions),
no Default or Event of Default shall have occurred and be continuing and (iii) the Company has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel each stating that such merger or consolidation, or such sale, conveyance,

transfer, lease or other disposition, complies with this Article V and that all conditions precedent relating to such
transaction have been complied with as herein provided.

                                   
Successor Corporation Substituted.  Upon any merger or consolidation of the Company with or into any other corporation
or any sale, conveyance, transfer, lease or other disposition of all or substantially all of the assets of the Company to any other
Person, the successor corporation formed by such consolidation or into which the Company is merged or the Person to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person has been named as the Company or Guarantor herein,
and thereafter, except in the case of a lease to another Person, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

DEFAULTS AND REMEDIES

                                   
Events of Default.  An “Event of Default” occurs with respect to the Securities if (regardless of
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body):

                                   
the Company defaults in the payment of any interest on any Security when the same becomes due and payable and such default
continues for a period of 30 days;

                                   
the Company defaults in the payment of the Principal Amount, Redemption Price, Repurchase Price or Designated Event Repurchase
Price on any Security when the same becomes due and payable;

                                   
the Company defaults in the performance of, or breaches, any covenant or warranty of the Company in this Indenture with respect to
any Security (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with), and such default or breach continues for a period of 60 days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate
Principal Amount of the Securities then outstanding, a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder;

                                   
any of the indebtedness of the Company or any indebtedness of any of the Subsidiaries of the Company, in either case having an
aggregate principal amount of $20,000,000 or more, shall have been declared due and payable prior to its original stated
maturity;

                                   
the Guarantee ceases to be in full force and effect or is declared null and void or the Guarantor denies that it has any further
liability under the Guarantee, or gives notice to such effect (other than by reason of the termination of this Indenture or the
release of the Guarantee in accordance with the applicable supplemental indenture) and such condition continues for 30 days after
written notice of such failure requiring the Guarantor or the Company

  to remedy the same shall have been given to the Company by the Trustee or to the Company and the Trustee by the Holders
of 25% in aggregate original Principal Amount of the Securities then outstanding;

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

                                   
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the Company or
the Guarantor in any involuntary case, (B) appoints a Custodian of the Company or the Guarantor or for all or substantially all of
its property, or (C) orders the liquidation of the Company or the Guarantor and the order or decree remains unstayed and in effect
for 90 days.

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

                                   
Acceleration; Rescission and Annulment.  If an Event of Default with respect to the Securities occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate Principal Amount of all Securities then outstanding, by written
notice to the Company (and, if given by the Holders, to the Trustee), may declare the principal of all the Securities to be due and
payable and upon any such declaration such principal shall be immediately due and payable.

                       
At any time after such a declaration of acceleration has been made and before a judgment or decree for payment of the money due has
been obtained by the Trustee as hereinafter in this Article VI provided, the Holders of a majority in aggregate Principal Amount of
the Securities, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if
all existing Defaults and Events of Default with respect to Securities, other than the non-payment of the principal of the
Securities that has become due solely by such declaration of acceleration, have been cured or waived as provided in Section
6.07.  No such rescission shall affect any subsequent default or impair any right consequent thereon.

                                   
Collection of Indebtedness and Suits for Enforcement by Trustee.  The Company covenants that, if:

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

                                   
default is made in the payment of the principal of any Security at Stated Maturity and such default continues for a period of 10
days,

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

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

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

                                   
Trustee May File Proofs of Claim.  In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceedings, or any voluntary or involuntary case under the
federal bankruptcy laws, as now or hereafter constituted, relative to the Company, the Guarantor or any other obligor upon the
Securities or the property of the Company, the Guarantor or of such other obligor or their creditors, the Trustee (irrespective of
whether the principal in respect of the Securities shall then be due and payable as therein expressed or by declaration of
acceleration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company or the Guarantor for
the payment of any such amount) shall be entitled and empowered, by intervention in such proceeding or otherwise,

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

                                   
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

and any receiver, assignee, trustee, custodian, liquidator, sequestrator (or other similar official) in any such proceeding is
hereby authorized by each such Holder to make such payments to the

  Trustee, and in the event that the Trustee shall consent to the making of such payments directly to such Holders, to pay
to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07.

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

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

                                   
Delay or Omission Not Waiver.  No delay or omission by the Trustee or any Holder of any Security to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of or acquiescence in any
such Event of Default.  Every right and remedy given by this Indenture or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

                                   
Waiver of Past Defaults.  The Holders of not less than a majority in aggregate Principal Amount of the Securities, by
notice to the Trustee, may waive on behalf of the Holders of the Securities a past Default or Event of Default and its consequences
except (i) a Default or Event of Default in the payment of the principal of, premium, if any, or interest, if any, on any Security
or (ii) in respect of a covenant or provision hereof which pursuant to Section 9.01 cannot be amended or modified without the
consent of the Holders of adversely affected.  Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend
to any subsequent or other default or impair any right consequent thereon.

                                   
Control by Majority.  The Holders of not less than a majority in aggregate Principal Amount of the Securities shall
have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (i) the
Trustee may refuse to follow any direction that conflicts with law or this Indenture, (ii) subject to Section 7.01, the Trustee may
refuse to follow any direction that would in the good faith judgment of the Trustee have a substantial likelihood of involving the
Trustee in personal liability and (iii) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

                                   
Limitation on Suits by Holders.  No Holder of the Notes shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

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

                                   
the Holders of at least 25% in aggregate Principal Amount of the Securities have made a written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;

                                   
such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against any loss, cost, liability or
expense to be, or which may be, incurred by the Trustee in pursuing the remedy;

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

                                   
during such 60-day period, the Holders of a majority in aggregate Principal Amount of the Securities have not given to the Trustee
a direction inconsistent with such written request.

                       
No one or more Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture
to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all of such Holders.  For the protection and enforcement of the provisions of this Section 6.09, each
and every Holder of the Securities and the Trustee shall be entitled to such relief as can be given at law or in equity.

                                   
Rights of Holders to Receive Payment.  Notwithstanding any other provision of this Indenture, the right of any Holder
of the Notes to receive payment of principal of, premium, if any, and, subject to Section 2.06, interest, if any, on the Notes, on
or after due dates therefor (or, in case of redemption or repurchase, on the relevant redemption or repurchase dates) shall not be
impaired or affected without the consent of such Holder.

                                   
Application of Money Collected.  If the Trustee collects any money pursuant to this Article VI, it shall pay out the
money in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account
of principal or interest, if any, upon presentation of the Securities and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid:

                       
First:  to the Trustee for amounts due under Section 7.07;

                       
Second:  to Holders of Securities in respect of which or for the benefit of which such money has been collected for
amounts due and unpaid on such Securities for principal of, premium, if any, and interest, if any, ratably, without preference or
priority of any kind,

according to the amounts due and payable on such Securities for principal, premium, if any, and interest, if any, respectively;
and

                       
Third:  the balance, if any, to the Company or, to the extent the Trustee collects any amount pursuant to the Guarantee
from the Guarantor, to the Guarantor.

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

                                   
Rights and Remedies Cumulative.  Except as otherwise provided in Section 2.07 with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities, no right or remedy herein conferred upon or reserved to the Trustee or
the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

                                   
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, suffered or omitted by it as Trustee, a court may require any party litigant in such suit
to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to
the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be
deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company or
by the Trustee..

                                   
Waiver of Stay or Extension Laws.  Each of the Company and the Guarantor covenant (to the extent that each may lawfully
do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of,
any 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 each of the Company and the Guarantor (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had
been enacted.

TRUSTEE

                                   
Duties of Trustee.  1. 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.

                                   
Except during the continuance of an Event of Default:

                                   
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others; and

                                   
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 or opinions furnished to the Trustee and conforming to the requirements of
this Indenture, but in case of any such certificates or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall examine the 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.

This Section 7.01(b) shall be in lieu of Section 315(a) of the TIA and such Section 315(a) is hereby expressly excluded from
this Indenture, as permitted by the TIA.

                                   
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:

                                   
this paragraph (c) does not limit the effect of paragraph (b) of this Section 7.01;

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

                                   
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.

                       
Subparagraphs (c)(1), (2) and (3) shall be in lieu of Sections 315(d)(1), 315(d)(2) and 315(d)(3) of the TIA and such Sections
315(d)(1), 315(d)(2) and 315(d)(3) are hereby expressly excluded from this Indenture, as permitted by the TIA.

                                   
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (e) of this
Section 7.01.

                                   
The Trustee may refuse to perform any duty or exercise any right or power or extend or risk its own funds or otherwise incur any
financial liability unless it receives indemnity satisfactory to it against any loss, liability or expense.

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

                                   
Rights of Trustee.  Subject to its duties and responsibilities under the provisions of Section 7.01, and, except as
expressly excluded from this Indenture pursuant to said Section 7.01, subject also to its duties and responsibilities under the
TIA:

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

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

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

                                   
the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith which it believes to be
authorized or within its rights or powers conferred under this Indenture;

                                   
the Trustee may consult with counsel selected by it and any advice or Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such
advice or Opinion of Counsel;

                                   
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Holders, pursuant to the provisions of this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or
thereby;

                                   
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and
any resolution of the Board of Directors may be sufficiently evidenced by a resolution of the Board of Directors;

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

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

                                   
the rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other
Person employed to act hereunder; and

                                   
the Trustee may request that the Company or the Guarantor deliver an Officer’s Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which
Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded.

                                   
Individual Rights of Trustee.  The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not
Trustee.  Any Paying Agent, Registrar, Conversion Agent or co-registrar may do the same with like rights.  However, the
Trustee must comply with Sections 7.10 and 7.11.

                                   
Trustee’s Disclaimer.  The Trustee makes no representation as to the validity or adequacy of this Indenture or
the Securities, it shall not be accountable for the Company’s use or application of the proceeds from the Securities, it
shall not be responsible for any statement in the registration statement for the Securities under the Securities Act or in the
Indenture or the Securities (other than its certificate of authentication), or the determination as to which beneficial owners are
entitled to receive any notices hereunder.

                                   
Notice of Defaults.  If a Default occurs and if it is known to a Responsible Officer of the Trustee, the Trustee shall
give to each Securityholder notice of the Default within 90 days after such Responsible Officer obtains knowledge of such Default
unless such Default shall have been cured or waived before the giving of such notice.  Except in the case of a Default
described in Section 6.01(1) or (2), the Trustee may withhold the notice if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is in

  the interests of Securityholders.  The second sentence of this Section 7.05 shall be in lieu of the proviso to
Section 315(b) of the TIA and such proviso is hereby expressly excluded from this Indenture, as permitted by the TIA.  The
Trustee shall not be deemed to have knowledge of a Default unless a Responsible Officer of the Trustee has received written notice
of such Default.

                                   
Reports by Trustee to Holders.  Within 60 days after each May 15 beginning with the May 15 following the date of this
Indenture, the Trustee shall mail to each Securityholder a brief report dated as of such May 15 that complies with TIA Section
313(a), if required by such Section 313(a).  The Trustee also shall comply with TIA Section 313(b)(2).

                       
A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and each securities exchange, if
any, on which the Securities are listed.  The Company agrees to promptly notify the Trustee whenever the Securities become
listed on any securities exchange and of any delisting thereof.

                                   
Compensation and Indemnity.  The Company agrees:

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

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

                                   
to indemnify the Trustee or any predecessor Trustee and their agents for, and to hold them harmless against, any loss, damage,
claim, liability, cost or expense (including reasonable attorney’s fees and expenses and taxes (other than taxes based upon,
measured by or determined by the income of the Trustee)) incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself
against any claim (whether asserted by the Company or any Holder or any other Person) or liability in connection with the exercise
or performance of any of its powers or duties hereunder.

                       
To secure the Company’s payment obligations in this Section 7.07, the Holders shall have been deemed to have granted to the
Trustee a lien prior to the Securities on all money or property held or collected by the Trustee except that held in trust to pay
the Redemption Price, Repurchase Price, Designated Event Redemption Price, or interest, if any, as the case may be, on particular
Securities.

                       
The Company’s payment obligations pursuant to this Section 7.07 shall survive the discharge of this Indenture and the
resignation or removal of the Trustee.  When the Trustee incurs expenses after the occurrence of a Default specified in
Section 6.01(5), the expenses

  including the reasonable charges and expenses of its counsel, are intended to constitute expenses of administration under
any Bankruptcy Law.

                                   
Replacement of Trustee.  The Trustee may resign by so notifying the Company; provided, however, no such
resignation shall be effective until a successor Trustee has accepted its appointment pursuant to this Section 7.08.  The
Holders of a majority in aggregate Principal Amount of the Securities at the time outstanding may remove the Trustee by so
notifying the Trustee and the Company.  The Company shall remove the Trustee if:

                                   
the Trustee fails to comply with Section 7.10;

                                   
the Trustee is adjudged bankrupt or insolvent;

                                   
a receiver or public officer takes charge of the Trustee or its property; or

                                   
the Trustee otherwise becomes incapable of acting.

                       
If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company shall promptly
appoint, by resolution of its Board of Directors, a successor Trustee.

                       
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company satisfactory
in form and substance to the retiring Trustee and the Company.  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 Securityholders.  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 within 30 days after
the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in aggregate Principal
Amount of the Securities at the time outstanding may petition any court of competent jurisdiction at the expense of the Company for
the appointment of a successor Trustee.

                       
If the Trustee fails to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

                                   
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, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

                                   
Eligibility; Disqualification.  The Trustee shall at all times satisfy the requirements of TIA Sections 310(a)(1) and
310(b).  The Trustee (or its parent holding company) 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.  Nothing herein contained shall prevent the Trustee from filing with the
Commission the application referred to in the penultimate paragraph of TIA Section 310(b).

                                   
Preferential Collection of Claims Against Company.  The Trustee shall comply with TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b).  A Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated therein.

DISCHARGE OF INDENTURE

                                   
Discharge of Liability on Securities.  When (i) the Company delivers to the Trustee all outstanding Securities (other
than Securities replaced pursuant to Section 2.07) for cancellation or (ii) all outstanding Securities have become due and payable
and the Company or the Guarantor irrevocably deposits with the Trustee, the Paying Agent (if the Paying Agent is not the Company or
any of its Affiliates) or the Conversion Agent cash or, if expressly permitted by the terms of the Securities or the Indenture,
Common Stock sufficient to pay all amounts due and owing on all outstanding Securities (other than Securities replaced pursuant to
Section 2.07), and if in either case the Company or the Guarantor pays all other sums payable hereunder by the Company, then this
Indenture shall, subject to Section 7.07, cease to be of further effect.  The Trustee shall join in the execution of a
document prepared by the Company acknowledging satisfaction and discharge of this Indenture on demand of the Company accompanied by
an Officer’s Certificate and Opinion of Counsel and at the cost and expense of the Company.

                                   
Repayment to the Company or the Guarantor.  The Trustee and the Paying Agent shall return to the Company or, to the
extent the Trustee collects any amount pursuant to the Guarantee from the Guarantor, to the Guarantor, upon written request any
money or securities held by them for the payment of any amount with respect to the Securities that remains unclaimed for two years,
subject to applicable unclaimed property law.  After return to the Company or the Guarantor, as the case may be, Holders
entitled to the money or securities must look to the Company or the Guarantor for payment as general creditors unless an applicable
abandoned property law designates another person and the Trustee and the Paying Agent shall have no further liability to the
Securityholders with respect to such money or securities for that period commencing after the return thereof.

AMENDMENTS

                                   
Without Consent of Holders.  The Company and the Trustee may amend this Indenture or the Securities without the consent
of any Securityholder:

                                   
to evidence the succession of another entity to the Company or the Guarantor and the assumption of the Company’s or the
Guarantor’s covenants by a successor; or

                                   
to surrender any right or power conferred upon the Company or the Guarantor and the Trustee; or

                                   
to add any additional Events of Default for the Notes; or

                                   
to add to the Company’s or the Guarantor’s covenants for the benefit of the Securityholders or to surrender any right
or power conferred upon the Company; or

                                   
to add or change any provisions to such extent as necessary to permit or facilitate the issuance of the Notes in bearer or global
form; or

                                   
to provide security for the Notes; or

                                   
to establish the form of the Notes pursuant to Section 2.01, Section 2.09 or Section 2.12; or

                                   
to evidence and provide for the acceptance of appointment of a separate or successor trustee; or

                                   
to correct or supplement any provision herein which may be inconsistent with any other provision herein or to make any other
provisions with respect to matters or questions arising under this Indenture, provided such action shall not adversely affect the
interests of Holders of any Security; or

                                   
to cure any ambiguity, omission, defect or inconsistency.

                                   
With Consent of Holders.  With the written consent of the Holders of at least a majority in aggregate Principal Amount
of the Securities at the time outstanding, the Company, the Guarantor and the Trustee may amend this Indenture or the
Securities.  However, without the consent of each Securityholder affected, an amendment to this Indenture or the Securities
may not:

                                   
reduce the percentage in Principal Amount of Securities whose Holders must consent to an amendment;

                                   
reduce the Principal Amount of any Security or interest on any Security;

                                   
reduce the Redemption Price, Repurchase Price or Designated Event Repurchase Price of any Security;

                                   
make any Security payable in money or securities other than that stated in the Security;

                                   
make any change in Article X of the Indenture, or this Section 9.02, except to increase any percentage set forth therein;

                                   
make any change that adversely affects the right to convert any Security;

                                   
make any change that adversely affects the right to require the Company to purchase the Securities in accordance with the terms
thereof and this Indenture; or

                                   
impair the right to institute suit for the enforcement of any payment with respect to, or conversion of, the Securities; or

                                   
release the Guarantor from any of its obligations under the Guarantee other than in accordance with the terms of this
Indenture.

                       
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 each Holder a notice briefly describing the
amendment.

                                   
Compliance with Trust Indenture Act.  Every supplemental indenture executed pursuant to this Article IX shall comply
with the TIA.

                                   
Revocation and Effect of Consents, Waivers and Actions.  Until an amendment, consent, waiver or other action by Holders
becomes effective, a consent thereto by a Holder of a Security hereunder is a continuing consent by the Holder and every subsequent
Holder of that Security or portion of the Security that evidences the same obligation as the consenting Holder’s Security,
even if notation of the amendment, consent, waiver or other action is not made on the Security.  However, any such Holder or
subsequent Holder may revoke the consent as to such Holder’s Security or portion of the Security if the Trustee receives the
notice of revocation before the date as of which the amendment, consent, waiver or action is made effective.  After an
amendment, consent, waiver or action becomes effective, it shall bind every Securityholder.

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

                                   
Trustee to Sign Supplemental Indentures.  The Trustee shall sign any supplemental indenture authorized pursuant to this
Article IX if the amendment contained therein does not adversely affect the rights, duties, liabilities or immunities of the
Trustee.  If it does, the Trustee may, but need not, sign such supplemental indenture.  In signing such supplemental
indenture the Trustee shall receive, and (subject to the provisions of Section 7.01) shall be fully protected in relying upon, in
addition to the documents required by Section 13.04, an Officer’s Certificate and an Opinion of Counsel stating that such
amendment is authorized or permitted by this Indenture.

                                   
Effect of Supplemental Indentures.  Upon the execution of any supplemental indenture under this Article IX, this
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all
purposes;

  and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.

CONVERSION

                                   
Conversion Privilege.  1.  A Holder of a Security may convert such Security into shares of Common Stock at any
time during the periods and subject to the conditions stated in paragraph 8 of the Securities, subject to the provisions of this
Article X.  The number of shares of Common Stock to be delivered upon conversion of a Security per $1,000 of Principal Amount
thereof shall be equal to $1,000 divided by $18.20 (such amount, as adjusted pursuant to this Article X, the “Conversion
Price”).  The Conversion Price shall initially be $18.20 and shall be adjusted as set forth in this Article X and in
accordance with the provisions of paragraph 8 of the Securities.

                                   
A Holder may convert a portion of the Principal Amount of a Security if the portion is $1,000 or an integral multiple of
$1,000.  Provisions of this Indenture that apply to conversion of all of a Security also apply to conversion of a portion of a
Security.

                                   
The Company shall determine on a daily basis whether the Securities shall be convertible as a result of the occurrence of an event
specified in paragraph 8 of the Security and, if the Securities shall be convertible, the Company shall promptly deliver to the
Trustee written notice thereof.  Whenever the Securities shall become convertible pursuant to the foregoing condition, the
Company or, at the Company’s request, the Trustee in the name and at the expense of the Company, shall notify the Holders of
the event triggering such convertibility in the manner provided under this Indenture, and the Company shall also publicly announce
such information and publish it on the Company’s website.  Any notice so given shall be conclusively presumed to have
been duly given, whether or not the holder receives such notice.

                                   
Conversion Procedure.  1.  To convert a Security, all of the requirements in paragraph 8 of the Securities must be
satisfied.  The date on which all those requirements are satisfied is the conversion date (the “Conversion
Date”).  Following the Conversion Date, the Company shall deliver to the Holder through the Conversion Agent,
subject to and in accordance with Section 10.13, a certificate for the number of full shares of Common Stock issuable upon the
conversion (or, at the option of the Company as set forth in Section 10.13, cash in lieu thereof) and cash in lieu of any
fractional share determined pursuant to Section 10.03.  The Company shall determine such full number of shares and the amounts
of the required cash with respect to any fractional share, and shall set forth such information in an Officer’s Certificate
delivered to the Conversion Agent.  The Conversion Agent shall have no duties under this paragraph unless and until it has
received such certificate.

                                   
The Person in whose name the certificate is registered shall be treated as a stockholder of record on and after the Conversion
Date; provided, however, that no surrender of a Security on any date when the stock transfer books of the Company
shall be closed shall be effective to constitute the Person or Persons entitled to receive the shares of Common Stock upon such
conversion as the record holder or holders of such shares of Common Stock on such date, but such surrender shall be effective to
constitute the Person or Persons entitled to receive

  such shares of Common Stock as the record holder or holders thereof for all purposes at the close of business on the next
succeeding day on which such stock transfer books are open; such conversion shall be at the Conversion Price in effect on the date
that such Security shall have been surrendered for conversion, as if the stock transfer books of the Company had not been
closed.  Upon conversion of a Security, such Person shall no longer be a Holder of such Security.

                                   
Holders may surrender a Security for conversion by means of book-entry delivery in accordance with paragraph 8 of the Security and
the regulations of the applicable book-entry facility.

                                   
No payment or adjustment will be made for dividends on, or other distributions with respect to, any Common Stock except as provided
in this Article X.  On conversion of a Security, accrued but unpaid interest attributable to the period from the most recent
Interest Payment Date through the Conversion Date, with respect to the converted Security shall not be cancelled, extinguished or
forfeited, but rather shall be deemed to be paid in full to the Holder thereof through delivery of the Common Stock (together with
the cash payment, if any, in lieu of fractional shares) in exchange for the Security being converted pursuant to the provisions
hereof; and the fair market value of such shares of Common Stock (together with any such cash payment in lieu of fractional shares)
shall be treated as issued, to the extent thereof, first in exchange for accrued and unpaid interest through the Conversion Date,
and the balance, if any, of such fair market value of such Common Stock (and any such cash payment) shall be treated as issued in
exchange for the Issue Price of the Security being converted pursuant to the provisions hereof.  Notwithstanding the
foregoing, accrued and unpaid interest will be payable upon conversion of Securities made concurrently with or after acceleration
of Securities following an Event of Default.

                                   
If the Holder converts more than one Security at the same time, the number of shares of Common Stock issuable upon conversion shall
be based on the aggregate Principal Amount of the Securities converted.

                                   
Subject to the satisfaction of the requirements for conversion set forth in paragraph 8 of the Security and subject to the
provisions of Section 3.08 and Section 3.15(b) relating to the withdrawal of a Repurchase Notice or Designated Event Repurchase
Exercise Notice, as the case may be, (i) a Security surrendered for conversion pursuant to the provisions under the caption
“Conversion Based on the Price of the Common Stock” set forth in paragraph 8 of the Security may be surrendered for
conversion until the close of business on the Business Day immediately preceding the Stated Maturity, (ii) a Security being called
for redemption may be surrendered for conversion at any time prior to the close of business on the Business Day immediately
preceding the Redemption Date, even if it is not otherwise convertible at such time, and (iii) a Security surrendered for
conversion based on the provisions under the caption “Conversion Based on the Trading Price of Securities” set forth in
paragraph 8 of the Security may be surrendered for conversion only on the dates specified therein, (iv) a Security surrendered for
conversion based on the provisions under the caption “Conversion Upon Certain Distributions” set forth in paragraph 8
of the Security may be surrendered for conversion only on the dates specified therein, and (v) a Security surrendered for
conversion based on the provision under the caption “Conversion Upon Occurrence of Certain Corporate Transactions” set
forth in

  paragraph 8 of the Security may be surrendered for conversion at any time from and after the date which is 15 days prior
to the anticipated effective date of such transaction until 15 days after the actual date of such transaction, and if such day is
not a Business Day, the next occurring Business Day following such day.

                                   
Upon surrender of a Security that is converted in part, the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder, a new Security in an authorized denomination equal in Principal Amount to the unconverted portion of the Security
surrendered.

                                   
Fractional Shares.  The Company will not issue a fractional share of Common Stock upon conversion of a Security. 
Instead, the Company will deliver cash for the current market value of the fractional share.  The current market value of a
fractional share shall be determined, to the nearest 1/1,000th of a share, by multiplying the per share Closing Sale Price of the
Common Stock, on the last Trading Day prior to the Conversion Date, by the fractional amount and rounding the product to the
nearest whole cent.

                                   
Taxes on Conversion.  If a Holder converts a Security, the Company shall pay any documentary, stamp or similar issue or
transfer tax due on the issue of shares of Common Stock upon the conversion.  However, the Holder shall pay any such tax which
is due because the Holder requests the shares to be issued in a name other than the Holder’s name and any income tax which is
imposed on the Holder as a result of the conversion.  The Conversion Agent may refuse to deliver the certificates representing
the Common Stock being issued in a name other than the Holder’s name until the Conversion Agent receives a sum sufficient to
pay any tax which will be due because the shares are to be issued in a name other than the Holder’s name.  Nothing
herein shall preclude the Company from any tax withholding or directing the withholding of any tax required by law or
regulations.

                                   
Company to Provide Stock.  1.  The Company shall, prior to issuance of any Securities under this Article X, and
from time to time as may be necessary, reserve out of its authorized Common Stock that is not outstanding a sufficient number of
shares of Common Stock to permit the conversion of the Securities.

                                   
All shares of Common Stock delivered upon conversion of the Securities shall be newly issued shares or treasury shares, shall be
duly and validly issued and fully paid and nonassessable and shall be free from preemptive rights and free of any lien or adverse
claim created by the Company.

                                   
Adjustment of Initial Conversion Price.  The Conversion Price shall be subject to adjustments, calculated by the
Company, from time to time as follows:

                                   
In case the Company shall hereafter pay a dividend or make a distribution to all holders of the outstanding Common Stock in shares
of Common Stock, the Conversion Price in effect at the opening of business on the date following the date fixed for the
determination of stockholders entitled to receive such dividend or other distribution shall be reduced by multiplying such
Conversion Price by a fraction:

                                   
the numerator of which shall be the number of shares of Common Stock outstanding at the close of business on the Record Date (as
defined in Section 10.06(f)(iii)) fixed for such determination, and

                                   
the denominator of which shall be the sum of such number of shares referenced in clause (i) immediately above and the total number
of shares constituting such dividend or other distribution.

                       
Such reduction shall become effective immediately after the opening of business on the day following the Record Date for such
dividend or other distribution. If any dividend or distribution of the type described in this Section 10.06(a) is declared but not
so paid or made, the Conversion Price shall again be adjusted to the Conversion Price which would then be in effect if such
dividend or distribution had not been declared.

                                   
In case the outstanding shares of Common Stock shall be subdivided into a greater number of shares of Common Stock, the Conversion
Price in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be
proportionately reduced, and conversely, in case outstanding shares of Common Stock shall be combined into a smaller number of
shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such
combination becomes effective shall be proportionately increased, such reduction or increase, as the case may be, to become
effective immediately after the opening of business on the day following the day upon which such subdivision or combination becomes
effective.

                                   
In case the Company shall issue rights or warrants (other than any rights or warrants referred to in Section 10.06(d)) to all
holders of its outstanding shares of Common Stock entitling them to subscribe for or purchase shares of Common Stock (or securities
convertible into Common Stock) at a price per share (or having a conversion price per share) less than the Current Market Price (as
defined in Section 10.06(f)(i)) on the Record Date fixed for the determination of stockholders entitled to receive such rights or
warrants, the Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion
Price in effect at the opening of business on the date after such Record Date by a fraction:

                                   
the numerator of which shall be the number of shares of Common Stock outstanding at the close of business on such Record Date plus
the number of shares of Common Stock which the aggregate offering price of the total number of shares of Common Stock so offered
for subscription or purchase (or the aggregate conversion price of the convertible securities so offered) would purchase at such
Current Market Price, and

                                   
the denominator of which shall be the number of shares of Common Stock outstanding on the close of business on such Record Date
plus the total number of additional shares of Common Stock so offered for subscription or purchase (or into which the convertible
securities so offered are convertible).

                       
Such adjustment shall become effective immediately after the opening of business on the day following the Record Date fixed for
determination of stockholders entitled to receive

  such rights or warrants. To the extent that shares of Common Stock (or securities convertible into Common Stock) are not
delivered pursuant to such rights or warrants, upon the expiration or termination of such rights or warrants the Conversion Price
shall be readjusted to the Conversion Price which would then be in effect had the adjustments made upon the issuance of such rights
or warrants been made on the basis of the delivery of only the number of shares of Common Stock (or securities convertible into
Common Stock) actually delivered. In the event that such rights or warrants are not so issued, the Conversion Price shall again be
adjusted to be the Conversion Price which would then be in effect if such Record Date fixed for the determination of stockholders
entitled to receive such rights or warrants had not been fixed. In determining whether any rights or warrants entitle the holders
to subscribe for or purchase shares of Common Stock at less than such Current Market Price, and in determining the aggregate
offering price of such shares of Common Stock, there shall be taken into account any consideration received for such rights or
warrants, the value of such consideration, if other than cash, to be determined by the Board of Directors.

                       
Rights or warrants distributed by the Company to all holders of Common Stock entitling the holders thereof to subscribe for or
purchase shares of the Company’s capital stock (either initially or under certain circumstances), which rights or warrants,
until the occurrence of a specified event or events (“Trigger Event”):

           
            (x)        are deemed to be
transferred with such shares of Common Stock;

                       
(y)        are not exercisable; and

                       
(z)        are also issued in respect of future issuances of Common Stock,

shall be deemed not to have been distributed (and no adjustment to the Conversion Price will be required) until the occurrence
of the earliest Trigger Event. If such right or warrant is subject to subsequent events, upon the occurrence of which such right or
warrant shall become exercisable to purchase different securities, evidences of indebtedness or other assets or entitle the holder
to purchase a different number or amount of the foregoing or to purchase any of the foregoing at a different purchase price, then
the occurrence of each such event shall be deemed to be the date of issuance and Record Date with respect to a new right or warrant
(and a termination or expiration of the existing right or warrant without exercise by the holder thereof).  In addition, in
the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type
described in the preceding sentence) with respect thereto, that resulted in an adjustment to the Conversion Price:

                                   
in the case of any such rights or warrants which shall all have been redeemed or repurchased without exercise by any holders
thereof, the Conversion Price shall be readjusted upon such final redemption or repurchase to give effect to such distribution or
Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price
received by a holder of Common Stock with respect to such rights or warrant (assuming such holder had retained such rights or
warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and

                                   
in the case of such rights or warrants all of which shall have expired or been terminated without exercise, the Conversion Price
shall be readjusted as if such rights and warrants had never been issued.

                                   
In case the Company shall, by dividend or otherwise, distribute to all holders of its Common Stock evidences of its indebtedness,
securities or capital stock (including dividends or other distributions of shares of capital stock of any class or series, or
similar equity interest, of or relating to a subsidiary or other business unit of the Company), cash or other assets, excluding (1)
any dividend or distribution to which Section 10.06(a) applies, (2) any rights or warrants referred to in Section 10.06(c) and (3)
any stock, securities or other property or assets (including cash) distributed in connection with a reclassification, change,
merger, consolidation, statutory share exchange, combination, sale or conveyance to which Section 10.06(b) or Section 10.09 of this
Indenture applies (any of the foregoing hereinafter in this Section 10.06(d)) called the “Distribution”), the
Conversion Price shall be reduced so that the same shall be equal to the price determined by multiplying the Conversion Price in
effect immediately prior to the close of business on the Record Date  (as defined in Section 10.06(f)(iii)) with respect to
such distribution by a fraction:

                                   
the numerator of which shall be the Current Market Price on such Record Date, and

                                   
the denominator of which shall be the Current Market Price on such Record Date less (A) in the case of Distributions other than
cash, the Fair Market Value (as determined by the Board of Directors, whose determination shall be conclusive, and described in a
resolution of the Board of Directors) on the Record Date of the portion of such Distributions applicable to one share of Common
Stock and (B) in the case of Distributions of cash, the amount of such Distributions applicable to one share of Common Stock.

Such reduction shall become effective immediately prior to the opening of business on the day following the Record Date for such
dividend or other distribution.  However, in the event that the then fair market value (as so determined) of the portion of
the assets so distributed applicable to one share of Common Stock is equal to or greater than the Current Market Price on the
Record Date, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder shall have the right to
receive upon conversion of a Note (or any portion thereof) the amount of assets such Holder would have received had such Holder
converted such Note (or portion thereof) immediately prior to such Record Date. In the event that such dividend or distribution is
not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price which would then be in effect if such
dividend or distribution had not been declared except that, with respect to any dividend or distribution consisting of Capital
Stock of any class or series, or similar equity interests, of or relating to a Subsidiary or other business unit of the Company
that is listed or quoted on the New York Stock Exchange or other national or regional exchange or market, such reduction will be
effective immediately prior to the opening of  business on the day following the determination of the fair market value of
such securities as provided in Section 10.06(f)(ii).  Notwithstanding the foregoing, if the Distribution distributed by the
Company to all holders of its Common Stock consists of capital stock of, or similar equity interests in, a Subsidiary or other
business unit, the Conversion Price shall be increased so that the same shall

  be equal to the price determined by multiplying the Conversion Price in effect on the Record Date with respect to such
distribution by a fraction:

                       
(1)        the numerator of which shall be the sum of (x) the average Closing Sale Price of one
share of Common Stock over the ten consecutive Trading Day period (the “Spinoff Valuation Period”) commencing on
and including the fifth Trading Day after the date on which “ex-dividend trading” commences on the Common Stock
on the New York Stock Exchange or such other national or regional exchange or market on which the Common Stock is then listed or
quoted and (y) the average Closing Sale Price over the Spinoff Valuation Period of the portion of the Distribution so distributed
applicable to one share of Common Stock; and

                       
(2)        the denominator of which shall be the average Closing Sale Price of one share of
Common Stock over the Spinoff Valuation Period,

such adjustment to become effective immediately prior to the opening of business on the day following such Record Date;
provided that the Company may in lieu of the foregoing adjustment make adequate provision so that each holder shall have the
right to receive upon conversion the amount of Distribution such holder would have received had such holder converted each note on
the Record Date with respect to such distribution.

                                   
In case a tender or exchange offer made by the Company or any of its Subsidiaries for all or any portion of the Common Stock
(excluding any transactions solely involving odd lots of shares of Common Stock) shall expire and such tender or exchange offer (as
amended upon the expiration thereof) shall require the payment to stockholders of consideration per share of Common Stock having a
fair market value (as determined by the Board of Directors, whose determination shall be conclusive and described in a resolution
of the Board of Directors) that as of the last time (the “Expiration Time”) tenders or exchanges may be made
pursuant to such tender or exchange offer (as it may be amended) exceeds the Closing Sale Price on the Trading Day next succeeding
the Expiration Time, the Conversion Price shall be increased so that the same shall equal the rate determined by multiplying the
Conversion Price in effect immediately prior to the Expiration Time by a fraction,

                                   
the numerator of which shall be the sum of (x) the fair market value (determined as aforesaid) of the aggregate consideration
payable to stockholders based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of all
shares validly tendered or exchanged and not withdrawn as of the Expiration Time (the shares deemed so accepted up to any such
maximum, being referred to as the “Purchased Shares”) and (y) the product of the number of shares of Common
Stock outstanding (less any Purchased Shares) at the Expiration Time and the Closing Sale Price on the Trading Day next succeeding
the Expiration Time, and

                                   
the denominator of which shall be the number of shares of Common Stock outstanding (including any tendered or exchanged shares
(including Purchased Shares)) at the Expiration Time multiplied by the Closing Sale Price on the Trading Day next succeeding the
Expiration Time,

such adjustment to become effective immediately prior to the opening of business on the day

  following the Expiration Time.  If the Company is obligated to purchase shares pursuant to any such tender or
exchange offer, but the Company is permanently prevented by applicable law from effecting any such purchases or all such purchases
are rescinded, the Conversion Price shall again be adjusted to be the Conversion Price that would then be in effect if such tender
or exchange offer had not been made.

                                   
For purposes of this Section 10.06, the following terms shall have the meanings indicated:

                                   
“Current Market Price” means the average of the daily Closing Prices per share of Common Stock for the five
consecutive Trading Days selected by the Company commencing not more than 10 Trading Days before, and ending not later than, the
earlier of the day in question and the day before the “ex” date with respect to the issuance or distribution
requiring such computation.  For purposes of this paragraph, the term “ex” date, when used with respect to
any issuance or distribution, means the first date on which the Common Stock trades regular way on the applicable securities
exchange or in the applicable securities market without the right to receive such issuance or distribution.

                                   
“fair market value” means the amount which a willing buyer would pay a willing seller in an arm’s length
transaction; provided that, for purposes of Section 10.06(d), with respect to any dividend or distribution consisting of
Capital Stock of any class or series, or similar equity interests, of or relating to a Subsidiary or other business unit of the
Company that is listed or quoted on the New York Stock Exchange or other national or regional stock exchange or market, “fair
market value” shall mean the number of securities distributed in respect of each share of Common Stock multiplied by the
average of the Closing Sale Prices of those securities distributed for the ten (10) Trading Days commencing on and including the
fifth Trading Day after the date on which “ex-dividend trading” commences for such dividend or distribution on
the New York Stock Exchange or other national or regional exchange or market on which such securities are then listed or
quoted.

                                   
“Record Date” means, with respect to any dividend, distribution or other transaction or event in which the
holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock (or other
applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for
determination of stockholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board
of Directors or by statute, contract or otherwise).

                                   
The Company may make such reductions in the Conversion Price, in addition to those required by Sections 10.06(a), (b), (c), (d) or
(e) as the Board of Directors considers to be advisable to avoid or diminish any income tax to holders of Common Stock or rights to
purchase Common Stock resulting from any dividend or distribution of stock (or rights to acquire stock) or from any event treated
as such for income tax purposes.

                       
To the extent permitted by applicable law, the Company from time to time may reduce the Conversion Price by any amount. Whenever
the Conversion Price is reduced pursuant to the preceding sentence, the Company shall mail to the Trustee and each Holder at the
address

  of such Holder as it appears in the Register a notice of the reduction, and such notice shall state the reduced
Conversion Price and the period during which it will be in effect.

                                   
No adjustment in the Conversion Price shall be required unless such adjustment would require an increase or decrease of at least 1%
in such price; provided, however, that any adjustments which by reason of this Section 10.06(i) are not required to be made shall
be carried forward and taken into account in any subsequent adjustment.  All calculations under this Article X shall be made
by the Company and shall be made to the nearest cent or to the nearest one hundredth of a share, as the case may be. No adjustment
need be made for a change in the par value or no par value of the Common Stock. To the extent the Notes become convertible into the
right to receive cash, no adjustment need be made thereafter as to the cash. Interest shall not accrue on the cash.

                                   
In any case in which this Section 10.06 provides that an adjustment shall become effective immediately after a Record Date for an
event, the Company may defer until the occurrence of such event (i) issuing to the Holder of any Note converted after such Record
Date and before the occurrence of such event the additional shares of Common Stock issuable upon such conversion by reason of the
adjustment required by such event over and above the Common Stock issuable upon such conversion before giving effect to such
adjustment and (ii) paying to such Holder any amount in cash in lieu of any fraction pursuant to Section 10.03 of this
Indenture.

                                   
For purposes of this Section 10.06, the number of shares of Common Stock at any time outstanding shall not include shares held in
the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of
shares of Common Stock.  The Company will not pay any dividend or make any distribution on shares of Common Stock held in the
treasury of the Company, other than Common Stock issued in respect of Common Stock.

                                   
If the distribution date for the rights provided in the Company’s rights agreement, if any, occurs prior to the date a Note
is converted, the Holder of the Note who converts such Note after the distribution date shall not be entitled to receive the rights
that would otherwise be attached (but for the date of conversion) to the shares of Common Stock received upon such conversion
(unless the Company elects to issue such rights to such Holder); provided, however, that an adjustment shall be made to the
Conversion Price pursuant to clause 10.06(c) as if the rights were being distributed to the common stockholders of the Company
immediately prior to such conversion (unless the Company elects to issues such rights to such Holder).  If such an adjustment
is made and the rights are later redeemed, invalidated or terminated, then a corresponding reversing adjustment shall be made to
the Conversion Price, on an equitable basis, to take account of such event.

                                   
Notice of Adjustments.  Whenever the Conversion Price is adjusted as herein provided (other than in the case of an
adjustment pursuant to the second paragraph of Section 10.04(h) for which the notice required by such paragraph has been provided),
the Company shall promptly file with the Trustee and the Conversion Agent if other than the Trustee an Officer’s Certificate
setting forth the adjusted Conversion Price and showing in reasonable

  detail the facts upon which such adjustment is based.  Promptly after delivery of such Officer’s Certificate,
the Company shall prepare a notice stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion
Price and the date on which each adjustment becomes effective, and shall mail such notice to each Holder at the address of such
Holder as it appears in the Register within 20 days of the effective date of such adjustment.  Failure to deliver such notice
shall not effect the legality or validity of any such adjustment.

                                   
Notice of Certain Transactions.  If:

                                   
the Company takes any action that would require an adjustment in the Conversion Price pursuant to Sections 10.06(a), (b), (c), (d)
or (e); or

                                   
the Company takes any action that would require a supplemental indenture pursuant to Section 10.09; or

                                   
there is a liquidation or dissolution of the Company;

                       
then the Company shall mail to Securityholders and file with the Trustee and the Conversion Agent a notice stating the proposed
record date for a dividend or distribution or the proposed effective date of a subdivision, combination, reclassification,
consolidation, merger, binding share exchange, transfer, liquidation or dissolution.  The Company shall file and mail the
notice at least 15 days before such date.  Failure to file or mail the notice or any defect in it shall not affect the
validity of the transaction.

                                   
Reorganization of Company; Special Distributions.  If the Company is a party to a transaction subject to Article V
(other than a sale of all or substantially all of the assets of the Company in a transaction in which the holders of Common Stock
immediately prior to such transaction do not receive securities, cash, property or other assets of the Company or any other Person)
or a merger or binding share exchange which reclassifies or changes its outstanding Common Stock, the Person obligated to deliver
securities, cash or other assets upon conversion of Securities shall enter into a supplemental indenture.  If the issuer of
securities deliverable upon conversion of Securities is an Affiliate of the successor Company, that issuer shall join in the
supplemental indenture.

                       
The supplemental indenture shall provide that the Holder of a Security may convert it into the kind and amount of securities, cash
or other assets which such Holder would have received immediately after the consolidation, merger, binding share exchange or
transfer if such Holder had converted the Security immediately before the effective date of the transaction, assuming (to the
extent applicable) that such Holder (i) was not a constituent Person or an Affiliate of a constituent Person to such transaction;
(ii) made no election with respect thereto; and (iii) was treated alike with the plurality of non-electing Holders.  The
supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practical to the adjustments
provided for in this Article X.  The successor Company shall mail to Securityholders a notice briefly describing the
supplemental indenture.

                       
If any such transaction constitutes a Designated Event, the Notes shall cease to be convertible after the fifteenth day following
the transaction giving rise to such Designated Event.

                       
If this Section applies, none of Section 10.06(a), Section 10.06(b) or Section 10.06(c) applies.

                       
If the Company makes a distribution to all holders of its Common Stock of any of its assets, or debt securities or any rights,
warrants or options to purchase securities of the Company that would otherwise result in an adjustment in the Conversion Price
pursuant to the provisions of Section 10.06(d), then, from and after the record date for determining the holders of Common Stock
entitled to receive the distribution, a Holder of a Security that converts such Security in accordance with the provisions of this
Indenture shall upon such conversion be entitled to receive, in addition to the shares of Common Stock into which the Security is
convertible, the kind and amount of securities, cash or other assets comprising the distribution that such Holder would have
received if such Holder had converted the Security immediately prior to the record date for determining the holders of Common Stock
entitled to receive the distribution.

                                   
Company Determination Final.  Any determination that the Company or the Board of Directors must make pursuant to
Section 10.03, Section 10.06, Section 10.09 or Section 10.12 is conclusive.

                                   
Trustee’s Adjustment Disclaimer.  The Trustee has no duty to determine when an adjustment under this Article X
should be made, how it should be made or what it should be.  The Trustee has no duty to determine whether a supplemental
indenture under Section 10.09 need be entered into or whether any provisions of any supplemental indenture are correct.  The
Trustee shall not be accountable for and makes no representation as to the validity or value of any securities or assets issued
upon conversion of Securities.  The Trustee shall not be responsible for the Company’s failure to comply with this
Article X.  Each Conversion Agent (other than the Company or an Affiliate of the Company) shall have the same protection under
this Section 10.11 as the Trustee.

                                   
Successive Adjustments.  After an adjustment to the Conversion Price under this Article X, any subsequent event
requiring an adjustment under this Article X shall cause an adjustment to the Conversion Price as so adjusted.

                                   
Company’s Right to Elect to Pay Cash or Common Stock.  In lieu of delivery of Common Stock upon notice of
conversion of any Securities, the Company may elect to pay holders surrendering Securities an amount in cash per $1,000 Principal
Amount per Security equal to the average of the Closing Sale Prices of Common Stock for the five consecutive Trading Days
immediately following either (a) the date of notice of election to deliver cash as described below if the Company has not given
notice of redemption, or (b) the conversion date, in the case of conversion following the notice of redemption specifying that the
Company intends to deliver cash upon conversion, in either case multiplied by the Conversion Price in effect on that date. 
The Company will inform the holders through the Trustee no later than two Business Days following the Conversion Date of its
election to deliver shares of

  Common Stock or to pay cash in lieu of delivery of Common Stock, unless the Company has already informed holders of its
election in connection with its optional redemption of the Securities pursuant to Section 3.01 herein.  If the Company elects
to deliver all of such payment in Common Stock, the Common Stock will be delivered through the Conversion Agent no later than the
fifth Business Day following the Conversion Date.  If the Company elects to pay all or a portion of such payment in cash, the
payment, including any delivery of Common Stock, will be made to holders surrendering Securities no later than the tenth Business
Day following the applicable Conversion Date.  If an Event of Default (other than a default in a cash payment upon conversion
of the Securities) has occurred and is continuing, the Company may not pay cash upon conversion of any Security or portion of a
Security (other than cash for fractional shares).

GUARANTEE

                                   
Unconditional Guarantee.  The Guarantor hereby unconditionally guarantees to each Holder of a Security authenticated
and delivered by the Trustee the due and punctual payment of the Principal Amount of and cash interest with respect to, such
Security, when and as the same shall become due and payable, whether at maturity, by acceleration or redemption or otherwise, in
accordance with the terms of such Security and of this Indenture.  In case of the failure of the Company punctually to pay any
such Principal Amount of and cash interest payment, the Guarantor hereby agrees to cause any such payment to be made punctually
when and as the same shall become due and payable, whether at maturity, upon acceleration or redemption or otherwise, and as if
such payment were made by the Company.

                       
The Guarantor hereby agrees that to the fullest extent permitted by applicable law, its obligations hereunder shall be as principal
and not merely as surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity,
irregularity or failure to enforce the provisions of any such Security or this Indenture, or any waiver, modification, consent or
indulgence granted to the Company with respect thereto (unless the same shall also be provided the Guarantor), by the Holder of
such Security or the Trustee, the recovery of any judgment against the Company or any action to enforce the same, or any other
circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor.  The Guarantor hereby
waives to the fullest extent permitted by applicable law diligence, presentment, demand of payment, filing of claims with a court
in the event of merger, insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company,
protest or notice with respect to any such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants
that this Guarantee will not be discharged except by payment in full of the Principal Amount of and cash interest in respect of,
the Securities and the complete performance of all other obligations contained in the Securities.

                       
The Guarantor hereby irrevocably agrees that any claim or other rights that it may now or hereafter acquire against the Company
that arise from the existence, payment, performance or enforcement of the Company’s obligations under the Securities or this
Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution, indemnification, any
right to participate in any claim or remedy of the Holder of any Securities against the Company, whether or not such claim, remedy
or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive
from

  the Company, directly or indirectly, in cash or other property or by setoff or in any other manner, payment or security
on account of such claim or other rights, shall be subordinated and postponed in right of payment to the prior payment and
performance in full of all of the Company’s obligations under the Securities or this Indenture.  If any amount shall be
paid to the Guarantor in violation of the preceding sentence and the obligations of the Company guaranteed by the Guarantor
pursuant hereto shall not have been paid in full, such amount shall be deemed to have been paid to the Guarantor for the benefit
of, and held in trust for the benefit of, the Holders of Securities entitled to the benefit of this Guarantee, and shall forthwith
be paid to the Trustee.

                       
The Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation, reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or
should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of
the Securities are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any
obligee on the Securities, whether as a “voidable preference”, “fraudulent transfer” or
otherwise, all as though such payment or performance had not been made.  In the event that any payment or any part thereof, is
rescinded, reduced, restored or returned, for the purposes of the amounts due under the Guarantee, the Securities shall, to the
fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored
or returned.

                                   
Limitation of Guarantor’s Liability.  The Guarantor and by its acceptance hereof each Holder confirms that it is
the intention of all such parties that the guarantee by the Guarantor pursuant to its Guarantee not constitute a fraudulent
transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer
Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance.  To
effectuate the foregoing intention, the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor
under its Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed
liabilities of the Guarantor, result in the obligations of the Guarantor under its Guarantee constituting such fraudulent transfer
or conveyance.

                                   
Release of the Guarantor.  Concurrently with the discharge of the Securities under Section 8.01, the Guarantor shall be
released from all its obligations under its Guarantee under this Article XI.

                       
So long as no Default exists or with notice or lapse of time or both, would exist, the Guarantee issued by the Guarantor shall be
automatically and unconditionally released and discharged upon (a) any sale, exchange, transfer to any Person that is not an
Affiliate of the Company of all of the Capital Stock of the Guarantor owned by the Company, which transaction is otherwise in
compliance with the Indenture or (b) any release or discharge of all guarantees by the Guarantor of any indebtedness or obligations
of the Company other than the Guarantees of the Securities.

                                   
Benefits Acknowledged.  The Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Guarantee are knowingly made in
contemplation of such benefits.

                                   
Endorsement of Guarantee.  To evidence the Guarantee set forth in Section 11.01 hereof, the Guarantor hereby agrees
that a notation of the Guarantee substantially in the form of Exhibit A-2 shall be endorsed by an Officer of the Guarantor on each
Security authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of the Guarantor by one of
its Officers.

                       
The Guarantor hereby agrees that the Guarantee set forth in Section 11.01 shall remain in full force and effect notwithstanding any
failure to endorse on each Security a notation of the Guarantee.

                       
If an Officer or Officer whose signature is on this Indenture or on the notation of the Guarantee endorsed on a Security no longer
holds that office at the time the Trustee authenticates the Security on which the notation of the Guarantee is endorsed, the
Guarantee shall be valid nevertheless.  The delivery of any Security by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantor.

PAYMENT OF INTEREST

                                   
Interest Payments.  Interest on any Security that is payable, and is punctually paid or duly provided for, on any
applicable payment date shall be paid to the person in whose name that Security is registered at the close of business on the
Regular Record Date or accrual date, as the case may be, for such interest at the office or agency of the Company maintained for
such purpose.  Each installment of semiannual interest on any Security shall be paid in same-day funds by transfer to an
account maintained by the payee located inside the United States, if the Trustee shall have received proper wire transfer
instructions from such payee not later than the related Regular Record Date or accrual date, as the case may be, or, if no such
instructions have been received, by check drawn on a bank in New York City mailed to the payee at its address set forth on the
Registrar’s books.  In the case of a permanent Global Security, semiannual interest payable on any applicable payment
date will be paid to the Depositary, with respect to that portion of such permanent Global Security held for its account by Cede
& Co. for the purpose of permitting such party to credit the interest received by it in respect of such permanent Global
Security to the accounts of the beneficial owners thereof.

                                   
Defaulted Interest.  Except as otherwise specified with respect to the Securities, any interest on any Security that is
payable, but is not punctually paid or duly provided for, within 30 days following any applicable payment date (herein called
“Defaulted Interest”, which term shall include any accrued and unpaid interest that has accrued on such
defaulted amount in accordance with paragraph 1 of the Securities), shall forthwith cease to be payable to the registered Holder
thereof on the relevant Regular Record Date or accrual date,

as the case may be, by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in clause (1) or (2) below:

                                   
The Company may elect to make payment of any Defaulted Interest to the persons in whose names the Securities are registered at the
close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following
manner.  The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security and the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee),
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 on or prior to
the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such
Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix a special record date (the “Special
Record Date”) for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed
payment.  The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Holder of Securities at his address as it appears on the list of Securityholders maintained
pursuant to Section 2.05 not less than 10 days prior to such Special Record Date.  Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to
the persons in whose names the Securities are registered at the close of business on such Special Record Date and shall no longer
be payable pursuant to the following clause (2).

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

                                   
Interest Rights Preserved.  Subject to the foregoing provisions of this Article XII and Section 2.06, each Security
delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the
rights to quarterly interest accrued and unpaid, and to accrue, which were carried by such other Security.

MISCELLANEOUS

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

                                   
Notices.  Any request, demand, authorization, notice, waiver, consent or communication shall be in writing and
delivered in person or delivery by courier guaranteeing overnight delivery or mailed by first-class mail, postage prepaid,
addressed as follows or

  transmitted by facsimile transmission (confirmed by guaranteed overnight courier) to the following facsimile numbers:

                       
if to the Company:

                                   
ExpressJet Holdings, Inc.

                                   
1600 Smith Street, 11th Floor HQSCE

                                   
Houston, Texas 77002

                                   
Attention: Chief Financial Officer

                                   
Fax: (713) 324-4420

                                   
Attention:  General Counsel

                                   
Fax: (713) 324-0501

                                   
with a copy of any notice given pursuant to Article VI to:

                                   
Andrews & Kurth LLP

                                   
Suite 4200

                                   
600 Travis

                                   
Houston, Texas 77002

                                   
Attention:  David Buck, Esq.

                                   
Fax: (713) 238-7126

                       
if to the Guarantor:

                                   
ExpressJet Airlines, Inc.

                                   
1600 Smith Street, 11th Floor HQSCE

                                   
Houston, Texas 77002

                                   
Attention: Chief Financial Officer

                                   
Fax: (713) 324-4420

                                   
Attention:  General Counsel

                                   
Fax: (713) 324-0501

                       
if to the Trustee:

                                   
Bank One, N.A.

                                   
1111 Polaris Parkway, Suite OH1-0181

                                   
Columbus, Ohio 43215

                                   
Attention:  Corporate Trust Administration

                                   
Fax:  614-248-5195

                       
The Company, the Guarantor or the Trustee by notice given to the other in the manner provided above may designate additional or
different addresses for subsequent notices or communications.

                       
Any notice or communication given to a Securityholder shall be mailed to the Securityholder, by first-class mail, postage prepaid,
at the Securityholder’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 Securityholder or any defect in it shall not affect its sufficiency with respect to
other Securityholders.  If a notice or communication is mailed in the manner provided above, it is duly given, whether or not
received by the addressee.

                       
If the Company mails a notice or communication to the Securityholders, it shall mail a copy to the Trustee and each Registrar,
Paying Agent, Conversion Agent or co-registrar.

                                   
Communication by Holders with Other Holders.  Securityholders may communicate pursuant to TIA Section 312(b) with other
Securityholders with respect to their rights under this Indenture or the Securities.  The Company, the Trustee, the Registrar,
the Paying Agent, the Conversion Agent and anyone else shall have the protection of TIA Section 312(c).

                                   
Certificate and Opinion as to Conditions Precedent.  Upon any request or application by the Company to the Trustee to
take any action under this Indenture, the Company shall furnish to the Trustee if reasonably requested:

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

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

                                   
Statements Required in Certificate or Opinion.  Each Officer’s Certificate or Opinion of Counsel with respect to
compliance with a covenant or condition provided for in this Indenture shall include to the extent required by the Trustee:

                                   
a statement that each person making such Officer’s Certificate or Opinion of Counsel has read such covenant or condition;

                                   
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such Officer’s Certificate or Opinion of Counsel are based;

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

                                   
a statement that, in the opinion of such person, such covenant or condition has been complied with.

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

                                   
Rules by Trustee, Paying Agent, Conversion Agent and Registrar.  The Trustee may make reasonable rules for action by or
a meeting of Securityholders.  The Registrar, Conversion Agent and the Paying Agent may make reasonable rules for their
functions.

                                   
Legal Holidays.  A “Legal Holiday” is any day other than a Business Day.  If any specified date
(including a date for giving notice) is a Legal Holiday, the action shall be taken on the next succeeding day that is not a Legal
Holiday, and, if the action to be taken on such date is a payment in respect of the Securities, no interest shall accrue for the
intervening period.

                                   
GOVERNING LAW.  THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS INDENTURE AND THE SECURITIES.

                                   
No Recourse Against Others.  A director, officer, employee, agent, representative, stockholder or equity holder, as
such, of the Company shall not have any liability for any obligations of the Company under the Securities or this Indenture or for
any claim based on, in respect of or by reason of such obligations or their creation.  By accepting a Security, each
Securityholder shall waive and release all such liability.  The waiver and release shall be part of the consideration for the
issue of the Securities.

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

                                   
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 originally signed copy is enough to prove this
Indenture.

                       
IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this Indenture on behalf of the respective parties hereto
as of the date first above written.

                                                           
EXPRESSJET HOLDINGS, INC.

                                                           
By: /s/ Frederick S.
Cromer                                                   

                                                           
Name: Frederick S. Cromer

                                                           
Title: Vice President and Chief Financial Officer

                                                           
EXPRESSJET AIRLINES, INC.

                                                           
By: /s/ Frederick S.
Cromer                                                   

                                                           
Name: Frederick S. Cromer

                                                           
Title: Vice President and Chief Financial Officer

                                                           
BANK ONE, N.A.

                                                           
By: /s/ David B.
Knox                                                        

                                                           
Name: David B. Knox

                                                           
Title:  Vice President

EXHIBIT A-1

[FORM OF FACE OF GLOBAL SECURITY]

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

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.

            THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS
ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
ADOPTED UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH REGULATION S ADOPTED UNDER THE SECURITIES ACT; (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL
ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY OR THE COMMON STOCK ISSUABLE UPON CONVERSION
OF SUCH SECURITY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY THEREOF; (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE
144A ADOPTED UNDER THE SECURITIES ACT (IF AVAILABLE); (C) TO PERSONS OTHER THAN U.S. PERSONS OUTSIDE THE UNITED STATES IN
COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 ADOPTED
UNDER THE SECURITIES ACT OR ANOTHER AVAILABLE EXEMPTION UNDER THE SECURITIES ACT (IF AVAILABLE), OR (E) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT; AND (3) AGREES THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN TWO
YEARS AFTER THE ORIGINAL

  ISSUANCE OF THIS SECURITY, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION
AS MAY BE REQUIRED PURSUANT TO THE INDENTURE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE
TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER
THE SECURITIES ACT.  IN ANY CASE, THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH
REGARD TO THIS SECURITY OR ANY COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY, EXCEPT AS PERMITTED BY THE SECURITIES
ACT.

            THE FOREGOING LEGEND MAY BE REMOVED FROM THIS SECURITY ON
SATISFACTION OF THE CONDITIONS SPECIFIED IN THE INDENTURE.

EXPRESSJET HOLDINGS, INC.

4.25% Convertible Note due 2023

No.
A-1                                                                                              
CUSIP: [                ]

Issue Date:
                                                                 
        Principal Amount:

[$             ]

            EXPRESSJET HOLDINGS, INC., a Delaware corporation, for value
received, hereby promises to pay to ________________ or its registered assigns, on August 1, 2023, the principal sum of
_______________________ DOLLARS ($________) or such greater or lesser amount as is indicated on the Schedule of Exchanges attached
hereto.

            Interest Payment Dates: February 1 and August 1, commencing
February 1, 2004

Regular Record Dates: January 15 and July 15

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

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

Dated: August 5, 2003

                                                           
EXPRESSJET HOLDINGS, INC.

                                                           
By: /s/ Frederick S.
Cromer                                      

                                                           
Name: Frederick S. Cromer

                                                           
Title: Vice President and Chief Financial Officer

TRUSTEE’S CERTIFICATE OF

      AUTHENTICATION

This is one of the 4.25% Convertible Notes due 2023 issued under the within-named Indenture.

Bank One, N.A.,

as Trustee.

By:/s/ David B.
Knox                                                       

            Authorized Officer

Dated: August 5, 2003

[FORM OF REVERSE SIDE OF NOTE]

4.25% Convertible Note due 2023

      1.   Interest.

            The Company promises to pay interest in cash on the Principal
Amount of this Note at the rate of 4.25% per year from the Issue Date, or from the most recent date to which interest has been paid
or provided for.  During such period, the Company will pay interest semiannually in arrears on each Interest Payment Date,
commencing on February 1, 2004, to Holders of record at the close of business on each Regular Record Date immediately preceding
such Interest Payment Date.  Each payment of interest on the Securities will include interest accrued through the day
immediately preceding the most recent Interest Payment Date (or the Repurchase Date, Redemption Date, Designated Event Repurchase
Date or, in certain circumstances, the Conversion Date, as the case may be).  Any payment required to be made on any day that
is not a Business Day will be made on the next succeeding Business Day.  Interest on the Notes shall be computed on the basis
of a 360-day year of twelve 30-day months.

            If installments of interest due hereon are not paid when due
in accordance with the preceding paragraph, then in each such case the overdue amount shall, to the extent permitted by law, bear
interest at 4.25% per year, as the case may be, in effect following the date such overdue amount was due, compounded semi-annually,
which interest shall accrue from the date such overdue amount was originally due to the date payment of such amount, including
interest thereon, has been made or duly provided for.  All such interest shall be payable on demand.

            Interest on any Security that is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name that Security is registered at
the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such
purpose.  Each installment of interest on any Security shall be paid in same-day funds by transfer to an account maintained by
the payee located inside the United States.

      2.   Method of Payment.

            Subject to the terms and conditions of the Indenture, the
Company will make payments in respect of Principal Amount, Redemption Price, Designated Event Repurchase Price, Repurchase Price
and at Stated Maturity to Holders who surrender Securities to a Paying Agent to collect such payments in respect of the
Securities.  In addition, the Company will pay interest from the Issue Date as more fully described in paragraph 1
hereof.  The Company will pay any cash amounts in money of the United States that at the time of payment is legal tender for
payment of public and private debts.  However, the Company may make such cash payments by check payable in such money.

      3.   Paying Agent, Conversion Agent and Registrar.

            Initially, Bank One, N.A. (the “Trustee”)
will act as Paying Agent, Conversion Agent and Registrar.  The Company may appoint and change any Paying Agent, Conversion
Agent and Registrar or co-registrar without notice, other than notice to the Trustee except that the Company

  will maintain at least one Paying Agent in the State of New York, City of New York, Borough of Manhattan, which shall
initially be an office or agency of the Trustee.  The Company or any of its Subsidiaries or any of their Affiliates may act as
Paying Agent, Conversion Agent, Registrar or co-registrar.

      4.   Indenture.

            The Company issued the Securities pursuant to an Indenture
dated as of August 5, 2003 (the “Indenture”), between the Company and the Trustee.  The terms of the
Securities include those stated in the Indenture and those made part of the Indenture by reference to the Securities themselves and
the Trust Indenture Act of 1939, as in effect from time to time (the “TIA”).  Capitalized terms used herein
and not defined herein have the meanings ascribed thereto in the Indenture.  The Securities are subject to all such terms, and
Securityholders are referred to the Indenture and the TIA for a statement of those terms.

            The Securities are unsecured and unsubordinated obligations
of the Company limited to $143,750,000 aggregate Principal Amount (subject to Section 2.07 of the Indenture).  The Indenture
does not limit other indebtedness of the Company, secured or unsecured.

      5.   Redemption at the Option of the Company.

            No sinking fund is provided for the Securities.  Subject
to the terms and conditions of the Indenture, the Securities are redeemable as a whole, or from time to time in part, at any time
at the option of the Company in accordance with the Indenture at the Redemption Price, provided that the Securities are not
redeemable prior to August 4, 2008.

            If redeemed at the option of the Company, the Securities will
be redeemed at a price equal to 100% of the Principal Amount (the “Redemption Price”), plus accrued and unpaid
interest.

      6.   Repurchase at the Option of the Holder on Specified Dates.

            Subject to the terms and conditions of the Indenture, the
Company shall become obligated to repurchase, at the option of the Holder, the Securities held by such Holder on August 1, 2008,
August 1, 2013 and August 1, 2018 at a Repurchase Price equal to 100% of the Principal Amount of such Securities on the applicable
Repurchase Date plus accrued and unpaid interest, if any, to but not including the Repurchase Date, upon delivery of a Repurchase
Notice containing the information set forth in the Indenture at any time from the opening of business on the date that is 20
Business Days prior to such Repurchase Date until the close of business on the third Business Day prior to such Repurchase Date and
upon delivery of the Securities to the Paying Agent by the Holder as set forth in the Indenture.

            The Repurchase Price may be paid, at the option of the
Company, in cash or by the issuance and delivery of shares of Common Stock of the Company, or in any combination thereof in
accordance with the Indenture.

            At the option of the Holder and subject to the terms and
conditions of the Indenture,

the Company shall become obligated to purchase all or a portion of the Securities in integral multiples of $1,000 Principal
Amount held by such Holder no later than 30 Business Days after the occurrence of a Designated Event of the Company for a
Designated Event Repurchase Price equal to 100% of the Principal Amount of such Securities plus accrued and unpaid cash interest,
if any, to but not including the Designated Event Repurchase Date, which Designated Event Repurchase Price shall be paid in
cash.

            A third party may make the offer and purchase of the
Securities in lieu of the Company in accordance with the Indenture.

            Holders have the right to withdraw any Repurchase Notice or
Designated Event Repurchase Notice, as the case may be, by delivering to the Paying Agent a written notice of withdrawal in
accordance with the provisions of the Indenture.

            If cash (and/or securities if permitted under the Indenture)
sufficient to pay the Repurchase Price or Designated Event Repurchase Price, as the case may be, of all Securities or portions
thereof to be purchased as of the Repurchase Date or the Designated Event Repurchase Date, as the case may be, is deposited with
the Paying Agent on the Business Day following the Repurchase Date or the Designated Event Repurchase Date, as the case may be,
interest shall cease to accrue on such Securities (or portions thereof) on such Repurchase Date or Designated Event Repurchase
Date, as the case may be, and the Holder thereof shall have no other rights as such (other than the right to receive the Repurchase
Price or Designated Event Repurchase Price, as the case may be, if any, upon surrender of such Security).

      7.   Notice of Redemption.

            Notice of redemption will be mailed at least 30 days but not
more than 60 days before the Redemption Date to each Holder of Securities to be redeemed at the Holder’s registered
address.  If money sufficient to pay the Redemption Price of, and accrued and unpaid interest, if any, with respect to, all
Securities (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent prior to or on the
Redemption Date, interest shall cease to accrue on such Securities (or portions thereof) on such Redemption Date and the Holder
thereof shall have no other rights as such (other than the right to receive the Redemption Price upon surrender of such
Security).  Securities in denominations larger than $1,000 of Principal Amount may be redeemed in part but only in integral
multiples of $1,000 of Principal Amount.

      8.   Conversion.

            Conversion Based on Common Stock Price.  Subject
to the provisions of this paragraph 8 and notwithstanding the fact that any other condition to conversion described below has not
been satisfied, Holders may convert the Securities into Common Stock at any time during or after any fiscal quarter commencing
after September 30, 2003 if the Closing Sale Price of the Common Stock for at least 20 Trading Days in a period of 30 consecutive
Trading Days ending on the last Trading Day of such preceding fiscal quarter is greater than 120% of the Conversion Price on the
last Trading Day of such preceding fiscal quarter.  If the foregoing condition is satisfied, then the Securities will be
convertible at any time at the option of the Holder, through their maturity.

            Conversion Based on Trading Price of Securities. 
Subject to the provisions of this paragraph 8 and the exceptions in the paragraph below and notwithstanding the fact that any other
condition to conversion described herein has not been satisfied, Holders may convert the Securities into Common Stock during each
of the five Business Day period after any five consecutive Trading Day period in which the Trading Price per $1,000 Principal
Amount of the Securities for each day of such five day period was less than 98% of the product of the Closing Sale Price on the
applicable date and the number of shares of Common Stock issuable upon conversion of $1,000 Principal Amount of the Securities (the
“Trading Price Condition”).  Upon conversion, the Company has the right to deliver cash or a combination of
cash and Common Stock.

            Notwithstanding the foregoing paragraph, if on the date of
any conversion pursuant to the Trading Price Condition, the Closing Sale Price is greater than the Conversion Price, then Holders
will receive, in lieu of Common Stock based on the Conversion Price, cash or Common Stock or a combination of cash and Common
Stock, at our option, with a value equal to the Principal Amount of such Securities plus accrued and unpaid interest, as of the
Conversion Date (“Principal Value Conversion”). The Company will notify Holders who surrender their Securities
for conversion, if it is a Principal Value Conversion, by the second Trading Day following the date of conversion, whether the
Company will pay them all or a portion of the Principal Amount of such Securities plus accrued and unpaid interest in cash, Common
Stock or a combination of cash and Common Stock, and in what percentage. Any Common Stock delivered upon a Principal Value
Conversion will be valued at the greater of the Conversion Price on the Conversion Date and the Applicable Stock Price as of the
Conversion Date. The Company will pay such Holders any portion of the Principal Amount plus accrued and unpaid interest to be paid
in cash and deliver Common Stock with respect to any portion of the Principal Amount plus accrued and unpaid interest to be paid in
Common Stock no later than the third Business Day following the determination of the Applicable Stock Price.

            The “Applicable Stock Price” means, in
respect of a date of determination, the average of the Closing Sales Price per share of Common Stock over the five Trading Day
period starting on the third Trading Day following such date of determination.

            The “Trading Price” of the Securities on
any date of determination means the average of the secondary market bid quotations obtained by the Trustee for $5,000,000 Principal
Amount of the Securities at approximately 3:30 p.m., New York City time, on such determination date from three independent
nationally recognized securities dealers selected by the Company; provided that if three such bids cannot reasonably be obtained by
the Trustee, but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can
reasonably be obtained by the Trustee, that one bid shall be used.  If the Trustee cannot reasonably obtain at least one bid
for $5,000,000 Principal Amount of the Securities from a nationally recognized securities dealer, then the trading price per $1,000
Principal Amount of the Securities shall be deemed to be less than 98% of the product of (a) the Closing Sale Price of Common Stock
on such date and (b) the number of shares of Common Stock issuable upon conversion of $1,000 Principal Amount of the
Securities.

            The Trustee (or other conversion agent appointed by the
Company) shall have no

  obligation to determine the Trading Price unless the Company has requested such a determination; and the Company shall
have no obligation to make such request unless a holder provides it with reasonable evidence that the Trading Price per $1,000
Principal Amount of Securities would be less than 98% of the product of the Closing Sale Price of Common Stock and the number of
shares of Common Stock issuable upon conversion of $1,000 Principal Amount of Securities.  If such evidence is provided, the
Company shall instruct the Trustee (or other conversion agent) to determine the Trading Price of the Securities beginning on the
next Trading Day and on each successive Trading Day until the Trading Price per $1,000 Principal Amount of Securities is greater
than 98% of the product of the Closing Sale Price and the number of shares issuable upon conversion of $1,000 Principal Amount of
the Securities.

            Conversion upon Redemption.  Subject to the
provisions of this paragraph 8 and notwithstanding the fact that any other condition described herein to conversion has not been
satisfied, a Holder may convert into Common Stock a Security or portion of a Security which has been called for redemption pursuant
to paragraph 8 hereof, provided such Securities are surrendered for conversion prior to the close of business on the Business Day
immediately preceding the Redemption Date.

            Conversion Upon Certain Distributions.  Subject
to the provisions of this paragraph 8 and notwithstanding the fact that any other condition to conversion described herein has not
been satisfied, in the event that the Company declares a dividend or distribution described in Section 10.06(c) of the Indenture,
or a dividend or a distribution described in Section 10.06(d) of the Indenture where, the fair market value, per share, of such
dividend or distribution per share of Common Stock, as determined in the Indenture, exceeds 5% of the Closing Sale Price of the
Common Stock on the Business Day immediately preceding the date of declaration for such dividend or distribution, the Securities
may be surrendered for conversion beginning on the date the Company gives notice to the Holders of such right, which shall not be
less than 20 days prior to the date on which “ex-dividend trading” commences for such dividend or distribution on the
New York Stock Exchange or other national or regional exchange or market on which the Common Stock is then listed or quoted, and
Securities may be surrendered for conversion at any time thereafter until the close of business on the Business Day prior to such
date on which ex-dividend trading commences or until the Company announces that such dividend or distribution will not take
place.

            Conversion Upon Occurrence of Certain Corporate
Transactions.  Subject to the provisions of this paragraph 8 and notwithstanding the fact that any other condition
described herein to conversion has not been satisfied, in the event the Company is a party to a consolidation, merger or binding
share exchange pursuant to which the Common Stock would be converted into cash, securities or other property as set forth in
Section 10.09 of the Indenture, the Securities may be surrendered for conversion at any time from and after the date which is 15
days prior to the date announced by the Company as the anticipated effective time until 15 days after the actual effective date of
such transaction, and at the effective time of such transaction the right to convert a Security into Common Stock will be deemed to
have changed into a right to convert it into the kind and amount of cash, securities or other property which the holder would have
received if the holder had converted its Security into Common Stock immediately prior to the transaction.  If such transaction
also constitutes a Designated Event, a Holder will be able to

  require the Company to repurchase all or a portion of such Holder’s Securities pursuant to paragraph 10 and Section
3.14 of the Indenture.  In addition, if such transaction constitutes a Designated Event, the Securities will cease to be
convertible after the fifteenth day following the actual effective date of the transaction giving rise to such Designated
Event.

            A Security in respect of which a Holder has delivered a
Repurchase Notice or Designated Event Repurchase Notice exercising the option of such Holder to require the Company to purchase
such Security may be converted only if such notice of exercise is withdrawn in accordance with the terms of the Indenture.

            The initial Conversion Price is $18.20, subject to adjustment
for certain events described in the Indenture.  The Company will deliver cash or a check in lieu of any fractional share of
Common Stock.  The ability to surrender Securities for conversion will expire at the close of business on the Business Day
preceding the Stated Maturity.

            Interest will not be paid on Securities that are converted;
provided, however that, Securities surrendered for conversion during the period from the close of business on any Regular Record
Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall be entitled to receive
such interest payable on such Securities on the corresponding Interest Payment Date, and Securities surrendered for conversion
during such periods must be accompanied by payment of an amount equal to the interest with respect thereto that the registered
Holder is to receive.

            Subject to the provisions of the Indenture relating to the
requirements for convertibility of a Security, to exercise its conversion right, a Holder must (1) complete and manually sign the
conversion notice (or complete and manually sign a facsimile of such notice) and deliver such notice to the Conversion Agent, (2)
surrender the Security to the Conversion Agent, (3) furnish appropriate endorsements and transfer documents if required by the
Conversion Agent, the Company or the Trustee and (4) pay any transfer or similar taxes, if required.

            A Holder may convert a portion of a Security if the Principal
Amount of such portion is $1,000 or an integral multiple of $1,000.  No payment or adjustment will be made for dividends on
the Common Stock except as provided in the Indenture.  On conversion of a Security, accrued but unpaid interest attributable
to the period from the most recent Interest Payment Date through the Conversion Date shall not be cancelled, extinguished or
forfeited, but rather shall be deemed to be paid in full to the Holder thereof through the delivery of the Common Stock (together
with the cash payment, if any, in lieu of fractional shares) in exchange for the Security being converted pursuant to the terms
hereof; and the fair market value of such shares of Common Stock (together with any such cash payment in lieu of fractional shares)
shall be treated as issued, to the extent thereof, first in exchange for accrued but unpaid interest through the Conversion Date,
and the balance, if any, of such fair market value of such Common Stock (and any such cash payment) shall be treated as issued in
exchange for the Issue Price of the Security being converted pursuant to the provisions hereof.

            The Conversion Price will be adjusted in certain
circumstances as provided in the indenture.

            If the Company is a party to a consolidation, merger or
binding share exchange or a transfer of all or substantially all of its assets, or upon certain distributions described in the
Indenture, the right to convert a Security into Common Stock may be changed into a right to convert it into securities, cash or
other assets of the Company or another person.

      9.   Conversion Arrangement on Call for Redemption.

            Any Securities called for redemption, unless surrendered for
conversion before the close of business on the Redemption Date, may be deemed to be purchased from the Holders of such Securities
at an amount not less than the Redemption Price, by one or more investment bankers or other purchasers who may agree with the
Company to purchase such Securities from the Holders, to convert them into Common Stock of the Company and to make payment for such
Securities to the Trustee in trust for such Holders.

      10. Repurchase Right Upon a Designated Event.

            In the event that a Designated Event shall occur, then each
Holder shall have the right, at the Holder’s option, to require the Company to repurchase, and upon the exercise of such
right the Company shall repurchase, all of such Holder’s Notes, or any portion of the principal amount thereof that is equal
to $1,000 or any integral multiple of $1,000 in excess thereof, on the date that is 45 days after the date of the Designated Event
Notice at a purchase price equal to 100% of the principal amount of the Notes to be repurchased plus interest, if any, accrued and
unpaid to the Designated Event Repurchase Date; provided, however, that installments of interest on Notes whose
Stated Maturity is on or prior to the Designated Event Repurchase Date shall be payable to the Holders of such Notes, or one or
more Predecessor Securities, registered as such on the relevant Record Date according to their terms and the provisions of Section
3.14 of the Indenture.

            A notice will be given by or on behalf of the Company to the
Holders as provided in the Indenture. To exercise a repurchase right, a Holder must deliver to the Trustee a written notice in the
form attached to this Note.

      11. Events of Default and Remedies.

            If an Event of Default with respect to the Securities shall
occur and be continuing, the Principal Amount of all Securities may be declared due and payable immediately in the manner and with
the effect provided in the Indenture.

      12. Denominations; Transfer; Exchange.

            The Securities are in fully registered form, without coupons,
in denominations of $1,000 of Principal Amount and integral multiples of $1,000.  A Holder may transfer or exchange Securities
in accordance with the Indenture.  The Registrar may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees

  required by law or permitted by the Indenture.  The Registrar need not transfer or exchange any Securities selected
for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or any
Securities in respect of which a Repurchase Notice or Designated Event Repurchase Notice has been given and not withdrawn (except,
in the case of a Security to be purchased in part, the portion of the Security not to be purchased) or any Securities for a period
of 15 days before the mailing of a notice of redemption of Securities to be redeemed.

      13. Persons Deemed Owners.

            The registered Holder of this Security may be treated as the
owner of this Security for all purposes.

      14. Unclaimed Money or Securities.

            The Trustee and the Paying Agent shall return to the Company
or, to the extent the Trustee collects any amount pursuant to the Guarantee from the Guarantor, to the Guarantor, upon written
request any money or securities held by them for the payment of any amount with respect to the Securities that remains unclaimed
for two years, subject to applicable unclaimed property laws.  After return to the Company or the Guarantor, as the case may
be, Holders entitled to the money or securities must look to the Company or the Guarantor for payment as general creditors unless
an applicable abandoned property law designates another person.

      15. Amendments and Waivers.

            The Company and the Trustee may, subject to certain
exceptions as provided in the Indenture, enter into an indenture or indentures supplemental to the Indenture to add any provisions
to or to change or eliminate any provisions of the Indenture or of any other indenture supplemental thereto or to modify the rights
of the Holders of Notes with the written consent of the Holders of not less than a majority of the aggregate principal amount of
the Notes.

            The Indenture also contains provisions permitting the Holders
of a majority in aggregate Principal Amount of the Notes on behalf of the Holders of all the Notes, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon such Holder and upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Note.

      16. Trustee Dealings with the Company.

            Subject to certain limitations imposed by the TIA, 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 or its Affiliates and may otherwise deal with the Company or their
Affiliates with the same rights it would have if it were not Trustee.

      17. No Recourse Against Others.

            A director, officer, employee, agent, representative,
stockholder or equity holder, as such, of the Company shall not have any liability for any obligations of the Company under the
Securities 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 Holder shall waive and release all such liability.  The waiver and release shall be part of the
consideration for the issue of the Notes.

      18. Authentication.

            This Note shall not be valid until an authorized signatory of
the Trustee manually signs the Trustee’s Certificate of Authentication on the other side of this Security.

      19. Abbreviations.

            Customary abbreviations may be used in the name of a
Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants
with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

      20. GOVERNING LAW.

            THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE,
THE GUARANTEE  AND THIS SECURITY.

                       
The Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture that has in it the
text of this Security in larger type.  Requests may be made to:

                       
ExpressJet Holdings, Inc.

                       
1600 Smith Street, HQS

                       
Houston, Texas  77002

                       
Attention:  Chief Financial Officer

	
ASSIGNMENT FORM

	
  

	
CONVERSION NOTICE

	
   

	
  

	
   

	
To assign this Security, fill in the form below:

		
To convert this Security into Common Stock of the Company, check the box:

	
   

		
   

	
I or we assign and transfer this Security to

			
	

		
   

	

		
To convert only part of this Security, state the Principal Amount to be converted (which must be $1,000 or an integral multiple
of $1,000:

	
   

	
	
(Insert assignee’s soc. sec. or tax ID no.)

		
$

	

		
   

	

		
If you want the stock certificate made out in another person’s name fill in the form below:

	

		
    

	
   

		

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

		
(Insert other person’s soc. sec. or tax ID no.)

	
and irrevocably appoint

		

	
   

		

	

		

	
agent to transfer this Security on the books of the Company.  The agent may substitute another to act for him.

		

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

Date: 
                                                          
    Your signature: 
                                                         

(Sign exactly as your name appears on the other side of this Security)

SCHEDULE OF EXCHANGES

            The following exchanges, redemptions, repurchases or
conversions of a part of this Global Security for Certificated Securities have been made:

	
Date of Transaction

	
 

	
Amount of decrease in Principal Amount of this Global Security

	
 

	
Amount of increase in Principal Amount of this Global Security

	
 

	
Principal Amount of this Global Security

 Following such decrease (or increase)

	
 

	
Signature of authorized signatory of Trustee

	

	
  

	

	
  

	

	
  

	

	
  

	

EXHIBIT A-2

[FORM OF NOTATION OF GUARANTEE]

                       
The Guarantor (as defined in the Indenture and which term includes any successor person under the Indenture), upon the terms and
subject to the conditions set forth in the Indenture, has unconditionally guaranteed on a senior unsecured basis (the
"Guarantee") (i) the due and punctual payment of the principal of and interest on the Securities, whether at maturity, by
acceleration or otherwise, the due and punctual payment of interest on the overdue principal and interest, if any, on the
Securities, to the extent lawful, and the due and punctual performance of all other obligations of the Company to the Holders or
the Trustee all in accordance with the terms set forth in Article XII of the Indenture and (ii) in case of any extension of time of
payment or renewal of any Securities or any of such other obligations, the Guarantor has guaranteed that the same will be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by
acceleration or otherwise.

                       
The obligations of the undersigned to the Holders of the Securities and to the Trustee pursuant to this Guarantee and in the
Indenture are expressly set forth in the Indenture and reference is hereby made to the Indenture for the precise terms of the
Guarantee and all of the other provisions of the Indenture to which this Guarantee relates.

                       
No stockholder, officer, director, employee or incorporator, as such, past, present or future, of the Guarantor shall have any
liability under the Guarantee by reason of his or its status as such stockholder, officer, director, employee or incorporator.

                       
The Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Securities upon which
the Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized
signatories.

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

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

                                                           
EXPRESSJET AIRLINES, INC.

                                                           
By: /s/ Frederick S.
Cromer                                      

                                                           
Name: Frederick S. Cromer

                                                           
Title: Vice President and Chief Executive Officer

EXHIBIT A-3

[FORM OF CERTIFICATED SECURITY]

            [INCLUDE IF SECURITY IS A CERTIFICATED SECURITY TO BE HELD BY
AN INSTITUTIONAL ACCREDITED INVESTOR--IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT
SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH
THE FOLLOWING RESTRICTIONS.]

            THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS
ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
ADOPTED UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH REGULATION S ADOPTED UNDER THE SECURITIES ACT; (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL
ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY OR THE COMMON STOCK ISSUABLE UPON CONVERSION
OF SUCH SECURITY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY THEREOF; (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE
144A ADOPTED UNDER THE SECURITIES ACT (IF AVAILABLE); (C) TO PERSONS OTHER THAN U.S. PERSONS OUTSIDE THE UNITED STATES IN
COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 ADOPTED
UNDER THE SECURITIES ACT OR ANOTHER AVAILABLE EXEMPTION UNDER THE SECURITIES ACT (IF AVAILABLE), OR (E) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT; AND (3) AGREES THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN TWO
YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR
OTHER INFORMATION AS MAY BE REQUIRED PURSUANT TO THE INDENTURE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY
REGULATION S UNDER THE SECURITIES ACT.  IN ANY CASE, THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING
TRANSACTION WITH REGARD TO THIS SECURITY OR ANY COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY, EXCEPT AS PERMITTED BY THE
SECURITIES ACT.

            THE FOREGOING LEGEND MAY BE REMOVED FROM THIS SECURITY ON
SATISFACTION OF THE CONDITIONS SPECIFIED IN THE INDENTURE.

EXPRESSJET HOLDINGS, INC.

4.25% Convertible Note due 2023

No. [ 
]                                                                                                            
CUSIP: [                   ]

Issue Date: 
                                                                            
Principal amount:         $__________

            EXPRESSJET HOLDINGS, INC., a Delaware corporation, for value
received, hereby promises to pay to ________________or its registered assigns, on August 1, 2023, the principal sum of
_______________________ DOLLARS ($________).

            Interest Payment Dates: February 1 and August 1, commencing
February 1, 2004

            Regular Record Dates: January 15 and July 15

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

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

Dated: August 5, 2003

                                                           
EXPRESSJET HOLDINGS, INC.

                                                           
By: /s/ Frederick S.
Cromer                                      

                                                           
Name: Frederick S. Cromer

                                                           
Title: Vice President and Chief Financial Officer

TRUSTEE’S CERTIFICATE OF

      AUTHENTICATION

This is one of the 4.25% Convertible Notes due 2023 issued under the within-named Indenture.

Bank One, N.A.,

as Trustee.

By:/s/ David B.
Knox                                                       

            Authorized Officer

Dated: August 5, 2003

  [FORM OF REVERSE SIDE OF CERTIFICATED SECURITY IS THE SAME AS THE FORM OF REVERSE SIDE OF GLOBAL SECURITY]

EXHIBIT B

Transfer Certificate

            In connection with any transfer of any of the Securities
within the period prior to the expiration of the holding period applicable to the sales thereof under Rule 144(k) (or any successor
provision) under the Securities Act of 1933, as amended (the “Securities Act”), the undersigned registered owner
of this Security hereby certifies with respect to $____________ Principal Amount of the above-captioned securities presented or
surrendered on the date hereof (the “Surrendered Securities”) for registration of transfer, or for exchange or
conversion where the securities issuable upon such exchange or conversion are to be registered in a name other than that of the
undersigned registered owner (each such transaction being a “Transfer”), that such transfer complies with the
restrictive legend set forth on the face of the Surrendered Securities for the reason checked below:

            0          The
Transfer of the Surrendered Securities is made to the Company or any subsidiaries; or

            0          The
Transfer of the Surrendered Securities complies with Rule 144A under the Securities Act; or

            0          The
Transfer of the Surrendered Securities is to an institutional accredited investor, as described in Rule 501(a)(1), (2), (3) or (7)
under the Securities Act; or

The Transfer of the Surrendered Securities is pursuant to an effective registration statement under the Securities Act, or

The Transfer of the Surrendered Securities is pursuant to an offshore transaction in accordance with Rule 904 under the Securities
Act; or

The Transfer of the Surrendered Securities is pursuant to another available exemption from the registration requirement of the
Securities Act.

and unless the box below is checked, the undersigned confirms that, to the undersigned’s knowledge, such Securities are not
being transferred to an “affiliate” of the Company as defined in Rule 144 under the Securities Act (an
“Affiliate”).

            0          The
transferee is an Affiliate of the Company.

DATE:
­­­­­­­­­­­­­­                                   
           
                                                                                               

                                                                                               
Signature(s)

(If the registered owner is a corporation, partnership or

fiduciary, the title of the Person signing on behalf of

such registered owner must be stated.)ExpressJet Holdings, Inc.

	
   

	
   

	
EXHIBIT 10.3

REGISTRATION RIGHTS AGREEMENT

                       
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of August 5, 2003 among ExpressJet
Holdings, Inc., a Delaware corporation (the “Company”), ExpressJet Airlines, Inc., a Delaware corporation (the
“Guarantor”) and the several parties named in Schedule I hereto (the “Initial Purchasers”) pursuant to
the Purchase Agreement, dated July 30, 2003 (the “Purchase Agreement”), among the Company, the Guarantor, Continental
Airlines, Inc., and the Initial Purchasers.  In order to induce the Initial Purchasers to enter into the Purchase Agreement,
the Company and the Guarantor have agreed to provide the registration rights set forth in this Agreement.  The execution of
this Agreement is a condition to the closing under the Purchase Agreement.

                       
The Company and the Guarantor agree with the Initial Purchasers, (i) for each of its benefit as an Initial Purchaser and
(ii) for the benefit of the beneficial owners (including the Initial Purchasers) from time to time of the Securities (as
defined herein), and the beneficial owners from time to time of the Underlying Common Stock (as defined herein) issuable upon
conversion of Securities (each of the foregoing a “Holder” and together the “Holders”), as follows:

                       
SECTION 1.  Definitions.  Capitalized terms used herein without definition shall have their respective meanings
set forth in the Purchase Agreement.  In addition to the terms that are defined elsewhere in this Agreement, the following
terms shall have the following meanings:

                       
“Additional Amount” has the meaning specified in Section 2(e) hereof.

                       
“Additional Amount Accrual Period” has the meaning specified in Section 2(e) hereof.

                       
“Additional Amount Payment Date” means each February 1 and  August 1.

                       
“Additional Notes” means up to an additional $18,750,000 aggregate principal amount of 4.25% Convertible Notes
due 2023 of the Company to be purchased pursuant to the Purchase Agreement.

                       
“Affiliate”, with respect to any specified person, has the meaning specified in Rule 144.

                       
“Applicable Conversion Price” means, as of any date of determination, $1,000 principal amount of Notes divided
by the Conversion Rate in effect as of such date of determination or, if no Notes are then outstanding, the Conversion Rate that
would be in effect were Notes then outstanding.

                       
“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in The City of New York are authorized or obligated by law or executive order to close.

                       
“Common Stock” means any shares of the common stock, $0.01 par value, of the Company and any other shares of
common stock as may constitute “Common Stock” for purposes of the Indenture, including the Underlying Common Stock.

                       
“Company” has the meaning specified in the first paragraph of this Agreement.

                       
“Conversion Rate” has the meaning assigned to such term in the Indenture.

                       
“Deferral Notice” has the meaning specified in Section 3(i) hereof.

                       
“Deferral Period” has the meaning specified in Section 3(i) hereof.

                       
“Effectiveness Deadline Date” has the meaning specified in Section 2(a) hereof.

                       
“Effectiveness Period” means the period of two years from the Issue Date or such shorter period ending on the
date that all Registrable Securities have ceased to be Registrable Securities.

                       
“Event” has the meaning specified in Section 2(e) hereof.

                       
“Event Date” has the meaning specified in Section 2(e) hereof.

                       
“Event Termination Date” has the meaning specified in Section 2(e) hereof.

                       
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder.

                       
“Filing Deadline Date” has the meaning specified in Section 2(a) hereof.

                       
“Firm Notes” means an aggregate of $125,000,000 principal amount of the 4.25% Convertible Notes due 2023 of the
Company to be purchased pursuant to the Purchase Agreement.

                       
“guarantee” means, as applied to any obligation, (i) a guarantee (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), direct or indirect, contingent or otherwise, the practical effect
of which is to assure in any way the payment or performance (or payment of damages in the event of non-performance) of all or any
part of such obligation, including, without limiting the foregoing, the payment of amounts drawn down by letters of credit.

                       
“Guarantee” means the guarantee of the Notes by the Guarantor in accordance with the provisions of Article XI of
the Indenture.

                       
“Guarantor” has the meaning specified in the first paragraph of this Agreement.

                       
“Holder” has the meaning specified in the second paragraph of this Agreement.

                       
“Indenture” means the Indenture dated as of the date hereof, as amended from time to time, among the Company,
the Guarantor and Bank One, N.A., as trustee, pursuant to which the Securities are being issued.

                       
“Initial Purchasers” has the meaning specified in the first paragraph of this Agreement.

                       
“Initial Shelf Registration Statement” has the meaning specified in Section 2(a) hereof.

                       
“Issue Date” means August 5, 2003.

                       
“Material Event” has the meaning specified in Section 3(i) hereof.

                       
“Notes” means the Firm Notes and the Additional Notes.

                       
“Notice and Questionnaire” means a written notice delivered to the Company containing substantially the
information called for by the Selling Securityholder Notice and Questionnaire attached as Annex A to the Offering Memorandum dated
July 30, 2003 of the Company relating to the Securities.

                       
“Notice Holder” means on any date, any Holder that has delivered a Notice and Questionnaire to the Company on or
prior to such date.

                       
“Prospectus” means the prospectus included in any Registration Statement (including, without limitation, a
prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in
reliance upon Rule 415 promulgated under the Securities Act), as amended or supplemented by any amendment or prospectus supplement,
including post‐effective amendments, and all materials incorporated by reference or explicitly deemed to be incorporated by
reference in such Prospectus.

                       
“Purchase Agreement” has the meaning specified in the first paragraph of this Agreement.

                       
“Record Holder” means, with respect to any Additional Amount Payment Date relating to any Note or shares of
Underlying Common Stock as to which any Additional Amount has accrued, the registered holder of such Note or such shares of
Underlying Common Stock, as the case may be, on the immediately preceding January 15 (if the Additional Amount Payment Date is
February 1) or July 15 (if the Additional Amount Payment Date is August 1).

                       

“Registrable Securities” means the Securities and the Underlying Common Stock until such securities have been
converted or exchanged and, at all times subsequent to any such conversion or exchange, any securities into or for which such
securities have been converted or exchanged, and any security issued with respect thereto upon any stock dividend, split, merger or
similar event until, in the case of any such security, the earliest of (i) its effective registration under the Securities Act
and resale in accordance with the Registration Statement covering it, (ii) expiration of the holding period that would be
applicable thereto under Rule 144(k) were it not held by an Affiliate of the Company or the Guarantor, or (iii) its sale to
the public pursuant to Rule 144.

                       
“Registration Expenses” has the meaning specified in Section 5 hereof.

                       
“Registration Statement” means any registration statement of the Company and the Guarantor that covers any of
the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to
such registration statement, including post‐effective amendments, all exhibits, and all materials incorporated by reference
or explicitly deemed to be incorporated by reference in such registration statement.

                       
“Restricted Securities” has the meaning assigned to such term in Rule 144.

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

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

                       
“Securities” means the Notes and the Guarantees collectively.

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

                       
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the
SEC thereunder.

                       
“Shelf Registration Statement” has the meaning specified in Section 2(a) hereof.

                       
“Subsequent Shelf Registration Statement” has the meaning specified in Section 2(b) hereof.

                       
“TIA” means the Trust Indenture Act of 1939, as amended.

                       
“Trustee” means Bank One, N.A. (or any successor entity), the Trustee under the Indenture.

                       
“Underlying Common Stock” means the Common Stock into which the Securities are convertible or issued upon any
such conversion.

                       
SECTION 2.  Shelf Registration.  

                       
(a)        The Company and the Guarantor shall prepare and file or cause to be prepared and
filed with the SEC no later than a date which is ninety (90) days after the Issue Date (the “Filing Deadline Date”) a
Registration Statement for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act (a
“Shelf Registration Statement”) registering the resale from time to time by Holders of all of the Registrable
Securities (the “Initial Shelf Registration Statement”).  The Initial Shelf Registration Statement shall be on
Form S‐3 or another appropriate form permitting registration of such Registrable Securities for resale by such Holders in
accordance with the methods of distribution reasonably elected by the Holders and set forth in the Initial Shelf Registration
Statement; provided that in no event will such method(s) of distribution take the form of an underwritten offering of the
Registrable Securities without the prior agreement of the Company.  The Company and the Guarantor shall use their reasonable
best efforts to cause the Initial Shelf Registration Statement to be declared effective under the Securities Act no later than the
date (the “Effectiveness Deadline Date”) that is one-hundred and eighty (180) days after the Issue Date, and to keep,
subject to Section 3(i)(A) hereof, the Initial Shelf Registration Statement (or any Subsequent Shelf Registration Statement)
continuously effective under the Securities Act until the expiration of the Effectiveness Period.  Each Holder that became a
Notice Holder on or prior to the date ten (10) Business Days prior to the time that the Initial Shelf Registration Statement became
effective shall be named as a selling security holder in the Initial Shelf Registration Statement and the related Prospectus in
such a manner as to permit such Holder to deliver such Prospectus to purchasers of Registrable Securities in accordance with
applicable law (other than laws not generally applicable to all such Holders).  Notwithstanding the foregoing, no Holder shall
be entitled to have the Registrable Securities held by it covered by such Shelf Registration Statement unless such Holder has
provided a Notice and Questionnaire in accordance with Section 2(d) and is in compliance with Section 4.  Neither
the Company nor the Guarantor shall permit any of its security holders (other than the Holders of Registrable Securities) to
include any of the Company’s or the Guarantor’s securities in the Shelf Registration Statement (or any subsequent Shelf
Registration Statement).

                       
(b)        If the Initial Shelf Registration Statement or any Subsequent Shelf Registration
Statement ceases to be effective for any reason at any time during the

Effectiveness Period, the Company and the Guarantor shall use their reasonable best efforts to obtain the prompt withdrawal of
any order suspending the effectiveness thereof, and in any event shall within thirty (30) days of such cessation of effectiveness
amend the Shelf Registration Statement in a manner reasonably expected by the Company and the Guarantor to obtain the withdrawal of
the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement covering all of the securities
that as of the date of such filing are Registrable Securities (a “Subsequent Shelf Registration Statement”).  If a
Subsequent Shelf Registration Statement is filed, the Company and the Guarantor shall use reasonable efforts to cause the
Subsequent Shelf Registration Statement to become effective as promptly as is reasonably practicable after such filing or, if filed
during a Deferral Period, after the expiration of such Deferral Period, and to keep such Registration Statement (or subsequent
Shelf Registration Statement), subject to Section 3(i)(A) hereof, continuously effective until the end of the Effectiveness
Period.

                       
(c)        The Company and the Guarantor shall supplement and amend the Shelf Registration
Statement if required by the rules, regulations or instructions applicable to the registration form used by the Company and the
Guarantor for such Shelf Registration Statement, if required by the Securities Act or, to the extent to which the Company does not
reasonably object, as reasonably requested by the Initial Purchasers or by the Trustee on behalf of the registered Holders.

                       
(d)        Each Holder of Registrable Securities agrees that if such Holder wishes to sell
Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus, it will do so only in accordance with
this Section 2(d) and Section 3(i) and Section 4.  Each Holder of Registrable Securities wishing to sell
Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus agrees to deliver a Notice and
Questionnaire to the Company at least ten (10) Business Days prior to any intended distribution of Registrable Securities under the
Shelf Registration Statement.  From and after the date the Initial Shelf Registration Statement is declared effective, the
Company and the Guarantor shall, as promptly as is reasonably practicable after the date a fully completed and legible Notice and
Questionnaire is received by the Company, (i) if required by applicable law, file with the SEC a post‐effective
amendment to the Shelf Registration Statement or prepare and, if required by applicable law, file a supplement to the related
Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other document required by
the SEC so that the Holder delivering such Notice and Questionnaire is named as a selling security holder in the Shelf Registration
Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the
Registrable Securities in accordance with applicable law (other than laws not generally applicable to all Holders of Registrable
Securities wishing to sell Registrable Securities pursuant to the Shelf Registration Statement and related Prospectus) and, if the
Company shall file a post‐effective amendment to the Shelf Registration Statement, use reasonable efforts to cause such
post‐effective amendment to be declared effective under the Securities Act as promptly as is reasonably practicable;
(ii) provide such Holder copies of any documents filed pursuant to Section 2(d)(i); and (iii) notify such Holder as
promptly as is reasonably practicable

after the effectiveness under the Securities Act of any post‐effective amendment filed pursuant to Section 2(d)(i);
provided that if such Notice and Questionnaire is delivered during a Deferral Period, the Company shall so inform the Holder
delivering such Notice and Questionnaire and shall take the actions set forth in clauses (i), (ii) and (iii) above upon
expiration of the Deferral Period in accordance with Section 3(i), provided further that if under applicable law
the Company and the Guarantor have more than one option as to the type or manner of making any such filing, they will make the
required filing or filings in the manner or of a type that is reasonably expected to result in the earliest availability of the
Prospectus for effecting resales of Registrable Securities. Notwithstanding anything contained herein to the contrary, the Company
and the Guarantor shall be under no obligation to name any Holder that is not a Notice Holder as a selling security holder in any
Registration Statement or related Prospectus; provided, however, that any Holder that becomes a Notice Holder
pursuant to the provisions of Section 2(d) of this Agreement (whether or not such Holder was a Notice Holder at the time the
Registration Statement was initially declared effective) shall be named as a selling security holder in the Registration Statement
or related Prospectus subject to and in accordance with the requirements of this Section 2(d).

                       
(e)        The parties hereto agree that the Holders of Registrable Securities will suffer
damages, and that it would not be feasible to ascertain the extent of such damages with precision, if (i) the Initial Shelf
Registration Statement has not been filed on or prior to the Filing Deadline Date, (ii) the Initial Shelf Registration
Statement has not been declared effective under the Securities Act on or prior to the Effectiveness Deadline Date, or
(iii) the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period
pursuant to Section 3(i) hereof (each of the events of a type described in any of the foregoing clauses (i) through (iii)
is individually referred to herein as an “Event,” and the Filing Deadline Date in the case of clause (i), the
Effectiveness Deadline Date in the case of clause (ii), and the date on which the aggregate duration of Deferral Periods in
any period exceeds the number of days permitted by Section 3(i) hereof in the case of clause (iii), being referred to
herein as an “Event Date”).  Events shall be deemed to continue until the “Event Termination Date,”
which shall be the following dates with respect to the respective types of Events:  the date the Initial Shelf Registration
Statement is filed in the case of an Event of the type described in clause (i), the date the Initial Shelf Registration
Statement is declared effective under the Securities Act in the case of an Event of the type described in clause (ii), and
termination of the Deferral Period that caused the limit on the aggregate duration of Deferral Periods in a period set forth in
Section 3(i) to be exceeded in the case of the commencement of an Event of the type described in clause (iii).

                       
Accordingly, commencing on (and including) any Event Date and ending on (but excluding) the next date after an Event Termination
Date (an “Additional Amount Accrual Period”), the Company and the Guarantor agree to pay an additional amount (the
“Additional Amount”), payable on the Additional Amount Payment Dates to Record Holders of then outstanding Securities
that are Registrable Securities or of then outstanding shares of Underlying Common Stock issued upon conversion of Securities that
are Registrable Securities,

as the case may be, accruing, for each portion of such Additional Amount Accrual Period beginning on and including an Additional
Amount Payment Date (or, in respect of the first time that the Additional Amount is to be paid to Holders on a Additional Amount
Payment Date as a result of the occurrence of any particular Event, from the Event Date) and ending on but excluding the first to
occur of (A) the date of the end of the Additional Amount Accrual Period or (B) the next Additional Amount Payment Date,
(x) in respect of any Notes, at a rate per annum equal to one‐quarter of one percent (0.25%) for the first ninety (90)-day
period from the Event Date, and thereafter at a rate per annum equal to one‐half of one percent (0.50%) of the aggregate
principal amount of such Notes and (y) in respect of any shares of  Common Stock issued upon conversion of Notes, at a rate
per annum equal to one‐quarter of one percent (0.25%) for the first ninety (90)-day period from the Event Date, and
thereafter at a rate per annum equal to one‐half of one percent (0.50%) of the aggregate Applicable Conversion Price of the
shares of Underlying Common Stock, in each case (x) or (y) determined as of the Business Day immediately preceding the next
Additional Amount Payment Date; provided that any Additional Amount accrued with respect to any Security or portion thereof
called for redemption on a redemption date or converted into Underlying Common Stock on a conversion date prior to the Additional
Amount Payment Date shall, in any such event, be paid instead to the Holder who submitted such Security or portion thereof for
redemption or conversion on the applicable redemption date or conversion date, as the case may be, on such date (or promptly
following the conversion date, in the case of conversion).  Notwithstanding the foregoing, no Additional Amounts shall accrue
as to any Registrable Security from and after the earlier of (x) the date such security is no longer a Registrable Security
and (y) expiration of the Effectiveness Period.  The rate of accrual of the Additional Amount with respect to any period
shall not exceed the rate provided for in this paragraph notwithstanding the occurrence of multiple concurrent Events. 
Following the cure of all Events requiring the payment by the Company and/or the Guarantor of Additional Amounts to the Holders of
Registrable Securities pursuant to this Section, the accrual of Additional Amounts will cease (without in any way limiting the
effect of any subsequent Event requiring the payment of the Additional Amount by the Company and/or the Guarantor).

                       
The Trustee, subject to the applicable provisions of the Indenture, shall be entitled on behalf of Holders of Securities or
Underlying Common Stock, to seek any available remedy for the enforcement of this Agreement, including for the payment of any
Additional Amount.  Notwithstanding the foregoing, the parties agree that the sole monetary damages payable for a violation of
the terms of this Agreement with respect to which additional amounts are expressly provided shall be such Additional Amount. 
Nothing shall preclude a Notice Holder or Holder of Registrable Securities from pursuing or obtaining specific performance or other
equitable relief with respect to this Agreement.

                       
All of the Company’s and the Guarantor’s obligations set forth in this Section 2(e) that are outstanding with
respect to any Registrable Security at the time such security ceases to be a Registrable Security shall survive until such time as
all such obligations with respect to such security have been satisfied in full (notwithstanding termination of this Agreement
pursuant to Section 8(k)).

                       
The parties hereto agree that the Additional Amounts provided for in this Section 2(e) constitute a reasonable estimate of the
damages that may be incurred by Holders of Registrable Securities by reason of the failure of the Shelf Registration Statement to
be filed or declared effective or available for effecting resales of Registrable Securities in accordance with the provisions
hereof.

                       
SECTION 3.  Registration Procedures.  In connection with the registration obligations of the Company and the
Guarantor under Section 2 hereof, the Company and the Guarantor shall:

                       
(a)        Before filing any Registration Statement or Prospectus or any amendments or
supplements (other than any of the Company’s filings under the Exchange Act and supplements that do nothing more substantive
than name one or more Notice Holders as selling security holders) thereto with the SEC, furnish to the Initial Purchasers copies of
all such documents proposed to be filed and use reasonable efforts to reflect in each such document when so filed with the SEC such
comments as the Initial Purchasers reasonably shall propose within three (3) Business Days of the delivery of such copies to the
Initial Purchasers.

                       
(b)        Prepare and file with the SEC such amendments and post‐effective amendments to
each Registration Statement as may be necessary to keep such Registration Statement continuously effective for the applicable
period specified in Section 2(a); cause the related Prospectus to be supplemented by any required Prospectus supplement, and
as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; and use
reasonable efforts to comply with the provisions of the Securities Act applicable to it with respect to the disposition of all
securities covered by such Registration Statement during the Effectiveness Period in accordance with the intended methods of
disposition by the sellers thereof set forth in such Registration Statement as so amended or such Prospectus as so
supplemented.

                       
(c)        As promptly as reasonably practicable give notice to the Notice Holders and the
Initial Purchasers (i) when any Prospectus, Prospectus supplement, Registration Statement or post‐effective amendment to
a Registration Statement has been filed with the SEC and, with respect to a Registration Statement or any post‐effective
amendment, when the same has been declared effective, (ii) of any request, following the effectiveness of the Initial Shelf
Registration Statement under the Securities Act, by the SEC or any other federal or state governmental authority for amendments or
supplements to any Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the
SEC or any other federal or state governmental authority of any stop order or injunction suspending or enjoining the use of any
Prospectus or the effectiveness of any Registration Statement or the initiation or threatening of any proceedings for that purpose,
(iv) of the receipt by the Company or the Guarantor of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose,

  (v) of the occurrence of (but not the nature of or details concerning) a Material Event (provided, however, that no
notice by the Company or the Guarantor shall be required pursuant to this clause  (v) in the event that either the Company and
the Guarantor promptly file a Prospectus supplement to update the Prospectus or the Company files a Current Report on Form
8‐K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which, in
either case, contains the requisite information with respect to such Material Event that results in such Registration Statement no
longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements
contained therein not misleading) and (vi) of the determination by the Company and the Guarantor that a post‐effective
amendment to a Registration Statement will be filed with the SEC, which notice may, at the discretion of the Company and the
Guarantor (or as required pursuant to Section 3(i)), state that it constitutes a Deferral Notice, in which event the
provisions of Section 3(i) shall apply.

                       
(d)        Use reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement or the lifting of any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified for sale, in either case at the
earliest possible moment or, if any such order or suspension is made effective during any Deferral Period, at the earliest possible
moment after the expiration of such Deferral Period.

                       
(e)        If reasonably requested by the Initial Purchasers or any Notice Holder, as promptly
as reasonably practicable incorporate in a Prospectus supplement or post‐effective amendment to a Registration Statement such
information as the Initial Purchasers or such Notice Holder shall, on the basis of an opinion of nationally recognized counsel
experienced in such matters, determine to be required to be included therein by applicable law and make any required filings of
such Prospectus supplement or such post-effective amendment as required by applicable law; provided that neither the Company
nor the Guarantor shall be required to take any actions under this Section 3(e) that are not, in the reasonable opinion of
counsel for the Company and the Guarantor, in compliance with applicable law.

                       
(f)         As promptly as reasonably practicable after the filing of such documents with
the SEC, furnish to each Notice Holder and the Initial Purchasers, upon their request and without charge, at least one (1)
conformed copy of the Registration Statement and any amendment thereto, including financial statements, but excluding schedules,
all documents incorporated or deemed to be incorporated therein by reference and all exhibits (unless requested in writing to the
Company by such Notice Holder or the Initial Purchasers, as the case may be).

                       
(g)        During the Effectiveness Period (except during such periods that a Deferral Notice is
outstanding and has not been revoked), deliver to each Notice Holder in connection with any sale of Registrable Securities pursuant
to a Registration Statement, without charge, as many copies of the Prospectus or Prospectuses relating to such Registrable
Securities

and any amendment or supplement thereto as such Notice Holder may reasonably request; and the Company and the Guarantor hereby
consent (except during such periods that a Deferral Notice is outstanding and has not been revoked) to the use of such Prospectus
or each amendment or supplement thereto by each Notice Holder in connection with any offering and sale of the Registrable
Securities covered by such Prospectus or any amendment or supplement thereto in the manner set forth therein.

                       
(h)        Subject to Section 3(i), prior to any public offering of the Registrable
Securities pursuant to the Shelf Registration Statement, use reasonable efforts to register or qualify or cooperate with the Notice
Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as
any Notice Holder reasonably requests in writing (which request may be included in the Notice and Questionnaire), it being agreed
that no such registration or qualification will be made unless so requested; prior to any public offering of the Registrable
Securities pursuant to the Shelf Registration Statement, use reasonable efforts to keep each such registration or qualification (or
exemption therefrom) effective during the Effectiveness Period in connection with such Notice Holder’s offer and sale of
Registrable Securities pursuant to such registration or qualification (or exemption therefrom) and do any and all other acts or
things necessary to enable the disposition in such jurisdictions of such Registrable Securities in the manner set forth in the
relevant Registration Statement and the related Prospectus; provided that neither the Company nor the Guarantor will be
required to (i) qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it is not otherwise
qualified or (ii) take any action that would subject it to general service of process in suits or to taxation in any such
jurisdiction where it is not then so subject.

                       
(i)         Upon (A) the issuance by the SEC of a stop order suspending the
effectiveness of the Shelf Registration Statement or the initiation of proceedings with respect to the Shelf Registration Statement
under Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or the existence of any fact (a
“Material Event”) as a result of which any Registration Statement shall contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or any
Prospectus shall contain any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading (including, in any such case, as a
result of the non-availability of financial statements), or (C) the occurrence or existence of any development, event, fact,
situation or circumstance relating to the Company or the Guarantor, in the discretion of the Company and the Guarantor, makes it
appropriate to suspend the availability of the Shelf Registration Statement and the related Prospectus, (i) in the case of
clause (B) above, subject to the next sentence, as promptly as practicable prepare and file a post‐effective amendment
to such Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference or file
any other required document that would be incorporated by reference into such Registration Statement and Prospectus so that such
Registration Statement does not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to

  make the statements therein not misleading, and such Prospectus does not contain any untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in
the case of a post‐effective amendment to a Registration Statement, subject to the next sentence, use reasonable efforts to
cause it to be declared effective as promptly as is reasonably practicable, and (ii) give notice to the Notice Holders that
the availability of the Shelf Registration Statement is suspended (a “Deferral Notice”) and, upon receipt of any
Deferral Notice, each Notice Holder agrees not to sell any Registrable Securities pursuant to the Registration Statement until such
Notice Holder’s receipt of copies of the supplemented or amended Prospectus provided for in clause (i) above, or until
it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional or supplemental
filings that are incorporated or deemed incorporated by reference in such Prospectus.  The Company and the Guarantor will use
reasonable efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A) above, as
promptly as is practicable, (y) in the case of clause (B) above, as soon as, in the sole judgment of the Company and the
Guarantor, public disclosure of such Material Event would not be prejudicial to or contrary to the interests of the Company or the
Guarantor or, if necessary to avoid unreasonable burden or expense, as soon as reasonably practicable thereafter and (z) in
the case of clause (C) above, as soon as, in the discretion of the Company and the Guarantor, such suspension is no longer
appropriate.  So long as the period during which the availability of the Registration Statement and any Prospectus is
suspended (the “Deferral Period”) does not exceed thirty (30) days during any three (3) month period or ninety (90)
days during any twelve (12) month period, neither the Company nor the Guarantor shall incur any obligation to pay Additional
Amounts pursuant to Section 2(e).

                       
(j)         If reasonably requested in writing in connection with a disposition of
Registrable Securities pursuant to a Registration Statement, make reasonably available for inspection during reasonable business
hours by a representative for the Notice Holders of such Registrable Securities and any broker‐dealers, attorneys and
accountants retained by such Notice Holders, all relevant financial and other records, pertinent corporate documents and properties
of the Company, the Guarantor and their respective subsidiaries, and cause the appropriate executive officers, directors and
designated employees of the Company, the Guarantor and their respective subsidiaries to make reasonably available for inspection
during normal business hours all relevant information reasonably requested by such representative for the Notice Holders or any
such broker‐dealers, attorneys or accountants in connection with such disposition, in each case as is customary for similar
“due diligence” examinations; provided, however, that such persons shall first agree in writing with the
Company or the Guarantor, as the case may be, that any information that is reasonably designated by the Company or the Guarantor,
as the case may be, in writing as confidential at the time of delivery of such information shall be kept confidential by such
persons and shall be used solely for the purposes of exercising rights under this Agreement, unless (i) disclosure of such
information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities;
(ii) disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities
laws in connection with the filing of any Registration Statement or the use of any Prospectus referred

to in this Agreement), (iii) such information becomes generally available to the public other than as a result of a
disclosure or failure to safeguard by any such person or (iv) such information becomes available to any such person from a
source other than the Company or the Guarantor, as the case may be and such source is not bound by a confidentiality agreement or
otherwise obligated to keep such information confidential; and provided further that the foregoing inspection and information
gathering shall, to the greatest extent possible, be coordinated on behalf of all the Notice Holders and the other parties entitled
thereto by the counsel referred to in Section 5.

                       
(k)        Comply with all rules and regulations of the SEC applicable to any Registration
Statement and make generally available to its security holders earning statements (which need not be audited) satisfying the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the
Securities Act) no later than forty-five (45) days after the end of any twelve (12)-month period (or ninety (90) days after the end
of any twelve (12)-month period if such period is a fiscal year) commencing on the first day of the first fiscal quarter of the
Company commencing after the effective date of a Registration Statement, which statements shall cover said twelve (12)‐month
periods.

                       
(l)         Cooperate with each Notice Holder to facilitate the timely preparation and
delivery of certificates representing Registrable Securities sold pursuant to a Registration Statement, and cause such Registrable
Securities to be in such denominations as are permitted by the Indenture and registered in such names as such Notice Holder may
request in writing at least two (2) Business Days prior to any sale of such Registrable Securities.

                       
(m)       Provide a CUSIP number for all Registrable Securities covered by each Registration
Statement not later than the effective date of such Registration Statement and provide the Trustee for the Notes and the transfer
agent for the Common Stock with certificates for the Registrable Securities that are in a form eligible for deposit with The
Depository Trust Company.

                       
(n)        Make a reasonable effort to provide such information as is required for any filings
required to be made with the National Association of Securities Dealers, Inc.

                       
(o)        Upon (i) the filing of the Initial Shelf Registration Statement and
(ii) the effectiveness of the Initial Shelf Registration Statement, announce the same, in each case by release to Reuters
Economic Services, Bloomberg Business News or any other means of dissemination reasonably expected to make such information known
publicly.

                       
(p)        Take all actions necessary, or reasonably requested by the holders of a majority of
the Registrable Securities being sold, in order to expedite or facilitate disposition of such Registrable Securities; provided that
neither the Company nor the Guarantor shall be required to take any action in connection with an underwritten offering without its
consent.

                       
(q)        Cause the Indenture to be qualified under the TIA not later than the effective date
of any Registration Statement; and in connection therewith, cooperate with the Trustee to effect such changes to the Indenture as
may be required for the Indenture to be so qualified in accordance with the terms of the TIA and execute, and use reasonable
efforts to cause the Trustee to execute, all documents as may be required to effect such changes, and all other forms and documents
required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner.

                       
SECTION 4.  Holder’s Obligations.  Each Holder agrees, by acquisition of the Registrable Securities, that no
Holder of Registrable Securities shall be entitled to sell any of such Registrable Securities pursuant to a Registration Statement
or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a Notice and Questionnaire as
required pursuant to Section 2(d) hereof (including the information required to be included in such Notice and Questionnaire)
and the information set forth in the next sentence.  Each Notice Holder agrees promptly to furnish to the Company in writing
all information required to be disclosed in order to make the information previously furnished to the Company by such Notice Holder
not misleading, any other information regarding such Notice Holder and the distribution of such Registrable Securities as may be
required to be disclosed in the Registration Statement under applicable law or pursuant to SEC comments and any information
otherwise required by the Company to comply with applicable law or regulations.  Each Holder further agrees, following
termination of the Effectiveness Period, to notify the Company, within ten (10) Business Days of a request, of the amount of
Registrable Securities sold pursuant to the Registration Statement and, in the absence of a response, the Company may assume that
all of the Holder’s Registrable Securities were so sold.

                       
SECTION 5.  Registration Expenses.  The Company and the Guarantor shall bear all fees and expenses incurred in
connection with the performance by the Company and the Guarantor of their obligations under Sections 2 and 3 of this Agreement
whether or not any of the Registration Statements are declared effective.  Such fees and expenses shall include, without
limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (x) with respect to
filings required to be made with the National Association of Securities Dealers, Inc. and (y) of compliance with federal and
state securities or Blue Sky laws to the extent such filings or compliance are required pursuant to this Agreement (including,
without limitation, reasonable fees and disbursements of the counsel specified in the next sentence in connection with Blue Sky
qualifications of the Registrable Securities under the laws of such jurisdictions as the Notice Holders of a majority of the
Registrable Securities being sold pursuant to a Registration Statement may designate)), (ii) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit with The Depository
Trust Company), (iii) duplication expenses relating to copies of any Registration Statement or Prospectus delivered to any
Holders hereunder, (iv) fees and disbursements of counsel for the Company and the Guarantor in connection with the Shelf
Registration Statement, and (v) reasonable fees and disbursements of the Trustee and its counsel and of the registrar and
transfer agent for the Common Stock.  In addition, the Company and the Guarantor shall bear or reimburse the Notice Holders
for the fees and disbursements of one firm of legal counsel for the

Holders, which shall, upon the written consent of the Initial Purchasers (which shall not be unreasonably withheld), be another
nationally recognized law firm experienced in securities law matters designated by the Company.  In addition, the Company and
the Guarantor shall pay their respective internal expenses (including, without limitation, all salaries and expenses of officers
and employees performing legal or accounting duties), and their respective expenses for any annual audit, the fees and expenses
incurred in connection with the listing of the Registrable Securities on any securities exchange on which the same securities of
the Company or the Guarantor, as the case may be are then listed and the fees and expenses of any person, including special
experts, retained by the Company or the Guarantor, as the case may be.

                       
SECTION 6.  Indemnification; Contribution. 

                       
(a)        The Company and the Guarantor agree to indemnify and hold harmless each of the
Initial Purchasers and each Holder of Registrable Securities and each person, if any, who controls any of the Initial Purchasers or
any holder of Registrable Securities within the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act, as follows:

                       
(i)         against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading or arising out of any untrue statement or alleged untrue statement of a material fact included in any preliminary
prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading;

                       
(ii)        against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, provided that (subject to Section 6(d) below) any such settlement is
effected with the prior written consent of the Company; and

                       
(iii)       subject to Section 6(c) below, against any and all expense whatsoever, as incurred
(including the fees and disbursements of counsel chosen in accordance with Section 6(c) below), reasonably incurred in
investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense
to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in
conformity with written information furnished to the Company by or on behalf of the Initial Purchasers, such Holder of Registrable
Securities (which also acknowledges the indemnity provisions herein) or any person, if any, who controls any of the Initial
Purchasers or any such Holder of Registrable Securities expressly for use in the Registration Statement (or any amendment thereto),
or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto); provided further that this
indemnity agreement shall not apply to any loss, liability, claim, damage or expense (1) arising from an offer or sale of
Registrable Securities occurring during a Deferral Period, if a Deferral Notice was given to such Notice Holder or (2) if the
Holder fails to deliver at or prior to the written confirmation of sale, the most recent Prospectus, as amended or supplemented,
and such Prospectus, as amended or supplemented, would have corrected such untrue statement or omission or alleged untrue statement
or omission of a material fact and the delivery thereof was required by law.

                       
(b)        In connection with any Registration Statement in which a Holder, including, without
limitation, any of the Initial Purchasers, of Registrable Securities is participating, in furnishing information relating to such
Holder of Registrable Securities to the Company in writing expressly for use in such Registration Statement, any preliminary
prospectus, the Prospectus or any amendments or supplements thereto, the holders of such Registrable Securities agree, severally
and not jointly, to indemnify and hold harmless each of the Initial Purchasers and each person, if any, who controls any of the
Initial Purchasers within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and
the Company, the Guarantor and each person, if any, who controls the Company or the Guarantor within the meaning of either such
Section, against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a)
of this Section 6, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions,
made in the Registration Statement (or any amendment thereto) or any preliminary prospectus or the Prospectus (or any amendment or
supplement thereto) in reliance upon and in conformity with written information furnished to the Company or the Guarantor by or on
behalf of such Holder of Registrable Securities (which also acknowledges the indemnity provisions herein) or any person, if any,
who controls any such Holder of Registrable Securities expressly for use in the Registration Statement (or any amendment thereto)
or such preliminary prospectus or the Prospectus (or any amendment or supplement thereto).

                       
Each Initial Purchaser agrees to indemnify and hold harmless the Company, the Guarantor, the Holders of Registrable Securities,
their respective directors, officers and each person, if any, who controls the Company, the Guarantor or any Holder of Registrable
Securities within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act against any
and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this
Section 6, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions,
made in the Registration Statement

  (or any amendment thereto) or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) in
reliance upon and in conformity with written information furnished to the Company by or on behalf of such Initial Purchaser
expressly for use in the Registration Statement (or any amendment thereto) or such preliminary prospectus or the Prospectus (or any
amendment or supplement thereto).

                       
(c)        Each indemnified party shall give notice as promptly as reasonably practicable to
each indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but
failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it
is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have
otherwise than on account of these indemnity provisions.  The indemnifying party, upon request of the indemnified party, shall
retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying
party may designate in such proceeding and shall pay the reasonable fees and disbursements of such counsel related to such
proceeding.  In any such proceeding, any indemnified party shall have the right to retain a separate firm as its own counsel,
but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party
and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such
proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.  It is
understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for (A) the reasonable fees and expenses of more than
one firm (in addition to any local counsel) for the Initial Purchasers, Holders of Registrable Securities, and all persons, if any,
who control the Initial Purchasers or Holders of Registrable Securities within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act or (B) the reasonable fees and expenses of more than one firm (in
addition to any local counsel) for the Company, the Guarantor, their respective directors, and each person, if any, who controls
the Company or the Guarantor within the meaning of either such Section, and that all such reasonable fees and expenses shall be
reimbursed as they are incurred.  In the event a separate firm is retained for the Initial Purchasers, Holders of Registrable
Securities, and control persons of the Initial Purchasers and Holders of Registrable Securities, such firm shall be designated in
writing by the Initial Purchasers.  In the event a separate firm is retained for the Company and the Guarantor, and such
directors, officers and control persons of the Company and the Guarantor, such firm shall be designated in writing by the Company
and the Guarantor.  No indemnifying party shall, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution
could be sought under this Section 6 (whether or not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and

  (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party.

                       
(d)        If at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 6(a)(ii) effected without its written consent if (i) such settlement is
entered into more than sixty (60) days after receipt by such indemnifying party of aforesaid request, (ii) such indemnifying
party shall have received notice of the terms of such settlement at least forty-five (45) days prior to such settlement being
entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such
request prior to the date of such settlement; provided that an indemnifying party shall not be liable for any such
settlement effected without its consent if such indemnifying party (1) reimburses such indemnified party in accordance with
such request to the extent it considers such request to be reasonable and (2) provides written notice to the indemnified party
describing any unpaid balance it believes is unreasonable and the reasons therefor, in each case prior to the date of such
settlement.

                       
(e)        If the indemnification to which an indemnified party is entitled under this
Section 6 is for any reason unavailable to or insufficient although applicable in accordance with its terms to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or
parties on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which
resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

                       
The relative fault of the Company and/or the Guarantor on the one hand and the holders of the Registrable Securities or the Initial
Purchasers on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the
Company and/or the Guarantor or by the holder of the Registrable Securities or the Initial Purchasers and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

                       
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6(e) were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to
above in this Section 6(e).  The aggregate amount of losses, liabilities, claims, damages, and expenses incurred by an
indemnified party and referred to above in this Section 6(e) shall be deemed to include any out-of-pocket legal or other
expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue or alleged untrue statement or omission or alleged omission.

                       
Notwithstanding the provisions of this Section 6, neither the Holder of any Registrable Securities nor an Initial Purchaser
shall be required to indemnify or contribute any amount in excess of the amount by which the total price at which the Registrable
Securities sold by such Holder of Registrable Securities or by such Initial Purchaser, as the case may be, and distributed to the
public were offered to the public exceeds the amount of any damages that such Holder of Registrable Securities or such Initial
Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission.

                       
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation.

                       
For purposes of this Section 6(e), each person, if any, who controls an Initial Purchaser or any holder of Registrable
Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same
rights to contribution as such Initial Purchaser or such holder, and each person, if any, who controls the Company or the Guarantor
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to
contribution as the Company.

                       
SECTION 7.  Information Requirements.  The Company and the Guarantor covenant that, if at any time before the end
of the Effectiveness Period the Company is not subject to the reporting requirements of the Exchange Act, it will cooperate with
any Holder of Registrable Securities and take such further reasonable action as any Holder of Registrable Securities may reasonably
request in writing (including, without limitation, making such reasonable representations as any such Holder may reasonably
request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration
under the Securities Act within the limitations of Rule 144 and Rule 144A under the Securities Act and customarily taken in
connection with sales pursuant to such exemptions.  Upon the written request of any Holder of Registrable Securities, the
Company shall deliver to such Holder a written statement as to whether it is subject to such reporting requirements.
Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its
securities under any section of the Exchange Act.

                       
SECTION 8.  Miscellaneous

                       
(a)        No Conflicting Agreements.  The Company is not, and the Guarantor is not,
as of the date hereof, a party to, nor shall they, on or after the date of this Agreement, enter into, any agreement with respect
to the Company’s securities that conflicts with the rights granted to the Holders of Registrable Securities in this
Agreement.  The Company and the Guarantor represent and warrant that the rights granted to the Holders of Registrable
Securities hereunder do not in any way conflict with the rights granted to the holders of the Company’s securities under any
other agreements.

                       
(b)        Amendments and Waivers.  The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company and the Guarantor have obtained the written consent of Holders of a majority
of the then outstanding Underlying Common Stock constituting Registrable Securities (with Holders of Notes deemed to be the
Holders, for purposes of this Section 8(b), of the number of outstanding shares of Underlying Common Stock into which such Notes
are or would be convertible or exchangeable as of the date on which such consent is requested).  Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights
of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not
directly or indirectly affect the rights of other Holders of Registrable Securities may be given by Holders of at least a majority
of the Registrable Securities being sold by such Holders pursuant to such Registration Statement; provided that the
provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the
immediately preceding sentence.  Each Holder of Registrable Securities outstanding at the time of any such amendment,
modification, supplement, waiver or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver or
consent effected pursuant to this Section 8(b), whether or not any notice, writing or marking indicating such amendment,
modification, supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder.

                       
(c)        Notices.  All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, by telecopier, by courier guaranteeing overnight delivery or by
first‐class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery,
(ii) upon confirmation, if made by telecopier, (iii) one (1) Business Day after being deposited with such courier, if
made by overnight courier, or (iv) on the date indicated on the notice of receipt, if made by first‐class mail, to the
parties as follows:

                       
if to a Holder of Registrable Securities that is not a Notice Holder, at the address for such Holder then appearing in the
Registrar (as defined in the Indenture);

                       
if to a Notice Holder, at the most current address given by such Holder to the Company in a Notice and Questionnaire or any
amendment thereto;

                       
if to the Company, or the Guarantor, Chief Financial Officer (fax no.: (713) 324-0501) and confirmed to 1600 Smith Street, HQSEO,
Houston, Texas, 77002, attention of the Chief Financial Officer and to the General Counsel (fax no.: (713) 324-4420) and confirmed
at 1600 Smith Street, HQSLG, Houston, Texas, 77002, attention of the General Counsel;

                       
if to the Representatives of the Initial Purchasers, to the Citigroup General Counsel (fax no.: (212) 816-7912) and confirmed to
Citigroup Global Markets Inc. at 388 Greenwich Street, New York, New York 10013, Attention:  General Counsel; Merill Lynch
General Counsel (fax no.: (212) 449-3150) and confirmed to Merrill Lynch, Pierce, Fenner & Smith Incorporated at 4 World
Financial Center, New York, New York 10080, Attention:  General Counsel; Morgan Stanley Global Capital Markets Syndicate Desk
(fax no.: (212) 761-0538) and confirmed to Morgan Stanley & Co. Incorporated at 1585 Broadway, New York, New York 10036,
Attention:  Global Capital Markets Syndicate Desk;

                       
or to such other address as such person may have furnished to the other persons identified in this Section 8(c) in writing in
accordance herewith.

                       
(d)        Approval of Holders.  Whenever the consent or approval of Holders of a
specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company, the Guarantor or
their Affiliates (other than the Initial Purchasers or subsequent Holders of Registrable Securities if such subsequent Holders are
deemed to be such affiliates solely by reason of their holdings of such Registrable Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage.

                       
(e)        Successors and Assigns.  This Agreement shall inure to the benefit of and
be binding upon the successors and assigns of each of the parties hereto and, without requiring any express assignment, shall inure
to the benefit of and be binding upon each Holder of any Registrable Securities; provided that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase
Agreement.  If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be subject to all of the terms of this Agreement and by taking and holding such
Registrable Securities, such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement.

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

                       
(g)        Headings.  The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

                       
(h)        Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                       
(i)         Severability.  If any term, provision, covenant or restriction of
this Agreement is held to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated
thereby, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same
or substantially the same result as that contemplated by such term, provision, covenant or restriction, it being intended that all
of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law.

                       
(j)         Entire Agreement.  This Agreement is intended by the parties hereto
as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and

understanding of the parties hereto in respect of the subject matter contained herein and the registration rights granted by the
Company with respect to the Registrable Securities.  Except as provided in the Purchase Agreement, there are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the registration rights
granted by the Company with respect to the Registrable Securities.  This Agreement supersedes all prior agreements and
undertakings among the parties hereto with respect to such registration rights.

                       
(k)        Termination.  This Agreement and the obligations of the parties hereunder
shall terminate upon the expiration of the Effectiveness Period, except for (i) any liabilities or obligations under
Section 4, 5 or 6 hereof and the obligations to make payments of and provide for Additional Amounts under Section 2(e)
hereof to the extent such damages accrue prior to the end of the Effectiveness Period, each of which shall remain in effect in
accordance with its terms.

[Signature page follows]

IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

                                                                 
Very truly yours,

                                                                 
ExpressJet Holdings, Inc.

                                                                 
By: /s/ Frederick S.
Cromer                          
         

                                                                 
Name: Frederick S. Cromer

                                                                 
Title: Vice President and Chief Financial Officer

                                                                 
ExpressJet Airlines, Inc.

                                                                 
By: /s/ Frederick S.
Cromer                          
         

                                                                 
Name: Frederick S. Cromer

                                                                 
Title: Vice President and Chief Financial Officer

Agreed and accepted as of the date first above written.

Citigroup Global Markets Inc.

By:/s/Jeffrey J.
Singer                          

Name: Jeffrey J. Singer

Title: Director

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

By:/s/ David
Iwan                          

Name: David Iwan

Title: Vice President

Morgan Stanley & Co. Incorporated

By:/s/ Kenneth G.
Pott                          

Name: Kenneth G. Pott

Title: Managing Director

Each on behalf of the 

Initial Purchasers

SCHEDULE I

To Registration Rights Agreement

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York  10013

Merrill Lynch, Pierce, Fenner & Smith Incorporated

4 World Financial Center

New York, New York 10080

Morgan Stanley & Co. Incorporated

1585 Broadway

New York, New York 10036

Credit Suisse First Boston LLC

Eleven Madison Avenue

New York, NY 10010

Goldman, Sachs & Co.

85 Broad Street

New York, New York 10004

UBS Securities LLC

299 Park Ave

New York, New York 10171

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