Document:

Exhibit
10.5

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT
AGREEMENT (this “Agreement”), dated as of January 4, 2021, between Agrify Corporation (the “Company”)
and Raymond Chang (“Executive,” together with the Company, the “Parties” and, each, a “Party”).

 

WHEREAS,
the Company desires to employ Executive, and Executive desires to accept such employment, on the terms and conditions set forth
in this Agreement;

 

NOW,
THEREFORE, on the basis of the foregoing premises and in consideration of the mutual covenants and agreements contained herein,
the Parties agree as follows:

 

1. Employment;
Title; Duties and Location. The Company hereby agrees to employ Executive, and Executive hereby accepts employment with the
Company, on the terms and subject to the conditions set forth herein. During the Employment Period (as defined in Section 2 below),
Executive shall serve the Company as Chief Executive Officer and shall report exclusively and directly to the Board of Directors
of the Company (the “Board”). Executive shall perform the duties consistent with Executive’s title and
position and such other duties commensurate with such position and title as shall be specified or designated by the Company from
time to time. The principal place of performance by Executive of Executive’s duties hereunder shall be the Company’s
offices in Burlington, MA, although Executive may be required to reasonably travel outside of such area in connection with the
performance of Executive’s duties.

 

2. Term.

 

2.1 Term.
Executive’s employment hereunder shall commence on February 1, 2021 (the “Commencement Date”) and shall
continue for a three-year period thereafter (the “Initial Term”), subject to earlier termination exclusively
as provided for in Section 6 below, and subject to extension as provided in the following sentence. Following the Initial Term,
provided Executive’s employment has not previously been terminated, Executive’s employment hereunder shall automatically
be extended for successive three-year periods (each a “Renewal Term”), subject to earlier termination exclusively
as provided for in Section 6 below. For the purposes of this Agreement, the “Term” at any given time shall
mean the Initial Term as it may have been extended by one or more Renewal Terms as of such time (without regard to whether Executive’s
employment is terminated prior to the end of such Term), and the “Employment Period” means the period of Executive’s
employment hereunder (regardless of whether such period ends prior to the end of the Term and regardless of the reason for Executive’s
termination of employment hereunder).

 

3. Compensation.
During the Employment Period only (unless otherwise expressly provided for herein), Executive shall be entitled to the following
compensation and benefits.

 

3.1 Salary.
Executive shall receive a base salary (the “Base Salary”) payable in substantially equal installments in
accordance with the Company’s normal payroll practices and procedures in effect from time to time and subject to
applicable withholdings and deductions. Executive’s starting Base Salary shall be at the annual rate of
$300,000.

 

     

     

    

 

3.2 Discretionary
Bonus. Executive shall be eligible to receive a discretionary performance-based bonus of up to $300,000 (a “Discretionary
Bonus”) with respect to each fiscal year of the Company (a “Fiscal Year”) based on the terms and
conditions hereof. Any Discretionary Bonus for the Fiscal Year in which the Commencement Date occurs (the “First Fiscal
Year”) will be prorated based on the number of days during the First Fiscal Year Executive was employed by the Company.
A Discretionary Bonus, if any, will be determined and paid at the sole and complete discretion of the Company and may be based
on a variety of factors, including, but not limited to, Executive’s individual performance and the overall performance of
the Company. To be eligible for a Discretionary Bonus, Executive must be employed by the Company at the time such Bonus is paid.

 

3.3 Annual
Compensation Review and Adjustment. The Company agrees that by February 1st of every calendar year, the Board and the Compensation
Committee of the Board shall have reviewed and adjusted the compensation of Executive based on the results of a report of an independent
compensation consultant to be engaged by the Board or the Compensation Committee of the Board, at the Company’s sole expense.
The results of such report shall take into account a number of factors the consultant deems relevant, including but not limited
to an analysis of at least three chief executive officers of other comparable publicly held companies of similar size, similar
markets, and who perform their duties in the same geographical location that Executive performs his duties.

 

3.4 Benefits.
Executive shall have the right to receive or participate in all employee benefit programs and perquisites established from time
to time by the Company on a basis that is no less favorable than such programs and perquisites are provided by the Company to
the Company’s other senior executives, subject to the eligibility requirements and other terms of such programs and perquisites,
and subject to the Company’s right to amend, terminate or take other action with respect to any such programs and perquisites.
Notwithstanding the foregoing, the Board shall have the authority to provide benefits to the Executive in his capacity as Chief
Executive Officer that may not be made available to other senior executives of the Company.

 

3.5 Vacation
and Other Paid Time Off. Executive shall be entitled to four (4) weeks of paid vacation, as well as sick days and any other
paid time off, each year in accordance with then current Company policy.

 

3.6 Required
Taxes and Withholdings. The Company shall withhold from any payments made to Executive (including, without limitation, those
made under this Agreement) all federal, state, local or other taxes and withholdings as shall be required pursuant to any law
or governmental regulation or ruling.

 

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4. Exclusivity
and Best Efforts. During the Employment Period, Executive shall (i) in all respects conform to and comply with the lawful
directions and instructions given to Executive by the Company; (ii) subject to the proviso below, devote Executive’s
entire business time, energy and skill to Executive’s services under this Agreement; (iii) use Executive’s best
efforts to promote and serve the interests of the Company and to perform Executive’s duties and obligations hereunder
in a diligent, trustworthy, businesslike, efficient and lawful manner; (iv) comply with all applicable laws and regulations,
as well as the policies and practices established by the Company from time to time and made applicable to its employees
generally or senior executives; (v) not engage in any other business, profession or occupation for compensation or
otherwise, except as provided below in this Section 4; and (vi) not engage in any activity that, directly or
indirectly, impairs or conflicts with the performance of Executive’s obligations and duties to the Company, provided,
however, that the foregoing shall not prevent the Executive from managing Executive’s personal affairs and passive
personal investments, serving on the board of directors (or comparable body) of any third-party corporate entity that is not
providing Competing Services (as defined in Section 10(f)(ii) hereof) and Executive obtains prior Company consent (which
consent will not be unreasonably withheld), and participating in charitable, civic, educational, professional or community
affairs, so long as, in the aggregate, any such activities do not unreasonably interfere or conflict with the
Executive’s duties hereunder or create a potential business or fiduciary conflict with the Company, as reasonably
determined by the Company.

 

5. Reimbursement
for Expenses. Executive is authorized to incur reasonable expenses in the discharge of the services to be performed hereunder
in accordance with the Company’s expense reimbursement policies, as the same may be modified by the Company from time to
time in its sole and complete discretion (the “Reimbursement Policies”). Subject to the provisions of Section
18.2 below (Section 409A Compliance), the Company shall reimburse Executive for all such proper expenses upon presentation by
Executive of itemized accounts of such expenditures in accordance with the terms of the Reimbursement Policies.

 

6. Termination.

 

6.1 Death.
Executive’s employment shall immediately and automatically be terminated upon Executive’s death.

 

6.2 Disability.
The Company may, subject to applicable law, terminate Executive’s employment due to a Disability by providing written notice
of such termination and its effective date to Executive. For purposes of this Agreement, “Disability” means
a “disability” that entitles Executive to benefits under the applicable Company long-term disability plan covering
Executive and, in the absence of such a plan, that Executive shall have been unable, due to physical or mental incapacity, to
substantially perform Executive’s duties and responsibilities hereunder for 180 days out of any 365 day period or for 120
consecutive days. In the event of any question as to the existence, extent or potentiality of Executive’s Disability upon
which the Company and Executive cannot agree, such question shall be resolved by a qualified, independent physician mutually agreed
to by the Company and Executive, the cost of such examination to be paid by the Company. If the Company and Executive are unable
to agree on the selection of such an independent physician, each shall appoint a physician and those two physicians shall select
a third physician who shall make the determination of whether Executive has a Disability. The written medical opinion of such
physician shall be conclusive and binding upon each of the Parties as to whether a Disability exists and the date when such Disability
arose. This section shall be interpreted and applied so as to comply with the provisions of the Americans with Disabilities Act
(to the extent applicable) and any applicable state or local laws. Until such termination, Executive shall continue to receive
his compensation and benefits hereunder, reduced by any benefits payable to him under any Company-provided disability insurance
policy or plan applicable to him.

 

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6.3 For
Cause by the Company.

 

(a) The
Company may terminate Executive’s employment for Cause, at any time, upon the unanimous agreement of the Board (excluding
the Executive) and written notice reasonably describing the nature of such Cause. For purposes of this Agreement, the term “Cause”
means (i) the willful and continual failure by Executive to perform in any material respect the duties or obligations of his employment
with the Company or to carry out the reasonable and lawful directives of the Board (which directives are consistent with Executive’s
position); provided such failure remains uncured (if capable of being cured) for a period of sixty (60) days after written
notice describing the same is given to Executive; (ii) Executive’s indictment for any crime which constitutes a felony or indictment
for any crime involving fraud, misappropriation or embezzlement (other than any such crime involving the Company or any of its
affiliates); (iii) any act of fraud, misappropriation or embezzlement involving the Company or any of its affiliates; (iv) any
breach by Executive of the provisions of his Assignment of Inventions Agreement (as defined below) or a material breach or violation
of this Agreement or any Company policy then in effect which remains uncured (if capable of being cured) for a period of sixty
(60) days after written notice describing the same is given to Executive; or (v) any attempt by the Executive to improperly secure
any personal profit in connection with the business of the Company or any of its affiliates. Notwithstanding anything contained
herein to the contrary, in the event of Executive’s termination for Cause, Executive shall be entitled to a reasonable opportunity
to be heard by the Board prior to the effective date of such termination.

 

6.4 Resignation
by Executive for Good Reason. Executive may resign Executive’s employment hereunder for Good Reason, at any time,
provided that Executive provides the Company with ten (10) days’ prior written notice of such resignation and such
notice is given within thirty (30) days of when Good Reason first arises. For the purpose of this Agreement, “Good
Reason” means (i) a material and substantial diminution in Executive’s duties, authority, or responsibilities
that would be inconsistent with Executive’s position (other than while Executive is temporarily physically or mentally
incapacitated, as permitted under Section 8 below or as required by applicable law), (ii) a material failure by the Company
to pay Executive’s compensation as provided for herein, other than an isolated, insubstantial and inadvertent failure
not occurring in bad faith; (iii) a change in the location of Executive’s principal place of performance from other
than that specified in Section 1 above; (iv) the failure by the Company to conduct an annual compensation review and
adjustment in accordance with Section 3.3 above; or (v) other material breach by the Company of a material provision of this
Agreement or any other agreement between the Company and Executive; provided (x) Executive has provided the Company
with written notice reasonably detailing the grounds giving rise to Good Reason within thirty (30) days of the occurrence
thereof or, if later, within thirty (30) days of the date upon which Executive first becomes aware of such grounds, and (y)
the Company fails to cure such grounds within thirty (30) days after delivery to it of such written notice. Executive’s
date of termination in the event Executive resigns his employment for Good Reason shall be the effective date of
Executive’s notice of resignation for Good Reason, except that Company may waive all or any part of the
above-referenced 10-day notice period or of the 30-day cure period, in which event Executive’s date of termination
shall be the last day of such notice or cure period that has not been waived or, if the entire notice or cure period has been
waived, the date that Executive provided notice of the event giving rise to Good Reason or of his resignation for Good
Reason. For the avoidance of doubt, Executive’s exclusive remedy against the Company in the event the Company
materially breaches this Agreement is to invoke the provisions of this Section 6.4 and Section 7 below.

 

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6.5 Without
Cause or Without Good Reason. The Company may terminate Executive’s employment, without Cause, at any time, with or without
prior notice, in its sole and complete discretion, by providing written notice of such termination and its effective date to Executive.
Likewise, Executive may terminate Executive’s employment without Good Reason upon at least thirty (30) days prior written notice
to the Company without any liability. Termination of Executive’s employment without Cause by the Company or without Good Reason
by Executive shall not include termination of Executive’s employment due to Executive’s death or Disability or upon expiration
of the Term as provided for in Section 2.1.

 

6.6 Resignation
from Other Positions. Upon termination of Executive’s employment for any reason, Executive shall, upon request of the
Company, immediately be deemed to have resigned from all boards, offices and appointments held by Executive in or on behalf of
the Company. In furtherance hereof, upon Executive’s termination of employment, Executive, at the direction of the Board,
shall immediately submit to the Company letter(s) of resignation for any such boards, offices and appointments. If Executive fails
to tender such letter(s) of resignation, then the governing body or person with respect to such boards, offices and appointments
will be empowered to remove Executive from such boards, offices and appointments.

 

7. Effect
of Termination of Employment.

 

7.1 Generally.
In the event Executive’s employment with the Company terminates, Executive shall have no right to receive any compensation,
benefits or any other payments or remuneration of any kind from the Company, except as otherwise provided by this Section 7, in
Section 13 below, in any separate written agreement between Executive and the Company or as may be required by law. In the event
Executive’s employment with the Company is terminated for any reason, Executive shall receive the following (collectively,
the “Accrued Obligations”): (i) Executive’s Base Salary through and including the effective date of Executive’s
termination of employment (the “Termination Date”), which shall be paid on the first regularly scheduled payroll
date of the Company following the Termination Date or on or before any earlier date as required by applicable law; (ii) payment
for accrued unused vacation time, subject to the Company’s then current vacation policy, which shall also be paid on the
first regularly scheduled payroll date of the Company following the Termination Date or on or before any earlier date as required
by applicable law; (iii) payment of any vested benefit due and owing under any employee benefit plan, policy or program pursuant
to the terms of such plan, policy or program; and (iv) payment for unreimbursed business expenses subject to, and in accordance
with, the terms of Section 5 above, which payment shall be made within 30 days after Executive submits the applicable supporting
documentation to the Company, and in any event no later than on or before the last day of Executive’s taxable year following
the year in which the expense was incurred.

 

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7.2 Severance
Benefits. In the event that Executive’s employment is terminated (i) by the Company pursuant to Section 6.5
above (without Cause), (ii) by Executive pursuant to Section 6.4 hereof (Good Reason), or (iii) by the Company without Cause,
or by Executive for Good Reason, upon the occurrence of, or within thirty (30) days prior to, or within six (6) months
following, the effective date of a Change of Control (as defined in Section 10(f)(i) hereof), in addition to the Accrued
Obligations, Executive shall be entitled to receive severance benefits (the “Severance Benefits”), subject
to and in accordance with the terms of this Section 7.2.

 

(a) Benefits.
The Severance Benefits shall consist of the payments and benefits provided by this Section 7.2(a).

 

(i) Executive
shall receive payment of an amount (the “Severance Pay”) equal to the greater of (A) three hundred percent
(300%) of Executive’s Base Salary immediately prior to the Termination Date (or, if Good Reason was attributable to the
Company’s failure to pay the minimum amount of Base Salary provided herein, such minimum amount) and (B) $1,000,000, payable
from the day after the Termination Date through the last day of the Term (the “Severance Period”). In addition,
if the Company terminates Executive’s employment without Cause, or if Executive resigns for Good Reason, upon the occurrence
of, or within thirty (30) days prior to, or within six (6) months following, the effective date of a Change of Control, all issued
but unvested options shall immediately vest. The Severance Pay shall be paid in the form of salary continuation pursuant to the
terms and conditions of Section 3.1 above, commencing within ninety (90) days following the Termination Date on the first regularly
scheduled payroll date of the Company that is practicable after the effective date of the Separation Agreement (defined in Section
7.2(b) below), except that, if the Separation Agreement may be executed and/or revoked in a calendar year following the
calendar year in which the Termination Date occurs, the Severance Pay shall commence on the first regularly scheduled payroll
date of the Company in the calendar year in which the consideration or, if applicable, release revocation period ends to the extent
necessary to comply with Section 409A (as defined in Section 18.2). The first such payment shall include payment for any payroll
dates between the Termination Date and the date of such payment.

 

(ii) During
the Severance Period until such time, if any, as Executive is eligible for group health insurance benefits from another employer,
Executive shall be eligible to continue to participate in the Company’s group health insurance benefits on the same terms
and conditions as then applicable to current employees, except that, if Executive is not permitted to continue to participate
in any such health insurance plans for any portion of the Severance Period as a result of the terms of such plans or applicable
law and Executive elects to continue his or his dependents’ health insurance benefits pursuant to COBRA, the Company will
pay or reimburse Executive for the portion of the COBRA premium that is equal to the insurance premium the Company would pay if
Executive was then an active employee of the Company. Following the Severance Period, should Executive elect to continue his or
his dependents’ health insurance benefits, Executive shall be responsible for the entire cost thereof. If the Company is
unable to provide the benefit provided above in this paragraph without violating applicable health care discrimination laws, the
Company shall pay Executive a gross amount equal to what the Company’s cost would have been to provide such benefit.

 

(iii) Notwithstanding
the foregoing, the aggregate amount described in this Section 7.2(a) shall be reduced by the present value of any other cash severance
or termination benefits payable to Executive under any other plans, programs or arrangement of the Company, subject to compliance
with Section 409A.

 

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(iv) For
the avoidance of doubt, Executive’s sole and exclusive remedy upon a termination for which Executive is eligible for Severance
Benefits under this Section 7.2 shall be the receipt of the Severance Benefits.

 

(b) Separation
Agreement and Other Conditions for Severance Benefits.

 

(i) Provision
of the Severance Benefits is conditioned on (i) Executive’s continued compliance in all material respects with Executive’s
continuing obligations to the Company, including, without limitation, the terms of this Agreement and of the Confidentiality Agreement
(defined in Section 9 below) that survive termination of Executive’s employment with the Company, and (ii) Executive signing
(without revoking if such right is provided under applicable law) a separation agreement and release in a form of that provided
to Executive by the Company on or about the Termination Date (the “Separation Agreement”). Executive must so
execute the Separation Agreement within 60 days following the Termination Date (or such shorter time as may be set forth in the
Separation Agreement).

 

8. Notice
of Termination. In the event Executive elects to terminate Executive’s employment hereunder by resigning with or without Good
Reason under Sections 6.4 or 6.5 above. Executive shall provide the Company with the applicable prior written notice of termination required
by such Sections (the “Notice Period”). The Company may, in its discretion, waive all or any portion of such Notice
Period. The Company may require that, during the Notice Period, or part or parts thereof, Executive does not do any of the following:
(i) enter the Company’s premises; (ii) undertake any work for any third party whether paid or unpaid and whether as an employee
or otherwise; (iii) have any contact or communication with any client, customer or supplier of the Company; or (iv) have any contact
or communication with any employee, officer, director, agent or consult of the Company. Additionally, during the Notice Period, or any
part or parts thereof, the Company may require Executive to do any of the following: (i) perform special projects or perform duties not
within Executive’s normal duties (provided such duties are commensurate with Executive’s position and title) or perform some
but not all of Executive’s normal duties; and (ii) keep the Company informed of Executive’s whereabouts so that Executive
can be contacted if the need arises for Executive to perform any duties provided by clause (i) of this sentence. The Company retains
the right to terminate Executive’s employment under Section

6.3
above during the Notice Period.

 

9. Confidentiality,
Restrictive Covenant, Intellectual Property, Return of Company Property and Non-Disparagement. Company and Executive have
entered into the Company’s current standard Invention Assignment, Restrictive Covenants, and Confidentiality Agreement (the
“Confidentiality Agreement”), a copy of which is annexed hereto as Exhibit A. The terms of the Confidentiality
Agreement are hereby incorporated by reference into this Agreement, except that, to the extent there is an irreconcilable conflict
between the terms of this Agreement and those of the Confidentiality Agreement, the terms of this Agreement shall govern. Executive’s
execution and compliance with the terms of the Confidentiality Agreement is a material term of this Agreement, upon which Executive’s
employment and continued employment with the Company is conditioned.

 

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10. Confidentiality,
Non-Solicitation and Non-Competition.

 

10.1 Representations
and Acknowledgements. For purposes of Sections 10-13 and 15 hereof, the term “Company” shall refer to not only
the Company, but also, jointly and severally, any entity, directly or indirectly, through one or more intermediaries, controlled
by, in control of, or under common control with, the Company (collectively, “Company Affiliates”). Executive
acknowledges and agrees that: (i) among the most valuable and indispensable assets of the Company are its Confidential Information
(defined below) and close relationships with its Customers (defined below) and Suppliers (defined below, which includes, without
limitation, employees), which the Company has devoted and continues to devote a substantial amount of time, money and other resources
to develop; (ii) in connection with Executive’s employment with the Company, Executive will be exposed to and acquire the
Company’s Confidential Information and develop, at the Company’s expense and support, special and close relationships
with the Company’s Customers and Suppliers; (iii) the Company’s Confidential Information and close Customer and Supplier
relationships must be protected; (iv) this Section 10 is a material provision of this Agreement and the Company would not engage
Executive hereunder but for the promises and acknowledgements that Executive makes in this Section 10; (v) to the extent required
by law, the covenants in this Agreement contain reasonable limitations as to time, geographical area and scope of activities to
be restricted and that such covenants do not impose a greater restraint on Executive than is necessary to protect the Company’s
Confidential Information, close Customer and Supplier relationships and other legitimate business interests; (vi) Executive’s
compliance with such covenants will not inhibit Executive from earning a living or from working in Executive’s chosen profession;
and (vii) any breach of such covenants will result in the Company being placed at an unfair competitive disadvantage and cause
the Company serious and irreparable harm to its business.

 

10.2 Confidential
Information.

 

(a) Protection
of Confidential Information. During the Employment Period and at all times thereafter, Executive will not, except to the
extent necessary to perform Executive’s duties hereunder or as required by law, directly or indirectly, use or disclose
to any third person, without the prior written consent of the Company, any Confidential Information (defined 10.2(b) below)
of the Company. If it is necessary for Executive to use or disclose Confidential Information so as to comply with any law,
rule, regulations, court order, subpoena or other governmental mandate or investigation, Executive shall give prompt written
notice to the Company of such requirement (to the extent legally permissible), disclose no more information than is so
required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. In the event that
the Company is bound by a confidentiality agreement or understanding with a customer, vendor, supplier or other party
regarding the confidential information of such customer, vendor, supplier or other party, which is more restrictive than
specified above in this Section 10.2, and of which Executive has notice or is aware, Executive shall adhere to the provisions
of such other confidentiality agreement, in addition to those of this Section 10.2. Executive shall exercise reasonable care
to protect all Confidential Information. Executive will immediately give notice to the Company of any unauthorized use or
disclosure of Confidential Information. Executive hereby represents and warrants that it shall assist the Company in
remedying any such unauthorized use or disclosure of Confidential Information.

 

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(b) Confidential
Information Defined. For purposes of this Agreement, “Confidential Information” means all information
of a confidential or proprietary nature regarding the Company, its business or properties that the Company has furnished or
furnishes to Executive, whether before or after the date of this Agreement, or is or becomes available to Executive by virtue
of Executive’s employment with the Company, whether tangible or intangible, and in whatever form or medium provided, as
well as all such information generated by Executive that, in each case, has not been published or disclosed to, and is not
otherwise known to, the public. Confidential Information includes, without limitation, customer lists, customer requirements
and specifications, designs, financial data, sales figures, costs and pricing figures, marketing and other business plans,
product development, marketing concepts, personnel matters (including employee skills and compensation), drawings,
specifications, instructions, methods, processes, techniques, computer software or data of any sort developed or compiled by
the Company, formulae or any other information relating to the Company’s services, products, sales, technology,
research data, software and all other know-how, trade secrets or proprietary information, or any copies, elaborations,
modifications and adaptations thereof. For the avoidance of doubt, Executive acknowledges and agrees that Confidential
Information protected under this Agreement includes information regarding pay, bonuses, benefits and perquisites offered to
or received by employees of the Company, as well as non-public information regarding the unique and special skills of
specific employees and how such skills are valuable and integral to the Company’s operations. Notwithstanding the
foregoing, Confidential Information shall not include any information (i) that is generally known to the industry or the
public other than as a result of Executive’s breach of this covenant; (ii) that is made available to Executive by a
third party without that party’s breach of any confidentiality obligation; or (iii) which was developed by Executive
outside or independent of Executive’s performance of Executive’s obligation to render services on behalf of the
Company.

 

(c) Immunity
for Certain Limited Disclosures. Executive acknowledges that Executive has been notified in accordance with the federal Uniform
Trade Secrets Act (18 U.S. Code § 1833(b)(1)) that an individual shall not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state,
or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal.

 

(d) Permitted
Disclosures. Executive also acknowledges that nothing in this Agreement shall be construed to prohibit Executive from reporting
possible violations of law or regulation to any governmental agency or regulatory body or making other disclosures that are protected
under any law or regulation, or from filing a charge with or participating in any investigation or proceeding conducted by any
governmental agency or regulatory body.

 

10.3 Non-Interference,
Non-Competition and Non-Diversion.

 

(a) No
Interference with Customers. Executive agrees that, during the Restricted Period (defined in Section 10.3(f) below),
regardless of whether, or on what basis, Executive’s employment hereunder is terminated or any claim that Executive may
have against the Company under this Agreement or otherwise, Executive shall not, directly or indirectly (defined below),
actually or attempt to, (i) solicit, induce, or cause any Customer to terminate, reduce or refrain from renewing or extending
its contractual or other business relationship with the Company; (ii) solicit, induce or cause any Customer to become a
customer of or enter into any contractual or other relationship with Executive or any other person or entity for Competing
Services (as defined in Section 10.3(f) below); and/or (iii) offer or provide to any Customer any Competing
Services.

 

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(b) No
Interference with Employees and Other Suppliers. Executive agrees that, during the Restricted Period, regardless of whether,
or on what basis, Executive’s employment hereunder is terminated or any claim that Executive may have against the Company
under this Agreement or otherwise, Executive shall not, directly or indirectly, actually or attempt to: (i) solicit, induce, or
cause any Supplier of the Company to terminate, reduce or refrain from renewing or extending such person’s or entity’s
business or employment relationship with the Company; (ii) solicit, induce or cause any employee of the Company to engage in Competing
Services; or (iii) employ or otherwise engage as an employee, independent contractor or consultant

(1)
any employee of the Company or (2) any person who was employed by the Company within the then prior six-month period.

 

(c) Non-Diversion.
Executive agrees that, during the Restricted Period, regardless of whether, or on what basis, Executive’s employment is
terminated or any claim that Executive may have against the Company under this Agreement or otherwise, Executive shall not, directly
or indirectly, be employed or engaged as an independent contractor or otherwise by any person or entity that, during the Employment
Period, was an actual or potential Customer of Company to perform services the same or similar to those Executive provided to
Company and/or the Company provided or offered to provide to such actual or potential Customer.

 

(d) Non-Competition.
During the Employment Period and thereafter, except if Executive is terminated for Cause pursuant to Section 6.3 hereof, for the
Restricted Period, regardless of any claim that Executive may have against the Company under this Agreement or otherwise, Executive
shall not, directly or indirectly, actually or attempt to, engage in the business of providing Competing Services within the Territory
(as defined in Section 10.3(f) below).

 

(e) Notice
to Subsequent Employers. Upon commencing any engagement as a service provider (whether as an employee, independent contractor
or otherwise) during the Restricted Period, Executive shall expressly advise each new employer and each other new recipient of
Executive’s services (each, a “Service Recipient”) of Executive’s continuing obligations to the
Company under this Agreement and, in particular, this Section 10. Further, Executive hereby consents to the Company providing
such notification to each such Service Recipient.

 

(f) Definitions. For
the purposes of this Agreement, the following terms shall have the following meaning.

 

(i) “Change
of Control” means (A) the acquisition by a third party (or more than one party acting as a group) of securities of
the Company representing more than sixty-six percent (66%) of the combined voting power of the Company’s then
outstanding securities other than by virtue of a merger, consolidation or similar transaction; (B) a merger, consolidation or
similar transaction following which the stockholders of the Company immediately prior thereto do not own at least sixty-six
percent (66%) of the combined outstanding voting power of the surviving entity (or that entity’s parent) in such
merger, consolidation or similar transaction; or (c) the sale or other disposition of all or substantially all of the assets
of the Company.

 

    10

     

    

 

(ii) “Competing
Services” means products or services that are the same, similar or otherwise in competition with the products and services
of the Company with which Executive was involved or about which Executive acquired Confidential Information.

 

(iii) “Customer”
means any company or individual: (i) who purchased products or services from the Company whom Executive contacted or served during
the Employment Period, for whom Executive supervised contact or service during the Employment Period or about whom Executive acquired
Confidential Information; and/or (ii) who was a potential customer of the Company within the one year immediately preceding the
Termination Date and (A) about whom Executive acquired Confidential Information or (B) who contacted Executive, whom Executive
contacted, or for whom Executive supervised contact regarding the potential purchase of products or services of the Company.

 

(iv) “directly
or indirectly” as it relates to an activity taken by Executive includes any activity taken directly by Executive or
indirectly on Executive’s behalf, including any activity taken in conjunction with any other person or entity, and including
any activity taken by Executive as an employee, agent, consultant, independent contractor, officer, director, principal, shareholder,
equity holder, partner, member, joint venturer, lender, investor or otherwise, except that nothing in this Agreement shall prohibit
Executive from being a passive holder, for investment purposes only, of not more than two percent (2%) of the outstanding stock
of any company listed on a national securities exchange, or actively traded in a national over-the- counter market.

 

(v) “Restricted
Period” means the Employment Period and for a period thereafter equaling the greater of (A) one year and (B) the duration
of any Severance Period, except that such period shall be extended for any period therein during which Executive was in violation
of any provision of this Section 10.3.

 

(vi) “Supplier”
means any supplier of goods, services, funding, leads or prospects to the Company, including as an employee, independent contractor
or in any other capacity.

 

(vii) “Territory”
means any state in which the Company is doing business or in which it is contemplating to do business pursuant to a then current
business plan.

 

    11

     

    

 

11. Intellectual
Property.

 

11.1 The
Company’s Proprietary Rights. Executive acknowledges and agrees that all Intellectual Property (defined below)
created, made or conceived by Executive (solely or jointly) during Executive’s employment by the Company (regardless of
whether such Intellectual Property was created, conceived or produced during Executive’s regular work hours or at any
other time) that relates to the actual or anticipated businesses of the Company or results from or is suggested by any work
performed by employees or independent contractors for or on behalf of the Company (“Company Intellectual
Property”) shall be deemed “work for hire” and shall be and remain the sole and exclusive property of
the Company for any and all purposes and uses whatsoever as soon as Executive conceives or develops such Company Intellectual
Property, and Executive hereby agrees that its assigns, executors, heirs, administrators or personal representatives shall
have no right, title or interest of any kind or nature therein or thereto, or in or to any results and proceeds therefrom. If
for any reason such Company Intellectual Property is not deemed to be “work-for-hire,” then Executive hereby
irrevocably and unconditionally assigns all rights, title, and interest in such Company Intellectual Property to the Company
and agrees that the Company is under no further obligation, monetary or otherwise, to Executive for such assignment.
Executive also hereby waives all claims to any moral rights or other special rights (“Moral Rights”),
including, without limitation, all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be
known as or referred to as “moral rights,” “artist’s rights,” “droit moral” or the like,
that Executive may have or may accrue in any Company Intellectual Property. To the extent that any such Moral Rights cannot
be assigned under applicable law, Executive hereby ratifies and consents to any action that may be taken with respect to such
Moral Rights by or on behalf of the Company and waives and agrees not to enforce any and all such rights, including, without
limitation, any limitation on subsequent modification, to the extent permitted under applicable law. Executive shall promptly
disclose in writing to the Company the existence of any and all Company Intellectual Property. As used in this Agreement,
“Intellectual Property” shall mean and include any ideas, inventions (whether or not patentable), designs,
improvements, discoveries, innovations, patents, patent applications, trademarks, service marks, trade dress, trade names,
trade secrets, works of authorship, copyrights, copyrightable works, films, audio and video tapes, other audio and visual
works of any kind, scripts, sketches, models, formulas, tests, analyses, software, firmware, computer processes, computer and
other applications, creations and properties, Confidential Information and any other patents, inventions or works of creative
authorship.

 

11.2 Waiver.
In the event that Executive owns or claims any rights to Company Intellectual Property that cannot be assigned to the Company,
Executive irrevocably waives all claims and the enforcement of all such rights against the Company, and their respective officers
directors, assigns and licensees, and agrees, at the Company’s request and expense, to consent to and join in any action
to enforce the Company’s interests in such Company Intellectual Property. As to any rights to Company Intellectual Property
that cannot be assigned to the Company or waived by Executive, Executive irrevocably grants to the Company an exclusive, irrevocable,
perpetual, worldwide, fully paid and royalty-free license, with rights to license and sublicense, to reproduce, create derivative
works, distribute, publicly perform and publicly display by all means now known or later developed, any and all such Company Intellectual
Property.

 

    12

     

    

 

11.3 Cooperation
Regarding Intellectual Property. Executive agrees to assist the Company, and to take all reasonable steps, with securing
patents, registering copyrights and trademarks, and obtaining any other forms of protection for the Company Intellectual
Property in the United States and elsewhere. In particular, at the Company’s expense (except as noted in clause (i)
below), Executive shall forthwith upon request of the Company execute all such assignments and other documents (including
applications for patents, copyrights, trademarks, and assignments thereof) and take all such other action as the Company may
reasonably request in order (i) to vest in the Company all of Executive’s right, title, and interest in and to such
Company Intellectual Property, free and clear of liens, mortgages, security interests, pledges, charges, and encumbrances
(“Liens”) (and Executive agrees to take such action, at Executive’s expense, as is necessary to
remove all such Liens) and (ii), if patentable or copyrightable, to obtain patents or copyrights (including extensions and
renewals) therefor in any and all countries in such name as the Company shall determine. In the event that Executive is
unable or unavailable or shall refuse to sign any lawful or necessary documents required in order for the Company to apply
for and obtain any copyright or patent with respect to any work performed by Executive in the course of his employment with
the Company (including applications or renewals, extensions, divisions or continuations), Executive hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents as Executive’s agents and
attorneys-in-fact to act for and in Executive’s behalf, and in Executive’s place and stead, to execute and file
any such applications or documents and to do all other lawfully permitted acts to further the prosecution and issuance of
copyrights and patents with respect to such Company Intellectual Property with the same legal force and effect as if executed
or undertaken by Executive.

 

11.4 No
infringement. Executive represents and warrants to the Company that all Intellectual Property Executive delivers to the Company
shall be original and shall not infringe upon or violate any patent, copyright or proprietary right of any person or third party.

 

11.5 License
to Prior Invention. If Executive in the course of Executive’s employment for the Company incorporates into a Company
product Intellectual Property that Executive has, alone or jointly with others, conceived, developed or reduced to practice prior
to the commencement of Executive’s employment with the Company in which Executive has a property right (each, a “Prior
Invention”), Executive hereby grants to the Company a perpetual, nonexclusive, royalty-free, irrevocable, worldwide
license (with the full right to sublicense) to make, have made, modify, use and sell such Prior Invention. Executive hereby represents
and warrants that all Prior Inventions have been listed by Executive on Exhibit B hereto or, if no such list is attached,
that there are no Prior Inventions. Executive will not incorporate any Intellectual Property owned by any third party into any
Company Intellectual Property without the Company’s prior written permission.

 

11.6 Severability.
To the extent this Agreement is required to be construed in accordance with laws of any state which precludes as a requirement
in an employee agreement the assignment of certain classes of inventions made by an employee, this Section 11 will be interpreted
not to apply to any invention which a court rules and/or the Company agrees falls within such classes.

 

12. Non-Disparagement.
Executive agrees not to, knowingly and intentionally, make any disparaging remark or send any disparaging communication on
any date which is reasonably expected to result in, or does result in, damage to (i) the reputation of the Company on such
date or (ii) the reputation of (A) the business, officers and directors of the Company on such date or (B) the employees of
the Company on the date of this Agreement but only for so long as an employee remains an employee of the Company. The Company
agrees not to, knowingly and intentionally, make any disparaging remarks or send any disparaging communications by press
release or other formal communication or take any other action, directly or indirectly, with respect to Executive which is
reasonably expected to result in, or does result in, damage to Executive’s reputation (it being understood that
comments or actions by an individual will not be treated as comments or actions by the Company unless such individual is an
officer or director of the Company or otherwise has both the authority to act, and is acting, on behalf of the Company with
respect to such comments or actions). This Section does not apply to (i) truthful statements made in connection with legal
proceedings, governmental and regulatory investigations and actions; (ii) any other truthful statement or disclosure required
by law; or (iii) business-related intra-Company communications or to the Company’s communications with its
shareholders, investors, auditors and/or legal advisors.

 

    13

     

    

 

13. Cooperation.
During and after the Employment Period, Executive shall assist and cooperate with the Company in connection with the defense or
prosecution of any claim that may be made against or by the Company, or in connection with any ongoing or future investigation
or dispute or claim of any kind involving the Company, including any proceeding before any arbitral, administrative, judicial,
legislative, or other body or agency, including testifying in any proceeding to the extent such claims, investigations or proceedings
relate to services performed or required to be performed by Executive, pertinent knowledge possessed by Executive, or any act
or omission by Executive. Executive will also perform all acts and execute and deliver any documents that may be reasonably necessary
to carry out the provisions of this paragraph. The Company will reimburse Executive for reasonable expenses Executive incurs in
fulfilling Executive’s obligations under this Section 13. Notwithstanding the foregoing, this Section shall not be applicable
to any claim by the Company against Executive or by Executive against the Company.

 

14. Company
Property. Executive agrees that all Confidential Information, trade secrets, drawings, designs, reports, computer programs
or data, books, handbooks, manuals, files (electronic or otherwise), computerized storage media, papers, memoranda, letters, notes,
photographs, facsimile, software, computers, smart phones and other documents (electronic or otherwise), materials and equipment
of any kind that Executive has acquired or will acquire during the course of Executive’s employment with the Company are
and remain the property of the Company. Upon termination of employment with the Company, or sooner if requested by the Company,
Executive agrees to return all such documents, materials and records to the Company and not to make or take copies of the same
without the prior written consent of the Company. With regard to such documents, materials and records in electronic form, Executive
shall first provide a copy to Company, and then irretrievably delete such electronic information from her electronic devices and
accounts, including but not limited to computers, phones, personal email accounts, cloud storage accounts, and removable storage
media. Executive agrees to provide the Company access to Executive’s system as reasonably requested to verify that the necessary
copying and/or deletion is completed. Executive acknowledges and agrees that any property situated on the Company’s premises
and owned by the Company, including disks and other storage media, filing cabinets, and other work areas, is subject to inspection
by personnel of the Company at any time with or without notice. Executive acknowledges and agrees that Executive has no expectation
of privacy with respect to the Company’s telecommunications, networking or information processing systems (including, without
limitation, files, e-mail messages and voice messages) and that Executive’s activity and any files or messages on or using
any of those systems may be monitored at any time without notice. Notwithstanding anything in this Agreement to the contrary,
(x) Executive’s personal property, general industry knowledge, awards, and personal memoirs do not constitute trade secrets
or Confidential Information, and are and shall remain Executive’s sole and exclusive property, and (y) Executive shall be
entitled to retain, following Executive’s termination of employment, information showing Executive’s compensation
or relating to reimbursement of business expenses incurred by Executive, and copies of this Agreement and any Company benefit
programs in which Executive participated; provided, however, that Executive acknowledges and agrees that Executive
shall not disclose the documents referenced in this clause (y) except to Executive’s representatives who have a need to
know such information.

 

    14

     

    

 

15. Injunctive
Relief and Other Remedies. Executive acknowledges that a breach of Sections 10 through 13 of this Agreement will result in
material irreparable injury to the Company for which there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of such a breach or threat thereof, the Company shall be entitled to
obtain a temporary restraining order and/or a preliminary and/or permanent injunction, without the necessity of posting a bond
or of proving irreparable harm or injury as a result of such breach or threatened breach of Sections 10 through 13, restraining
Executive from engaging in activities prohibited by Sections 10 through 13 and such other relief as may be required specifically
to enforce any of the provisions in Sections 10 through 13. Executive further agrees that, if Executive breaches any of the provisions
in Sections 10 through 13 of this Agreement, to the extent permitted by law, Executive shall (i) forfeit Executive’s right
to receive the balance of any compensation and/or benefits due Executive under this Agreement; (ii) pay over to the Company all
compensation, profits, monies, accruals, increments or other benefits derived or received by Executive as the result of any action
or transaction constituting a breach of any provision thereof; and (iii) pay over to the Company all costs and expenses incurred
by the Company resulting from Executive’s breach (including, without limitation, reasonable attorneys’ fees and expenses
in dealing with Executive’s breach or any suits or actions with regard thereto) and for all damages (compensatory, along
with punitive) that may be awarded in connection therewith. The provisions of this section shall not limit any other remedies
available to the Company as a result of a breach of the provisions of this Agreement or otherwise. Additionally, each of the covenants
and restrictions to which Executive is subject under this Agreement, including, without limitation those in Section 10 above,
shall each be construed as independent of any other provision in this Agreement, and the existence of any claim or cause of action
by Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Company of such covenants and restrictions.

 

16. Representations
Regarding Prior Work and Legal Obligations.

 

16.1 Executive
represents and warrants that Executive has no agreement or other legal obligation with any prior employer, or any other person
or entity, that restricts Executive’s ability to accept employment with the Company. Executive further represents and warrants
that Executive is not a party to any agreement (including, without limitation, a non-competition, non- solicitation, no hire or
similar agreement) and has no other legal obligation that restricts in any way Executive’s ability to perform Executive’s
duties and satisfy Executive’s other obligations to the Company, including, without limitation, those under this Agreement.

 

16.2 Executive
represents and acknowledges that Executive has been instructed by the Company that at no time should Executive divulge to or use
for the benefit of the Company or any Company Affiliates any trade secret or confidential or proprietary information of any previous
employer or entity with which Executive was affiliated or of any other third-party. Executive expressly represents and warrants
that Executive has not divulged or used any such information for the benefit of the Company or Company Affiliates and will not
do so.

 

    15

     

    

 

16.3 Executive
represents and agrees that the Executive has not and will not misappropriate any intellectual property belonging to any other
person or entity.

 

16.4 Executive
acknowledges that the Company is basing important business decisions on these representations, agreements and warranties, and
Executive affirms that all of the statements included herein are true. Executive agrees that Executive shall defend, indemnify
and hold the Company harmless from any liability, expense (including attorneys’ fees) or claim by any person in any way
arising out of, relating to, or in connection with a breach and/or the falsity of any of the representations, agreements and warranties
made by Executive in this Section 16.

 

17. Indemnification
and Liability Insurance. The Company shall indemnify Executive to the fullest extent permitted by law, in effect at the time
of the subject act or omission, and shall advance to Executive reasonable attorneys’ fees and expenses as such fees and expenses
are incurred (subject to an undertaking from Executive to repay such advances if it shall be finally determined by a judicial
decision which is not subject to further appeal that Executive was not entitled to the reimbursement of such fees and expenses),
and Executive will be entitled to the protection of any insurance policies that the Company may elect to maintain generally for
the benefit of its directors and officers against all costs, charges and expenses incurred or sustained by Executive in connection
with any action, suit or proceeding brought by a third-party to which Executive may be made a party by reason of Executive’s
being or having been a director, officer or employee of the Company or any of its affiliates, or Executive’s serving or
having served any other enterprise as a director, officer or employee at the request of the Company (other than any dispute, claim
or controversy arising under or relating to this Agreement), provided that he acted within the scope of his duties as a director,
officer or employee of the Company. The Company covenants to maintain during Executive’s employment for the benefit of Executive
(in his capacity as an officer and director of the Company) Directors and Officers Insurance providing benefits to Executive no
less favorable, taken as a whole, than the benefits provided to the other similarly situated employees of the Company by the Directors
and Officers Insurance maintained by the Company on the date hereof; provided, however, that the Company may elect to terminate
Directors and Officers Insurance for all officers and directors, including Executive, if the Company determines in good faith
that such insurance is not available or is available only at unreasonable expense.

 

18. Miscellaneous
Provisions.

 

18.1 IRCA
Compliance. This Agreement, and Executive’s employment with the Company, is conditioned on Executive’s establishing
Executive’s identity and authorization to work as required by the Immigration Reform and Control Act of 1986 (IRCA).

 

    16

     

    

 

18.2 Section
409A Compliance. Unless otherwise expressly provided, any payment of compensation by Company to Executive, whether
pursuant to this Agreement or otherwise, shall be made no later than the 15th day of the third month (i.e.,
21⁄2 months) after the later of the end of the calendar year or the Company’s fiscal year in which
Executive’s right to such payment vests (i.e., is not subject to a “substantial risk of forfeiture”)
for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). For
purposes of this Agreement, termination of employment shall be deemed to occur only upon “separation from
service” as such term is defined under Section 409A. Each payment and each installment of any severance payments
provided for under this Agreement shall be treated as a separate payment for purposes of application of Section 409A. To the
extent any amounts payable by the Company to the Executive constitute “nonqualified deferred compensation”
(within the meaning of Section 409A) such payments are intended to comply with the requirements of Section 409A, and shall be
interpreted in accordance therewith. Neither party individually or in combination may accelerate, offset or assign any such
deferred payment, except in compliance with Section 409A. No amount shall be paid prior to the earliest date on which it is
permitted to be paid under Section 409A, including a six (6) month delay of termination payments made to specified employees
of a public company, to the extent then applicable. Executive shall have no discretion with respect to the timing of payments
except as permitted under Section 409A. Any Section 409A payments which are subject to execution of a waiver and release
which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as
termination of employment) occurs shall commence payment only in such following calendar year as necessary to comply with
Section 409A. All expense reimbursement or in-kind benefits subject to Section 409A provided under this Agreement or, unless
otherwise specified in writing, under any Company program or policy, shall be subject to the following rules: (i) the amount
of expenses eligible for reimbursement or in-kind benefits provided during one calendar year may not affect the benefits
provided during any other year; (ii) reimbursements shall be paid no later than the end of the calendar year following the
year in which Executive incurs such expenses, and Executive shall take all actions necessary to claim all such reimbursements
on a timely basis to permit the Company to make all such reimbursement payments prior to the end of said period, and (iii)
the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.
Notwithstanding anything herein to the contrary, no amendment may be made to this Agreement if it would cause the Agreement
or any payment hereunder not to be in compliance with Code Section 409A.

 

18.3 Assignability
and Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the heirs, executors, administrators,
successors and legal representatives of Executive, and shall inure to the benefit of and be binding upon the Company, the Company
Affiliates and their successors and assigns, but the obligations of Executive are personal services and may not be delegated or
assigned. Executive shall not be entitled to assign, transfer, pledge, encumber, hypothecate or otherwise dispose of this Agreement,
or any of Executive’s rights and obligations hereunder, and any such attempted delegation or disposition shall be null and
void and without effect. This Agreement may be assigned by the Company to a person or entity that is an affiliate or a successor
in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of
the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity.

 

18.4 Right
of Set-Off. To the extent permitted by applicable law, the Company may at any time offset against any amounts owed to Executive
hereunder or otherwise due or to become due to Executive, or anyone claiming through or under Executive, any debt or debts due
or to become due from Executive to the Company.

 

18.5 Severability
and Blue Penciling. If any provision of this Agreement is held to be invalid, the remaining provisions shall remain in
full force and effect. However, if any court determines that any covenant in this Agreement, is unenforceable because the
duration, geographic scope or restricted activities thereof are overly broad, then such provision or part thereof shall be
modified by reducing the overly broad duration, geographic scope or restricted activities by the minimum amount so as to make
the covenant, in its modified form, enforceable.

 

    17

     

    

 

18.6 Choice
of Law and Forum; Attorneys’ Fees. This Agreement shall be interpreted and enforced in accordance with the laws of the
State of New York, without regard to its conflict-of-law principles. The Parties agree that any dispute concerning or arising
out of this Agreement or Executive’s employment hereunder (or termination thereof) shall be litigated exclusively in an
appropriate state or federal court in or closest to New York County, New York and hereby consent, and waive any objection, to
the jurisdiction of any such court. In the event a litigation or other legal proceeding is commenced to resolve any such dispute,
the prevailing party in such litigation or proceeding shall be entitled to recover from the non-prevailing party all of its costs,
charges, disbursements and fees (including reasonable attorneys’ fees) incurred in connection with such litigation or proceeding
and the underlying dispute.

 

18.7 Mutual
Waiver of Jury Trial. Executive and the Company each hereby waive the right to trial by jury in any action or proceeding,
regardless of the subject matter, between them, including, without limitation, any action or proceeding based upon, arising out
of, or in any way relating to this Agreement and all matters concerning Executive’s employment with the Company (or the
termination thereof). Executive and the Company further agree that either of them may file a copy of this Agreement with any court
as written evidence of the knowing, voluntary, and bargained agreement between Executive and the Company to irrevocably waive
trial by jury, and that any dispute or controversy whatsoever between Executive and the Company shall instead be tried in a court
of competent jurisdiction by a judge sitting without a jury.

 

18.8 Notices.

 

(a) Any
notice or other communication under this Agreement shall be in writing and shall be delivered by hand, email, facsimile or mailed
by overnight courier or by registered or certified mail, postage prepaid:

 

(i) If
to Executive, to Executive’s address on the books and records of the Company.

 

(ii) If
to the Company, to Tim Mahoney, Chairman of the Compensation Committee (or the then current Chairman) or at such other
mailing address, email address or facsimile number as it may have furnished in writing to Executive.

 

(b) Any
notice so addressed shall be deemed to be given: if delivered by hand or email, on the date of such delivery; if by facsimile,
on the date of such delivery if receipt on such day is confirmed and, if not so confirmed, on the next business day; if mailed
by overnight courier, on the first business day following the date of such mailing; and if mailed by registered or certified mail,
on the third business day after the date of such mailing.

 

18.9 Survival
of Terms. All provisions of this Agreement that, either expressly or impliedly, contain obligations that extend beyond termination
of Executive’s employment hereunder, including without limitation Sections 10-15 and 18 hereof, shall survive the termination
of this Agreement and of Executive’s employment hereunder for any reason.

 

    18

     

    

 

18.10 Interpretation.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. The language in all parts of this Agreement shall in all cases be construed according to its fair meaning,
and not strictly for or against any Party. The Parties acknowledge that both of them have participated in drafting this Agreement;
therefore, any general rule of construction that any ambiguity shall be construed against the drafter shall not apply to this
Agreement. In this Agreement, unless the context otherwise requires, the masculine, feminine and neuter genders and the singular
and the plural include one another.

 

18.11 Further
Assurances. The Parties will execute and deliver such further documents and instruments and will take all other actions as
may be reasonably required or appropriate to carry out the intent and purposes of this Agreement.

 

18.12 Voluntary
and Knowing Execution of Agreement. Executive acknowledges that (i) Executive has had the opportunity to consult an attorney
regarding the terms and conditions of this Agreement before executing it, (ii) Executive fully understands the terms of this Agreement
including, without limitation, the significance and consequences of the post-employment restrictive covenants in Section 10 above,
and (iii) Executive is executing this Agreement voluntarily, knowingly and willingly and without duress.

 

18.13 Entire
Agreement. This Agreement constitutes the entire understanding and agreement of the Parties concerning the subject matter
hereof, and it supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements regarding
such subject matter. Each Party acknowledges and agrees that such Party is not relying on, and may not rely on, any oral or written
representation of any kind that is not set forth in writing in this Agreement.

 

18.14 Waivers
and Amendments. This Agreement may be altered, amended, modified, superseded or cancelled, and the terms hereof may be waived,
only by a written instrument signed by the Parties or, in the case of a waiver, by the Party alleged to have waived compliance.
Any such signature of the Company must be by an authorized signatory for the Company. No delay by any Party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any such
right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any other or further
exercise thereof or the exercise of any other such right, power or privilege.

 

18.15 Counterparts.
This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original.
Photographic copies, electronically scanned copies and other facsimiles of this Agreement (including such signed counterparts)
may be used in lieu of the originals for any purpose.

 

[The
remainder of this page is intentionally blank; signature page follows.]

 

    19

     

    

 

IN
WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the date first above written.

 

	/s/ Raymond Chang	 
	RAYMOND
    CHANG 
	AGRIFY
    CORPORATION	 
	 	 
	By:	/s/
    Tim Mahoney	 
	 	Tim
    Mahoney	 
	 	Chairman,
    Compensation Committee	 

 

[Signature
page to Employment Agreement.]EX-4.14

 Exhibit 4.14 
  

 
 ONCTERNAL THERAPEUTICS, INC.

  
  

INDENTURE 
 Dated as of
            , 20     
  

 

[                    ] 

Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.1.
	 	 Definitions
	  	 	1	 
	 Section 1.2.
	 	 Other Definitions
	  	 	4	 
	 Section 1.3.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	4	 
	 Section 1.4.
	 	 Rules of Construction
	  	 	5	 
		
	 ARTICLE II. THE SECURITIES
	  	 	5	 
	 Section 2.1.
	 	 Issuable in Series
	  	 	5	 
	 Section 2.2.
	 	 Establishment of Terms of Series of Securities
	  	 	6	 
	 Section 2.3.
	 	 Execution and Authentication
	  	 	8	 
	 Section 2.4.
	 	 Registrar and Paying Agent
	  	 	9	 
	 Section 2.5.
	 	 Paying Agent to Hold Money in Trust
	  	 	10	 
	 Section 2.6.
	 	 Securityholder Lists
	  	 	10	 
	 Section 2.7.
	 	 Transfer and Exchange
	  	 	10	 
	 Section 2.8.
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	10	 
	 Section 2.9.
	 	 Outstanding Securities
	  	 	11	 
	 Section 2.10.
	 	 Treasury Securities
	  	 	12	 
	 Section 2.11.
	 	 Temporary Securities
	  	 	12	 
	 Section 2.12.
	 	 Cancellation
	  	 	12	 
	 Section 2.13.
	 	 Defaulted Interest
	  	 	12	 
	 Section 2.14.
	 	 Global Securities
	  	 	13	 
	 Section 2.15.
	 	 CUSIP Numbers
	  	 	14	 
		
	 ARTICLE III. REDEMPTION
	  	 	15	 
	 Section 3.1.
	 	 Notice to Trustee
	  	 	15	 
	 Section 3.2.
	 	 Selection of Securities to be Redeemed
	  	 	15	 
	 Section 3.3.
	 	 Notice of Redemption
	  	 	15	 
	 Section 3.4.
	 	 Effect of Notice of Redemption
	  	 	16	 
	 Section 3.5.
	 	 Deposit of Redemption Price
	  	 	16	 
	 Section 3.6.
	 	 Securities Redeemed in Part
	  	 	16	 
		
	 ARTICLE IV. COVENANTS
	  	 	17	 
	 Section 4.1.
	 	 Payment of Principal and Interest
	  	 	17	 
	 Section 4.2.
	 	 SEC Reports
	  	 	17	 
	 Section 4.3.
	 	 Compliance Certificate
	  	 	17	 
	 Section 4.4.
	 	 Stay, Extension and Usury Laws
	  	 	17	 
		
	 ARTICLE V. SUCCESSORS
	  	 	18	 
	 Section 5.1.
	 	 When Company May Merge, Etc.
	  	 	18	 
	 Section 5.2.
	 	 Successor Corporation Substituted
	  	 	18	 
		
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	 	19	 
	 Section 6.1.
	 	 Events of Default
	  	 	19	 

  
 i 

							
	 Section 6.2.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	20	 
	 Section 6.3.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	21	 
	 Section 6.4.
	 	 Trustee May File Proofs of Claim
	  	 	21	 
	 Section 6.5.
	 	 Trustee May Enforce Claims Without Possession of Securities
	  	 	22	 
	 Section 6.6.
	 	 Application of Money Collected
	  	 	22	 
	 Section 6.7.
	 	 Limitation on Suits
	  	 	23	 
	 Section 6.8.
	 	 Unconditional Right of Holders to Receive Principal and Interest
	  	 	23	 
	 Section 6.9.
	 	 Restoration of Rights and Remedies
	  	 	23	 
	 Section 6.10.
	 	 Rights and Remedies Cumulative
	  	 	24	 
	 Section 6.11.
	 	 Delay or Omission Not Waiver
	  	 	24	 
	 Section 6.12.
	 	 Control by Holders
	  	 	24	 
	 Section 6.13.
	 	 Waiver of Past Defaults
	  	 	25	 
	 Section 6.14.
	 	 Undertaking for Costs
	  	 	25	 
		
	 ARTICLE VII. TRUSTEE
	  	 	25	 
	 Section 7.1.
	 	 Duties of Trustee
	  	 	25	 
	 Section 7.2.
	 	 Rights of Trustee
	  	 	26	 
	 Section 7.3.
	 	 Individual Rights of Trustee
	  	 	28	 
	 Section 7.4.
	 	 Trustee’s Disclaimer
	  	 	28	 
	 Section 7.5.
	 	 Notice of Defaults
	  	 	28	 
	 Section 7.6.
	 	 Reports by Trustee to Holders
	  	 	28	 
	 Section 7.7.
	 	 Compensation and Indemnity
	  	 	28	 
	 Section 7.8.
	 	 Replacement of Trustee
	  	 	29	 
	 Section 7.9.
	 	 Successor Trustee by Merger, Etc.
	  	 	30	 
	 Section 7.10.
	 	 Eligibility; Disqualification
	  	 	30	 
	 Section 7.11.
	 	 Preferential Collection of Claims Against Company
	  	 	30	 
		
	 ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	31	 
	 Section 8.1.
	 	 Satisfaction and Discharge of Indenture
	  	 	31	 
	 Section 8.2.
	 	 Application of Trust Funds; Indemnification
	  	 	32	 
	 Section 8.3.
	 	 Legal Defeasance of Securities of any Series
	  	 	32	 
	 Section 8.4.
	 	 Covenant Defeasance
	  	 	34	 
	 Section 8.5.
	 	 Repayment to Company
	  	 	35	 
	 Section 8.6.
	 	 Reinstatement
	  	 	35	 
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	 	35	 
	 Section 9.1.
	 	 Without Consent of Holders
	  	 	35	 
	 Section 9.2.
	 	 With Consent of Holders
	  	 	36	 
	 Section 9.3.
	 	 Limitations
	  	 	37	 
	 Section 9.4.
	 	 Compliance with Trust Indenture Act
	  	 	37	 
	 Section 9.5.
	 	 Revocation and Effect of Consents
	  	 	37	 
	 Section 9.6.
	 	 Notation on or Exchange of Securities
	  	 	38	 
	 Section 9.7.
	 	 Trustee Protected
	  	 	38	 
		
	 ARTICLE X. MISCELLANEOUS
	  	 	38	 
	 Section 10.1.
	 	 Trust Indenture Act Controls
	  	 	38	 
	 Section 10.2.
	 	 Notices
	  	 	38	 

  
 ii 

							
	 Section 10.3.
	 	 Communication by Holders with Other Holders
	  	 	40	 
	 Section 10.4.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	40	 
	 Section 10.5.
	 	 Statements Required in Certificate or Opinion
	  	 	40	 
	 Section 10.6.
	 	 Rules by Trustee and Agents
	  	 	40	 
	 Section 10.7.
	 	 Legal Holidays
	  	 	41	 
	 Section 10.8.
	 	 No Recourse Against Others
	  	 	41	 
	 Section 10.9.
	 	 Counterparts
	  	 	41	 
	 Section 10.10.
	 	 Governing Law; Waiver of Jury Trial; Consent to Jurisdiction
	  	 	41	 
	 Section 10.11.
	 	 No Adverse Interpretation of Other Agreements
	  	 	42	 
	 Section 10.12.
	 	 Successors
	  	 	42	 
	 Section 10.13.
	 	 Severability
	  	 	42	 
	 Section 10.14.
	 	 Table of Contents, Headings, Etc.
	  	 	42	 
	 Section 10.15.
	 	 Securities in a Foreign Currency
	  	 	42	 
	 Section 10.16.
	 	 Judgment Currency
	  	 	43	 
	 Section 10.17.
	 	 Force Majeure
	  	 	44	 
	 Section 10.18.
	 	 U.S.A. Patriot Act
	  	 	44	 
		
	 ARTICLE XI. SINKING FUNDS
	  	 	44	 
	 Section 11.1.
	 	 Applicability of Article
	  	 	44	 
	 Section 11.2.
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	44	 
	 Section 11.3.
	 	 Redemption of Securities for Sinking Fund
	  	 	45	 

  
 iii 

 ONCTERNAL THERAPEUTICS, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of             , 20     

 

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

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

  
 iv 

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

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

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1.     Definitions. 

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

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

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

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

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

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

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of
corporate stock. 
 “Company” means the party named as such above until a successor replaces it and thereafter means the
successor. 
 “Company Order” means a written order signed in the name of the Company by an Officer. 

 “Corporate Trust Office” means the office of the Trustee at which at any
particular time its corporate trust business related to this Indenture shall be principally administered. 
 “Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Depositary” means,
with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency
registered under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
 “Dollars” and
“$” means the currency of The United States of America. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of The United States of America. 
 “Foreign Government Obligations” means, with respect to Securities of any
Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and
which are not callable or redeemable at the option of the issuer thereof. 
 “GAAP” means accounting principles generally
accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

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

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

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

  
 2 

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

“Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant
Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the Company. 
 “Officer’s Certificate”
means a certificate signed by any Officer. 
 “Opinion of Counsel” means a written opinion of legal counsel who is
acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions. 

“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “principal” of
a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security. 

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

“SEC” means the Securities and Exchange Commission. 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered
under this Indenture. 
 “Series” or “Series of Securities” means each series of debentures, notes or
other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated Maturity” when used with
respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable. 

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

  
 3 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§
77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust
Indenture Act as so amended. 
 “Trustee” means the person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is
more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
depositary receipt. 
 Section 1.2.     Other Definitions. 

 

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

 Section 1.3.     Incorporation by Reference of Trust Indenture Act. 

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

  
 4 

 “Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

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

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

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.4.     Rules of
Construction. 
 Unless the context otherwise requires: 

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

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

 (c)    “or” is not exclusive; 

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

(e)    provisions apply to successive events and transactions. 

ARTICLE II. 
 THE SECURITIES 

Section 2.1.     Issuable in Series. 

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

  
 5 

 Section 2.2.     Establishment of Terms of Series of
Securities. 
 At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series
generally, in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the
manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1.    the
title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2.    the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the
Series will be issued; 
 2.2.3.    any limit upon the aggregate principal amount of the Securities of the Series which
may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11,
3.6 or 9.6); 
 2.2.4.    the date or dates on which the principal of the Securities of the Series is payable; 

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

2.2.6.    the place or places where the principal of and interest, if any, on the Securities of the Series shall be
payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the
method of such payment, if by wire transfer, mail or other means; 
 2.2.7.    if applicable, the period or periods
within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 

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

  
 6 

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

2.2.10.    if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the
Securities of the Series shall be issuable; 
 2.2.11.    the forms of the Securities of the Series and whether the
Securities will be issuable as Global Securities; 
 2.2.12.    if other than the principal amount thereof, the portion
of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 

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

2.2.14.    the designation of the currency, currencies or currency units in which payment of the principal of and
interest, if any, on the Securities of the Series will be made; 
 2.2.15.    if payments of principal of or interest,
if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be
determined; 
 2.2.16.    the manner in which the amounts of payment of principal of or interest, if any, on the
Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

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

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

2.2.19.    any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to
Securities of the Series; 
 2.2.20.    any Depositaries, interest rate calculation agents, exchange rate calculation
agents or other agents with respect to Securities of such Series if other than those appointed herein; 
 2.2.21.    the
provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion 

  
 7 

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

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

2.2.23.    whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series,
including the terms of subordination, if any, of such guarantees. 
 All Securities of any one Series need not be issued at the same time
and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

Section 2.3.     Execution and Authentication. 

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

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall at any
time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each
Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2)
shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the
Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 

  
 8 

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

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of
the Company. 
 Section 2.4.     Registrar and Paying Agent. 

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

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

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

  
 9 

 Section 2.5.     Paying Agent to Hold Money in Trust.

 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company
in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying
Agent for the Securities. 
 Section 2.6.     Securityholder Lists. 

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

Section 2.7.     Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to
register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of
transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or
9.6). 
 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any
Series for the period beginning at the opening of business fifteen days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day such notice is
sent, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in
part. 
 Section 2.8.     Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same 

  
 10 

 
Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

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

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

Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.9.     Outstanding Securities. 

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

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company, a Subsidiary of the Company or an
Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to
accrue. 

  
 11 

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

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

Section 2.10.     Treasury Securities. 

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

Section 2.11.     Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture
as the definitive Securities. 
 Section 2.12.     Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that
it has paid or delivered to the Trustee for cancellation. 
 Section 2.13.     Defaulted Interest. 

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

  
 12 

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

Section 2.14.     Global Securities. 

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

2.14.2.    Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of
the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if
(i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case,
the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that
such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms. 
 Except as provided in this
Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 

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

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

  
 13 

 In addition, so long as the Depository Trust Company (“DTC”) is the Depositary,
each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 
 “UNLESS THIS
GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

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

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

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

Section 2.15.     CUSIP Numbers. 

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

  
 14 

 ARTICLE III. 

REDEMPTION 

Section 3.1.     Notice to Trustee. 

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

Section 3.2.     Selection of Securities to be Redeemed. 

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

Section 3.3.     Notice of Redemption. 

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

(a)    the redemption date; 

  
 15 

 (b)    the redemption price; 

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

(d)    if any Securities are being redeemed in part, the portion of the principal amount of such Securities
to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon
cancellation of the original Security; 
 (e)    that Securities of the Series called for redemption must
be surrendered to the Paying Agent to collect the redemption price; 
 (f)    that interest on Securities
of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price; 

(g)    the CUSIP number, if any; and 

(h)    any other information as may be required by the terms of the particular Series or the Securities of
a Series being redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at
its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice. 
 Section 3.4.     Effect of Notice
of Redemption. 
 Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become
due and payable on the redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon
surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date. 

Section 3.5.     Deposit of Redemption Price. 

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

Section 3.6.     Securities Redeemed in Part. 

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

  
 16 

 ARTICLE IV. 

COVENANTS 

Section 4.1.     Payment of Principal and Interest. 

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

Section 4.2.     SEC Reports. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the
SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee
as of the time of such filing via EDGAR for purposes of this Section 4.2. 
 Delivery of reports, information and documents to the
Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

Section 4.3.     Compliance Certificate. 

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

Section 4.4.     Stay, Extension and Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which 

  
 17 

 
may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

 ARTICLE V. 
 SUCCESSORS 

Section 5.1.     When Company May Merge, Etc. 

The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and
assets to, any person (a “successor person”) unless: 
 (a)    the Company is the
surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and
under this Indenture; and 
 (b)    immediately after giving effect to the transaction, no Default or
Event of Default, shall have occurred and be continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the
proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture. 

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

Section 5.2.     Successor Corporation Substituted. 

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

  
 18 

 ARTICLE VI. 

DEFAULTS AND REMEDIES 

Section 6.1.     Events of Default. 

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

(a)    default in the payment of any interest on any Security of that Series when it becomes due and
payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or 
 (b)    default in the
payment of principal of any Security of that Series at its Maturity; or 
 (c)    default in the
performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the
benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

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

(i)    commences a voluntary case, 

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

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

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

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

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

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

  
 19 

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

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

(f)    any other Event of Default provided with respect to Securities of that Series, which is specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 
 The term
“Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law. 
 The Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware
of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect thereof. 

Section 6.2.     Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of
Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after such a declaration of acceleration with
respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of
that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

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

  
 20 

 Section 6.3.    Collection of Indebtedness and Suits for
Enforcement by Trustee. 
 The Company covenants that if 

(a)    default is made in the payment of any interest on any Security when such interest becomes due and
payable and such default continues for a period of 30 days, or 
 (b)    default is made in the payment
of principal of any Security at the Maturity thereof, or 
 (c)    default is made in the deposit of any
sinking fund payment, if any, when and as due by the terms of a Security, 
 then, the Company will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any
overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the
Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

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

Section 6.4.    Trustee May File Proofs of Claim. 

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

  
 21 

 
may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding, and 
 (b)        to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, 
 and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

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

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

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

 Section 6.6.     Application of Money Collected. 

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

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

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

Third:    To the Company. 

  
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 Section 6.7.     Limitation on Suits. 

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

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

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

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

(d)        the Trustee for 60 days after its receipt of such notice, request and offer
of indemnity has failed to institute any such proceeding; and 
 (e)        no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; 

it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series. 

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

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

Section 6.9.     Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all 

  
 23 

 
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 6.10.     Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 6.11.     Delay or Omission
Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 6.12.     Control by Holders. 

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

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

(b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction, 
 (c)    subject to the provisions of Section 7.1, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

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

  
 24 

 Section 6.13.     Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such
Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereon. 
 Section 6.14.     Undertaking for Costs. 

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

Section 7.1.     Duties of Trustee. 

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

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

(i)    The Trustee need perform only those duties that are specifically set forth in this Indenture and no
others. 
 (ii)    In the absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any

  
 25 

 
such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s
Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture. 

(c)    The Trustee may not be relieved from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that: 
 (i)    This paragraph does not limit the
effect of paragraph (b) of this Section. 
 (ii)    The Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 

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

(d)    Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph
(a), (b) and (c) of this Section. 
 (e)    The Trustee may refuse to perform any duty or exercise
any right or power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

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

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

(h)    The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections
and immunities as are set forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee. 

Section 7.2.     Rights of Trustee. 

(a)    The Trustee may rely on and shall be protected in acting or refraining from acting upon any document
(whether in its original or facsimile form) believed by it to be 

  
 26 

 
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

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

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

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

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

(f)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction. 
 (g)    The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 

(h)    The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities
generally or the Securities of a particular Series and this Indenture. 
 (i)    In no event shall the
Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or
damage. 
 (j)    The permissive right of the Trustee to take the actions permitted by this Indenture
shall not be construed as an obligation or duty to do so. 

  
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 Section 7.3.     Individual Rights of Trustee. 

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

Section 7.4.     Trustee’s Disclaimer. 

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

Section 7.5.     Notice of Defaults. 

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

Section 7.6.     Reports by Trustee to Holders. 

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

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

Section 7.7.     Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.
Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 
 The Company shall
indemnify each of the Trustee and any predecessor Trustee (including for the cost of defending itself) against any cost, expense or liability, including taxes 

  
 28 

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

The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through willful misconduct or negligence. 
 To secure the Company’s payment obligations
in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 The
provisions of this Section shall survive the termination of this Indenture. 
 Section 7.8.     Replacement
of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of
one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so
notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 

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

(b)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to
the Trustee under any Bankruptcy Law; 
 (c)    a Custodian or public officer takes charge of the Trustee
or its property; or 
 (d)    the Trustee becomes incapable of acting. 

  
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 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the
successor Trustee appointed by the Company. 
 If a successor Trustee with respect to the Securities of any one or more Series does not take
office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent
jurisdiction for the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee
shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the
benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

Section 7.9.     Successor Trustee by Merger, Etc. 

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

Section 7.10.     Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 

Section 7.11.     Preferential Collection of Claims Against Company. 

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

  
 30 

 ARTICLE VIII. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1.     Satisfaction and Discharge of Indenture. 

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

(a)    either 

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

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

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

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

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

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

and the Company, in the case of (1), (2) or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the
Securities of such Series on the dates such installments of principal or interest are due; 
 (b)    the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
 (c)    the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied
with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under
Section 7.7, and, if money shall have been deposited with the 

  
 31 

 
Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive. 

Section 8.2.     Application of Trust Funds; Indemnification. 

(a)    Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to
Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.1, 8.3 or 8.4. 
 (b)    The Company shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such
obligations other than any payable by or on behalf of Holders. 
 (c)    The Trustee shall deliver or pay
to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S.
Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 Section 8.3.     Legal Defeasance of Securities of any Series. 

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

(a)    the rights of Holders of Securities of such Series to receive, from the trust funds described in
subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the 

  
 32 

 
Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which
such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; 

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

(c)    the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s
obligations in connection therewith; 
 provided that, the following conditions shall have been satisfied: 

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

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

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

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

  
 33 

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

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

Section 8.4.     Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect
to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated
as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied: 
 (a)    with reference to this
Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of
Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will
provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and
interest on all the Securities of such Series on the dates such installments of principal or interest are due; 

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

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

  
 34 

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

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

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

Section 8.5.     Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another
person. 
 Section 8.6.     Reinstatement. 

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

ARTICLE IX. 
 AMENDMENTS AND
WAIVERS 
 Section 9.1.     Without Consent of Holders. 

The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any
Securityholder: 
 (a)    to cure any ambiguity, defect or inconsistency; 

  
 35 

 (b)    to comply with Article V; 

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

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

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

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

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

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

(i)    to provide for the issuance of and establish the form and terms and conditions of Securities of any
Series as permitted by this Indenture; 
 (j)    to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee; or 
 (k)    to comply with requirements of the SEC in order to
effect or maintain the qualification of this Indenture under the TIA. 
 Section 9.2.     With Consent of
Holders. 
 The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a
majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in
Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 
 It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance
thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by

  
 36 

 
the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

Section 9.3.     Limitations. 

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

(a)    reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or
waiver; 
 (b)    reduce the rate of or extend the time for payment of interest (including default
interest) on any Security; 
 (c)    reduce the principal or change the Stated Maturity of any Security
or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 

(d)    reduce the principal amount of Discount Securities payable upon acceleration of the maturity
thereof; 
 (e)    waive a Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from
such acceleration); 
 (f)    make the principal of or interest, if any, on any Security payable in any
currency other than that stated in the Security; 
 (g)        make any change in
Sections 6.8, 6.13 or 9.3 (this sentence); or 
 (h)    waive a redemption payment with respect to any
Security, provided that such redemption is made at the Company’s option. 

Section 9.4.     Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect. 
 Section 9.5.     Revocation and Effect of Consents. 

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

  
 37 

 Any amendment or waiver once effective shall bind every Securityholder of each Series
affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
 The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a
record date is fixed, then notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke
any consent previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.6.     Notation on or Exchange of Securities. 

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

 Section 9.7.     Trustee Protected. 

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

MISCELLANEOUS 

Section 10.1.     Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this
Indenture by the TIA, such required or deemed provision shall control. 
 Section 10.2.     Notices.

 Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed 

  
 38 

 
by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day
delivery, to the others’ address: 
  

			
	if to the Company:	  	
		
		  	Oncternal Therapeutics, Inc.
		  	12230 El Camino Real, Suite 300
		  	San Diego, CA 92130
		  	Attention: Corporate Secretary
		
	with a copy to:	  	
		
		  	Latham & Watkins LLP
		  	12670 High Bluff Drive
		  	San Diego, California 92130
		  	Attention: Cheston J. Larson, Esq.; Anthony Gostanian, Esq.
		
	if to the Trustee:	  	
		
		  	[                    ]
		  	Attention: [                    ]
		
	with a copy to:	  	
		
		  	[                    ]
		  	Attention: [                    ]

 The Company or the Trustee by notice to the other may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication to a Securityholder shall be sent electronically or by first-class mail
to his, her or its address shown on the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its
sufficiency with respect to other Securityholders of that or any other Series. 
 If a notice or communication is sent or published in the
manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company sends
a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time. 
 Notwithstanding any
other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be
sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary. 

  
 39 

 Section 10.3.     Communication by Holders with Other
Holders. 
 Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any
other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 10.4.     Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a)    an Officer’s Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b)    an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with. 
 Section 10.5.     Statements Required in Certificate or Opinion. 

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

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

 (b)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (c)    a statement that, in
the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d)    a statement as to whether or not, in the opinion of such person, such condition or covenant has been
complied with. 
 Section 10.6.     Rules by Trustee and Agents. 

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

  
 40 

 Section 10.7.     Legal Holidays. 

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

Section 10.8.     No Recourse Against Others. 

A director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the
Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities. 
 Section 10.9.     Counterparts. 

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

Unless otherwise provided herein or in any other Securities, the words “execute”, “execution”, “signed”, and
“signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any Securities or any of the transactions contemplated hereby (including amendments, waivers, consents and other
modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a
paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or
in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee. 

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

THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES)
EACH HEREBY IRREVOCABLY WAIVE, TO 

  
 41 

 
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. 
 Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated
hereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the “Specified
Courts”), and each party irrevocably submits to the non exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable
statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their acceptance of the
Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim any such
suit, action or other proceeding has been brought in an inconvenient forum. 
 Section 10.11.     No
Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of
the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 10.12.     Successors. 

All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture
shall bind its successor. 
 Section 10.13.     Severability. 

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

Section 10.14.     Table of Contents, Headings, Etc. 

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

Section 10.15.     Securities in a Foreign Currency. 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to
Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series

  
 42 

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

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

Section 10.16.     Judgment Currency. 

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

  
 43 

 Section 10.17.     Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 
 Section 10.18.     U.S.A.
Patriot Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 
 ARTICLE XI. 

SINKING FUNDS 

Section 11.1.     Applicability of Article. 

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

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

 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made
pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and
(2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities
(except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been

  
 44 

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

Section 11.3.     Redemption of Securities for Sinking Fund. 

Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking
fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 

  
 45 

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

			
	ONCTERNAL THERAPEUTICS, INC.
		
	By:	 	
                     
                    

		 	Name:
		 	Its:
	
	[                    ], as Trustee
		
	By:	 	
                     
                    

		 	Name:
		 	Its:

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