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Exhibit 10.1

LEXICON PHARMACEUTICALS, INC.
2017 NON-EMPLOYEE DIRECTORS’ EQUITY INCENTIVE PLAN

This Plan initially was established as the 2000 Non-Employee Directors’ Stock Option Plan, effective as of April 12, 2000 (the “2000 Non-Employee Directors’ Stock Option Plan”) which was adopted by the Board on February 3, 2000 and approved by the Company’s stockholders on March 15, 2000.  The 2000 Non-Employee Directors’ Stock Option Plan, as amended, was subsequently amended and restated in its entirety and renamed the Non-Employee Directors’ Stock Option Plan (the “Non-Employee Directors’ Stock Option Plan”), which was adopted by the Board on February 27, 2009 and approved by the Company’s stockholders on April 23, 2009.  A subsequent amendment to the Non-Employee Directors’ Stock Option Plan pursuant to which it was renamed the Non-Employee Directors’ Equity Incentive Plan (the “Non-Employee Directors’ Equity Incentive Plan”) was adopted by the Board on February 16, 2012 and approved by the Company’s stockholders on April 26, 2012.  The Non-Employee Directors’ Equity Incentive Plan, as amended, was subsequently amended and restated in its entirety and renamed the 2017 Non-Employee Directors’ Equity Incentive Plan, which was adopted by the Board on February 9, 2017 and approved by the Company’s stockholders on April 27, 2017.  A subsequent amendment to the 2017 Non-Employee Directors’ Equity Incentive Plan was adopted by the Board on October 25, 2018.  An additional amendment to the 2017 Non-Employee Directors’ Equity Incentive Plan was adopted by the Board on February 11, 2021 and approved by the Company’s stockholders on April 29, 2021.  The terms of this 2017 Non-Employee Directors' Equity Incentive Plan, as amended, shall supersede the terms of the 2000 Non-Employee Directors’ Stock Option Plan, Non-Employee Directors’ Stock Option Plan and Non-Employee Directors’ Equity Incentive Plan in their entirety.

1.    PURPOSES.

(a)    ELIGIBLE STOCK AWARD RECIPIENTS. The persons eligible to receive Stock Awards are the Non-Employee Directors of the Company.

(b)    AVAILABLE STOCK AWARDS. The purpose of the Plan is to provide a means by which Non-Employee Directors may be given an opportunity to benefit from increases in value of the Common Stock through the granting of the following Stock Awards:  (i) Nonstatutory Stock Options, (ii) Restricted Stock Awards and (iii) Restricted Stock Unit Awards.

(c)    GENERAL PURPOSE. The Company, by means of the Plan, seeks to retain the services of its Non-Employee Directors, to secure and retain the services of new Non-Employee Directors and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Affiliates.

2.    DEFINITIONS.

(a)    “AFFILIATE” means any parent corporation or subsidiary corporation of the Company, whether now or hereafter existing, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.

(b)    “BOARD” means the Board of Directors of the Company.

(c)    “CODE” means the Internal Revenue Code of 1986, as amended.

(d)    “COMMON STOCK” means the common stock, par value $.001 per share, of the Company.

(e)    “COMPANY” means Lexicon Pharmaceuticals, Inc., a Delaware corporation.

(f)    “CONSULTANT” means any person other than a Director or Employee who is engaged by the Company or an Affiliate to render consulting or advisory services and who is compensated for such services.

(g)    “CONTINUOUS SERVICE” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s Continuous Service. For example, a change in status from a Non-Employee Director of the Company to a Consultant of an Affiliate or an Employee of the Company will not constitute an interruption of Continuous Service. The Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal leave.

(h)    “DIRECTOR” means a member of the Board of Directors of the Company.

(i)    “DISABILITY” means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code.

(j)    “EMPLOYEE” means any person employed by the Company or an Affiliate. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

(k)    “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended.

(l)    “FAIR MARKET VALUE” means, as of any date, the value of the Common Stock determined as follows:

(i)    If the Common Stock is listed on any established stock exchange or traded on the Nasdaq Stock Market, the Fair Market Value of a share of Common Stock shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the last market trading day prior to the day of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable.

(ii)    In the absence of such markets for the Common Stock, the Fair Market Value shall be determined in good faith by the Board in such manner as it deems appropriate and as is consistent with the requirements of section 409A of the Code.

(m)    “NON-EMPLOYEE DIRECTOR” means a Director who is not an Employee.

(n)    “NONSTATUTORY STOCK OPTION” means an option to purchase Common Stock that is not intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

(o)    “OPTION” means a Nonstatutory Stock Option to purchase Common Stock granted pursuant to Section 6 of the Plan.

(p)    “PARTICIPANT” means any Non-Employee Director to whom a Stock Award is granted pursuant to the Plan.

(q)    “PLAN” means this Lexicon Pharmaceuticals, Inc. 2017 Non-Employee Directors’ Equity Incentive Plan.

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(r)    “RESTRICTED STOCK AWARD” means a right to receive restricted Common Stock granted pursuant to Section 7(a) of the Plan.

(s)    “RESTRICTED STOCK UNIT AWARD” means a right to receive shares of Common Stock (or a cash payment equal to the Fair Market Value thereof) granted pursuant to Section 7(b) of the Plan.

(t)    “RULE 16B-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

(u)    “SECURITIES ACT” means the Securities Act of 1933, as amended.

(v)    “STOCK AWARD” means any right granted under the Plan, including an Option, a Restricted Stock Award or a Restricted Stock Unit Award.

(w)    “STOCK AWARD AGREEMENT” means a written agreement between the Company and a holder of a Stock Award evidencing the terms and conditions of an individual Stock Award grant.  Each Stock Award Agreement shall be subject to the terms and conditions of the Plan.

3.    ADMINISTRATION.

(a)    ADMINISTRATION BY BOARD. The Board shall administer the Plan.  The Board may not delegate administration of the Plan to a committee.

(b)    POWERS OF BOARD. The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

(i)    To determine from time to time which of the Non-Employee Directors shall be granted Stock Awards; when and how each Stock Award shall be granted; what type or combination of types of Stock Award shall be granted; the provisions of each Stock Award granted (which need not be identical), including the time or times when a Non-Employee Director shall be permitted to receive Common Stock pursuant to a Stock Award; and the number of shares of Common Stock with respect to which a Stock Award shall be granted to each such Non-Employee Director.

(ii)    To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

(iii)    To amend the Plan or a Stock Award as provided in Section 12.

(iv)    Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company that are not in conflict with the provisions of the Plan.

(c)    EFFECT OF BOARD’S DECISION. All determinations, interpretations and constructions made by the Board in good faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons.

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4.    SHARES SUBJECT TO THE PLAN.

(a)    SHARE RESERVE. Subject to the provisions of Section 11 relating to adjustments upon changes in the Common Stock, the Common Stock that may be issued pursuant to Stock Awards shall not exceed in the aggregate one million two hundred thousand (1,200,000) shares of Common Stock.

(b)    ANNUAL LIMIT ON STOCK AWARDS. No Participant shall be eligible to be granted Stock Awards with an aggregate grant date fair value (computed in accordance with the Company’s financial reporting policies) of more than $500,000 during any calendar year, taken together with any cash fees paid to such Participant in compensation for such Participant’s service on the Board during such calendar year.

(c)    REVERSION OF SHARES TO THE SHARE RESERVE. If any Stock Award shall for any reason expire or otherwise terminate, in whole or in part, without the shares of Common Stock issuable thereunder being issued in full, the shares of Common Stock not issued under such Stock Award shall revert to and again become available for issuance under the Plan.  For clarity, shares subject to a Stock Award that are not delivered to a Participant because (i) such Participant’s right to purchase such shares subject to an Option are surrendered in payment of the exercise price for other shares subject to such Option in a “net exercise,” or (ii) such shares are withheld in satisfaction of the withholding of taxes incurred in connection with the exercise of an Option, or the issuance of shares under a Restricted Stock Award or Restricted Stock Unit Award, the shares so surrendered or withheld shall not remain available for subsequent issuance under the Plan.

(d)    SOURCE OF SHARES. The shares of Common Stock subject to the Plan may be unissued shares or reacquired shares, bought on the market or otherwise.

5.    ELIGIBILITY.

Stock Awards may be granted under the Plan to all Non-Employee Directors.

6.    OPTION PROVISIONS.  

    Each Option shall be in such form and shall contain such terms and conditions, not inconsistent with the Plan, as the Board shall deem appropriate. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:

(a)    TERM. No Option shall be exercisable after the expiration of ten (10) years from the date it was granted.

(b)    EXERCISE PRICE. The exercise price of each Option shall be one hundred percent (100%) of the Fair Market Value of the stock subject to the Option on the date the Option is granted. Notwithstanding the foregoing, an Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code.

(c)    CONSIDERATION. The purchase price of stock acquired pursuant to an Option may be paid, to the extent permitted by applicable statutes and regulations, in any combination of (i) cash or check, (ii) delivery to the Company of other Common Stock, or (iii) surrender of Participant’s right to purchase shares subject to any Option with a term expiring in less than one (1) year from the date of exercise (valued, for such purposes, as the Fair Market Value of such surrendered shares on the date of exercise less the exercise price for such surrendered shares) in payment of the exercise price for other shares subject to such Option in a “net exercise” of such Option.

(d)    TRANSFERABILITY. An Option is not transferable, except (i) by will or by the laws of descent and distribution, (ii) by instrument to an inter vivos or testamentary trust, in a form accepted by the Company, in 
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which the Option is to be passed to beneficiaries upon the death of the trustor (settlor) and (iii) by gift, in a form accepted by the Company, to a member of the “immediate family” of the Participant as that term is defined in 17 C.F.R. 240.16a-1(e). In addition, the Participant may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Participant, shall thereafter be entitled to exercise the Option.

(e)    VESTING. The total number of shares of Common Stock subject to an Option may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options may vary.

(f)    TERMINATION OF CONTINUOUS SERVICE. In the event an Participant’s Continuous Service terminates (other than upon the Participant’s death or Disability), the Participant may exercise his or her Option (to the extent that the Participant was entitled to exercise it as of the date of termination) but only within such period of time ending on the earlier of (i) the date six (6) months following the termination of the Participant’s Continuous Service, or (ii) the expiration of the term of the Option as set forth in the Stock Award Agreement. If, after termination, the Participant does not exercise his or her Option within the time specified in the Stock Award Agreement, the Option shall terminate.

(g)    EXTENSION OF TERMINATION DATE. If the exercise of the Option following the termination of the Participant’s Continuous Service (other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares would violate the registration requirements under the Securities Act, then the Option shall terminate on the earlier of (i) the expiration of the term of the Option set forth in Section 6(a) or (ii) the expiration of a period of three (3) months after the termination of the Participant’s Continuous Service during which the exercise of the Option would not be in violation of such registration requirements.

(h)    DISABILITY OF PARTICIPANT. In the event an Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option (to the extent that the Participant was entitled to exercise it as of the date of termination), but only within such period of time ending on the earlier of (i) the date twelve (12) months following such termination or (ii) the expiration of the term of the Option as set forth in the Stock Award Agreement. If, after termination, the Participant does not exercise his or her Option within the time specified herein, the Option shall terminate.

(i)    DEATH OF PARTICIPANT. In the event (i) an Participant’s Continuous Service terminates as a result of the Participant’s death or (ii) the Participant dies within the three-month period after the termination of the Participant’s Continuous Service for a reason other than death, then the Option may be exercised (to the extent the Participant was entitled to exercise the Option as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Participant’s death, but only within the period ending on the earlier of (A) the date eighteen (18) months following the date of death or (B) the expiration of the term of such Option as set forth in the Stock Award Agreement. If, after death, the Option is not exercised within the time specified herein, the Option shall terminate.

7.    PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS.

(a)    RESTRICTED STOCK AWARDS.  Each Restricted Stock Award shall be in such form and shall contain such terms and conditions, not inconsistent with the Plan, as the Board shall deem appropriate.  The provisions of separate Restricted Stock Awards need not be identical, but each Restricted Stock Award shall include (through incorporation of provisions hereof by reference in the Restricted Stock Award or otherwise) the substance of each of the following provisions:

(i)    CONSIDERATION. Except as otherwise determined by the Board, no further consideration will be payable by the Participant upon grant of the Restricted Stock Award or delivery of each share of Common Stock subject to the Restricted Stock Award. Any such consideration to be paid by 
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the Participant may be paid in any form of legal consideration that may be acceptable to the Board in its sole discretion and permissible under applicable law.

(ii)    VESTING.  At the time of the grant of a Restricted Stock Award, the Board may, but need not, determine that Shares of Common Stock acquired under a Restricted Stock Award shall be subject to a share repurchase option in favor of the Company in accordance with a vesting schedule to be determined by the Board in its sole discretion.

(iii)    TERMINATION OF PARTICIPANT’S CONTINUOUS SERVICE. In the event a Participant’s Continuous Service terminates, the Company may repurchase or otherwise reacquire any or all of the shares of Common Stock held by the Participant which have not vested as of the date of termination under the terms of the Restricted Stock Award.

(iv)    TRANSFERABILITY.  Rights under the Restricted Stock Award shall be transferable by the Participant only upon such terms and conditions as the Board shall determine in its sole discretion.

(b)    RESTRICTED STOCK UNIT AWARDS. Each Restricted Stock Unit Award shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. The provisions of separate Restricted Stock Unit Awards need not be identical, but each Restricted Stock Unit Award shall include (through incorporation of provisions hereof by reference in the Restricted Stock Unit Award or otherwise) the substance of each of the following provisions:

(i)    CONSIDERATION. Except as otherwise determined by the Board, no further consideration will be payable by the Participant upon grant of the Restricted Stock Unit Award or delivery of each share of Common Stock subject to the Restricted Stock Unit Award. Any such consideration to be paid by the Participant may be paid in any form of legal consideration that may be acceptable to the Board in its sole discretion and permissible under applicable law.

(ii)    VESTING. At the time of the grant of a Restricted Stock Unit Award, the Board may, but need not, impose such restrictions or conditions to the vesting of the Restricted Stock Unit Award as determined by the Board in its sole discretion.

(iii)    PAYMENT. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board in its sole discretion.

(iv)    DIVIDEND EQUIVALENTS. Except as otherwise determined by the Board, dividend equivalents shall not be credited in respect of shares of Common Stock subject to a Restricted Stock Unit Award.  If any such dividend equivalents are so credited, such dividend equivalents may be converted into additional shares of Common Stock subject to the Restricted Stock Unit Award in such manner as determined by the Board in its sole discretion.  Any additional shares of Common Stock subject to the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all the terms and conditions of the underlying Restricted Stock Unit Award to which they relate.

(v)    TERMINATION OF PARTICIPANT’S CONTINUOUS SERVICE. Except as otherwise determined by the Board, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service. 

(vi)    TRANSFERABILITY. Rights under the Restricted Stock Unit Award shall be transferable by the Participant only upon such terms and conditions as the Board shall determine in its sole discretion.

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8.    COVENANTS OF THE COMPANY.

(a)    AVAILABILITY OF SHARES. During the terms of the Stock Awards, the Company shall keep available at all times the number of shares of Common Stock required to satisfy such Stock Awards.

(b)    SECURITIES LAW COMPLIANCE. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise, grant or vesting of the Stock Awards; provided, however, that this undertaking shall not require the Company to register under the Securities Act the Plan, any Stock Award or any stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock upon exercise or grant of such Stock Awards unless and until such authority is obtained.

9.    USE OF PROCEEDS FROM STOCK.  

    Proceeds from the sale of Common Stock pursuant to any Stock Award shall constitute general funds of the Company.

10.     MISCELLANEOUS.

(a)    STOCKHOLDER RIGHTS. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares subject to such Stock Award unless and until such Participant has satisfied all requirements for the acquisition of shares of Common Stock underlying the Stock Award pursuant to its terms.

(b)    NO SERVICE RIGHTS. Nothing in the Plan or any instrument executed or Stock Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company as a Non-Employee Director or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

(c)    INVESTMENT ASSURANCES. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring the Common Stock subject to the Stock Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common Stock.  The foregoing requirements, and any assurances given pursuant to such requirements, shall be inoperative if (iii) the issuance of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act or (iv) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

(d)    WITHHOLDING OBLIGATIONS. The Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under a Stock Award by any of the 
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following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares from the shares of the Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of stock under the Stock Award; or (iii) delivering to the Company owned and unencumbered shares of the Common Stock.

11.    ADJUSTMENTS UPON CHANGES IN STOCK.

(a)    CAPITALIZATION ADJUSTMENTS. If any change is made in the stock subject to the Plan, or subject to any Stock Award, without the receipt of consideration by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration by the Company), the Plan will be appropriately adjusted in the class(es) and number of securities subject to the Plan pursuant to Section 4(a) and the outstanding Stock Awards will be appropriately adjusted in the class(es) and number of securities and price per share of stock subject to such outstanding Stock Awards. The Board shall make such adjustments, and its determination shall be final, binding and conclusive. For clarity, the conversion of any convertible securities of the Company shall not be treated as a transaction “without receipt of consideration” by the Company.

(b)    DISSOLUTION OR LIQUIDATION. In the event of a dissolution or liquidation of the Company, then all outstanding Stock Awards shall terminate immediately prior to such event.

(c)    ASSET SALE, MERGER, CONSOLIDATION OR REVERSE MERGER.

(i)    In the event of (i) a sale, lease or other disposition of all or substantially all of the assets of the Company, (ii) a merger or consolidation in which the Company is not the surviving corporation or (iii) a reverse merger in which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise, then any surviving corporation or acquiring corporation shall assume any Stock Awards outstanding under the Plan or shall substitute similar stock awards (including an award to acquire the same consideration paid to the stockholders in the transaction described in this subsection 11(c) for those outstanding under the Plan).

(ii)    In the event any surviving corporation or acquiring corporation refuses to assume such Stock Awards or to substitute similar stock awards for those outstanding under the Plan, then the vesting of such Stock Awards shall be accelerated in full, and the Stock Awards shall terminate if not exercised (if applicable) at or prior to such event.

(iii)    In the event any surviving corporation or acquiring corporation assumes such Stock Awards or substitutes similar stock awards for those outstanding under the Plan but the Participant is not elected or appointed to the board of directors of the surviving corporation or acquiring corporation at the first meeting of such board of directors after such change in control event, then the vesting of such Stock Awards shall be accelerated by eighteen (18) months on the day after the first meeting of the board of directors of the surviving corporation or acquiring corporation.

(iv)    In the event any surviving corporation or acquiring corporation assumes such Stock Awards or substitutes similar stock awards for those outstanding under the Plan and the Participant is elected or appointed to the board of directors of the surviving corporation or acquiring corporation at the first meeting of such board of directors after such change in control event, then the vesting of such Stock Awards shall not be accelerated.

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12.    AMENDMENT OF THE PLAN AND STOCK AWARDS.

(a)    AMENDMENT OF PLAN. The Board at any time, and from time to time, may amend the Plan. However, except as provided in Section 11 relating to adjustments upon changes in stock, no amendment shall be effective unless approved by the stockholders of the Company to the extent stockholder approval is necessary to satisfy the requirements of Rule 16b-3 or any Nasdaq or other securities exchange listing requirements.

(b)    STOCKHOLDER APPROVAL. The Board may, in its sole discretion, submit any other amendment to the Plan for stockholder approval.

(c)    NO IMPAIRMENT OF RIGHTS. Rights under any Option granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless (i) the Company requests the consent of the Participant and (ii) the Participant consents in writing.

(d)    AMENDMENT OF STOCK AWARDS. The Board at any time, and from time to time, may amend the terms of any one or more Stock Awards; provided, however, that the rights under any Stock Award shall not be impaired by any such amendment unless (i) the Company requests the consent of the Participant and (ii) the Participant consents in writing.

(e)    SUBSTITUTE AWARDS; NO REPRICING.  Stock Awards may be granted in substitution or exchange for any other Stock Award granted under the Plan or under another plan of the Company or an Affiliate or any other right of an eligible person to receive payment from the Company or an Affiliate.  Stock Awards may also be granted under the Plan in substitution for awards held by individuals who become eligible persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate (“Substitute Awards”).  Such Substitute Awards referred to in the immediately preceding sentence that are Options may have an exercise price that is less than the Fair Market Value of a share of Common Stock on the date of the substitution if such substitution complies with applicable laws (including rules regarding nonqualified deferred compensation) and exchange rules.  Except as provided in this Section 12(e) or in Section 11, without the approval of the stockholders of the Company, the terms of outstanding Stock Awards may not be amended to (i) reduce the exercise price of an outstanding Option, (ii) grant a new Option or other Stock Award in substitution for, or upon the cancellation of, any previously granted Option that has the effect of reducing the exercise price thereof, (iii) exchange any Option for Common Stock, cash or other consideration when the exercise price or grant price per share of Common Stock under such Option exceeds the Fair Market Value of a share of Common Stock.

13.    TERMINATION OR SUSPENSION OF THE PLAN.

(a)    PLAN TERM. The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day before the tenth (10th) anniversary of the date the Plan is adopted by the Board or approved by the stockholders of the Company, whichever is earlier. No Stock Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

(b)    NO IMPAIRMENT OF RIGHTS. Suspension or termination of the Plan shall not impair rights and obligations under any Stock Award granted while the Plan is in effect except with the written consent of the Participant.

14.    EFFECTIVE DATE OF PLAN.  

    The Plan shall become effective as determined by the Board, but no Option shall be exercised and no Restricted Stock Award or Restricted Stock Unit Award shall be granted unless and until the Plan has been approved by the stockholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board.

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15.    CHOICE OF LAW.  

    All questions concerning the construction, validity and interpretation of this Plan shall be governed by the law of the State of Delaware, without regard to such state’s conflict of laws rules.

10Exhibit 4.2

 

 

EXELA TECHNOLOGIES, INC.

 

and

 

[    ]

 

, as Trustee

 

INDENTURE

 

DATED AS OF

 

 

     

     

    

 

CROSS REFERENCE TABLE

 

	TIA Section	 	Indenture Section
	310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	N.A.
	(a)(4)	 	N.A.
	(a)(5)	 	N.A.
	(b)	 	7.08; 7.10
	311(a)	 	7.11
	(b)	 	7.11
	312(a)	 	2.07
	(b)	 	12.04
	(c)	 	12.04
	313(a)	 	7.06
	(b)(1)	 	7.06
	(b)(2)	 	7.06
	(c)	 	7.06
	(d)	 	7.06
	314(a)(1)	 	4.02
	(a)(2)	 	12.03
	(a)(4)	 	4.04
	(b)	 	N.A.
	(c)	 	2.04; 7.02(b); 8.01
	(c)(1)	 	12.05
	(c)(2)	 	12.05
	(c)(3)	 	12.05
	(d)	 	N.A.
	(e)	 	4.04; 12.05
	(f)	 	4.04
	315(a)(1)	 	6.05; 7.01(b)(i)
	(a)(2)	 	7.01(b)(ii)
	(b)	 	7.05; 12.03
	(c)	 	7.01(a)
	(d)(1)	 	7.01(b)
	(d)(2)	 	7.01(c)
	(d)(3)	 	6.05; 7.01(d)
	(e)	 	6.13
	316(a)(last sentence)	 	12.06
	(a)(1)(A)	 	6.05
	(a)(1)(B)	 	6.04
	(a)(2)	 	N.A.
	(b)	 	6.08
	(c)	 	9.02; 9.04
	317(a)(1)	 	6.09
	(a)(2)	 	6.10
	(b)	 	2.06
	318(a)	 	1.02; 12.01

 

 

N.A. means Not Applicable.

 

Note: This cross-reference table shall not, for any purpose, be deemed
to be a part of the Indenture.

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE ONE	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	SECTION 1.01.	Definitions	1
	SECTION 1.02.	Incorporation by Reference of Trust Indenture Act	3
	SECTION 1.03.	Rules of Construction	3
	 	 	 
	ARTICLE TWO	THE SECURITIES	4
	 	 	 
	SECTION 2.01.	Form and Dating	4
	SECTION 2.02.	Amount Unlimited; Issuable in Series	4
	SECTION 2.03.	Denominations	4
	SECTION 2.04.	Execution and Authentication	5
	SECTION 2.05.	Registrar and Paying Agent	5
	SECTION 2.06.	Paying Agent to Hold Money in Trust	5
	SECTION 2.07.	Securityholder Lists	5
	SECTION 2.08.	Transfer and Exchange	6
	SECTION 2.09.	Replacement Securities	6
	SECTION 2.10.	Outstanding Securities	6
	SECTION 2.11.	Temporary Securities	7
	SECTION 2.12.	Cancellation	7
	SECTION 2.13.	Defaulted Interest	7
	SECTION 2.14.	CUSIP Numbers	7
	 	 	 
	ARTICLE THREE	REDEMPTION	7
	 	 	 
	SECTION 3.01.	Company’s Option to Redeem	7
	SECTION 3.02.	Notices to Trustee	7
	SECTION 3.03.	Selection of Securities to Be Redeemed	7
	SECTION 3.04.	Notice of Redemption at the Company’s Option	8
	SECTION 3.05.	Effect of Notice of Redemption	8
	SECTION 3.06.	Deposit of Redemption Price	8
	SECTION 3.07.	Holder’s Right to Require Redemption	9
	SECTION 3.08.	Procedure for Requiring Redemption	9
	SECTION 3.09.	Securities Redeemed in Part	9
	 	 	 
	ARTICLE FOUR	COVENANTS	9
	 	 	 
	SECTION 4.01.	Payment of Securities	9
	SECTION 4.02.	Reporting	9
	SECTION 4.03.	Corporate Existence	9
	SECTION 4.04.	Compliance Certificate	10
	SECTION 4.05.	Further Instruments and Acts	10
	 	 	 
	ARTICLE FIVE	SUCCESSOR CORPORATION	10
	 	 	 
	SECTION 5.01.	Company May Consolidate, etc., Only on Certain Terms	10
	SECTION 5.02.	Successor Corporation Substituted	10

 

     

     

    

 

	ARTICLE SIX	DEFAULTS AND REMEDIES	10
	 	 	 
	SECTION 6.01.	Events of Default	10
	SECTION 6.02.	Acceleration	12
	SECTION 6.03.	Other Remedies	12
	SECTION 6.04.	Waiver of Existing Defaults	12
	SECTION 6.05.	Control by Majority	12
	SECTION 6.06.	Payments of Securities on Default; Suit Therefor	12
	SECTION 6.07.	Limitation on Suits	13
	SECTION 6.08.	Rights of Holders to Receive Payment and to Demand Conversion	13
	SECTION 6.09.	Collection Suit by Trustee	13
	SECTION 6.10.	Trustee May File Proofs of Claim	13
	SECTION 6.11.	Restoration of Positions	13
	SECTION 6.12.	Priorities	14
	SECTION 6.13.	Undertaking for Costs	14
	SECTION 6.14.	Stay, Extension or Usury Laws	14
	SECTION 6.15.	Liability of Stockholders, Officers, Directors and Incorporators	14
	 	 	 
	ARTICLE SEVEN	TRUSTEE	14
	 	 	 
	SECTION 7.01.	Duties of Trustee	14
	SECTION 7.02.	Rights of Trustee	16
	SECTION 7.03.	Individual Rights of Trustee	17
	SECTION 7.04.	Trustee’s Disclaimer	17
	SECTION 7.05.	Notice of Defaults	17
	SECTION 7.06.	Reports by Trustee	17
	SECTION 7.07.	Compensation and Indemnity	17
	SECTION 7.08.	Replacement of Trustee	18
	SECTION 7.09.	Successor Trustee by Merger, etc	19
	SECTION 7.10.	Eligibility; Disqualification	19
	SECTION 7.11.	Preferential Collection of Claims	19
	 	 	 
	ARTICLE EIGHT	DISCHARGE OF INDENTURE	19
	 	 	 
	SECTION 8.01.	Termination of the Company’s Obligations	19
	SECTION 8.02.	Application of Trust Money	20
	SECTION 8.03.	Repayment to the Company	20
	SECTION 8.04.	Deposited Money and U.S. Government Obligations to Be Held in Trust	20
	 	 	 
	ARTICLE NINE	AMENDMENTS, SUPPLEMENTS AND WAIVERS	20
	 	 	 
	SECTION 9.01.	Without Consent of Holders	20
	SECTION 9.02.	With Consent of Holders	21
	SECTION 9.03.	Compliance with Trust Indenture Act	22
	SECTION 9.04.	Revocation and Effect of Consents	22
	SECTION 9.05.	Notation on or Exchange of Securities	22
	SECTION 9.06.	Trustee to Sign Amendments, etc	22
	 	 	 
	ARTICLE TEN	CONVERSION OR EXCHANGE OF SECURITIES	22
	 	 	 
	SECTION 10.01.	Provisions Relating to Conversion or Exchange of Securities	22
	 	 	 
	ARTICLE ELEVEN	SINKING OR PURCHASE FUNDS	22
	 	 	 
	SECTION 11.01.	Provisions Relating to Sinking or Purchase Funds	22

 

     

     

    

 

	ARTICLE TWELVE	MISCELLANEOUS	23
	 	 	 
	SECTION 12.01.	Trust Indenture Act Controls	23
	SECTION 12.02.	Supplemental Indentures Contract	23
	SECTION 12.03.	Notices	23
	SECTION 12.04.	Communication by Holders with Other Holders	24
	SECTION 12.05.	Certificate and Opinion as to Conditions Precedent	24
	SECTION 12.06.	When Treasury Securities Disregarded	25
	SECTION 12.07.	Rules by Trustee, Paying Agent, Registrar	25
	SECTION 12.08.	Legal Holidays	25
	SECTION 12.09.	Governing Law and Submission to Jurisdiction	25
	SECTION 12.10.	Actions by the Company	25
	SECTION 12.11.	No Adverse Interpretation of Other Agreements	25
	SECTION 12.12.	Successors	25
	SECTION 12.13.	Duplicate Originals	25
	SECTION 12.14.	Table of Contents, Headings, etc	26
	SECTION 12.15.	Authenticating Agent	26
	SECTION 12.16.	Execution in Counterparts	26
	SECTION 12.17.	Severability	27
	SECTION 12.18.	Waiver of Jury Trial	27
	SECTION 12.19.	Force Majeure	27

 

     

     

    

 

INDENTURE, dated as of [    ]
between Exela Technologies, Inc. (the “Company”), a Delaware corporation having its principal office at 2701 E. Grauwyler
Rd. Irving, TX 75061 and [    ] (the “Trustee”). Each party agrees as follows for the benefit of each
other party and for the equal and ratable benefit of the Holders of the Company’s debentures, notes or other evidences of unsecured
indebtedness to be issued in one or more series (“Securities”):

 

ARTICLE ONE

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01. Definitions.

 

“Bankruptcy Law” has the meaning provided
in Section 6.01.

 

“Board Resolution” means a resolution
by the Board of Directors of the Company certified by its Secretary or an Assistant Secretary as being duly adopted and in full force
and effect.

 

“Business Day” means any day other
than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to
close or be closed.

 

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

 

“Company” means the Person named as
such in this Indenture until a successor replaces it and after that means the successor.

 

“Company Order” means a written order
of the Company, signed by (a) the Company’s Chief Executive Officer, Chief Financial Officer, President or any Executive Vice
President and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant
Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee.

 

“Corporate Trust Office” means the
office of the Trustee at which at any particular time its corporate trust business is principally administered (which at the date of this
Indenture is at the location set forth in the first paragraph of this Indenture), Attention: [ ], or such other address as the Trustee
may designate from time to time by notice to Holders and the Company, or the principal corporate trust office of any successor Trustee
(or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).

 

“Corporation” includes corporations,
associations, companies and business trusts.

 

“Custodian” has the meaning provided
in Section 6.01.

 

“Default” means any event that, upon
the giving of notice or passage of time, or both, would be an Event of Default.

 

“$” means the lawful currency of the
United States.

 

“Event of Default” has the meaning
provided in Section 6.01.

 

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

 

“Indenture” means this Indenture as
amended or supplemented from time to time and will include the form and terms of the Securities of each series established as contemplated
by Section 2.01.

 

“Interest Payment Date” means the
date on which an installment of interest on the Securities is due and payable.

 

    1 

     

    

 

“Maturity Date” means the date the
principal of Securities is due and payable.

 

“Officer” means, with respect to the
Company, the President, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, the Secretary or any Executive Vice President.

 

“Officers’ Certificate” when
used with respect to the Company means a certificate signed by an Officer, and delivered to the Trustee. Each such certificate will comply
with Section 314 of the TIA and include the statements described in Section 12.05.

 

“Opinion of Counsel” means an opinion
in writing signed by legal counsel, who may be an employee of or counsel to the Company, that is delivered to the Trustee, which opinion
may contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion will include the statements
described in Section 12.05 if and to the extent required by that Section.

 

“Paying Agent” has the meaning provided
in Section 2.05.

 

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

 

“Registrar” has the meaning provided
in Section 2.05.

 

“SEC” means the Securities and Exchange
Commission.

 

“Securities” has the meaning set forth
in the first paragraph of this Indenture.

 

“Securities Act of 1933” means the
Securities Act of 1933, as amended.

 

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

 

“State” means any state of the United
States or the District of Columbia.

 

“Subsidiary” means, with respect to
any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares
of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly,
by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of
such Person.

 

“Supplemental Indenture” means an
indenture between the Company and the Trustee which supplements this Indenture.

 

“TIA” means the Trust Indenture Act
of 1939, as amended, as in effect on the date of this Indenture, except to the extent that the Trust Indenture Act or any amendment thereto
expressly provides for application of the Trust Indenture Act as in effect on another date.

 

“Trustee” means the Person named as
such in this Indenture and, subject to the provisions of Article 7, any successor to that person.

 

“Trust Officer” means, when used with
respect to the Trustee, any officer assigned to the corporate trust department of the Trustee, who shall have direct responsibility for
the administration of this Indenture, and for the purposes of Section 7.01(c)(2) and Section 7.05 shall also include any
other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity
with the particular subject.

 

“United States” means the United States
of America.

 

    2 

     

    

 

“U.S. Government Obligations” means:

 

(1) direct obligations of the
United States for the payment of which its full faith and credit is pledged; or

 

(2) obligations of a person controlled
or supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as
a full faith and credit obligation by the United States.

 

SECTION 1.02. 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. In addition, the provisions of Sections 310 to and including 317 of the TIA that impose duties on any person
are incorporated by reference in, and form a part of, this Indenture. The following TIA terms mean the following when used in this Indenture:

 

“Commission” means the SEC;

 

“indenture securities” means the Securities;

 

“indenture securityholder” means a
Holder or Securityholder;

 

“indenture to be qualified” means
this Indenture;

 

“indenture trustee” or “institutional
trustee” means the Trustee; and

 

“obligor” on the indenture securities
means the Company.

 

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

 

SECTION 1.03. Rules of Construction.
Unless the context otherwise requires:

 

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

 

		(2)	an accounting term not otherwise defined has the meaning assigned
to it in accordance with generally accepted accounting principles in the United States;

 

		(3)	“or” is not exclusive;

 

		(4)	the words “herein”, “hereof” and “hereunder”
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;

 

		(5)	words importing any gender include the other genders;

 

		(6)	references to “writing” include printing, typing,
lithography and other means of reproducing words in a visible form;

 

		(7)	the words “including,” “includes” and
 “include” shall be deemed to be followed by the words “without limitation”; and

 

		(8)	words in the singular include the plural, and in the plural
include the singular.

 

    3 

     

    

 

ARTICLE TWO

 

THE SECURITIES

 

SECTION 2.01. Form and Dating. (a) The
Securities of each series will be substantially in the form established by a Supplemental Indenture relating to the Securities of that
series. The Securities may have notations, legends or endorsements required by law, stock exchange rules or usage. The Company will
approve the form of the Securities and any notation, legend or endorsement on them. Each Security will be dated the date of its authentication.

 

(b) The Trustee’s certificate of authentication
will be substantially in the form of Exhibit A.

 

SECTION 2.02. Amount Unlimited; Issuable
in Series. The aggregate principal amount of the Securities that may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more series. Prior to the issuance of Securities of a series, the Company and the Trustee will
execute a Supplemental Indenture that will set forth as to the Securities of that series, to the extent applicable:

 

		(1)	the title of the Securities;

 

		(2)	any limit upon the aggregate principal amount of Securities
which may be issued;

 

		(3)	the date or dates on which the Securities will mature and the
amounts to be paid upon maturity of the Securities;

 

		(4)	the rate or rates (which may be fixed or variable) at which
the Securities will bear interest, if any, or contingent interest, if any, the dates from which interest will accrue, the dates on which
interest will be payable and the record date for the interest payable on any interest payment date;

 

		(5)	the currency or currencies in which principal, premium, if any,
and interest, if any, will be payable;

 

		(6)	the place or places where principal of, premium, if any, and
interest, if any, on the Securities will be payable;

 

		(7)	any provisions regarding the right of the Company to redeem
or repurchase Securities or of holders to require the Company to redeem or repurchase Securities;

 

		(8)	whether the Securities are senior or subordinated debt securities,
and if subordinated debt securities, the terms of such subordination;

 

		(9)	the right, if any, of holders of the Securities to convert them
into common stock or other securities of the Company, including any contingent conversion provisions and any provisions intended to prevent
dilution of those conversion rights;

 

		(10)	any provisions by which the Company will be required or permitted
to make payments to a sinking fund which will be used to redeem Securities or a purchase fund which will be used to purchase Securities;

 

		(11)	any index or formula used to determine the required payments
of principal, premium, if any, or interest, if any;

 

		(12)	the percentage of the principal amount of the Securities that
is payable if maturity of the Securities is accelerated because of a default;

 

		(13)	any special or modified events of default or covenants with
respect to the Securities;

 

		(14)	any other terms of the Securities, which may be different from
the terms set forth in this Indenture.

 

SECTION 2.03. Denominations. Unless otherwise
provided in the Supplemental Indenture relating to a series of Securities, the Securities of each series will be issuable in registered
form without coupons in denominations of $1,000 and multiples of $1,000.

 

    4 

     

    

 

SECTION 2.04. Execution and Authentication.
The Securities of each series shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chief
Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive Vice Presidents.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities executed by the Company to the Trustee for authentication, together
with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such Company Order shall
authenticate and deliver such Securities. A Security will not be valid until an authorized signatory of the Trustee manually signs the
certificate of authentication on the Security. The signature will be conclusive evidence that the Security has been authenticated under
this Indenture.

 

In case any Officer of the Company who shall have
signed any of the Securities shall cease to be such Officer before the Securities so signed shall have been authenticated and delivered
by the Trustee, or disposed of by the Company, such Securities nevertheless may be authenticated and delivered or disposed of as though
the Person who signed such Securities had not ceased to be such Officer of the Company; and any Security may be signed on behalf of the
Company by such persons as, at the actual date of the execution of such Security, shall be the Officers of the Company, although at the
date of the execution of this Indenture any such Person was not such an Officer.

 

SECTION 2.05. Registrar and Paying Agent.
The Company will maintain an office or agency where Securities of each series may be presented for conversion, registration of transfer
or for exchange (the “Registrar”) and an office or agency where Securities of each series may be presented for payment (“Paying
Agent”). The Registrar will keep a register of the Securities of each series and of their transfer and exchange. The Company may
have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying
agent.

 

The Company will enter into an appropriate agency
agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture that will incorporate the terms of the TIA. The
agreement will implement the provisions of this Indenture that relate to that agent. The Company will notify the Trustee of the name and
address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee will act as such. The Company or
any Subsidiary may act as Paying Agent, Registrar, co-registrar or transfer agent.

 

The Company initially appoints the Trustee to
act as Registrar and Paying Agent in connection with the Securities of each series, except in instances in which the Supplemental Indenture
relating to a series of Securities appoints a different Registrar or Paying Agent.

 

SECTION 2.06. Paying Agent to Hold Money
in Trust. Prior to each due date of the principal of, premium, if any, or interest, if any, on any Security, the Company will deposit
with the Paying Agent a sum sufficient to pay that principal, premium or interest when due. The Paying Agent will hold in trust for the
benefit of the Holders of the Securities of a series, and if the Paying Agent is not the Trustee, in trust for the benefit of the Trustee,
all sums held by the Paying Agent for the payment of principal, premium or interest on the Securities of that series and, in the case
of a Paying Agent other than the Trustee, the Paying Agent will give the Trustee notice of any default by the Company in making any such
payment. If the Company or a Subsidiary acts as Paying Agent, it will segregate the money held by it as Paying Agent and hold it as a
separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for
any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent will have no further liability for the money.

 

SECTION 2.07. Securityholder Lists. The Trustee
will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of the
Holders of the Securities of each series. If the Trustee is not the Registrar, in accordance with Section 312(a) of the TIA,
the Company will furnish to the Trustee in writing at least five Business Days before each Interest Payment Date and at such other times
as the Trustee may request in writing within 30 days after the receipt by the Company of any such request all information in the possession
or control of the Company or its Paying Agent as to the names and addresses of Holders of the Securities of a series.

 

    5 

     

    

 

SECTION 2.08. Transfer and Exchange. Unless
otherwise provided in the Supplemental Indenture relating to Securities of a series, Securities which are issued in registered form will
be transferred only upon the surrender of the Securities for registration of transfer. When a Security is presented to the Registrar or
a co-registrar with a request to register a transfer, the Registrar will register the transfer as requested if the requirements of Article 8
of the New York Uniform Commercial Code are met. When Securities are presented to the Registrar or a co-registrar with a request to exchange
them for an equal principal amount of Securities of the same series of other denominations, the Registrar will make the exchange as requested
if the same requirements are met. To permit registration of transfers and exchanges, the Company will execute and the Trustee will authenticate
Securities at the Registrar’s or co-registrar’s request. The Company will not charge a fee for transfers or exchanges, but
the Company may require payment from the applicable Securityholder of a sum sufficient to cover any tax or other governmental charge and
any other expenses (including fees and expenses of the Trustee) that may be imposed in connection with any registration of transfer or
exchange of the Securities, other than exchanges pursuant to Sections 2.11, 3.09, 9.05 not involving any transfer.

 

The Company will not be required to make, and
the Registrar need not register, transfers or exchanges of (i) Securities selected for redemption (except, in the case of Securities
to be redeemed in part, transfers or exchanges of the portion of the Securities not to be redeemed) or (ii) any Securities of a series
for a period of 15 days before the first mailing of a notice of the Securities of that series which are to be redeemed.

 

Prior to the due presentation for registration
or transfer of any Security which was issued in registered form, the Company, the Trustee, the Paying Agent, any authenticating agent,
the Registrar or any co-registrar may deem and treat the person in whose name the Security is registered as the absolute owner of the
Security for all purposes, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar will be affected
by notice to the contrary.

 

SECTION 2.09. Replacement Securities. If
a mutilated Security which had been issued in registered form is surrendered to the Registrar or if the Holder presents evidence to the
satisfaction of the Company and the Trustee that a Security which had been issued in registered form has been lost or destroyed, the Company
will issue and the Trustee or an authenticating agent appointed by the Trustee will authenticate a replacement Security of the same series
if the requirements of Section 8-405 of the New York Uniform Commercial Code are met and the Holder satisfies any other reasonable
requirements of the Trustee. If required by the Trustee or the Company, the replacement Security will not be issued until the Holder furnishes
an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, and if applicable, the
authenticating agent, the Paying Agent and the Registrar or any co-registrar from any loss which any of them may suffer if the Security
is replaced. The Company may charge the Holder for its expenses in replacing a Security.

 

Every replacement Security will be an obligation
of the Company, even if the replaced Security is subsequently found.

 

SECTION 2.10. Outstanding Securities. The
Securities outstanding at any time will be all the Securities authenticated by the Trustee, except those cancelled by it, those delivered
to it for cancellation and those described in this Section as not outstanding. A Security does not cease to be outstanding because
the Company or its affiliate holds the Security.

 

If a Security is replaced pursuant to Section 2.09,
it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by
a protected purchaser (in which case the replaced Security will be treated as outstanding to the extent permitted by Section 8-210
of the New York Uniform Commercial Code).

 

If the Paying Agent (other than the Company or
a Subsidiary) segregates and holds in trust, in accordance with this Indenture, on a redemption date or Maturity Date money sufficient
to pay all principal, premium, if any, and interest, if any, payable on that date with respect to the Securities to be redeemed or maturing,
as the case may be, then on that date those Securities will cease to be outstanding and interest on them will cease to accrue.

 

    6 

     

    

 

SECTION 2.11. Temporary Securities. Until
definitive Securities of a series are ready for delivery, the Company may prepare and the Trustee or an authenticating agent appointed
by the Trustee will authenticate temporary Securities of that series. Temporary Securities will 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
will prepare and the Trustee or an authenticating agent appointed by the Trustee will authenticate definitive Securities and deliver them
in exchange for temporary Securities.

 

SECTION 2.12. Cancellation. The Company at
any time may deliver Securities of a series to the Trustee for cancellation and the Trustee will reduce accordingly the aggregate amount
of the Securities of that series which are outstanding. The Registrar and the Paying Agent will forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange, payment, or conversion. The Trustee and no one else will cancel and dispose
of all Securities surrendered for registration of transfer, exchange, payment, conversion or cancellation in accordance with its procedures
for the disposition of cancelled securities and deliver certificates of such disposition to the Company unless the Company directs the
Trustee to deliver the cancelled Securities to the Company. Subject to Section 2.09, the Company may not issue new Securities of
a series to replace Securities of the series it has redeemed, paid, converted or delivered to the Trustee for cancellation.

 

SECTION 2.13. Defaulted Interest. If the
Company defaults in a payment of interest on the Securities of a series, it will pay defaulted interest (plus interest on such defaulted
interest to the extent lawful) to the persons who are Holders of the Securities of that series on a subsequent special record date, which
date will be at least five Business Days prior to the payment date. The Company will fix the special record date and payment date, and,
at least 15 days before the special record date, the Company will mail to each Holder of Securities of that series a notice that states
the special record date, the payment date and the amount of defaulted interest and any interest on that defaulted interest which is to
be paid. Notwithstanding the foregoing, the Company may pay defaulted interest in any other lawful manner.

 

SECTION 2.14. CUSIP Numbers. The Company
in issuing the Securities may use “CUSIP,” “ISIN” or other similar numbers (if then generally in use), and, if
so, the Trustee shall use “CUSIP,” “ISIN” or other similar numbers, as the case may be, in notices of redemption
or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only
on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission
of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP,” “ISIN”
or other similar numbers.

 

ARTICLE THREE

 

REDEMPTION

 

SECTION 3.01. Company’s Option to Redeem.
The Company will have the option to redeem Securities of a series only to the extent, if any, and only on the terms, set forth in the
Supplemental Indenture relating to the Securities of that series. If the Company has the option to redeem Securities of a series, unless
otherwise provided in the Supplemental Indenture relating to the series, the terms of the redemption will include those set forth in Sections
3.02 through 3.06 and 3.08.

 

SECTION 3.02. Notices to Trustee. If the
Company elects to redeem Securities of a series, it will notify the Trustee of the redemption date and the principal amount and series
of Securities to be redeemed. The Company will give each notice provided for in this Section not less than 35 days before the redemption
date (or such shorter period of time as may be acceptable to the Trustee). If fewer than all the Securities of a series are to be redeemed,
the record date for determining which Securities of the series are to be redeemed will be selected by the Company, which will give notice
of the record date to the Trustee at least 15 days before the record date.

 

SECTION 3.03. Selection of Securities to
Be Redeemed. If fewer than all the Securities of a series are to be redeemed at the Company’s option, the Trustee will select the
Securities of that series to be redeemed by lot or, in its sole discretion, pro-rata. The Trustee will make the selection from outstanding
Securities of that series not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities
that have denominations larger than the minimum denomination in which Securities of the applicable series may be issued. Securities and
portions of Securities the Trustee selects will be in amounts equal to the minimum denomination in which Securities of the applicable
series may be issued and multiples of that amount. Provisions of this Indenture that apply to Securities called for redemption also apply
to portions of Securities called for redemption. The Trustee will notify the Company promptly of the Securities or portions of Securities
to be redeemed.

 

    7 

     

    

 

SECTION 3.04. Notice of Redemption at the
Company’s Option. At least 30 days and not more than 60 days before a date set for redemption at the Company’s option, the
Company will mail a notice of redemption by first-class mail to each Holder of Securities to be redeemed in whole or in part. The notice
will identify the principal amount and series of each Security to be redeemed and will state:

 

		(1)	the redemption date;

 

		(2)	the redemption price plus accrued interest, if any;

 

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

 

		(4)	that Securities called for redemption in whole or in part must
be surrendered to the Paying Agent to collect the redemption price plus accrued interest, if any;

 

		(5)	that, unless the Company defaults in making the redemption payment,
interest on Securities (or portions of Securities) called for redemption will cease to accrue on the redemption date and, if applicable,
that those Securities (or the portions of then called for redemption) will cease on the redemption date (or such other date as is provided
in the Supplemental Indenture relating to the Securities) to be convertible into, or exchangeable for, other securities or assets;

 

		(6)	if applicable, the current conversion or exchange price; and

 

		(7)	the CUSIP, ISIN or other similar numbers, if any, assigned
to such Securities.

 

At the Company’s request delivered at least
five (5) days prior to the date such notice of redemption is to be given (unless a shorter period shall be acceptable to the Trustee),
the Trustee will give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company
will provide the Trustee with the information required by clauses (1) through (3), (6) and (7).

 

SECTION 3.05. Effect of Notice of Redemption.
Once notice of redemption is mailed, Securities, or portions of Securities called for redemption will become due and payable on the redemption
date and at the redemption price. Upon surrender to the Paying Agent, those Securities will be paid at the redemption price, plus accrued
and unpaid interest to the redemption date. On and after the date fixed for redemption (unless the Company defaults in the payment of
the redemption price, together with interest accrued to the redemption date) interest on the Securities, or portions of them, which are
redeemed will cease to accrue and any right to convert those Securities into, or exchange them for, other securities or assets will terminate
and those Securities will cease to be convertible or exchangeable. Failure to give notice or any defect in the notice to any Holder will
not affect the validity of the notice to any other Holder.

 

SECTION 3.06. Deposit of Redemption Price.
No later than the Business Day prior to the redemption date specified in a notice of redemption, the Company will deposit with the Paying
Agent (or, if the Company or a Subsidiary is the Paying Agent, segregate and hold in trust) money sufficient to redeem on the redemption
date all the Securities called for redemption on that redemption date at the appropriate redemption price, together with accrued interest
to the redemption date, other than Securities or portions of Securities called for redemption which have been delivered by the Company
to the Trustee for cancellation or Securities which have been surrendered for conversion or exchange. If any Securities called for redemption
are converted or exchanged, any money deposited with the Paying Agent for redemption of those Securities will be paid to the Company upon
its request, or, if the money is held in trust by the Company or a Subsidiary as Paying Agent, the money will be discharged from the trust.

 

    8 

     

    

 

SECTION 3.07. Holder’s Right to Require
Redemption. Holders of Securities of a series will have the right to require the Company to redeem those Securities only to the extent,
and only on the terms, set forth in the Supplemental Indenture relating to the Securities of that series. If Holders of Securities of
a series have the right to require the Company to redeem those Securities, unless otherwise provided in the Supplemental Indenture relating
to the Securities of that series, the terms of the redemption will include those set forth in Section 3.08.

 

SECTION 3.08. Procedure for Requiring Redemption.
If a Holder has the right to require the Company to redeem Securities, to exercise that right, the Holder must deliver the Securities
to the Paying Agent, endorsed for transfer and with the form on the reverse side entitled “Option to Require Redemption” completed.
Delivery of Securities to the Paying Agent as provided in this Section will constitute an irrevocable election to cause the specified
principal amount of Securities to be redeemed. When Securities are delivered to the Paying Agent as provided in this Section, unless the
Company fails to make the payments due as a result of the redemption within 20 days after the Securities are delivered to the Paying Agent
as provided in this Section interest on the Securities will cease to accrue and, if the Securities are convertible or exchangeable,
the Holder’s right to convert or exchange the Securities will terminate.

 

The Company’s determination of all questions
regarding the validity, eligibility (including time of receipt) and acceptance of any Security for redemption will be final and binding.

 

SECTION 3.09. Securities Redeemed in Part.
Upon surrender of a Security that is redeemed in part, the Company will execute and the Trustee will authenticate and deliver to the Holder
(at the Company’s expense) a new Security equal of the same series in principal amount equal to the unredeemed portion of the Security
which was surrendered.

 

ARTICLE FOUR

 

COVENANTS

 

SECTION 4.01. Payment of Securities. The
Company will promptly pay or cause to be paid the principal of, premium, if any, and interest, if any, on each of the Securities of a
series at the places and time and in the manner provided in the Securities and in the Supplemental Indenture relating to the series. An
installment of principal, premium or interest will be considered paid on the date it is due if the Trustee or Paying Agent holds on that
date in accordance with this Indenture or the applicable Supplemental Indenture money designated for and sufficient to pay the installment
then due.

 

The Company will pay or cause to be paid interest
on overdue principal at the rate specified in the Securities; it will also pay interest on overdue installments of interest at the same
rate (or such other rate as is provided in the applicable Supplemental Indenture), to the extent lawful.

 

SECTION 4.02. Reporting. The Company will
file with the Trustee within 15 days after filing with the SEC, copies of its 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) that the Company is
required to file with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be deemed to be filed
with the Trustee for purposes of this Section 4.02 at the time such documents are filed via the EDGAR system.

 

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

 

SECTION 4.03. Corporate Existence. Subject
to Article 5, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence.

 

    9 

     

    

 

SECTION 4.04. Compliance Certificate. The
Company will deliver to the Trustee within 120 days after the end of each year an Officer’s Certificate stating that in the course
of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any default by the
Company and whether or not the signers know of any default that occurred during such year. If they do, the certificate will describe the
default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also will comply with
TIA Section 314(a)(4).

 

SECTION 4.05. Further Instruments and Acts.
Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture.

 

ARTICLE FIVE

 

SUCCESSOR CORPORATION

 

SECTION 5.01. Company May Consolidate, etc.,
Only on Certain Terms. The Company will not consolidate with or merge into any other corporation or convey, transfer or lease all or substantially
all of its properties and assets to another Person, unless:

 

		(1)	the corporation formed by the consolidation or into which the
Company is merged or the person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially
as an entirety will be a corporation organized and existing under the laws of the United States of America, a State of the United States
of America or the District of Columbia and expressly assumes, by one or more supplemental indentures, executed and delivered to the Trustee,
in form satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest, if any, on all
the Securities of each series and the performance of every covenant of this Indenture and of all Supplemental Indentures to be performed
or observed by the Company;

 

		(2)	with regard to each series of Securities, immediately after
giving effect to the transaction, no Event of Default with respect to that series of Securities, and no event which, after notice or
lapse of time or both, would become an Event of Default with respect to that series of Securities, will have occurred and be continuing;
and

 

		(3)	the Company has delivered to the Trustee an Officers’
Certificate, each stating that the consolidation, merger, conveyance, transfer or lease and the supplemental indenture (or the supplemental
indentures together) comply with this Article and that all the conditions precedent relating to the transaction set forth in this
Section have been fulfilled.

 

SECTION 5.02. Successor Corporation Substituted.
Upon any event described in Section 5.01, the successor corporation will succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture and all the Supplemental Indentures relating to outstanding series of Securities,
and the predecessor corporation will be relieved of all obligations and covenants under this Indenture and each of those Supplemental
Indentures.

 

ARTICLE SIX

 

DEFAULTS AND REMEDIES

 

SECTION 6.01. Events of Default. An “Event
of Default” occurs if:

 

		(1)	The Company defaults in the payment of interest on any Security
of any series when it becomes due and payable and the default continues for a period of 30 days (or such other period, which may be no
period) as is specified in the Supplemental Indenture relating to the series;

 

    10 

     

    

 

		(2)	The Company defaults in the payment of the principal of, or
premium, if any, on any Security of any series as and when it becomes due and payable at its stated maturity or upon redemption, acceleration
or otherwise and, if provided in the Supplemental Indenture relating to a series, the default continues for a period specified in the
Supplemental Indenture;

 

		(3)	The Company fails to comply with any of its other covenants
or agreements with regard to Securities of a series or this Indenture (other than a covenant or agreement, a default in whose performance
or whose breach is dealt with specifically elsewhere in this Section) and that failure continues for a period of 90 days after the date
of the notice specified below;

 

		(4)	the Company, pursuant to any Bankruptcy Law applicable to the
Company:

 

		(A)	commences a voluntary case;

 

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

 

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

 

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

 

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

 

		(A)	for relief in an involuntary case;

 

		(B)	appointing a Custodian of the Company or for any substantial
part of its property; or

 

		(C)	ordering its winding up or liquidation; and the order or decree
remains unstayed and in effect for 90 days.

 

Each of the occurrences described in clauses (1) through
(5) will constitute an Event of Default whatever the reason for the occurrence and whether it is voluntary or involuntary or is effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body.

 

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

 

A Default under clause (3) of this Section is
not an Event of Default until the Trustee notifies the Company, or the Holders of at least 25% in principal amount of the then outstanding
Securities of a series with regard to which the Company has failed to comply with a covenant or agreement notify the Company and the Trustee,
of the Default and the Company does not cure the Default within 90 days after the giving of the notice. The notice must specify the Default,
demand that it be remedied and state that the notice is a “Notice of Default.”

 

A Default under clause (1), (2) or (3) with
regard to Securities of a series will not constitute a Default with regard to Securities of any other series except to the extent, if
any, provided in the Supplemental Indenture relating to the other series.

 

    11 

     

    

 

SECTION 6.02. Acceleration. If an Event of
Default as to the Securities of a series occurs and is continuing, unless the principal of all of the Securities of the series has already
become due and payable, the Trustee by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities
of the series then outstanding by notice to the Company and the Trustee, may declare the principal of and accrued interest, if any, on
all the Securities of the series to be due and payable. Upon such a declaration, that principal and interest will be due and payable immediately.
If an Event of Default specified in Section 6.01(4) or (5) occurs, the principal of, premium, if any, and accrued interest,
if any, on all the Securities will automatically become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Securityholders. The Holders of a majority in principal amount of the Securities of a series then outstanding,
on behalf of the Holders of all the Securities of the series, by notice to the Trustee may rescind an acceleration and its consequences
if all existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, or interest, if any, that
has become due solely because of acceleration, and if the rescission would not conflict with any judgment or decree. No such rescission
will affect any subsequent default or impair any consequent right.

 

SECTION 6.03. Other Remedies. If an Event
of Default as to a series occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of,
premium, if any, and interest, if any, on the Securities of the series or to enforce the performance of any provision under this Indenture
or any applicable Supplemental Indenture.

 

The Trustee may maintain a proceeding even if
it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any
Securityholder in exercising any right or remedy accruing upon an Event of Default will not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative.

 

SECTION 6.04. Waiver of Existing Defaults.
The Holders of a majority in aggregate principal amount of the Securities of a series then outstanding, on behalf of the Holders of all
the Securities of that series, by notice to the Trustee may consent to the waiver of any past Default with regard to Securities of the
series and its consequences except (i) a default in the payment of interest or premium, if any, on, or the principal of, Securities
of the series, or (ii) a default in respect of a covenant or a provision that under Section 9.02 cannot be modified or amended
without the consent of the Holders of all Securities of the series then outstanding. The defaults described in clauses (i) and (ii) in
the previous sentence may be waived with the consent of the Holders of all Securities of the series then outstanding. When a Default or
Event of Default is waived, it is deemed cured and not continuing, but no waiver will extend to any subsequent or other Default or impair
any consequent right.

 

SECTION 6.05. Control by Majority. The Holders
of a majority in principal amount of the Securities of a series then outstanding may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee with regard to the Securities of that series or of exercising any trust or power conferred
on the Trustee with regard to the Securities of that series. However, the Trustee may refuse to follow any direction that conflicts with
law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Securityholders
or that would involve the Trustee in personal liability provided, however, that the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with such direction. Prior to taking any action as a result of a direction given under this Section,
the Trustee will be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking
or not taking that action.

 

SECTION 6.06. Payments of Securities on Default;
Suit Therefor. The Company covenants that upon the occurrence of an Event of Default described in Section 6.01(1) or (2), then,
upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities in all series, the whole
amount that will then have become due and payable on all such Securities for principal, premium, if any, and interest, with interest on
the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on the
overdue installments of interest at the rate borne by the Securities in all series; and, in addition, such further amount as will be sufficient
to cover the costs and expenses of collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel,
and any expenses or liabilities incurred by the Trustee hereunder other than through its gross negligence or willful misconduct. Until
such demand by the Trustee, the Company may pay the principal of and premium, if any, and interest on the Securities of all series to
the registered Holders, whether or not the Securities in that series are overdue.

 

    12 

     

    

 

SECTION 6.07. Limitation on Suits. A Securityholder
may not pursue any remedy with respect to this Indenture, unless:

 

		(1)	the Holder gives to the Trustee written notice stating that
an Event of Default as to a series is continuing;

 

		(2)	the Holders of at least 25% in principal amount of the Securities
of the series then outstanding make a written request to the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder;

 

		(3)	such Holder or Holders offer to the Trustee security or indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense;

 

		(4)	the Trustee does not comply with the request within 60 days
after receipt of the request and the offer of security or indemnity, and the Event of Default has not been waived; and

 

		(5)	the Trustee has received no contrary direction from the Holders
of a majority in principal amount of the Securities of the series then outstanding during such 60-day period.

 

A Securityholder may not use this Indenture to
prejudice the rights of another Holder of the same series of Securities or to obtain a preference or priority over another Holder of the
same series of Securities.

 

SECTION 6.08. Rights of Holders to Receive
Payment and to Demand Conversion. Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of any
series to receive payment of principal of, premium, if any, and interest, if any, on the Security (and interest on overdue principal and
interest on overdue installments of interest, if any, as provided in Section 4.01), on or after the respective due dates expressed
in the Security or, in the case of redemption, on or after the redemption date, or in the case of conversion or exchange, to receive the
security issuable upon conversion or exchange or to institute suit for the enforcement of any such payment, conversion or exchange on
or after the applicable due date, redemption date or conversion or exchange date, as the case may be, against the Company, will not be
impaired or affected without the consent of the Holder.

 

SECTION 6.09. Collection Suit by Trustee.
If an Event of Default in payment of principal, premium, if any, or interest, if any, specified in clause (1) or (2) of Section 6.01
occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for
the whole amount of principal, premium, if any, and interest remaining unpaid (together with interest on that unpaid interest to the extent
lawful) and the amounts provided for in Section 7.07.

 

SECTION 6.10. Trustee May File Proofs
of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee and the Holders of the Securities of any or all series allowed in any judicial proceedings relative to the Company,
its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election
of a trustee in bankruptcy or other person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized
by each Holder to make payments to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and its counsel, and any other amounts due the Trustee under Section 7.07.

 

SECTION 6.11. Restoration of Positions. If
a judicial proceeding by the Trustee or a Securityholder to enforce any right or remedy under this Indenture or any Supplemental Indenture
is dismissed or decided favorably to the Company, except as otherwise provided in the judicial proceeding, the Company, the Trustee and
the Securityholders will be restored to the positions they would have been in if the judicial proceeding had not been instituted.

 

    13 

     

    

 

SECTION 6.12. Priorities. If the Trustee
collects any money pursuant to this Article 6 with respect to Securities of a series, subject to Article 11, or, after an Event
of Default set forth in Section 6.01(4) or (5), any money or other property distributable in respect of the Company’s
obligations under this Indenture, it will pay out the money or property in the following order:

 

	FIRST:	to the Trustee (including any predecessor trustee) for amounts due under Section 7.07;
	 	 
	SECOND:	to Securityholders for amounts due and unpaid on the Securities of the series for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities of the series for principal and interest, respectively; and
	 	 
	THIRD:	to the Company.

 

The Trustee may fix a record date and payment
date for any payment to Holders of Securities of a series pursuant to this Section. At least 15 days before the record date, the Company
will mail to each Holder of Securities of the series and the Trustee a notice that states the record date, the payment date and the amount
to be paid.

 

SECTION 6.13. Undertaking for Costs. In any
suit for the enforcement of any right or remedy under this Indenture or any Supplemental Indenture, or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of
an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses (whether incurred before trial, at trial or on appeal or in any bankruptcy, arbitration or other administrative proceeding),
against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.13 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by Holders
of in aggregate more than 10% in principal amount of the Securities of a series then outstanding, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of, premium, if any, or interest on any Security held by that Holder on or after the
due date provided in the Security or to any suit for the enforcement of the right to convert or exchange any Security in accordance with
the provisions of a Supplemental Indenture applicable to that Security.

 

SECTION 6.14. Stay, Extension or Usury Laws.
The Company agrees (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, any stay or extension law or any usury
or other law, wherever enacted, now or at any subsequent time in force, which would prohibit or forgive the Company from paying all or
any portion of the principal of, premium, if any, and/or interest on any of the Securities as contemplated in this Indenture or a Supplemental
Indenture, or which may affect the covenants or performance of this Indenture, and the Company (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law and agrees that it will not hinder, delay or impede the execution
of any power granted to the Trustee in this Indenture or any Supplemental Indenture, but (to the extent that it may lawfully do so) will
suffer and permit the execution of any such power as though no such law had been enacted.

 

SECTION 6.15. Liability of Stockholders,
Officers, Directors and Incorporators. No stockholder, officer, director or incorporator, as such, past, present or future, of the Company,
or any of its successor corporations, will have any personal liability in respect of the Company’s obligations under this Indenture
or any Securities by reason of his or its status as such stockholder, officer, director or incorporator; provided, however, that nothing
in this Indenture or in the Securities will prevent recourse to and enforcement of the liability of any stockholder or subscriber to Capital
Stock which have not been fully paid up.

 

ARTICLE SEVEN

 

TRUSTEE

 

SECTION 7.01. Duties of Trustee.

 

(a) The Trustee, prior to the occurrence of
an Event of Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided
that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers
under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security
satisfactory to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction.

 

    14 

     

    

 

No provision of this Indenture shall be construed
to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful
misconduct, except that.

 

(b) prior to the occurrence of an Event of Default
and after the curing or waiving of all Events of Default that may have occurred:

 

(i) the duties and obligations of the Trustee
shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance
of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

 

(ii) in the absence of bad faith, willful
misconduct or gross negligence on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements
of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein).

 

(c) the Trustee shall not be liable for any
error of judgment made in good faith by a Trust Officer, unless it shall be proved that the Trustee was negligent in ascertaining the
pertinent facts;

 

(d) the Trustee shall not be liable with respect
to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority
of the aggregate principal amount of the series of Securities then outstanding 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;

 

(e) Every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee is subject to the provisions of this Section 7.01
and to the provisions of the TIA;

 

(f) the Trustee shall not be liable in respect
of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by
the Company or any Paying Agent or any records maintained by any Registrar with respect to the Securities;

 

(g) if any party fails to deliver a notice relating
to an event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely
on its failure to receive such notice as reason to act as if no such event occurred, unless a Trust Officer had actual knowledge of such
event;

 

(h) in the absence of written investment direction
from the Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the
Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the
liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity
date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have
no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and

 

(i) in the event that the Trustee is also acting
as Custodian, Registrar, Paying Agent, or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this
Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, or transfer agent.

 

    15 

     

    

 

None of the provisions contained in this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of
its duties or in the exercise of any of its rights or powers.

 

SECTION 7.02. Rights of Trustee. Except as
otherwise provided in Section 7.01:

 

(a) The Trustee may conclusively rely and shall
be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
bond, note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper
party or parties.

 

(b) Before the Trustee acts or refrains from
acting, it may require an Officer’s Certificate which conforms to Section 12.05. The Trustee will not be liable for any action
it takes or omits to take in good faith in reliance on such an Officer’s Certificate.

 

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

 

(d) The Trustee will not be liable for any action
it takes, suffers or omits to take in good faith which it believes to be authorized or within its rights or powers, except conduct which
constitutes willful misconduct or gross negligence.

 

(e) The Trustee may consult with counsel of
its selection and any advice of such counsel shall be full and complete authorization and protection in respect of any action taken or
omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel.

 

(f) 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 or other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation,
it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the
Company for any reasonable expenses incurred and shall incur no liability of any kind by reason of such inquiry or investigation.

 

(g) Any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Order and any resolution of the Board of Directors may be sufficiently evidenced
by a Board Resolution.

 

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

 

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

 

(j) In no event shall the Trustee be responsible
or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss
of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action.

 

(k) The Trustee shall not be deemed to have
notice of any Default or Event of Default except any Default or Event of Default occurring pursuant to clause (1) or (2) of
Section 6.01 if, at the time of the occurrence of such Default or Event of Default, the Trustee is the Paying Agent, unless a Trust
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default shall have been
given to a Trust Officer of the Trustee at the Corporate Trust Office of the Trustee.

 

    16 

     

    

 

(l) The rights, privileges, protections, immunities
and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable
by, the Trustee in each of its capacities hereunder, and each agent and other Person employed to act hereunder.

 

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

 

SECTION 7.03. 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 any of its affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying
agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11.

 

SECTION 7.04. Trustee’s Disclaimer.
The Trustee (i) is not responsible for and makes no representation as to the validity, sufficiency or adequacy of this Indenture
or any Securities, (ii) will not be responsible for and will not make any representation as to the validity, sufficiency or adequacy
of any Supplemental Indenture, (iii) will not be accountable for the Company’s use of the proceeds from the Securities of any
series, and (iv) will not be responsible for any recital or statement of the Company in this Indenture any Supplemental Indenture
or any Securities, other than the Trustee’s certificate of authentication, or in any prospectus used in the sale of any of the Securities,
other than statements, if any, provided in writing or approved by the Trustee for use in such a prospectus. The Trustee shall not be responsible
to make any calculation with respect to any matter under this Indenture.

 

SECTION 7.05. Notice of Defaults. The Trustee
will give to the Holders of the Securities of a series notice of any Default with regard to the Securities of that series known to the
Trustee, within 90 days after it occurs; provided, that, except in the case of a Default in the payment of the principal of, or premium,
if any, or interest on any Security, the Trustee will be protected in withholding notice of the Default if and so long as a committee
of its Trust Officers in good faith determines that the withholding of the notice is in the interests of the Holders of the Securities
of the series.

 

SECTION 7.06. Reports by Trustee. Within
60 days after each May 15 beginning with the May 15 following the date of this Indenture, the Trustee will mail to each Securityholder,
at the name and address which appears on the registration books of the Company, and to each Securityholder who has, within the two years
preceding the mailing, filed that person’s name and address with the Trustee for that purpose and each Securityholder whose name
and address have been furnished to the Trustee pursuant to Section 2.07, a brief report dated as of that May 15 which complies
with TIA Section 313(a). The Trustee also will comply with TIA Section 313(b).

 

A copy of each report will at the time of its
mailing to Securityholders be filed with each stock exchange on which Securities are listed and also with the SEC. The Company will promptly
notify the Trustee when the Securities of any series are listed on any stock exchange and of any delisting of Securities of any series.

 

SECTION 7.07. Compensation and Indemnity.
The Company will pay to the Trustee from time to time such compensation for its services as the Company and the Trustee shall from time
to time agree in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust.
The Company will reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs
of collection, in addition to the compensation for its services. Those expenses will include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company will indemnify the Trustee and
its agents against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it in
connection with the administration of the trust created by this Indenture or any Supplemental Indenture and the performance of its duties
under this Indenture or any Supplemental Indenture, including the costs and expenses of defending itself against any claim (whether asserted
by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder, or in connection with enforcing the provisions of this Section. The Trustee will notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations
under this Section. The Company will defend the claim and the Trustee may have separate counsel and the Company will pay the fees and
expenses of such counsel. The Company need not pay for any settlement made without its consent. The Company need not reimburse any expense
or indemnify against any loss, expense or liability incurred by the Trustee to the extent it is due to the Trustee’s own willful
misconduct or gross negligence.

 

    17 

     

    

 

To secure the Company’s obligation to make
payments to the Trustee under this Section 7.07, the Trustee will have a lien prior to the Securities on all money or property held
or collected by the Trustee, other than money or property held in trust to pay principal or interest on particular Securities. Those obligations
of the Company will survive the satisfaction and discharge of this Indenture, the termination for any reason of this Indenture and the
resignation or removal of the Trustee.

 

When the Trustee incurs expenses or renders services
after an Event of Default specified in clause (4) or (5) of Section 6.01 occurs, the expenses (including the reasonable
charges and expenses of its counsel) and the compensation for the services of the Trustee are intended to constitute expenses of administration
under any Bankruptcy Law.

 

For purposes of this Section 7.07, “Trustee”
will include any predecessor Trustee, but the willful misconduct, negligence or bad faith of any Trustee will not affect the rights of
any other Trustee under this Section 7.07.

 

SECTION 7.08. Replacement of Trustee. The
Trustee may resign at any time by giving written notice of such resignation to the Company. The Holders of a majority in aggregate principal
amount of the Securities of all series then outstanding may remove the Trustee by so notifying the Trustee and the Company and may appoint
a successor Trustee. The Company may remove the Trustee if:

 

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

 

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

 

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

 

		(4)	the Trustee becomes incapable of acting.

 

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

 

No removal or appointment of a Trustee will be
valid if that removal or appointment would conflict with any law applicable to the Company.

 

A successor Trustee will deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee will, provided all sums owing
to the retiring Trustee hereunder have been paid and subject to the lien provided for in Section 7.07, transfer all property held
by it as a Trustee to the successor Trustee, the resignation or removal of the retiring Trustee will become effective, and the successor
Trustee will have all the rights, powers and duties of the Trustee under this Indenture and all Supplemental Indentures. A successor Trustee
will mail notice of its succession to each Securityholder.

 

If a successor Trustee does not take office within
60 days after the retiring Trustee resigns or is removed, the retiring Trustee, at the Company’s expense, the Company or the Holders
of a majority in aggregate principal amount of Securities of all series then outstanding may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

 

    18 

     

    

 

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

 

Notwithstanding the replacement of the Trustee
pursuant to this Section, the Company’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee.

 

SECTION 7.09. Successor Trustee by Merger, etc.
Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation
or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other
entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of this Indenture),
shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of
the parties hereto; provided that in the case of any corporation or other entity succeeding to all or substantially all of the
corporate trust business of the Trustee such corporation or other entity shall be eligible under the provisions of Section 7.10.

 

If at the time a successor by merger, conversion
or consolidation to the Trustee succeeds to the trusts created by this Indenture any of the Securities have been authenticated but not
delivered, the successor to the Trustee may adopt the certificate of authentication of the predecessor Trustee, and deliver the Securities
which were authenticated by the predecessor Trustee; and if at that time any of the Securities have not been authenticated, the successor
to the Trustee may authenticate those Securities either in the name of the predecessor or in its own name as the successor to the Trustee;
and in either case the certificates of authentication will have the full force provided in this Indenture for certificates of authentication.

 

SECTION 7.10. Eligibility; Disqualification.
The Trustee will at all times satisfy the requirements of TIA Section 310(a). The Trustee will at all times have a combined capital
and surplus of at least $50,000,000 as set forth in its most recently published annual report of condition, which will be deemed for this
paragraph to be its combined capital and surplus. The Trustee will comply with TIA Section 310(b), including the optional provision
permitted by the second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the
operation of TIA §310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation
in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA §310(b)(1) are met,
other than the fact that such indentures are not described herein.

 

SECTION 7.11. Preferential Collection of
Claims. The Trustee will comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A
Trustee who has resigned or been removed will be subject to TIA Section 311(a) to the extent indicated.

 

ARTICLE EIGHT

 

DISCHARGE OF INDENTURE

 

SECTION 8.01. Termination of the Company’s
Obligations. When (i) the Company delivers to the Trustee all outstanding Securities of all series (other than Securities replaced
pursuant to Section 2.09) for cancellation or (ii) all outstanding Securities of all series have become due and payable, or
are due and payable within one year or are to be called for redemption within one year, under arrangements satisfactory to the Trustee
for giving the notice of redemption, and the Company irrevocably deposits in trust with the Trustee (subject to Article Eleven) money
or U.S. Government Obligations without reinvestment sufficient to pay the principal, premium, if any, and interest, if any, on the Securities
of all series to maturity or redemption, as the case may be, and if, in the case of either (i) or (ii) above the Company also
pays or causes to be paid all other sums payable by the Company under this Indenture, then this Indenture will cease to be of further
effect.

 

Notwithstanding the foregoing, the Company’s
obligations to pay principal, premium, if any, and interest, if any, on the Securities and the Company’s obligations in Sections
2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in Article Ten will survive until all the Securities of all series are no longer outstanding.
Thereafter, the Company’s obligations in Section 7.07 will survive.

 

    19 

     

    

 

Before or after a deposit the Company may make
arrangements satisfactory to the Trustee for the redemption of Securities of a series at a future date to the extent the Securities are
redeemable in accordance with Article Three and the applicable Supplemental Indenture.

 

After a deposit pursuant to this Section 8.01
or after all outstanding Securities of all series have been delivered to the Trustee for cancellation, the Trustee upon request from the
Company, accompanied by an Officers’ Certificate and an Opinion of Counsel which complies with Section 12.05, and at the cost
of the Company, will acknowledge in writing the satisfaction and discharge of the Company’s obligations under the Securities of
all series and this Indenture except for those surviving obligations specified above.

 

In order to have money available on payment dates
to pay principal, premium, if any, or interest, if any, on the Securities of a series, the U.S. Government Obligations will be payable
as to principal, premium, if any, or interest on or before those payment dates in amounts sufficient to provide the necessary money. U.S.
Government Obligations used for this purpose may not be callable at the issuer’s option.

 

SECTION 8.02. Application of Trust Money.
Subject to Article Eleven and Section 8.03, the Trustee will hold in trust money or U.S. Government Obligations deposited with
it pursuant to Section 8.01. It will apply the deposited money and the money from the U.S. Government Obligations through the Paying
Agent and in accordance with this Indenture and any applicable Supplemental Indentures to the payment of principal of, premium, if any,
and interest, if any, on the Securities with regard to which the money or U.S. Government Obligations were deposited.

 

SECTION 8.03. Repayment to the Company. The
Trustee and the Paying Agent will promptly pay to the Company upon request any excess money or securities held by them at any time. The
Trustee and the Paying Agent will pay to the Company upon request any money held by them for the payment of principal, premium or interest
that remains unclaimed for two years. After such payment, all liability of the Trustee and the Paying Agent with respect to that money
will cease.

 

SECTION 8.04. Deposited Money and U.S. Government
Obligations to Be Held in Trust. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed
against the U.S. Government Obligations deposited pursuant to Section 8.01 or the principal and interest received in respect thereof
other than any such tax, fee or other charge which by law is for the account of the Holders of outstanding Securities.

 

ARTICLE NINE

 

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

SECTION 9.01. Without Consent of Holders.
The Company and the Trustee may amend or supplement this Indenture or the Securities without notice to or consent of any Securityholder:

 

		(1)	to cure any ambiguity, omission, defect, error or inconsistency;

 

		(2)	to comply with Article 5;

 

		(3)	to establish the form and terms of the Securities of any series
as contemplated in Article Two of this Indenture;

 

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

 

		(5)	to amend, modify or supplement any of the provisions contained
herein or in any supplemental indenture, provided that no such amendment or supplement shall materially adversely affect the rights of
any Securityholder, and provided further that any amendment, modification or supplement that conforms this Indenture or any supplemental
indenture, as applied to a series of Securities, to the terms described in the prospectus (including any prospectus supplement) pursuant
to which such Securities were initially sold shall be deemed not to adversely affect the rights of Securityholders.

 

    20 

     

    

 

After an amendment under this Section becomes
effective, the Company will mail to the Securityholders a notice briefly describing the amendment. The failure to give such notice to
all Securityholders, or any defect in a notice, will not impair or affect the validity of an amendment under this Section.

 

SECTION 9.02. With Consent of Holders. The
Company and the Trustee may (i) amend or supplement this Indenture or the Securities without notice to any Securityholder but with
the written consent of the Holders of a majority in aggregate principal amount of the Securities of all series then outstanding or (ii) supplement
this Indenture with regard to a series of Securities, amend or supplement a Supplemental Indenture relating to a series of Securities,
or amend the Securities of a series, without notice to any Securityholder but with the written consent of the Holders of a majority in
aggregate principal amount of the Securities of that series then outstanding. The Holders of a majority in principal amount of the Securities
of all series then outstanding may waive compliance by the Company with any provision of this Indenture or the Securities without notice
to any Securityholder. The Holders of a majority in principal amount of the Securities of any series then outstanding may waive compliance
with any provision of this Indenture, any Supplemental Indenture or the Securities of that series with regard to the Securities of that
series without notice to any Securityholder. However, without the consent of the Holder so affected, no amendment, supplement or waiver,
including a waiver pursuant to Section 6.04, may:

 

		(1)	extend the fixed maturity of any Security, reduce the rate or
extend the time for payment of interest on any Security, reduce the principal amount of any Security or premium, if any, on any Security;

 

		(2)	impair or affect the right of a Holder to institute suit for
the payment of interest, if any, principal or premium, if any, on the Securities;

 

		(3)	change the currency in which the Securities are payable from
that specified in the Securities or in a Supplemental Indenture applicable to the Securities;

 

		(4)	impair the right, if any, to convert the Securities into, or
exchange the Securities for, other securities or assets;

 

		(5)	reduce the percentage of Securities required to consent to an
amendment, supplement or waiver;

 

		(6)	reduce the amount payable upon the redemption of any Security
or change the time at which any Security may or will be redeemed;

 

		(7)	modify the provisions of any Supplemental Indenture with respect
to subordination of the Securities of a series in a manner adverse to the Securityholders; or

 

		(8)	make any change in Section 6.04 or 6.08 or the fifth sentence
of this Section.

 

It will not be necessary for the consent of the
Holders under this Section to approve the particular form of any proposed amendment, supplement or waiver, but it will be sufficient
if the consent approves the substance of the amendment, supplement or waiver.

 

The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date
is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such
supplemental indenture, whether or not such Holders remain Holders after such record date; provided, that unless such consent shall have
become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record date,
any such consent previously given shall automatically and without further action by any Holder be cancelled and of no further effect.

 

    21 

     

    

 

After an amendment under this Section becomes
effective, the Company will mail to the Securityholders a notice briefly describing the amendment. The failure to give such notice
to all Securityholders, or any defect in a notice, will not impair or affect the validity of an amendment under this Section.

 

SECTION 9.03. Compliance with Trust Indenture
Act. Every amendment or supplement to this Indenture, any Supplemental Indenture or the Securities will comply with the TIA as then in
effect.

 

SECTION 9.04. Revocation and Effect of Consents.
A consent to an amendment, supplement or waiver by a Holder of a Security will bind 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 the Holder’s Security or portion
of a Security. For a revocation to be effective, the Trustee must receive notice of the revocation before the date the amendment, supplement
or waiver becomes effective. After an amendment, supplement or waiver becomes effective in accordance with its terms, it will bind every
Holder of every Security of every series to which it applies.

 

SECTION 9.05. Notation on or Exchange of
Securities. If an amendment changes the terms of a series of Securities, the Trustee may require the Holder of a Security of the series
to deliver the Holder’s Security to the Trustee, who will place an appropriate notation about the amendment, supplement or waiver
on the Security and will return it to the Holder. Alternatively, the Company may, in exchange for the Security, issue, and the Trustee
(or an authenticating agent duly appointed by the Trustee pursuant to Section 12.15) will authenticate, a new Security that reflects
the amendment, supplement or waiver.

 

SECTION 9.06. Trustee to Sign Amendments, etc.
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by Article Two or this Article Nine
or the modification thereby of the trusts created by this Indenture, the Trustee shall receive, and shall be fully protected in relying
upon, an Opinion of Counsel and an Officer’s Certificate stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee will sign any amendment, supplement or waiver authorized pursuant to Article Two or this
Article Nine if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. If it does adversely affect those rights, duties, liabilities or immunities, the Trustee may but need not sign it. The Company
may not sign an amendment or supplement until the amendment or supplement is approved by an appropriate Board Resolution.

 

ARTICLE TEN

 

CONVERSION OR EXCHANGE OF SECURITIES

 

SECTION 10.01. Provisions Relating to Conversion
or Exchange of Securities. Any rights which Holders of Securities of a series will have to convert those Securities into other securities
of the Company or to exchange those Securities for securities of other Persons or other assets, including but not limited to the terms
of the conversion or exchange and the circumstances, if any, under which those terms will be adjusted to prevent dilution or otherwise,
will be set forth in a Supplemental Indenture relating to the series of Securities. In the absence of provisions in a Supplemental Indenture
relating to a series of Securities setting forth rights to convert or exchange the Securities of that series into or for other securities
or assets, Holders of the Securities of that series will not have any such rights.

 

ARTICLE ELEVEN

 

SINKING OR PURCHASE FUNDS

 

SECTION 11.01. Provisions Relating to Sinking
or Purchase Funds. Any requirements that the Company make, or rights of the Company to make at its option, payments prior to maturity
of the Securities of a series which will be used as a fund with which to redeem or to purchase Securities of that series, including but
not limited to provisions regarding the amount of the payments, when the Company will be required, or will have the option, to make the
payments and when the payments will be applied, will be set forth in a Supplemental Indenture relating to the series of Securities. In
the absence of provisions in a Supplemental Indenture relating to a series of Securities setting forth requirements that the Company make,
or rights of the Company to make at its option, payments to be used as a fund with which to redeem or purchase Securities of the series,
the Company will not be subject to any such requirements and will not have any such rights. However, unless otherwise specifically provided
in a Supplemental Indenture relating to a series of Securities, the Company will at all times have the right to purchase Securities from
Holders in market transactions or otherwise.

 

    22 

     

    

 

ARTICLE TWELVE

 

MISCELLANEOUS

 

SECTION 12.01. Trust Indenture Act Controls.
If any provision of this Indenture or any Supplemental Indenture limits, qualifies or conflicts with the duties imposed by Section 310
through 317 of the TIA, the imposed duties will control.

 

SECTION 12.02. Supplemental Indentures Contract.
If any provision of a Supplemental Indenture relating to a series of Securities is inconsistent with any provision of this Indenture,
the provision of the Supplemental Indenture will control with regard to the Securities of the series to which it relates.

 

SECTION 12.03. Notices. Any notice or communication
under or relating to this Indenture or any Supplemental Indenture will be sufficiently given if made upon, given or furnished to, or filed
with the applicable party, in writing and delivered by facsimile transmission, in person or mailed by first-class mail, certified or registered,
return receipt requested, addressed as follows:

 

	if to the Company:	 	
    Exela Technologies, Inc.

    2701 East Grauwyler Road

    Irving, Texas 75061

    Attention: [             ]

    Facsimile:  [             ]

	 	 	 
	
    with a copy (which shall not

    constitute notice and shall not

    be required to be delivered in

    satisfaction of any

    requirement hereof) to:
	 	
    [            ]

    Attention: [             ]

    Facsimile:  [              ]

	 	 	 
	if to the Trustee:	 	[    ]

 

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

 

Any notice or communication mailed to a Securityholder
will be mailed to the Securityholder at the Securityholder’s address as it appears on the registration books of the Registrar and
will be sufficiently given to the Securityholder if so mailed within the time prescribed.

 

Failure to mail a notice or communication to a
Securityholder or any defect in it will not affect its sufficiency with respect to other Securityholders. If a notice or communication
is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 

If by reason of the suspension of regular mail
service, or by reason of any other cause, it is impossible to mail any notice as required by this Indenture or any Supplemental Indenture,
then any method of notification which is approved by the Trustee will constitute a sufficient mailing of the notice.

 

The Company may set a record date for purposes
of determining the identity of Securityholders entitled to vote or consent to any action by vote or consent authorized or permitted by
Sections 6.04 and 6.05. The record date will be the later of 30 days prior to the first solicitation of consents or the date of the most
recent list of Holders furnished to the Trustee pursuant to Section 2.07 prior to the solicitation.

 

    23 

     

    

 

The Trustee shall have the right, but shall not
be required, to rely upon and comply with notices, instructions, directions or other communications sent by e-mail, facsimile and other
similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf
of the Company. The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions
is, in fact, a person authorized to give instructions or directions on behalf of the Company; and the Trustee shall have no liability
for any losses, liabilities, costs or expenses incurred or sustained by the Company as a result of such reliance upon or compliance with
such notices, instructions, directions or other communications. The Company agrees to assume all risks arising out of the use of such
electronic methods to submit notices, instructions, directions or other communications to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. The Company shall use
all reasonable endeavors to ensure that any such notices, instructions, directions or other communications transmitted to the Trustee
pursuant to this Indenture are complete and correct. Any such notices, instructions, directions or other communications shall be conclusively
deemed to be valid instructions from the Company to the Trustee for the purposes of this Indenture.

 

SECTION 12.04. Communication by Holders with
Other Holders. Securityholders may communicate pursuant to TIA Section 312(b) with other Securityholders with respect to their
rights under this Indenture or the Securities. Each of the Company, the Trustee, the Registrar and anyone else will have the protection
of TIA Section 312(c).

 

SECTION 12.05. 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 or any
Supplemental Indenture, the Company will furnish to the Trustee:

 

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

 

		(2)	an Opinion of Counsel stating that, in the opinion of such counsel,
all those conditions precedent, if any, provided for in this Indenture or any Supplemental Indenture relating to the proposed action
have been complied with; and

 

		(3)	such other opinions and certificates as may be required by applicable
provisions of this Indenture or the Supplemental Indenture.

 

			Each certificate or opinion with respect to compliance with
a condition or covenant provided for in this Indenture or a Supplemental Indenture will include:

 

		(i)	 	a statement that each person signing the certificate or opinion
has read such covenant or condition and the definitions herein relating thereto;

 

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

 

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

 

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

 

Nothing in this Section 12.05 will be construed
as requiring that the Company furnish to the Trustee any evidence of compliance with the conditions and covenants provided for in this
Indenture or any Supplemental Indenture other than the evidence specified in this Section 12.05 except as may be required by any
other provision of this Indenture.

 

    24 

     

    

 

SECTION 12.06. When Treasury Securities Disregarded.
In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent,
Securities owned by the Company, or anyone under direct or indirect control or under direct or indirect common control with the Company
will be disregarded and deemed not to be outstanding, except that for the purposes of determining whether the Trustee will be protected
in relying on any such direction, waiver or consent, only Securities which a Trust Officer of the Trustee actually knows are so owned
will be so disregarded. Securities so owned which have been pledged in good faith will not be disregarded if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right to act with respect to the Securities and that the pledgee is not the Company
or a person directly or indirectly controlling or controlled by, or under common control with, the Company. Nothing in this Section 12.06
will be construed as requiring that the Company furnish to the Trustee any evidence of compliance with the conditions and covenants provided
for in the Indenture other than the evidence specified in this Section 12.06.

 

SECTION 12.07. Rules by Trustee, Paying
Agent, Registrar. The Trustee may make reasonable rules for action by or at a meeting of Securityholders. The Paying Agent or Registrar
may make reasonable rules for its functions.

 

SECTION 12.08. Legal Holidays. If a payment
date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken
on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of
any payment that would otherwise need to be made on such date on account of the delay.

 

SECTION 12.09. Governing Law and Submission
to Jurisdiction. The laws of the State of New York will govern this Indenture, each Supplemental Indenture and the Securities, and any
dispute, case or controversy arising thereunder or relating thereto. The Company submits to the jurisdiction of the courts of the State
of New York sitting in the Borough of Manhattan, The City of New York, and of the United States District Court for the Southern District
of New York, in any action or proceeding to enforce any of its obligations under this Indenture or any Supplemental Indenture or with
regard to the Securities, and agrees not to seek a transfer of any such action or proceeding on the basis of inconvenience of the forum
or otherwise (but the Company will not be prevented from removing any such action or proceeding from a state court to the United States
District Court for the Southern District of New York). The Company agrees that process in any such action or proceeding may be served
upon it by registered mail or in any other manner permitted by the rules of the court in which the action or proceeding is brought.

 

SECTION 12.10. Actions by the Company. Any
action or proceeding brought by the Company to enforce any right, assert any claim or obtain any relief in connection with this Indenture,
any Supplemental Indenture or the Securities will be brought by the Company exclusively in the courts of the State of New York sitting
in the Borough of Manhattan, The City of New York or in the United States District Court for the Southern District of New York.

 

SECTION 12.11. No Adverse Interpretation
of Other Agreements. Neither this Indenture nor any Supplemental Indenture may be used to interpret another indenture, loan or debt agreement
of the Company or any Subsidiary. No such indenture, loan or debt agreement may be used to interpret this Indenture or any Supplemental
Indenture.

 

SECTION 12.12. Successors. All agreements
of the Company in this Indenture, any Supplemental Indentures and the Securities will bind its successors. All agreements of the Trustee
in this Indenture and any Supplemental Indentures will bind its successors.

 

SECTION 12.13. Duplicate Originals. The parties
may sign any number of copies of this Indenture or any Supplemental Indenture. Each signed copy will be an original, but all of them together
will represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format
(i.e., “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 (i.e., “pdf” or “tif”) shall be deemed to be their original signatures
for all purposes.

 

    25 

     

    

 

 

SECTION 12.14. Table of Contents, Headings, etc.
The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only. They are not to be considered a part of this Indenture, and will in no way modify or restrict any of the terms or provisions
of this Indenture.

 

SECTION 12.15. Authenticating Agent. The
Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the authentication
and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under
Section 2.04, Section 2.05, Section 2.09, Section 2.11 and Section 9.05 as fully to all intents and purposes
as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes.
For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication
and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating
agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such
authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.10.

 

Any corporation or other entity into which any
authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from
any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding
to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor
corporation or other entity is otherwise eligible under this Section 12.15, without the execution or filing of any paper or any further
act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity.

 

Any authenticating agent may at any time resign
by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating
agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee
may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company
and shall mail or transmit notice of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register.

 

The Company agrees to pay to the authenticating
agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines
such agent’s fees to be unreasonable.

 

The provisions of Section 2.08, Section 7.02,
Section 7.03 and Section 7.04 and this Section 12.15 shall be applicable to any authenticating agent.

 

If an authenticating agent is appointed pursuant
to this Section 12.15, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an
alternative certificate of authentication in the following form:

 

, as Authenticating Agent, certifies that this
is one of the Notes described in the within-named Indenture.

 

	By:	 	 
	Authorized Officer	 

 

SECTION 12.16. Execution in Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for
all purposes.

 

    26 

     

    

 

SECTION 12.17. Severability. In the event
any provision of this Indenture or in the Securities shall be invalid, illegal or unenforceable, then (to the extent permitted by law)
the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

SECTION 12.18. Waiver of Jury Trial. EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

SECTION 12.19. 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.

 

    27 

     

    

 

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

 

	 	EXELA TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[ ],
	 	 	as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

EXHIBIT A

 

(Form of Face of Security)

 

[THIS SECURITY IS ISSUED IN GLOBAL FORM AND REGISTERED IN THE
NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) OR A NOMINEE THEREOF. UNLESS THIS SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR 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.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN DEFINITIVE REGISTERED FORM IN ACCORDANCE WITH THE TERMS HEREOF AND OF THE INDENTURE (AS DEFINED BELOW), THIS SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.]*

 

 

*     Insert in Global Security only.

 

    

     

    

 

EXELA TECHNOLOGIES, INC.

 

% [SENIOR/SUBORDINATED] NOTE DUE

 

	 	 
	 	CUSIP:
	 	ISIN:
	 	Common Code:

 

Exela Technologies, Inc., a Delaware corporation,
promises to pay to [Cede & Co.]* [    ], or registered assigns, the principal sum of Dollars on

 

 

 

 

Interest Payment Dates: and

 

Record Dates: and

 

Additional provisions of this Security are set forth on
the reverse hereof.

 

 

*       
Insert in Global Security only.

 

    

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Security to be signed manually or by facsimile by its duly authorized officer.

 

	 	EXELA TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

This is one of the Securities of the series designated herein, referred
to in the within-mentioned Indenture.

 

	 	[ ],
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

(Form of Reverse of Security)

EXELA TECHNOLOGIES, INC.

 

%[SENIOR/SUBORDINATED] NOTE DUE

 

1. Interest. Exela Technologies, Inc.,
a Delaware corporation (such ccorporation, and its successors and assigns under the Indenture referred to below, being herein called the
 “Company”), promises to pay interest on the principal amount of this Security at the interest rate per annum shown
above. The Company will pay interest semiannually on and of each year. Interest on the Securities of this series will accrue from the
most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from . Interest
will be computed [on the basis of a 360-day year consisting of twelve 30-day months] [as set forth in the Officers’ Certificate
or supplemental indenture delivered pursuant to the Indenture].

 

2. Method of Payment. The Company will
pay interest on the Securities of this series (except defaulted interest) to the persons who are registered Holders of Securities of this
series at the close of business on the record date next preceding the interest payment date even though such Securities are canceled after
the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments.
The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public
and private debts. However, the Company may pay principal and interest by check payable in such money. It may mail an interest check to
a Holder’s registered address.

 

3. Paying Agent, Registrar. Initially,
[    ] (the “Trustee”), will act as Paying Agent and Registrar. The Company may change any Paying
Agent, Registrar or co-registrar without notice. The Company may act as Paying Agent, Registrar or co-registrar.

 

4. Indenture. The Company issued the Securities
of this series under an Indenture dated as of [ ] (the “Indenture”) between the Company and the Trustee. The Securities
are unsecured general obligations of the Company issued and to be issued in one or more series under the Indenture and may be issued in
an unlimited principal amount. The terms of the Securities include those stated in the Indenture and those made part of the Indenture
by reference to the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) (the “TIA”). Capitalized terms
used herein but not defined herein are used as defined in the Indenture. The Securities are subject to all such terms, and Securityholders
are referred to the Indenture and the TIA for a statement of such terms.

 

5. Redemption. [Set forth redemption provision,
if any.]

 

6. Denominations; Transfer; Exchange. The
Securities of this series are in registered form without coupons in denominations of $1,000 and any integral multiple thereof [or as otherwise
set forth in the Security]. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture.
The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes
and fees required by law or permitted by the Indenture. The Company shall not be required (a) to issue, register the transfer of
or exchange any Securities of a series during a period beginning at the opening of business 15 days before the day of the mailing of a
notice of redemption of any such Securities selected for redemption under Section 3.03 of the Indenture and ending at the close of
business on the day of such mailing or (b) to register the transfer of or exchange any Security so selected for redemption in whole
or in part, except the unredeemed portion of any Security being redeemed in part.

 

7. Defeasance. Subject to certain conditions
and unless otherwise provided in the terms of the Securities of this series, the Company at any time may terminate some or all of its
obligations under the Securities and the Indenture if the Company deposits with the Trustee money for the payment of principal and interest
on the Securities to maturity.

 

8. Persons Deemed Owners. The registered
Holder of a Security may be treated as its owner for all purposes, except that interest (other than defaulted interest) will be paid to
the person that was the registered Holder on the relevant record date for such payment of interest.

 

    

     

    

 

9. Amendments and Waivers. Subject to certain
exceptions, (i) the Indenture or the Securities may be amended or supplemented with the consent of the Holders of a majority in principal
amount of the Securities of each series affected; and (ii) any existing default with respect to the Securities of this series may
be waived with the consent of the Holders of a majority in principal amount of the Securities of such series. Without the consent of any
Securityholder, the Indenture or the Securities may be amended or supplemented to, among other things, cure any ambiguity, omission, defect,
error or inconsistency, to provide for assumption of Company obligations by a successor to provide for uncertificated Securities in addition
to or in place of certificated Securities, to provide for guarantees with respect to, or security for, the Securities, or to comply with
the TIA or to add additional covenants or surrender Company rights.

 

10. Remedies. If an Event of Default with
respect to the Securities of this series occurs and is continuing, the Trustee or Holders of at least 25% in principal amount of the Securities
of this series may declare all the Securities of this series to be due and payable immediately. Securityholders may not enforce the Indenture
or the Securities of this series except as provided in the Indenture. The Trustee may require an indemnity before it enforces the Indenture
or the Securities. Subject to certain limitations, Holders of a majority in principal amount of the Securities of a series may direct
the Trustee in its exercise of any trust or power with respect to such series. The Trustee may withhold from Securityholders notice of
any continuing default (except a Default in payment of principal or interest) if it determines that withholding notice is in their interests.
The Company must furnish an annual compliance certificate to the Trustee.

 

11. Subordination. [Set forth subordination
provision, if any.]

 

12. Trustee Dealings with Company. Subject
to the provisions of the TIA, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were
not Trustee. The Trustee will initially be [    ].

 

13. No Recourse Against Others. A director,
officer, incorporator, employee or stockholder, 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.

 

14. Authentication. This Security shall
not be valid until authenticated by the manual signature of an authorized signatory of the Trustee or an authenticating agent.

 

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

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures the Company has caused CUSIP numbers to be printed on the Securities. No representation
is made as to the accuracy of such numbers (or as to the accuracy of ISIN numbers, Common Code numbers or similar numbers) as printed
on the Securities and reliance may be placed only on the other identification numbers placed thereon.

 

THE COMPANY WILL FURNISH TO ANY SECURITYHOLDER
UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE INDENTURE, WHICH HAS IN IT THE TEXT OF THIS SECURITY, IN TWELVE-POINT TYPE.
REQUESTS MAY BE MADE TO: [   ] TELEPHONE: [   ].

 

    

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

 

I or we assign and transfer this Security to

 

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

 

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

 

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

 

	Dated:	 	 	Signed:	 
	 	 	 	 	(Sign exactly as your name appears on the other side of this Security

 

Signature Guarantee:

 

Signatures must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

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