Document:

Exhibit 4.34

 

CERTAIN PORTIONS OF THIS EXHIBIT HAVE
BEEN OMITTED AND ARE SUBJECT TO A CONFIDENTIAL TREATMENT REQUEST. COPIES OF THIS EXHIBIT CONTAINING THE OMITTED INFORMATION
HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. THE OMITTED PORTIONS OF THIS DOCUMENT ARE MARKED WITH A
[...].

 

CAN-FITE
BIOPHARMA LTD

 

 

AND

 

 

CIPHER
PHARMACEUTICALS INC.

 

 

 

 

DISTRIBUTION
AND SUPPLY AGREEMENT

 

 

 

 

DATED
AS OF MARCH 20, 2015

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	DEFINITIONS	1
	2.	DISTRIBUTION
    RIGHTS	11
	 	2.1	Exclusive
    Distributorship and License	11
	 	2.2	Restrictions
on Marketing of Products	12
	 	2.3	Covenant
    Not to Market Competing Products	 12
	 	2.4	Authorized
Generics	 
	3.	MARKETING	12
	 	3.1	Marketing
    Decisions	12
	 	3.2	Marketing
    Plan	12
	 	3.3	Advertising
    and Promotion	13
	 	3.4	Information
Sharing	13
	 	3.5	Reports	13
	4.	REGULATORY
    MATTERS AND PRODUCT DEVELOPMENT	14
	 	4.1	Registration
    Responsibilities	14
	 	4.2	Development
    Responsibilities	14
	 	4.3	Post-Approval
    Regulatory Responsibilities	15
	 	4.4	Other
    Approvals	15
	 	4.5	Monitoring
    ADE and Quality Complaint	15
	 	4.6	Quality
and Technical Agreement	15
	 	4.7	Pharmacovigilance
Agreement	16
	 	4.8	Cooperation	16
	 	4.9	Joint
    Steering Committee	16
	5.	ADES,
    PRODUCT QUALITY AND PRODUCT RECALLS	16
	 	5.1	ADEs	16
	 	5.2	Product
    Complaints other than ADEs	17
	 	5.3	Product
    Recall	17
	 	5.4	Cooperation
as to ADE, Product Inquiries and Recalls	18
	6.	PURCHASE
    PRICE AND SUPPLY OF PRODUCTS	19
	 	6.1	Supply
of Products	19
	 	6.2	Forecasts,
Orders	20
	 	6.3	Continuity
    of Supply	22
	 	6.4	Method
    of Delivery of Supplied Product	23
	 	6.5	Acceptance,
    Rejection and Revocation of Acceptance.	23
	 	6.6	Rejection
Procedures	23
	 	6.7	Prices
and Payments	24
	 	6.8	Audit	25

 

    	 

    	- ii -

    

 

	 	6.9	Facility Audits	26
	7.	INTELLECTUAL PROPERTY	26
	 	7.1	Ownership of Can-Fite Intellectual Property	26
	 	7.2	Ownership
of Distributor Intellectual Property	26
	 	7.3	Maintenance and Prosecution of Product Patents	27
	 	7.4	Notice of Patent Infringement	27
	 	7.5	Can-Fite Trademarks Indemnified Infringement Claims	28
	 	7.6	Trademarks Indemnified Infringement Claims	28
	 	7.7	Infringement of Product Technology by a Third Party	29
	 	7.8	Trademarks	30
	8.	CONFIDENTIALITY	31
	 	8.1	Can-Fite’s
Information	31
	 	8.2	Distributor’s
Information	31
	 	8.3	Exceptions	32
	 	8.4	Publications	32
	 	8.5	Survival	33
	9.	TERM AND TERMINATION OF AGREEMENT	33
	 	9.1 	Term	33
	 	9.2	Termination	33
	 	9.3	Accrued
Rights, Surviving Obligations	35
	 	9.4	Transitional
Matters	35
	 	9.5	Transfer of Approvals	 35
	 	9.6	Effect of Termination	36
	 	9.7	License
Survival During Bankruptcy	36
	10.	INDEMNITY	37
	 	10.1 	Indemnification
by Can-Fite	37
	 	10.2 	Indemnification
by Distributor	37
	 	10.3	Procedure	38
	 	10.4	Indemnification
Not Sole Remedy	38
	 	10.5	Insurance	39
	11.	REPRESENTATIONS, WARRANTIES AND COVENANTS; LIMITATIONS OF LIABILITY	39
	 	11.1	Representations, Warranties and Covenants	39
	 	11.2 	Quality
Assurance Representations, Warranties and Covenants	40
	 	11.3 	Distributor’s
Compliance with Laws	41
	 	11.4	Limitation of Liability	42
	12.	MISCELLANEOUS	42
	 	12.1	Governing
Law	42

 

    	 

    	- iii -

    

 

	 	12.2	Dispute
Resolution	42
	 	12.3	Entire
Agreement; Amendments	43
	 	12.4
    	Tax
    Withholding	43
	 	12.5
    	Notices    	43
	 	12.6	Assignment	44
	 	12.7
    	Public
Announcements	45
	 	12.8
    	Severance	45
	 	12.9
    	Non-Waiver	45
	 	12.10	Further
Assurances	45
	 	12.11
    	Force
    Majeure	45
	 	12.12
    	Anti-Corruption	46
	 	12.13	Disclaimer
of Agency	46
	 	12.14
    	Construction	46
	 	12.15	Counterparts	47
	 	12.16	Consents
in Writing	47

 

	Schedule
    A - CAN-FITE TRADEMARKS AND PATENTS 
	Schedule
    B - SPECIFICATIONS
	Schedule
    C - PAYMENTS TO CAN-FITE
	Schedule
    D - MINIMUM SALES REQUIREMENTS

 

    	 

    	 

    

 

DISTRIBUTION AND SUPPLY AGREEMENT

 

between

 

CAN-FITE BIOPHARMA
LTD

 

and

 

CIPHER PHARMACEUTICALS
INC.

 

This Distribution and
Supply Agreement (the “Agreement”) is entered into as of March 20, 2015, (the “Effective Date”)
by and between Can-Fite BioPharma Ltd. (“Can-Fite”), an Israeli company located at 10 Bareket Street, Kiryat
Matalon, PO Box 7537, Petah-Tikva, 49170, Israel, and Cipher Pharmaceuticals Inc. (“Distributor”), an Ontario
corporation located at 5650 Tomken Road Unit 16, Mississauga Ontario L4W 4P1. Unless otherwise specified, all capitalized terms
shall have the meaning specified in Article 1 herein.

 

RECITALS

 

	1.	Can-Fite
                                         has the exclusive rights to certain know-how and intellectual property rights relating
                                         to the Product;

 

	2.	Can-Fite
                                         is still in Clinical Development of the Product for the treatment of psoriasis and rheumatoid
                                         arthritis and has yet to receive the requisite Approval for the marketing and sale of
                                         any therapeutic products which include the Product;

 

	3.	Can-Fite
                                         wishes, once the Clinical Development is successfully completed and the Approvals are
                                         obtained, to have the Product manufactured and packaged for distribution, marketing and
                                         sale for use in the Field in the Territory;

 

	4.	Distributor
                                         has experience in the distribution, marketing and sale of pharmaceutical products in
                                         the Territory; and

 

	5.	Can-Fite
                                         desires to grant Distributor and Distributor desires to accept, the right and obligation
                                         to distribute and sell Product for use in the Field in the Territory subject to the terms
                                         and conditions of this Agreement.

 

NOW
THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the foregoing and the covenants and promises contained in this
Agreement, the Parties agree as follows:

 

1.             DEFINITIONS

 

As used herein, the following terms shall have the following
meanings:

 

(a)       “AB Rated Generic” means a
Third Party’s product which is deemed by Health Canada to be the therapeutic equivalent of the Product and which contains
the same Active Ingredient as the Product.

 

    	 

    	- 2 -

    

 

(b)       “Act” means
the Canada Food and Drugs Act, as amended from time to time.

 

(c)       “Active
Ingredient” means a pharmaceutical compound which is intended to furnish pharmacological activity or other direct effect
in the diagnosis, cure, mitigation, treatment or prevention of disease or to affect the structure or function of the body.

 

(d)       “Additional
Quantity” has the meaning set forth in Section 6.2(b)(iii).

 

(e)       “Adverse
Drug Experience” or “ADE” means any untoward medical occurrence in a patient administered Product
and which does not necessarily have a causal relationship with the Product. An ADE can therefore be any unfavorable and unintended
sign (for example, an abnormal laboratory finding), symptom, or disease temporally associated with the use of the Product, whether
or not considered related to the Product (ICH E2D).

 

(f)        “Affiliate”
means, with respect to any Party, any other Person directly or indirectly controlling or controlled by, or under direct or indirect
common control with, such Party. For purposes of this definition, a Person shall be deemed to “control” any other
Person if it owns or controls a sufficient interest in the voting equity (or other comparable ownership if the other Person is
not a corporation) such that it can direct, order or control the actions of such other Person and the ownership of fifty percent
(50%) or more of the voting equity (or other comparable ownership if the other Person is not a corporation) shall be conclusive
evidence of control.

 

(g)       “Alternate
Supplier” means any Third Party alternate supplier of the Product that Can-Fite used to supply Product for jurisdictions
outside the Territory.

 

(h)       “Approvals”
means collectively the Regulatory Approval and the Other Approvals.

 

(i)        “Approved
Manufacturer” means Can-Fite and/or a Third Party approved in advance in writing by Distributor (which approval will
not be unreasonably withheld or delayed), for the purpose of operating an Approved Manufacturing Site to Manufacture the Supplied
Product; provided that all references to Approved Manufacturer(s) shall be intended to include any Alternate Suppliers.

 

(j)        “Approved
Manufacturing Site” means a manufacturing site at which Supplied Product may be Manufactured, Packaged or Tested in
full compliance with the applicable Approvals and all applicable Laws and in the case of an Approved Manufacturer, other than
Distributor, or their respective Affiliates, approved in advance in writing by Can-Fite, which approval will not be unreasonably
delayed or withheld.

 

(k)        “Approved
Transaction” has the meaning set forth in Section 8.3.

 

(l)         “Authorities”
means collectively the Regulatory Authority and the Other Authorities.

 

    	 

    	- 3 -

    

 

(m)       “Authorized Generic”
means the Product marketed as a generic product by Distributor as contemplated by Section 2.4 hereof.

 

(n)       “Business
Day” means any day other than a Saturday, a Sunday, or a day on which banks in the Province of Ontario, Canada or in
Tel-Aviv, Israel are required or authorized to close.

 

(o)       “Can-Fite
Indemnitees” means any of Can-Fite and Can-Fite’s Approved Manufacturers and their respective Affiliates, subsidiaries,
equity holders, directors, managers, officers, employees, trustees, representatives, consultants, sublicensees, agents, successors
and permitted assigns.

 

(p)       “Can-Fite
Trademarks” means any trademark, trade name, trade dress, logo, design or associated artwork owned by or licensed to
Can-Fite pertaining to the Product, including that listed in Schedule A.

 

(q)       “Claims”
has the meaning set forth in Section 7.5.

 

(r)        “Clinical
Development” means clinical studies conducted by Can-Fite or its Affiliates or Sublicensees to seek Regulatory Approval
for the Product.

 

(s)        “COA”
has the meaning set forth in Section 6.5(a).

 

(t)         “Commercially
Reasonable Efforts” means exercising such reasonable efforts and diligence in accordance with a Party’s reasonable
business, legal, medical and scientific judgment and in accordance with the efforts and resources a pharmaceutical company similar
to the relevant Party would use for a pharmaceutical product which is of similar market potential at a similar stage of its product
life, taking into account the competitiveness of the marketplace, the proprietary position of the product and the potential profitability
of the product.

 

(u)       “Competing
Product” means any branded formulations which contain N6-(3-iodobenzyl)-adenosine- 5’-N-methyluronamide (“IB-MECA”)
as an Active Ingredient or any AB Rated Generic.

 

(v)        “Confidential
Information” means all Intellectual Property and confidential facts relating to the business and affairs of a Party
or any of its Affiliates, including financial information, business opportunities, information relating to pharmaceutical products
of any nature whatsoever (including Product Information in the case of Can-Fite), know-how (including Product Know-How in the
case of Can-Fite), and compilations of information in any form whatsoever; provided, however, that “Confidential Information”
shall not include any information that (a) was already in the public domain at the time of disclosure, (b) becomes part of the
public domain through no action or omission of the receiving Party after disclosure to the receiving party, (c) was already known
to the receiving Party, other than under an obligation of confidentiality to the disclosing party, at the time of the disclosure
by the other Party, as shown by independent written proof, (d) was independently discovered or developed by the receiving Party
without the use of Confidential Information belonging to the disclosing Party as shown by pre-existing written proof, or (e) was
disclosed to the receiving Party, other than under an obligation of confidentiality to which a Third Party was subject, by a Third
Party who had no obligation to the disclosing Party not to disclose such information to others, as shown by independent written
proof.

 

    	 

    	- 4 -

    

 

(w)      “Contract
Finisher” means a Person engaged by any of Can-Fite, an Approved Manufacturer or Distributor to be responsible for Packaging
and/or Testing Supplied Product in the Territory.

 

(x)        “Deadline
Date” has the meaning set forth in Section 6.2(b)(ii).

 

(y)       “Dispute”
has the meaning set forth in Section 12.2.

 

(z)        “Distributor
Indemnitees” means any of Distributor and Distributor’s SubDistributors and each of their respective Affiliates,
subsidiaries, equity holders, directors, managers, officers, employees, trustees, representatives, consultants, sublicensees,
agents, successors and permitted assigns.

 

(aa)      “Enforcement Action” has the
meaning set forth in Section 7.7(a).

 

(bb)    “FDA”
means the United States Food and Drug Administration or any successor agency which issues a Regulatory Approval for the Marketing
of the Product in the United States.

 

(cc)     “Field”
means the oral, intravenous and topical use of the Product for treating psoriasis and rheumatoid arthritis in humans and animals.

 

(dd)     “Firm Order” has the meaning
set forth in Section 6.2(a)(i).

 

(ee)      “First
Commercial Sale” means the date of the first arm’s length sale of a Supplied Product by Distributor, its Affiliates
or SubDistributors to a Third Party in the Territory, as evidenced by delivery of the Supplied Product to the Third Party.

 

(ff)       “Fiscal Year” means the twelve
(12) months ending December 31.

 

(gg)    “Force
Majeure” means an event or circumstances beyond the reasonable control of a Party or Approved Manufacturer or Contract
Finisher and which, with the exercise of diligent efforts that Party or their Approved Manufacturer or Contract Finisher is unable
to prevent, including Acts of God, government restrictions, wars, insurrections, failure of suppliers, subcontractors and carriers,
strikes, labor disputes, failures of electricity supply and inability to obtain essential ingredients or supplies (for the avoidance
of doubt, the Parties agree that the failure of any Approved Manufacturer or a Contract Finisher to supply Can-Fite shall not
be deemed a Force Majeure with respect to Can-Fite except to the extent such failure to supply is the direct result of a Force
Majeure applicable to such Approved Manufacturer or such Contract Finisher).

 

(hh)     “Forecast” has the
meaning set forth in Section 6.2(a)(i).

 

    	 

    	- 5 -

    

 

(ii)        “Good
Manufacturing Practices (GMP)” means at any time the quality systems and good manufacturing practices as required by
applicable Laws, directives, rules, regulations, guides and guidance in existence in the Territory at that time.

 

(jj)        “Health
Canada” means Health Canada or any successor agency which issues a Regulatory Approval for the Marketing of the Product
in the Territory.

 

(kk)     “IFRS” means International Financial
Reporting Standards.

 

(ll)       “Indemnified Party”
has the meaning set forth in Section 10.3.

 

 

(mm)    “Indemnifying
Party” has the meaning set forth in Section 10.3.

 

(nn)     “Initial
Milestone Payment” has the meaning set for in Part A of Schedule C.

 

(oo)     “Initial Term” has the
meaning set forth in Section 9.1.

 

(pp)     “Intellectual
Property” means all patents (including the Product Patents in the case of Can-Fite’s Intellectual Property), copyrights,
trademarks, service marks, service names, trade names, internet domain names, e-mail addresses, applications or registrations
for any of the foregoing, or extensions, renewals, continuations or re-issues thereof, or amendments or modifications thereto,
brandmarks, brand names, trade dress, labels, logos, know-how (including the Product Know-How in the case of Can-Fite’s
Intellectual Property), show-how, technical and non-technical information, trade secrets, formulae, techniques, sketches, drawings,
models, inventions, designs, specifications, processes, apparatus, equipment, databases, research, experimental work, development,
pharmacology and clinical data, software programs and applications, software source documents, Third-Party licenses, and any similar
type of proprietary intellectual property right vesting in the owner and/or licensee thereof pursuant to the applicable Laws of
any relevant jurisdiction or under any applicable license or contract, whether now existing or hereafter created, together with
all modifications, enhancements and improvements thereto.

 

(qq)     “Joint Steering Committee” has
the meaning set forth in Section 4.9.

 

(rr)       “Law”
means all laws, statutes, ordinances, decrees, judgments, codes, standards, acts, orders, by-laws, rules, regulations,
permits, legally binding policies and guidelines and legally binding requirements of all Regulatory and Other Authorities
including the Canada Food and Drugs Act, including any amendments thereto, and all regulations, rules, guidelines and
procedures promulgated thereunder, as well as analogous legislation in the remainder of the Territory.

 

(ss)      “Latent
Defect” means a defect that existed at the time that title to Supplied Product passed to Distributor which could not
have been detected by Distributor utilizing the Distributor’s usual and customary inspection procedures for incoming finished
product intended for distribution in the Territory, which in any event will be in accordance with Distributor’s GMP obligations.

 

    	 

    	- 6 -

    

 

(tt)       “License
Agreement” means the Patent License Agreement between Can-Fite and the National Institutes of Health designated as L-249-2001/0
together with the First Amendment thereto designated as L-249-2001/1 and the Second Amendment thereto designated as L-249-2001/2.

 

(uu)     “Losses” has the meaning set
forth in Section 10.1.

 

(vv)     “Manufacture”
means to make Supplied Product in compliance with GMP, including to process, prepare, make and Test the raw materials used in
the preparation of Supplied Product and to Test the Supplied Product prior to release for Packaging, in each case in a finished
dosage form ready for administration to humans and “Manufacturing” has a corresponding meaning.

 

(ww)   “Market”
means to promote, advertise, distribute, market, offer to sell and/or sell for purposes of a commercial sale, and “Marketing”
has a corresponding meaning.

 

(xx)      “Marketing Plan” has the meaning
set forth in Section 3.2.

 

(yy)     “Milestone
Payments” means the Milestone Payments, as set forth in Schedule C.

 

(zz)      “NDS”
or “New Drug Submission” means any regulatory submission made by Distributor for Regulatory Approval to Market
the Supplied Product, as the same may be amended or supplemented and any related or successor NDS) and shall include all accompanying
data and information including supplements and amendments.

 

(aaa)   “Net
Profits” means with respect to any Authorized Generic authorized to be commercialized by Distributor hereunder [...].

 

(bbb)  “Net
Sales” means, for any period, the aggregate gross amounts invoiced by Distributor, its Affiliates or SubDistributors
in connection with sales of the Product to arm’s length Third Parties, (excluding sales of the Distributor to its SubDistributors
or Affiliates) for use in the Field in the Territory, less any and all (a) customary discounts or incentives of any type or nature,
(such as, without limitation, trade, quantity and cash discounts, charge-backs, recalls, actual returns or rebates or other similar
adjustments relating to credits issued to arm’s length Third Parties (excluding sales of the Distributor to its SubDistributors
or Affiliates)) on such sales, which specifically relate to the Product and are recognized in accordance with Canadian generally
accepted accounting principles, (b) customary freight shipping, insurance costs, duties and taxes paid by Distributor or its Affiliates
or a SubDistributor on shipment of Product to Distributor, and (c) to the extent not included above, payments under Section
6.7(b). No deductions shall be made for commissions paid to individuals, whether they be with independent sales agencies or
regularly employed by Distributor, its Affiliates or SubDistributors, and on its payroll, or for the cost of collections. Notwithstanding
the foregoing, in the event Distributor launches an Authorized Generic as contemplated pursuant to Section 2.4 herein,
Net Sales for such Authorized Generic shall, in addition to the deductions provided above, allow for discounts and rebates customary
in the generic industry that are consistent with Distributor’s ordinary course of business in the Territory, provided such
discounts and rebates relate solely to the sale of the Authorized Generic.

 

    	 

    	- 7 -

    

 

(ccc)    “Net
Selling Price” means the average selling price per Unit of Product by Distributor, its Affiliates and SubDistributors
for use in the Field in the Territory to arm’s length Third Party customers (excluding sales of the Distributor to its Affiliates
and SubDistributors) of Supplied Product calculated on a monthly basis by dividing the Net Sales of Supplied Product in a calendar
month by the number of Units sold in that calendar month in the Territory.

 

(ddd)  “Official
Body” means any national, federal, provincial or local government or government of any subdivision thereof, or any parliament,
legislature, council, agency, authority, board, commission, department, bureau or instrumentality thereof, or any court, tribunal,
grand jury, mediator or arbitrator, whether foreign or domestic, in each case having jurisdiction in the relevant circumstances.

 

(eee)   “Other
Approvals” means, for the Product, the approval or authorization granted by the Other Authorities for the Marketing
of the Product for use in the Field in the Territory, including the Pricing Approval and the Reimbursement Approval, as applicable.

 

(fff)     “Other
Authorities” means Official Bodies (other than the Regulatory Authority) whose approval is required by applicable Law
to Market and/or obtain reimbursement for Supplied Product in a jurisdiction in the Territory.

 

(ggg)  “Package”
means to package and label Supplied Product for Marketing and “Packaging” has a corresponding meaning.

 

(hhh)  “Parties”
means Can-Fite and Distributor, and “Party” means either of Can-Fite or Distributor, as the context requires.

 

(iii)      “Person”
means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation
with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative
or other entity or Official Body.

 

(jjj)      “Prevailing Party” has the
meaning set forth in Section 12.2.

 

(kkk)   “Pricing
Approval” means any approval or authorization of any Official Body establishing prices for the Product in a jurisdiction
for use in the Field in the Territory.

 

(lll)     “Product”
means the pharmaceutical preparations described in the Product Patents or associated with the Product Know-How, namely as N6 -(3-iodobenzyl)-adenosine-
5’-N-methyluronamide (IB-MECA) in an oral formulation delivered in bulk or final finished Packaged form for use in humans
and meeting the Specifications, as the same may be amended or supplemented, and any related or successor NDSs filed with respect
to the same initial application. “Product” also includes any future formulations containing IB-MECA and improvements
thereof approved by Health Canada.

 

    	 

    	- 8 -

    

 

(mmm) “Product
Information” means all in-vivo or clinical, non-clinical, pharmacology, toxicology, safety and efficacy data, stability
data, formulary submissions, pharmaco-economic data, and other such information now or hereafter known and available to Distributor
or Can-Fite or their respective Affiliates, SubDistributors or Approved Manufacturer(s) or their Affiliates, whether generally
known to others or not.

 

(nnn) “Product
Know-How” means the data, information, expertise, trade secrets, manufacturing, mixing and production procedures, technical
assistance, and shop rights, known to, in the possession of or licensed to Can-Fite, its Affiliates or any Approved Manufacturer(s)
or its Affiliates, whether generally known to others or not, and relating to the Manufacturing, Packaging, Marketing and/or Testing
of Supplied Product, including:

 

(i)     characteristics,
selection of properties and data relating to materials, such as excipients, used or useful in the Manufacturing, Packaging and/or
Testing of Supplied Product;

 

(ii)    techniques,
equipment and methods used or useful in the Manufacturing, Packaging or Testing of Supplied Product;

 

(iii)   equipment
and data relating to the Manufacturing, Packaging or Testing of Supplied Product; and

 

(iv)   all in vivo or
clinical, pharmacology, toxicology, safety and efficacy data, formulary submissions, pharmaco-economic data, and other such information
useful or required in preparing applications for or obtaining or maintaining Regulatory Approval and/or for the Manufacturing,
Packaging, Marketing and/or Testing of Supplied Product.

 

(ooo)  “Product
Liability Claim” means any Third Party claim involving any actual or alleged death or bodily or emotional injury arising
out of or relating to any Supplied Product sold in the Territory for use in the Field.

 

(ppp)  “Product
Patents” means all patents owned by Can-Fite (i) which have issued as of the Effective Date or (ii) which issue at any
time from applications pending as of the Effective Date, or from applications subsequently filed during the Term of this Agreement,
which (in the case of both (i) and (ii)) claim, disclose or pertain to inventions necessary or useful for the Manufacture, use,
import or Marketing of the Product, including any continuation, division, continuation-in-part, and any provisional applications,
and which patents have not expired or been held invalid or unenforceable by a court of competent jurisdiction in a final, non-appealable
decision, including all substitutions, extensions, registrations, confirmations, re-examinations, reissues or renewals of such
patents. Schedule A lists, as of the Effective Date, all such Patents that have issued and pending applications and Schedule
A shall be amended from time to time to include patents or applications owned by or licensed to Can-Fite or one or more of
its Affiliates to the extent they claim inventions necessary or useful for Manufacturing, use, import, or Marketing of the Product
within the Territory or an amendment to any Product Patents.

 

(qqq)  “Product
Technology” means collectively Product Know-How and Product Patents.

 

    	 

    	- 9 -

    

 

(rrr)    “Regulatory
Approval” means all approvals or authorizations granted by a Regulatory Authority for the Marketing of Supplied Product
for use in the Field in the Territory.

 

(sss)  “Regulatory
Authority” means Health Canada, and/or any equivalent, similar or successor Official Body, whose approval is required
by applicable Law to Market, Manufacture, Test and/or Package Supplied Product in any jurisdiction which forms part of the Territory.

 

(ttt)     “Regulatory
Requirements” means all applicable Regulatory Approvals, licenses, registrations, GMPs, and authorizations and all other
requirements of any applicable Regulatory Authorities in relation to Supplied Product, including each of the foregoing which is
necessary for, or otherwise governs, the Manufacture, Marketing, Packaging and Testing of Supplied Product for use in the Field
in the Territory.

 

(uuu)  “Reimbursement
Approval” means any approval or authorization of any Official Body establishing a health insurance or drug reimbursement
scheme for Supplied Product in a jurisdiction for use in the Field in the Territory.

 

(vvv)   “Rejection Notice”
has the meaning set forth in Section 6.5(b).

 

(www) “Renewal Term” has
the meaning set forth in Section 9.1.

 

(xxx) “Responsible Person”
has the meaning set forth in Section 12.2.

 

(yyy) “Resumption Notice”
has the meaning set forth in Section 6.3(b).

 

(zzz)    “Royalty Percentage” means 16.5%
of Net Sales.

 

(aaaa)  “Rules” has
the meaning set forth in Section 12.2.

 

(bbbb) “Schedules”
means the following Schedules to this Agreement (as the same may be amended from time to time in accordance with this Agreement):

 

	 	Schedule A  	-	Can-Fite
    Trademarks and Patents
	 	Schedule B   	-	Specifications
	 	Schedule C
	-	Payments
    to Can-Fite
	 	Schedule D
    	-	Minimum
    Sales Requirements

 

(cccc)  “Serious ADEs” has the meaning
set forth in Section 5.1.

 

(dddd) “Specifications”
means the specifications of Supplied Product as set forth in Schedule B.

 

(eeee) “Stipulated Rejection Period”
has the meaning set forth in Section 6.5(b).

 

(ffff)    “SubDistributors”
means Third Parties appointed by Distributor pursuant to Section 2.1(c) to Market Supplied Product for use in the Field
in the Territory, but shall not include wholesalers, retailers, hospitals, government purchasers or managed and/or care organizations.

 

    	 

    	- 10 -

    

 

(gggg)
“Supplied Product” means the Product and/or the Authorized Generic, whether or not it is supplied by
Can-Fite; provided, however, that any representations, warranties or covenants of Can-Fite herein which refers to Supplied
Product only relates to Supplied Product supplied by or on behalf of Can-Fite.

 

(hhhh) “Supply Interruption” has
the meaning set forth in Section 6.3(a).

 

(iiii)     “Tax(es)”
means, with respect to Distributor, all federal, provincial, local, county, foreign and other taxes or government charges constituting
sales, use, transfer, value added, customs, duty or excise taxes payable by the Distributor in connection with the importation
or sale of Supplied Product.

 

(jjjj)     “Term” has the meaning
set forth in Section 9.1. 

 

(kkkk) “Territory” means Canada.

 

(llll)     “Test”
means to test a product or its ingredients prior to release for further processing or for shipping and Marketing in compliance
with applicable Law and “Testing” has the corresponding meaning.

 

(mmmm)  “Third
Party” means any Person other than Can-Fite, Distributor or their respective Affiliates.

 

(nnnn)  “Third
Party Laboratory” means the Third Party Laboratory selected jointly by the Parties for the purpose of adjudicating between
them on the matters in disagreement under Sections 5.3(e), 6.6(c) and 6.6(d) below.

 

(oooo) “Trademarks”
means any trademark, trade name, trade dress, logo, design or associated artwork selected, owned and/or used by Distributor or
its Affiliates pertaining to Supplied Product, other than the Can-Fite Trademarks.

 

(pppp) “Transfer
Price” means (i) Can-Fite’s cost (as determined in accordance with IFRS) of Manufacturing the Supplied Product,
in the event Can-Fite is Manufacturing Supplied Product, or (ii) Can-Fite’s actual out-of-pocket cost and expense to procure
the Supplied Product from an Approved Manufacturer or Contract Finisher as established from time to time, in the event Can-Fite
is procuring Product from an Approved Manufacturer or Contract Finisher, except that if the Approved Manufacturer is an Alternate
Supplier, the transfer price shall be no higher than that in effect prior to a Supply Disruption.

 

(qqqq) “Unit” means a single capsule
or tablet of Supplied Product.

 

    	 

    	- 11 -

    

 

2.            DISTRIBUTION
RIGHTS

 

2.1          Exclusive
Distributorship and License.

 

(a)       Upon
and subject to the terms and conditions of this Agreement, Can-Fite hereby appoints Distributor as its exclusive distributor of
the Product for use in the Field in the Territory throughout the Term with the right and obligation to Market the Product for
use in the Field in the Territory and the right to register and develop the Product pursuant to Sections 4.1 and 4.2.
Can-Fite represents and warrants to Distributor that, except for the exclusive license granted in this Section 2.1,
Can-Fite has not granted any other licenses to use, Market and/or import, the Products for use in the Field in the Territory.
The term “exclusive” as used in this Section 2.1(a) means the rights granted to Distributor in this Section
2.1 are to the exclusion of all other persons and entities including Can-Fite. Can-Fite shall take all reasonable and prudent
actions to ensure that the Product does not enter the Territory for use in the Field as black market goods.

 

(b)       Distributor
shall obtain exclusively from Can-Fite all Supplied Product for Marketing for use in the Field in the Territory, except as otherwise
permitted by the terms of this Agreement. Can-Fite shall supply the Supplied Product to Distributor for Marketing by Distributor
for use in the Field in the Territory in accordance with the terms of this Agreement and shall not supply the Supplied Product
to any other Person for use in the Field in the Territory or to any Person, unless such Person agrees not to knowingly directly
or indirectly through Third Parties sell the Supplied Product for use in the Field in the Territory.

 

(c)       Distributor
shall have the right to appoint SubDistributors to Market the Supplied Product for use in the Field solely within the Territory,
and Distributor shall cause such SubDistributors to perform the applicable obligations of Distributor under this Agreement, or
otherwise ensure that such obligations are performed by the Distributor. Distributor shall remain fully responsible and liable
to Can-Fite for the performance of all of the terms of this Agreement by its SubDistributors. Distributor shall not be entitled
to appoint as a SubDistributor any Person which is or has engaged in, directly or indirectly, developing or Marketing any Competing
Product in the Territory.

 

(d)       Can-Fite
hereby grants to Distributor an exclusive license (including the right to grant sublicenses to SubDistributors) for use in the
Field in the Territory to (i) all Product Technology necessary or useful in order to Market the Supplied Product, (ii) clinical,
non-clinical and safety data in order to obtain Regulatory Approval, and Pricing Approval or Other Approvals in the Territory,
and (iii) a Canadian URL for the Product.

 

(e)       Except
as expressly provided in this Agreement, Can-Fite is not granting to Distributor any right, title or interest, whether express
or implied, in the Product or any Intellectual Property or other right that Can-Fite or its Affiliates may own or control.

 

(f)        Notwithstanding
anything contained herein, Can-Fite is not granting to Distributor any rights under the License Agreement.

 

2.2         Restrictions on Marketing
of Products.

 

From and
after the Effective Date, Distributor shall not, and shall cause its Affiliates and SubDistributors to not, Market or export the
Supplied Product outside the Territory or outside the Field, or Market or export the Supplied Product to any Person who, to the
knowledge of any of Distributor, its SubDistributors, or its Affiliates, intends to directly or indirectly Market or export Product
outside the Territory or outside the Field.

 

    	 

    	- 12 -

    

 

2.3         Covenant Not to Market
Competing Products.

 

From and after the
Effective Date until the earlier of termination of this Agreement or the launch of an AB Rated Generic by a Third Party within
the Territory, Distributor shall not, and shall cause its Affiliates and SubDistributors to not Market a Competing Product in
the Territory.

 

Can-Fite agrees that
during the Term neither it nor its Affiliates will Market and/or import, the Product or any Competing Product for use in the Field
in the Territory, nor license or otherwise authorize any Third Party to develop, Market, Manufacture for sale inside the Territory
for use in the Field, and/or import the Product or any Competing Product for use in the Field in the Territory.

 

2.4         Authorized
Generics.

 

In the event that
a Third Party launches an AB Rated Generic in the Territory, Distributor may sell an Authorized Generic for use in the Field in
the Territory, provided that Distributor pays Can-Fite [...] of Net Profits in the Territory and no other payments
other than Transfer Price payments (to the extent Can-Fite is supplying the Authorized Generic) will be due to Can-Fite with respect
to such sales.

 

3.       
    MARKETING

 

3.1         Marketing Decisions.

 

Distributor shall
control and make all decisions regarding the strategy and tactics of Marketing, selling and otherwise commercializing the Products
for use in the Field in the Territory, including, without limitation, the methods of sale and distribution, organization and management
of sales and Marketing, Packaging, pricing, and Labeling, appointment of SubDistributors, and other terms and conditions of such
sales and Marketing. Notwithstanding the aforesaid, Distributor shall consult with Can-Fite prior to taking any material decision
regarding the strategy and tactics of Marketing, selling and otherwise commercializing the Products in the Territory.

 

3.2         Marketing Plan.

 

Distributor will
be responsible for assessing the market opportunities for the Product for use in the Field in the Territory and preparing and
providing to Can-Fite, at least six (6) months prior to the First Commercial Sale, a marketing plan for the Product (“Marketing
Plan”) which Marketing Plan shall set forth Distributor’s plan, strategy and proposed activities consistent with
efforts appropriate for pharmaceuticals products of similar market potential to market the Product in the Territory. The Marketing
Plan will include as appropriate without limitation, the following elements,

 

(a)       a description
of Distributor’s general strategy with respect to pre-launch and post-launch marketing, reimbursement strategies, advertising
and promotion activities of the Product in the Territory;

 

    	 

    	- 13 -

    

 

(b)       an estimated
time schedule for the performance of the marketing activities;

 

(c)       a
description of the personnel resources of Distributor that will perform the marketing activities, including the number of sales
representatives and physician calls; and

 

(d)       a
description of Distributor’s pricing strategy in the Territory.

 

Thereafter, Distributor
shall, on or before November 1st in each Fiscal Year of the Term provide Can-Fite with a copy of Distributor’s
Marketing Plan for the next Fiscal Year. Can-Fite may communicate comments to Distributor in respect of such Marketing Plans.
Distributor agrees to consider such comments and shall provide a response to Can-Fite in respect of such comments, which response
may include revisions to the Marketing Plan. Notwithstanding the foregoing, Distributor shall determine the Marketing Plan and
will be responsible for its implementation and shall use Commercially Reasonable Efforts to achieve the objectives specified therein.

 

3.3         Advertising
and Promotion.

 

Distributor shall
provide to Can-Fite copies of the materials relating to the Marketing of the Supplied Products including print advertising and
similar materials on a timely basis. All such materials shall comply in all material respects with applicable Laws and requirements
of any applicable Regulatory Authority. Distributor shall not, in its Marketing materials, make any therapeutic claims or statements
relating to the Supplied Products other than those authorized by the applicable Regulatory Authorities, and Distributor shall
remain solely liable for all Marketing materials relating to the Supplied Products.

 

3.4         Information Sharing.

 

Can-Fite shall provide
to Distributor in English such Product Information known to Can-Fite that may be useful or that Distributor requests or requires
in preparing applications for or obtaining any Other Approvals and/or in the Marketing of the Product within the Territory, or
in obtaining formulary listings or acceptance or approval of the Product by customers, potential customers, or buying agents or
groups within the Territory. Distributor shall, and shall require its Affiliates and SubDistributors to, promptly provide to Can-Fite
all Product Information that comes into its possession and all information relating to the Marketing or use of the Product.

 

3.5          Reports.

 

(a)       Each
Party shall promptly keep the other fully informed of all governmental and regulatory requirements, activities and plans of any
Regulatory Authority including any changes thereto of which such Party becomes aware which materially affect, or are reasonably
likely to materially affect, the sales or distribution of the Product in the Territory.

 

(b)       After
the First Commercial Sale of the Product, Distributor shall, throughout the Term, provide to Can-Fite on a calendar quarterly
basis a statement containing the number of Units sold, the gross sales, the Net Sales and the Net Selling Price for each Product
including details of all necessary calculations of the same, including the calculations which detail the differences between Net
Sales and gross sales during such calendar quarter. Distributor shall provide such statement on a quarterly basis on or before
the forty-fifth (45th) day following such calendar quarter.

 

    	 

    	- 14 -

    

 

(c)       After
the First Commercial Sale of the Product, Distributor shall on a calendar basis provide on or before the thirtieth (30th)
day following each Fiscal Year, a report summarizing the status of Other Approvals and filings in terms of formulary listings
and reimbursement pricing tier for each listing if applicable.

 

4.            REGULATORY MATTERS
AND PRODUCT DEVELOPMENT

 

4.1         Registration Responsibilities.

 

Distributor, provided
that Can-Fite has, and continues to, comply with its covenants and obligations set forth in this Agreement, shall conduct and
be responsible for:

 

(a)       preparing
the NDS or other applications, filing drug approval applications, including the NDS, answering any filing review issues and meeting
with Regulatory Authorities;

 

(b)       obtaining
from the relevant Regulatory Authorities in the Territory, and for maintaining in force, all Regulatory Approvals in the Territory
in Distributor’s name;

 

(c)       the
work for submitting variations to the Regulatory Approvals, the renewal of the Regulatory Approvals or any other regulatory procedure,
answering any filing review issues and meeting with Regulatory Authorities; and

 

(d)       paying
all costs and expenses in connection with the costs of obtaining Regulatory Approval within the Territory.

 

Can-Fite acknowledges
that Distributor, notwithstanding its efforts, does not guarantee that its efforts will result in the approval by Health Canada
of the NDS or the issuance of any or all required Regulatory Approvals.

 

Can-Fite, upon written
request of Distributor, shall provide Distributor, in English, with the Product Information and any requested or necessary documents
relating to the Products (sufficient quantity of standard and working samples) and/or other information, for carrying out registration
of the Products, making the NDS filing, and procuring the Regulatory Approvals in the Territory.

 

4.2          Development Responsibilities.

 

Can-Fite shall be
responsible for all Product development activities including management of the clinical studies required in order to secure Regulatory
Approval and shall use Commercially Reasonable Efforts in conducting such activities. Can-Fite agrees to include Canadian clinical
sites in the pivotal phase III (or phase II/III, as applicable) Clinical Development program. Distributor shall not be responsible
for any research and development costs associated with the Product. Distributor acknowledges that Can-Fite, notwithstanding its
efforts, does not guarantee that its efforts will result in the success of any Clinical Development or that the Product will be
found to be effective and be able to be Marketed and sold in the Territory for use in the Field.

 

    	 

    	- 15 -

    

 

4.3         Post-Approval Regulatory
Responsibilities.

 

(a)       Distributor
shall be responsible for all pharmacovigilance activities related to the Supplied Product for use in the Field in the Territory.

 

(b)       All
substantive and material communications by Distributor with the Regulatory Authority for use in the Territory relating to the
Supplied Product as Marketed for use in the Field in the Territory shall be promptly provided in writing to Can-Fite, and Distributor
shall promptly provide to Can-Fite copies of all documents sent to or received from the Regulatory Authority regarding the Supplied
Product.

 

(c)       Distributor
shall have the right, at its sole cost and expense, to conduct any post-regulatory approval, clinical Testing that Distributor
chooses to conduct with respect to the Supplied Product that has received Regulatory Approval for use in the Field in the Territory,
if any, for the continued and successful Marketing of the Supplied Product for use in the Field in the Territory. Notwithstanding
the aforesaid, Distributor shall consult with Can-Fite prior to taking any material decision regarding the conduct of any such
post regulatory approval or clinical Testing.

 

4.4         Other Approvals.

 

Distributor shall
be responsible for all matters relating to the Other Approvals for the Product including filing the Product with, maintaining
the Product on and dealing with, any federal, provincial or private formularies. The Distributor will apply for and will hold
the Other Approvals in the Distributor’s name at all times for the benefit of Can-Fite. Distributor shall be responsible
for all regulatory filings relating to the Product with the Other Authorities.

 

4.5         Monitoring ADE and
Quality Complaint.

 

Distributor shall
be responsible for receiving, monitoring, responding promptly to, tracking, or as may otherwise be required by applicable Law
and Regulatory Authority, all Product-related inquiries, Product quality complaints, and ADE reports received by Distributor,
its Affiliates or SubDistributors or by Can-Fite (and which Can-Fite shall have forwarded to Distributor) from individuals and/or
health care professionals from within the Territory regarding the Supplied Product.

 

4.6         Quality and Technical
Agreement.

 

The Parties shall
negotiate in good faith and enter into a quality and technical agreement that appropriately addresses each Party’s responsibilities
as they relate to Manufacturing, storage, distribution, regulatory, operational, Testing and quality issues regarding the Supplied
Product no later than six (6) months prior to the First Commercial Sale (as such quality and technical agreement may be amended
from time to time during the Term by mutual agreement of the Parties or to conform to requirements of applicable Law).

 

    	 

    	- 16 -

    

 

4.7         Pharmacovigilance
Agreement.

 

The Parties shall
negotiate in good faith and enter into a pharmacovigilance agreement that appropriately addresses each Party’s responsibilities
as they relate to pharmacovigilance no later than six (6) months prior to the First Commercial Sale (as such pharmacovigilance
agreement may be amended from time to time during the Term by mutual agreement of the Parties or to conform to requirements of
applicable Law).

 

4.8         Cooperation.

 

Each of Can-Fite
and Distributor shall provide to the other or if applicable, directly to the Authorities, any assistance and all documents reasonably
necessary to enable the other to carry out its obligations under this Article 4. In general, requests for cooperation should
be responded to by the other party within three (3) Business Days and both should make responsible efforts to ensure cooperation
is maintained to ensure completion of the given project.

 

4.9         Joint Steering Committee.

 

A joint steering
committee (“Joint Steering Committee”) will be established to monitor and supervise the progress of clinical
studies and any other studies relating to development of the Product. The Joint Steering Committee will be composed of members
as determined by Can-Fite, provided that the Joint Steering Committee includes one member from Distributor. A member determined
by Can-Fite shall chair the Joint Steering Committee and in such capacity shall set its agenda and shall document the discussions
held. The Joint Steering Committee will meet (in person or telephonically) as often as is reasonably necessary to accomplish its
purpose but at least quarterly, on a mutually agreeable date and at a mutually agreed place. The Joint Steering Committee will
make recommendations but will have no formal decision making authority as to the clinical studies. The Joint Steering Committee
will dissolve once all Regulatory Approvals have been received for the Product.

 

5.            ADES, PRODUCT QUALITY
AND PRODUCT RECALLS

 

5.1          ADEs.

 

Each of Can-Fite
and Distributor and their respective Affiliates, SubDistributors, Approved Manufacturers, agents or other relevant parties shall
inform the other of all known or suspected ADE’s associated with Supplied Product, of which it is notified, or otherwise
becomes aware, as soon as reasonably possible but in any event within ten (10) days for ADEs and forty-eight (48) hours for Serious
ADEs or within any time limits required by applicable Law, whichever is shorter. “Serious ADEs” means, with
respect to a serious adverse event or reaction, is any noxious and unintended response to a drug that at any dose:

 

		●	requires in-patient hospitalization or prolongation of existing hospitalization;

 

    	 

    	- 17 -

    

 

		●	causes congenital malformation;

 

		●	results in persistent or significant disability or incapacity;

	 		 

		●	is a congenital anomaly/birth defect;

	 		 

		●	is a medically important event or reaction;

	 		 

		●	results in death; or

	 		 

		●	is life-threatening.

 

5.2          Product Complaints
other than ADEs.

 

(a)       Each
Party shall submit to the other Party, within three (3) Business Days of receipt any complaints or issues that question Supplied
Product quality (other than ADEs or performance of the Supplied Product) received by that Party or any of its Affiliates or, in
the case of Distributor, its SubDistributors, to which that Party must respond, together with all evidence then available and
all other information relating thereto subsequently obtained or produced by either Party.

 

(b)       Can-Fite
shall respond, in writing (including by email) or by telephone, to inquiries made by Distributor relating to the Manufacturing
or Packaging of Supplied Product as promptly as practicable, but in no event, later than fifteen (15) Business Days of receipt
of the such inquiry, with such information as Distributor may reasonably require addressing the inquiry.

 

(c)       Each
of Distributor and Can-Fite shall promptly notify the other of any notice of non-compliance with any Laws applicable to Supplied
Product or the Packaging of Supplied Product, received from any Authority having jurisdiction in the Territory, and of any request
for or initiation of any inspection of any facility of either Can-Fite or Distributor, or any Affiliate of Can-Fite or Distributor,
or any Approved Manufacturer, or Contract Finisher that Manufactures, Packages, Tests or stores any Supplied Product.

 

(d)       Each
Party shall inform the other of all known or suspected adverse drug reactions associated with the Product (not otherwise covered
above), of which it is notified, or otherwise becomes aware, within two (2) weeks, together with all evidence then available and
all other information relating thereto subsequently obtained or produced by either Party.

 

5.3          Product Recall.

 

(a)       Distributor
will maintain or cause to be maintained such traceability records as are necessary to permit a recall, market withdrawal or field
correction of the Supplied Product including inventory withdrawal in connection with any of the foregoing (each a “Recall”).

 

(b)       Each
Party shall promptly (but in any case, not later than twenty-four (24) hours of receipt) notify the other Party in writing of
any information which indicates a Recall of any Supplied Product may be necessary, any safety or regulatory concerns, or any order,
request or directive of a court or other Regulatory Authority requesting or requiring a Recall.

 

    	 

    	- 18 -

    

 

(c)       To
the extent permitted by circumstances, the Parties will confer before initiating any Recall. If the Parties do not agree on the
need for or the extent of such a Recall, either Party may authorize the Recall.

 

(d)       Distributor
shall be responsible for the carrying out of any and all Recalls with respect to the Supplied Product in accordance with applicable
Laws.

 

(e)       If
any Recall is required primarily and substantially because of (i) breach of Can-Fite of a representation, warranty or covenant
hereunder, or (ii) failure of the Supplied Product to conform to the Specifications at the time title is transferred to the Distributor,
as confirmed by a mutually acceptable Third Party Laboratory, including a Latent Defect that is shown to have existed at the time
of such title transfer, Can-Fite will be responsible for the direct costs of such Recall, will reimburse Distributor, its Affiliates,
and SubDistributors for all of their direct out-of-pocket costs and direct expenses related to such Recall. The Parties shall
promptly discuss whether to credit or refund the Transfer Price of any Supplied Product subject to any Recall and, if the Parties
are unable to agree, then Can-Fite shall supply to Distributor free of cost and expense replacement Supplied Product and Distributor
will distribute the replacement Supplied Product.

 

(f)       If
any Recall is required primarily or substantially in circumstances caused by the negligence, mistake, fault, error or omission
of Distributor, its Affiliates or subcontractors, including any breach by Distributor of a representation, warranty or covenant
hereunder, Distributor will be responsible for the direct costs of such Recall and will reimburse Can-Fite and its Affiliates
for all of their direct out-of-pocket costs and direct expenses related to such Recall.

 

(g)       If
any Recall is required under circumstances not covered in Clauses (e) or (f) above, the parties will equally share
the direct costs of such Recall, including direct out-of-pocket costs and expenses related to such Recall.

 

5.4         Cooperation as to ADE,
Product Inquiries and Recalls.

 

Each of
Can-Fite and Distributor shall provide to each other in a timely manner all information which the other Party reasonably requests
regarding Supplied Product in order to enable the other Party to comply with all Laws applicable to Supplied Product in the Territory
and in order to enable Can-Fite to comply with all Laws applicable to the Product outside the Territory. Without limiting the
foregoing, each Party will cooperate fully with the other Party in connection with any Recall efforts.

 

    	 

    	- 19 -

    

 

6.           
PURCHASE PRICE AND SUPPLY OF PRODUCTS

 

6.1         Supply of Products.

 

(a)       Can-Fite
will be responsible for the Manufacture of Supplied Product and shall cause its Approved Manufacturer to Manufacture and, if applicable,
its Contract Finisher to Package and label the Supplied Product for the Distributor. Except as provided in Section 6.3,
the Distributor shall purchase from Can-Fite all of the Distributor’s requirements for the Supplied Product for use in the
Field in the Territory during the Term, pursuant to purchase orders submitted by the Distributor or its Affiliates to Can-Fite
from time to time in accordance with Section 6.2.

 

(b)       Except
as provided in Section 6.3, Can-Fite shall supply or cause the Approved Manufacturer to supply all Supplied Product for
use in the Field for distribution in the Territory solely to Distributor during the Term in accordance with the terms and conditions
of this Agreement.

 

(c)       Can-Fite
and its Approved Manufacturer and if applicable its Contract Packager shall be responsible for the purchase of adequate supplies
of all materials, including, without limitation, raw materials, in accordance with the NDS and other filings with Regulatory Authorities
for the Supplied Product as necessary to supply finished Supplied Product to the Distributor in accordance with the Specifications
and applicable Law.

 

(d)       The
Supplied Product shall be manufactured with labeling and packaging as specified by Distributor and in accordance with applicable
Laws. At least four (4) months prior to the First Commercial Sale with respect of each Supplied Product, Distributor shall, at
its sole cost and expense, provide Can-Fite with final specifications for such labeling and packaging for Supplied Product, including
all necessary photo-ready artwork (or its substantial equivalent). Distributor, from time to time may update the labeling and
packaging specifications. Such updates shall be subject to the prior written approval of Can-Fite, not to be unreasonably withheld,
delayed or conditioned. Distributor shall, at Distributor’s expense, use Commercially Reasonable Efforts to secure any approvals
required by Health Canada or any other applicable Regulatory Authority to effect such revisions to the labeling and packaging.

 

(e)       The
terms and conditions of this Agreement shall control the Manufacture and supply of Supplied Product by Can-Fite to Distributor,
and no terms or conditions contained in any purchase order, acknowledgment, invoice, bill of lading, acceptance or other pre-printed
form issued by any Party shall have any force or effect to the extent they are inconsistent with or modify the terms and conditions
of this Agreement including those set forth in this Section 6.1.

 

(f)       Out-of-pocket
costs associated with regulatory changes requested by (i) Health Canada which cause finished product, raw materials, labeling
and other materials to be discarded will be shared equally between Distributor and Can-Fite, and (ii) Distributor which cause
finished product, raw materials, labeling and other materials to be discarded will be borne by Distributor.

 

    	 

    	- 20 -

    

 

(g)      The
costs of implementing, chemistry, manufacturing and controls changes or ancillary additional testing not included in the New Drug
Submission that is requested after Regulatory Approval, validation and launch, shall be shared equally between Distributor and
Can-Fite if requested by a Regulatory Authority and shall be borne one hundred percent (100%) by Distributor, if requested by
Distributor.

 

6.2         Forecasts, Orders.

 

(a)       Forecasts;
Firm Orders.

 

(i)    Distributor
shall submit to Can-Fite, at least four (4) months prior to the estimated First Commercial Sale, a written forecast for the first
twelve (12) month period of the quantity of Supplied Product (a “Forecast”) that Distributor desires to have
delivered to it for Product launch purposes. The Parties agree that the Supplied Product quantities specified in Distributor’s
initial Firm Order, represent Distributor’s launch quantities of the Supplied Product. Thereafter, on or before the tenth
(10) calendar day of each month during the Term, Distributor shall provide a written, updated consecutive twelve (12) month Forecast
(on 10th of January, the Forecast will be until the 10th of January of the next year, on 10 of February, the Forecast will be
until the 10 of February of the next year, etc) of the Supplied Product, including the expected purchase order dates and shipping
dates for each order during the following twelve (12) consecutive calendar month period beginning on the first day of the following
calendar month. Can-Fite acknowledges that such Forecasts are only estimates of Distributor’s purchase order requirements
of the Supplied Product and that Distributor shall not be bound by any such estimate, except that beginning after the First Commercial
Sale (A) the portion of the Forecast commencing on the first day of the Forecast period and ending on the last day of the third
full calendar month after the first day of the Forecast period shall be deemed a firm order period for which Distributor is obligated
to issue purchase orders and take ownership of Supplied Product requirements (each, a “Firm Order”) and (B)
the first two months of each Forecast will repeat the balance of the Firm Order period of the prior Forecast, and the first three
months of the Forecast shall constitute the new Firm Order period for which Distributor is obligated to purchase and take delivery
of the forecasted Supplied Product, and (C) the third month of the Firm Order period may vary by up to twenty percent (20%) from
that set forth on the fourth month of the prior Forecast.

 

(ii)    Can-Fite
shall have no liability to Distributor for any failure or inability to supply Distributor in the third month of the Firm Order,
with quantities of Product in excess of amounts described in Section 6.2(a)(i)(C).

 

(iii)    Can-Fite
shall notify Distributor if Can-Fite determines that it will be unable to meet the quantities of Supplied Product in excess of
Can-Fite’s obligations as contemplated in Section 6.2(a)(ii), as soon as practicable but in any event within ten
(10) days after receiving the applicable purchase orders from Distributor.

 

    	 

    	- 21 -

    

 

(b)       Purchase
Orders.

 

(i)    Distributor
shall deliver to Can-Fite its initial purchase order for the Product within one hundred and twenty (120) days prior to the shipping
date required by Distributor. The initial purchase order for the Product shall be for sufficient quantities to satisfy sales requirements
of Distributor for no less than the first three (3) months of sales of Product. The purchase order shall specify the location
to which Product is to be shipped (which is not the same as where title passes under Section 6.4) and the date by which
Product must be shipped to such location.

 

(ii)    During
the Term, Distributor shall submit to Can-Fite, purchase orders for the last month of each Firm Order period no later than one
hundred and five (105) days (“Deadline Date”) prior to the required shipping date, identifying the quantities
of Supplied Product. The purchase order shall also specify the location to which Product is to be shipped (which is not the same
as where title passes under Section 6.4) and the date by which the Product must be shipped to such location. Such purchase
orders shall comply with the Firm Order period provisions set out in Section 6.2(a). If a purchase order for any month
is not submitted by the Deadline Date, Distributor shall be deemed to have submitted a purchase order for such month for the amount
of Supplied Product set forth in Distributor’s most recent Forecast for such month.

 

(iii)    In
the event that a purchase order requires an amount higher than one hundred and twenty percent (120%) of the amount set forth in
the Forecast for a given month (the “Additional Quantity”), Can-Fite shall either (i) confirm to Distributor
its acceptance of such purchase order with respect to the Additional Quantity within ten (10) calendar days of receipt of such
purchase order or (ii) in the event that Can-Fite cannot supply the Additional Quantity indicated in such purchase order, Can-Fite
shall provide Distributor within such ten (10) day period with a delivery schedule for such Additional Quantity which Can-Fite
will commit to meet.

 

(c)       Batch
Sizes. Once the validation batch inventories have been depleted, Forecasts and purchase orders shall be in minimum batch sizes
which are commercially reasonably under the specific circumstances of this Agreement as determined by the parties jointly in good
faith.

 

(d)       Satisfaction
by Can-Fite Affiliates and Approved Manufacturers. Can-Fite may cause any Affiliate or its Approved Manufacturer to satisfy
any of the obligations of Can-Fite under this Article 6. Notwithstanding the previous sentence, Can-Fite shall remain fully
responsible and liable to Distributor for the performance of all terms of this Article 6 by its Affiliates or Approved
Manufacturers.

 

(e)       Alternative
Delivery of Forecasts and Payments. Can-Fite may direct Distributor, in writing, to deliver its Forecasts, purchase orders
and payments to an Affiliate of Can-Fite or an Approved Manufacturer, with a copy to Can-Fite, and to receive shipments of a Supplied
Product from that Affiliate or Approved Manufacturer.

 

(f)       Form
of Purchase Orders. All purchase orders placed by Distributor hereunder shall be in a form reasonably acceptable to Can-Fite,
and Distributor shall send such purchase orders by email, courier or mutually agreed upon method. Except for terms relating only
to quantities, shipping dates and delivery destinations, none of the terms and conditions contained in any purchase order, invoice
or similar documents shall have any effect upon or change the provisions of this Agreement unless signed by both Parties and specifically
stating that the Parties intend to vary the terms hereof.

 

    	 

    	- 22 -

    

 

6.3         
Continuity of Supply.

 

(a)       A
“Supply Interruption” shall have occurred in the event that (i) Can-Fite is unable to supply any Supplied Product
to Distributor pursuant to Section 6.2 for sixty (60) days or more of the anticipated date of delivery specified in a purchase
order, to the location specified therein, or (ii) Can-Fite is unable to deliver on a timely basis at least eighty-five percent
(85%) of the amount covered by Purchase Orders issued by Distributor pursuant to Sections 6.2(b) for four (4) or more consecutive
months, (whether as a result of a Force Majeure event, GMP issues, failure to meet quality standards, or otherwise). In the event
that circumstances arise that may give rise to a potential Supply Interruption, the Parties will work collaboratively in good
faith to avoid a Supply Interruption and in such case Can-Fite agrees to use Commercially Reasonable Efforts to provide Distributor
with the same or greater percentage of Supplied Product for its Firm Orders, as the percentage of Supplied Product it provides
to any other distributor of Product outside the Territory with respect to its Firm Orders; provided, however, that the foregoing
shall not lessen or adversely impact Distributor’s rights under this Section 6.3. Without limiting the foregoing,
Can-Fite’s Commercially Reasonable Efforts shall include without limitation sourcing Product from Alternate Suppliers, and
Can-Fite shall supply or shall cause such Alternate Supplier to sell Product to Distributor, on the same terms and conditions
as Distributor was otherwise purchasing Supplied Product from Can-Fite hereunder, provided that Distributor shall approve, such
approval not to be unreasonably withheld, any Alternate Supplier prior to purchasing any Product manufactured by such Alternate
Supplier.

 

(b)       Can-Fite
shall have six (6) months from the date of the occurrence of the Supply Interruption to resume compliance with its supply obligations
in accordance with this Agreement. Can-Fite shall provide Distributor with written notice of its ability to resume supply (the
“Resumption Notice”), if Can-Fite is able to resume supply within such six (6) month period. The Resumption
Notice must: (i) list the date on which Can-Fite will be able to resume its supply obligations (which must not be later than one
month from the date of the notice; and (ii) include a statement of Can-Fite’s ability to resume such obligations by that
date which describes in reasonable detail what problems have been rectified and include a representation (which will be deemed
a Can-Fite representation under this Agreement) that Can-Fite is able to fulfill its supply obligations under this Agreement.

 

(c)       If
a Supply Interruption occurs and Can-Fite is not able to resume supply within the six (6) month period provided in Section
6.3(b), then Distributor will have the right, but not the obligation, in its sole discretion upon written notice to Can-Fite,
to terminate this Agreement.

 

    	 

    	- 23 -

    

 

6.4          Method of Delivery
of Supplied Product.

 

Can-Fite shall notify
Distributor of, as applicable, the location of the Approved Manufacturer or Contract Finisher and of any change thereto. Distributor
shall advise Can-Fite in writing at least fifteen (15) days in advance of the scheduled shipping date specified in the applicable
purchase order of the carrier to be used to ship Supplied Product to Distributor. Distributor will cause such carrier to comply
with all applicable Laws for the shipment of Supplied Product. Can-Fite shall determine the appropriate carrier if Can-Fite receives
no direction from Distributor at least fifteen (15) days in advance of the scheduled shipping date specified in the applicable
purchase order to use a particular carrier. Can-Fite shall deliver all quantities of Supplied Product to Distributor FCA (Incoterms
2010) the manufacturing facility or warehouse of Distributor, its Approved Manufacturer or Contract Finisher and risk of loss
and title to Supplied Product shall pass to Distributor immediately upon the loading of Supplied Product at such facility or warehouse.
Distributor shall be responsible for all freight, insurance, handling, fees, taxes and other costs associated with shipment or
importation of Supplied Product.

 

6.5         Acceptance, Rejection
and Revocation of Acceptance.

 

(a)       Can-Fite
shall provide a certificate of analysis and other documents (collectively, the “COA”) in such forms as the
Parties shall mutually agree upon, for any Supplied Product batch delivered to Distributor hereunder certifying that such Supplied
Products have been Manufactured and Packaged in compliance with the Specifications, GMPs and all other applicable Regulatory Requirements
and with an expiry date of not less than thirty (30) months from the date of shipment.

 

(b)       Distributor
shall inspect or shall cause to be inspected all shipments of Supplied Product promptly upon receipt. Distributor may reject any
Supplied Product which does not conform to the Specifications at the time of receipt at Distributor’s location. Distributor
shall make any such rejection in writing, within thirty (30) days of the later of the receipt of the COA or the Supplied Product
at the facility designated by Distributor in the applicable Purchase Order (the “Stipulated Rejection Period”),
to Can-Fite, and shall indicate the reasons for such rejection (the “Rejection Notice”).

 

(c)       If
Distributor has not delivered a Rejection Notice within the Stipulated Rejection Period, Distributor shall be deemed to have accepted
that shipment of Supplied Product. Once Distributor has accepted or has been deemed to have accepted a shipment of Supplied Product,
and except with respect to Latent Defects discovered by Distributor or Distributor’s customers after the expiration of the
Stipulated Rejection Period, Distributor may not exercise any rights to subsequently reject such shipment under this Section
6.5.

 

6.6         Rejection Procedures.

 

(a)       After
Can-Fite receives the Rejection Notice, it will evaluate process issues and the reasons given by Distributor for the Rejection.
Can-Fite shall use good faith efforts to promptly notify Distributor whether it agrees with the basis for Distributor’s
rejection, but in no event shall such notice be given later than thirty (30) days of Can-Fite’s receipt of a Rejection Notice.
If Can-Fite does not so notify Distributor within thirty (30) days of receipt of the Rejection Notice as to whether it agrees
with the basis of Distributor’s rejection, Can-Fite shall be deemed to be in agreement therewith.

 

    	 

    	- 24 -

    

 

(b)       If
Can-Fite agrees with or is deemed to agree with the basis for Distributor’s rejection, Can-Fite shall promptly replace,
at no cost to the Distributor, such rejected Supplied Product.

 

(c)       If
Can-Fite disagrees with the basis for Distributor’s rejection specified in the Rejection Notice, Can-Fite shall promptly
replace such rejected Supplied Product. No payment shall be due with respect to the replacement Product until it is determined
which Party shall bear the burden of such cost hereunder. The Parties shall submit samples of the rejected Supplied Product to
the Third Party Laboratory, which shall determine whether such Supplied Product meets the Specifications and, as part of this
process, may also carry out a full investigation of the Manufacturing process (including, as necessary, the Approved Manufacturing
Site) for such Supplied Product if it reasonably believes such an investigation is necessary to resolve the disagreement. The
Parties agree that the determination of the Third Party Laboratory, after it has assessed the retention samples and following
any full investigation of the Manufacturing process it conducts, shall be final and determinative. If the Third Party Laboratory
determines that the retained samples meet the Specifications, the rejection by Distributor is deemed to be unjustified, and Distributor
shall promptly pay Can-Fite for any replacement Product. If the Third Party Laboratory determines that the relevant shipment of
Supplied Product does not meet the Specifications, Can-Fite shall not invoice Distributor for the replacement Supplied Product.
The Party against whom the Third Party Laboratory rules shall also bear the fees charged by the Third Party Laboratory in connection
with resolution of the disagreement, including all out-of-pocket costs of investigating the Manufacturing process.

 

(d)       At
Can-Fite’s election and upon authorization from Can-Fite, Distributor shall destroy the rejected Supplied Product promptly
and provide Can-Fite with certification of such destruction unless Can-Fite elects to have the Supplied Product returned, in which
event Distributor shall cooperate in arranging such return. If Can-Fite agrees with the basis for Distributor’s rejection
or if the Third Party Laboratory rules against Can-Fite, Can-Fite shall pay the cost of destroying or returning the Supplied Product.
In all other cases, Distributor shall bear such costs.

 

(e)       Notwithstanding
any of the other provisions in this Agreement and without limiting any other provision herein, Distributor agrees that the remedies
set forth in this Section 6.6 are Distributor’s sole and exclusive remedies with respect to the rejection of Supplied
Product.

 

6.7          Prices and Payments.

 

(a)       Subject
to the provisions of Section 6.3 hereof, Distributor shall pay to Can-Fite or Can-Fite’s designees the following:

 

(i)    The
Milestone Payments in the amounts and at the time as set out in Part A of Schedule C;

 

(ii)    The
Transfer Price for Supplied Product supplied by Can-Fite in the amounts calculated in accordance with the provisions of Part B
of Schedule C;

 

    	 

    	- 25 -

    

 

(iii)    Royalty
payments calculated in accordance with the provisions of Part C of Schedule C; and

 

(iv)    The
share of the Net Profits from Distributor’s sale of an Authorized Generic in accordance with Section 2.4.

 

(b)       Distributor
shall pay all insurance and shipping costs and any Taxes imposed on the importation of Supplied Product into the Territory.

 

(c)       Distributor
shall be responsible for the payment of any duties, levies or Taxes applied to the sale of Supplied Product in the Territory by
any relevant Tax authority.

 

(d)       Any
payments to be made hereunder and which have not been made by the due date, shall accrue interest at any monthly rate equal to
[...]. Additionally, Distributor shall
be responsible for all reasonable attorneys’ fees, witness fees and court costs and other costs incurred by Can-Fite to
recover amounts owing to it hereunder.

 

(e)       Distributor
shall make all payments contemplated by this Agreement in the lawful currency of Canada and Distributor shall make such payments
to such address as Can-Fite may from time to time direct in writing to Distributor.

 

6.8          Audit.

 

Distributor shall
keep and retain complete and accurate records pertaining to the disposition of Supplied Product and amounts payable under this
Agreement (including, without limitations, amounts payable pursuant to Section 2.4 hereof) for each Fiscal Year or part
thereof during the Term in sufficient detail to permit Can-Fite to confirm the accuracy of all payments made or due hereunder
for a period of three (3) years following the applicable Fiscal Year or part thereof. At Can-Fite’s request, Can-Fite and
Distributor shall jointly appoint an independent internationally recognized audit firm to audit the books of account of Distributor
in order to determine whether Distributor has properly reported and accounted for any fees or payments due to Can-Fite pursuant
to this Agreement. The appointed audit firm may perform audits during regular business hours, not more than once in any calendar
year during the Term and upon reasonable prior notice to Distributor. Can-Fite shall bear the audit fees unless such audit firm
determines that the amount actually due Can-Fite, in the aggregate, exceeds the amounts paid or deemed paid by Distributor hereunder
by [...], in which case Distributor shall bear the audit fees. Distributor shall forthwith pay any amounts discovered
to be due pursuant to an audit together with interest from the date payment was originally due at a monthly rate equal to [...]. The results of
the audit shall be final and binding upon the Parties.

 

    	 

    	- 26 -

    

 

6.9          Facility Audits.

 

(a)       Distributor
and/or its nominee shall have the right to conduct an audit of any Approved Manufacturing Site(s) at which the Supplied Product
is being Manufactured, of Manufacturing records relating to the production of such Product, if applicable, of the Contract Finisher(s)’
facility where Supplied Product is Packaged and of any correspondence between Can-Fite and the Regulatory Authority related to
such Supplied Product or such facilities, during business hours upon ten (10) Business Days prior written notice to Can-Fite not
more than once per Fiscal Year during the Term of this Agreement, unless either Party, any Authority or any Third Party raises
any questions about the quality of the Supplied Product which could have a material detrimental effect on the sales or use of
Supplied Product, in which case Distributor’s audit right shall not be subject to the foregoing limitation until the specific
issue in question has been resolved, and Can-Fite shall promptly supply or cause its Approved Manufacturer to supply to Distributor
all data and results relating to all Testing performed in connection with the issue in question.

 

(b)       Can-Fite
and/or its nominee shall have the right to conduct an audit of the facilities and records of Distributor and/or its SubDistributors
and/or their Affiliates relating to the Marketing, Testing, and storage of Supplied Product and of any correspondence between
Distributor and/or its SubDistributors and/or their Affiliates and the Regulatory Authority related to Supplied Product or such
facilities, during business hours upon ten (10) Business Days prior written notice to Distributor not more than once per Fiscal
Year during the Term of this Agreement, unless any Authority or any Third Party raises any questions about the quality of the
Supplied Product or the Testing and Marketing thereof which could have a material detrimental effect on the sales or use of Supplied
Product, in which case Can-Fite’s audit right shall not be subject to the foregoing annual limitation until the specific
issue or question has been resolved, and Distributor shall promptly supply to Can-Fite all data and results relating to all Testing
performed by Distributor on Supplied Product.

 

7.            INTELLECTUAL PROPERTY

 

7.1         Ownership of Can-Fite
Intellectual Property.

 

Can-Fite shall retain
all of its rights, title and interest in and to all Product Technology, Can-Fite Trademarks, copyrights, and all other industrial
and Intellectual Property embodied in or which covers the Product, in each case which is owned, held, or licensed by it as of
the Effective Date or thereafter or developed, created or discovered by it or on its behalf during the Term, subject to the rights
granted in this Agreement. Except as otherwise expressly provided in this Agreement, Distributor has and shall have no right,
title or interest in any Intellectual Property owned by or licensed to Can-Fite relating to the Product including the Product
Technology and Can-Fite Trademarks.

 

7.2         Ownership of Distributor
Intellectual Property.

 

Distributor shall
retain all of its right, title and interest in and to all copyrights and all other Intellectual Property owned, held, or licensed
by it as of the Effective Date or thereafter developed, created or discovered by it or on its behalf during the Term, including
Trademarks. For clarification purposes, the Parties agree that nothing herein grants, or constitutes an agreement or obligation
to grant, to Can-Fite, any Approved Manufacturer or any of their Affiliates or other Third Party any right, title or interest
in, to or under any of the Trademarks.

 

    	 

    	- 27 -

    

 

7.3         Maintenance and Prosecution
of Product Patents.

 

As between Distributor
and Can-Fite, Can-Fite shall remain responsible for maintenance of Product Patents and shall bear all expenses associated therewith
including prosecution, renewal and other fees necessary to obtain and maintain the Product Patents in full force and effect until
the earlier of their expiration or the termination or expiration of this Agreement.

 

7.4          Notice of Patent
Infringement.

 

(a)       Information
Concerning Infringement. If either Party shall learn of (i) any claim or assertion that the Manufacture, Marketing, Packaging
or Testing of the Supplied Product, or the use of the Product Technology or other Intellectual Property related to the Supplied
Product infringes, misappropriates or otherwise violates the Intellectual Property rights of any Third Party, or (ii) the actual
or threatened infringement, misappropriation or other violation by any Third Party of the Product Technology or other Intellectual
Property related to the Product, then the Party becoming so informed shall as soon as reasonably practicable, but in all events
within ten (10) Business Days thereof, notify the other Party of such claim or assertion, or actual or threatened infringement,
misappropriation or other violation.

 

(b)       Potential
Infringement. In the event either Can-Fite or Distributor learns of any Third Party patents which may cover the Manufacturing,
Marketing, Testing or Packaging of the Supplied Product in the Territory, such Party will promptly notify the other Party. The
Parties agree to confer in good faith regarding such potential infringement risk and to explore reasonable alternatives for avoiding
such risk and to provide such information to each other as either Party may reasonably request.

 

(c)       Third
Party Claims; Defense by Can-Fite. If a Third Party files or threatens to file a claim, suit or action against Can-Fite or
Distributor claiming that a patent or other Intellectual Property right held by or licensed to it is infringed, misappropriated
or otherwise violated by the Manufacturing, Marketing or Testing or Packaging of the Supplied Product, and such claim, suit or
action arises out of Distributor’s exercise of its rights under this Agreement, the Parties shall confer in good faith regarding
such alleged infringement, misappropriation or other violation. Can-Fite may, but shall not be obligated to, defend any such claims,
suits or actions and shall notify Distributor of its election within thirty (30) days of receipt of notice. If Can-Fite elects
to defend such claims, suits or actions, it shall notify Distributor that it has elected to do so. Can-Fite shall provide information
to Distributor of the conduct of the defense of such claims, suits or actions as Distributor may reasonably request from time
to time. Distributor will assist in the defense of any such claim, suit or action as reasonably requested by Can-Fite. Can-Fite
and Distributor shall be equally responsible for and pay any payments made to Third Parties, and shall share equally all fees,
costs and expenses (including, without limitation, outside attorneys’ fees and expenses of Distributor and Can-Fite) as
a result of any actual or alleged infringement. Can-Fite shall not settle any such claim, suit or action if such settlement would
impose on Distributor the obligation to pay or contribute to any claim, without the prior express written consent of Distributor,
which shall not be unreasonably withheld, conditioned, or delayed. The Parties agree that in the event Can-Fite fails to remit
any payments required to be made to Third Parties or related expenses as provided above, and Distributor, in its sole discretion,
elects to make such payments, Distributor may set off such amounts against the payments to be made by Distributor to Can-Fite
pursuant to Section 6.7(a).

 

    	 

    	- 28 -

    

 

(d)       Defense
by Distributor. If Can-Fite elects not to defend against Third Party claims, suits or actions pursuant to Section
7.4(c), Can-Fite shall give notice of its decision to Distributor within reasonably sufficient time to permit Distributor,
at its option and without requirement, to defend against such claims, suits or actions. If Distributor, in its sole discretion,
elects to defend such Third Party claims, suits or actions, it shall notify Can-Fite that it has elected to do so and shall notify
Can-Fite in writing of its proposed legal counsel. Distributor shall provide information to Can-Fite of the conduct of the defense
of such claims, suits or actions as Can-Fite may reasonably request from time to time and Can-Fite shall assist in such defense
as reasonably requested by Distributor. Can-Fite and Distributor shall be equally responsible for and pay any payments made to
Third Parties and shall share equally all fees, costs and expenses (including, without limitation, outside attorneys’ fees
of Distributor and Can-Fite) as a result of any actual or alleged infringement. The Parties agree that in the event Can-Fite fails
to remit any payments required to be made to Third Parties or related expenses, Distributor may set off such amounts against the
payments to be made by Distributor to Can-Fite pursuant to Section 6.7(a). Distributor shall not settle any such claim,
suit or action if such settlement would impose on Can-Fite the obligation to pay any claim, without the prior express written
consent of Can-Fite, which shall not be unreasonably withheld, conditioned, or delayed.

 

7.5         Can-Fite Trademarks
Indemnified Infringement Claims.

 

Can-Fite agrees that it
shall, at its own cost and expense, defend, indemnify and hold harmless the Distributor Indemnitees from and against any and all
liabilities, losses, damages, actions, claims and expenses suffered or incurred by Distributor Indemnitees (including reasonable
attorneys’ fees, court costs and expert witnesses’ fees) (collectively “Claims”) arising out of,
resulting from or otherwise related to the Can-Fite Trademarks used by any Distributor Indemnitee as permitted by this Agreement,
provided that any such Claim does not arise from Distributor’s breach of this Agreement, or arise from Distributor Indemnitee’s
negligent or intentionally wrongful conduct. The Parties agree that nothing in this Section 7.5 limits Can-Fite’s
obligations to bear an equal share of any payments made to Third Parties as provided under Section 7.4(c) or Section
7.4(d) or indemnity obligations under Article 10 of this Agreement).

 

7.6         Trademarks
Indemnified Infringement Claims.

 

Distributor shall,
at its own cost and expense, defend, indemnify and hold harmless the Can-Fite Indemnitees from and against any and all Claims
suffered or incurred by Can-Fite Indemnitees (including reasonable attorneys’ fees, court costs and expert witnesses’
fees) arising out of, resulting from or otherwise related to the Trademarks used by Distributor, its Affiliates, sublicensees,
SubDistributors or agents, other than the Can-Fite Trademarks, provided that any such Claim does not arise from Can-Fite’s
breach of this Agreement, or arise from Can-Fite Indemnitee’s negligent or intentionally wrongful conduct. The Parties agree
that nothing in this Section 7.6 limits Distributor’s obligations to bear an equal share of any payments made to
Third Parties as provided under Section 7.4(c) or Section 7.4(d) or indemnity obligations under Article 10
of this Agreement).

 

    	 

    	- 29 -

    

 

7.7         Infringement of Product
Technology by a Third Party.

 

(a)       In the
event that any Party becomes aware of any Person infringing or potentially infringing the Product Technology in the Territory,
whether by direct or indirect infringement, or by misappropriation of Product Technology, it shall promptly notify the other Party.
Distributor shall not give notice (written or other) of infringement of any of the Product Technology or infringement or misappropriation
of other Intellectual Property of Can-Fite to any Third Party without Can-Fite’s prior written consent; provided, however,
that Distributor may give such notice to a Third Party without Can-Fite’s consent but upon thirty (30) days prior written
notice to Can-Fite, if (a) Can-Fite has declined to take steps to abate such infringement or misappropriation and Distributor
has the right to enforce the Product Technology or other Intellectual Property of Can-Fite against such Third Party infringer
as set forth in this Article 7; or (b) disclosure is required by applicable Laws to which Distributor is subject. In a
case where Distributor receives a notice of allegation under the Patented Medicines (Notice of Compliance) Regulations in
respect of the Product Patents, Can-Fite shall use Commercially Reasonable Efforts (including financial assistance) to assist
Distributor in seeking an order, within the forty-five (45) day deadline required under the Patented Medicines (Notice of Compliance)
Regulations, prohibiting Health Canada from issuing a notice of compliance for a Third Party’s drug product until the
expiration of the Product Patents that are the subject of such notice of allegation. For any actions other than those under the
Patented Medicines (Notice of Compliance) Regulations, unless the Parties otherwise mutually agree in writing, Can-Fite
shall have the initial right, but not the obligation to enforce the Product Technology or defend any declaratory action with respect
thereto (an “Enforcement Action”), at its expense and using its Commercially Reasonable Efforts, and Distributor
shall give all reasonable assistance (excluding financial assistance) to Can-Fite in such Enforcement Action. However, if (i)
Can-Fite agrees in writing not to bring or defend an Enforcement Action with respect to any Product Technology in the Territory
or (ii) within ninety (90) days following a written request by Distributor to do so and confirmation of facts reasonably supporting
existence of such actual or suspected infringement with respect to Product Technology in the Territory for which Distributor has
license rights under this Agreement, Can-Fite fails to bring or defend an Enforcement Action or take other commercially reasonable
action to protect the Product Technology from such infringement, or to abate such infringement, then Distributor shall have the
right, but not the obligation, at its sole discretion, to institute an Enforcement Action in its own name at its own expense,
and with the right to control the course of such Enforcement Action (and Can-Fite shall provide all reasonable assistance to Distributor
for such Enforcement Action, at Distributor’s expense, including joining such Enforcement Action if necessary to maintain
the Enforcement Action, and Can-Fite shall have the right to join and participate in the Enforcement Action whether or not such
joinder is requested by Distributor; if not requested by Distributor, such participation will be at Can-Fite’s expense).
Any amounts recovered with respect to any Enforcement Action pursuant to this Section 7.7(a) shall be applied first to
reimburse the Parties for their reasonable out-of-pocket expenses (including reasonable attorneys’ fees) in the prosecution
of such infringement. The remainder shall be deemed Net Sales. Notwithstanding any provision to the contrary, Distributor shall
not be precluded from seeking, in its own independent cause of action, the recovery of damages resulting from its own lost sales,
price erosions or similar damages suffered or incurred by Distributor.

 

    	 

    	- 30 -

    

 

7.8         Trademarks.

 

(a)       License.
Subject to the terms and conditions of this Agreement, Can-Fite hereby grants to Distributor an exclusive right for use in the
Field within the Territory to use the Can-Fite Trademarks solely for the purposes of Marketing the Products under this Agreement.
Such license shall not preclude Can-Fite and/or any Approved Manufacturer from using Can-Fite Trademarks within the Territory
for any Product that is to be Marketed or sold outside the Territory.

 

(b)       No
Obligation to Use Trademarks. Distributor may use the Can-Fite Trademarks solely for the Marketing of the Products for use
in the Field in the Territory. Distributor may use its own Trademarks on Product Packaging, brochures and other promotional materials
to identify itself as the distributor of the Product provided that Distributor has obtained the applicable Regulatory Approval.

 

(c)       Can-Fite
Ownership. Distributor hereby agrees to and recognizes Can-Fite’s exclusive ownership or license rights of the Can-Fite
Trademarks and the renown of the Can-Fite Trademarks. Distributor agrees not to take any action inconsistent with such ownership
and further agrees to take any action, at Can-Fite’s expense, which Can-Fite reasonably deems necessary to establish and
preserve Can-Fite’s exclusive rights in and to the Can-Fite Trademarks including cooperating in the registration of the
Can-Fite Trademarks on the trademark registry or other appropriate registration procedure in each jurisdiction in the Territory.

 

(d)       Distributor
Ownership. Can-Fite hereby agrees to and recognizes Distributor’s exclusive ownership or license rights of the Trademarks
and the renown of the Trademarks. Can-Fite agrees not to take any action inconsistent with such ownership and further agrees to
take any action, at Distributor’s expense, which Distributor reasonably deems necessary to establish and preserve Distributor’s
exclusive rights in and to the Trademarks including cooperating in the registration of the Trademarks on the trademark registry
or other appropriate registration procedure in each jurisdiction in the Territory.

 

(e)       Can-Fite
Goodwill. The Parties agree that all use of the Can-Fite Trademarks by Distributor shall be for the sole and exclusive benefit
of Can-Fite and the goodwill and reputation accrued in connection with Distributor’s or its Affiliates’ or SubDistributors’
use of the Can-Fite Trademarks shall accrue solely to Can-Fite. In the event Distributor acquires any right, title or interest
in or to or relating to the Can-Fite Trademarks for any reason, Distributor shall immediately assign or cause to be assigned (in
the case of Distributor’s Affiliates) at no cost to Can-Fite, all such right, title and interest, together with any related
goodwill or reputation, to Can-Fite. Distributor or its Affiliates shall promptly execute all documents reasonably requested by
Can-Fite in connection with such assignment and shall use commercially reasonable efforts to cause its SubDistributors to do the
same.

 

    	 

    	- 31 -

    

 

(f)       Distributor
Goodwill. The Parties agree that all use of the Trademarks by Distributor and its Affiliates and SubDistributors shall be
for the sole and exclusive benefit of Distributor, and the goodwill and reputation accrued in connection with Distributor’s
or any Affiliate’s or SubDistributor’s use of the Trademarks shall accrue solely to Distributor. The Parties agree
that Can-Fite and its Affiliates will have no rights to use (or to authorize the use by any Third Party) any of the Trademarks.
Notwithstanding the foregoing, in the event Can-Fite, or any of its Affiliates acquires any right, title or interest in or to
or relating to the Trademarks for any reason, Can-Fite shall immediately assign, or cause to be assigned (in the case of Can-Fite’s
Affiliates), at no cost to Distributor, all such right, title and interest, together with any related goodwill or reputation,
to Distributor. Can-Fite or its Affiliates shall promptly execute all documents reasonably requested by Distributor in connection
with such assignment.

 

(g)       Infringement.
Distributor agrees that only Can-Fite has the right to enjoin any infringement or registration by a Third Party of the Can-Fite
Trademarks, provided, however, that Can-Fite may authorize Distributor to enjoin such infringement or registration. Distributor
will assist in the prosecution of any such action as reasonably requested by Can-Fite at Can-Fite’s cost. Notwithstanding
the foregoing, Can-Fite at it sole cost and expense will diligently enforce the Can-Fite Trademarks in the Territory for the benefit
of Distributor.

 

(h)       No
Confusion. Distributor shall not adopt, use, or register any acronym, trademark, trade names, service mark or other marketing
name that is confusingly similar to or dilutive of the Can-Fite Trademarks or the Can-Fite name, and shall not use the Can-Fite
Trademarks or the Can-Fite name other than in connection with the Marketing of the Product pursuant to this Agreement. Can-Fite
shall not adopt, use, or register any acronym, trademark, trade names, service mark or other marketing name that is confusingly
similar to or dilutive of the Trademarks or the Distributor name, and shall not use the Trademarks or the Distributor name other
than in connection with the Manufacturing and Testing of the Product pursuant to this Agreement.

 

8.           CONFIDENTIALITY

 

8.1         Can-Fite’s
Information.

 

Except as provided
in Section 8.3 or elsewhere in this Agreement, Distributor shall maintain all of Can-Fite’s Confidential Information
provided by Can-Fite to Distributor, whether in writing, electronically, orally or through access to Can-Fite’s premises,
in strict confidence. Such information shall remain the property of Can-Fite, and Distributor shall not use the same for or on
behalf of any Person or entity other than Can-Fite or make use of any such information except as permitted by this Agreement without
the express prior written approval of Can-Fite.

 

8.2         Distributor’s
Information.

 

Except as provided
in Section 8.3 or elsewhere in this Agreement, Can-Fite shall maintain all of Distributor's Confidential Information provided
by Distributor to Can-Fite, whether in writing, electronically, orally or through access to Distributor’s premises, in strict
confidence. Such information shall remain the property of Distributor, and Can-Fite shall not make use of any such information
except as permitted by this Agreement without the express prior written approval of Distributor.

 

    	 

    	- 32 -

    

 

8.3         Exceptions.

 

The covenants of
the receiving Party contained in Section 8.1 and Section 8.2 shall not apply to Confidential Information (a) that
the receiving Party can reasonably demonstrate by competent proof is required to be disclosed by Law or a court or other Authority
pursuant to (i) regulatory filings; (ii) prosecuting or defending litigation; (iii) complying with applicable Law and orders or
decisions of any Official Body having jurisdiction; (iv) necessary to the limited extent only to conducting pre-clinical or clinical
trials of Product and persons involved in such trials are bound by similar terms of confidentiality; or (b) disclosed to directors,
officers, employees, representatives, or Affiliates who agree to be bound by similar terms of confidentiality. Notwithstanding
any provision herein to the contrary, nothing herein shall prevent or prohibit any disclosure of any information concerning this
Agreement (A) required under applicable securities Laws and the rules and regulations of any stock exchange or market system on
which any Party’s securities are or may be traded, (B) by either Party in connection with an Approved Transaction (as defined
below), where prospective parties or the other party or parties to such Approved Transaction have entered into confidentiality
agreements with the Party concerning such Confidential Information, (C) to either Party’s financial advisors or legal advisors
who have agreed to the limitations on disclosure contained herein and/or (D) to investment bankers and/or financing sources in
connection with bona fide financing transactions involving either Party or an Affiliate. For the purposes of this Agreement,
each of the following shall constitute an “Approved Transaction”: (i) the issuance by either Party of securities
in connection with any financing transaction or public offering, and/or (ii) a merger, consolidation or other similar transaction
involving either Party (i.e., wherein another entity acquires all or substantially all of that Party’s equity interests
or assets or a merger or consolidation or similar transaction wherein securities of the post transaction entity will be issued
to the other party). If a Party is required or permitted to make a disclosure of the other Party’s Confidential Information
pursuant to this Section 8.3, it will use commercially reasonable efforts to (I) limit the scope of the Confidential Information
disclosed and the number of persons to whom such Confidential Information is disclosed, in each case to the minimum extent required
to address the reason such disclosure is permitted hereunder and (II) secure confidential treatment of such Confidential Information
and comply with any applicable provisions of Section 12.7.

 

8.4         Publications.

 

A Party primarily responsible
for a proposed publication (excluding any publication required under applicable securities Laws, which shall be subject to the
provisions of Sections 8.3 and 12.7) relating to the Product in the Territory (the primary purpose of which is not
advertising or promotion), whether written or oral, shall, at least thirty (30) days before presentation or submission of the
proposed publication to a Third Party, submit such proposed publication to the other Party for review in connection with obtaining
or preserving Intellectual Property rights and/or to determine whether such other Party’s Confidential Information is contained
therein and should be modified or deleted. The receiving Party shall have thirty (30) days in which to review and consent to each
proposed publication, such consent not to be unreasonably withheld or delayed. The Parties may mutually agree to extend the review
period for an additional thirty (30) days when the receiving Party provides a reasonable need for such extension, including, but
not limited to the preparation and filing of pertinent patent applications.

 

    	 

    	- 33 -

    

 

8.5         Survival.

 

This Article 8 shall survive termination of this
Agreement for a period of three (3) years.

 

9.           TERM AND TERMINATION
OF AGREEMENT

 

9.1          Term.

 

The term of this
Agreement shall commence on the Effective Date and continue for fifteen (15) years from the date of the First Commercial Sale
(the “Initial Term”). This Agreement will be automatically renewed for 5 (five) year periods (each a “Renewal
Term” and together with the Initial Term, the “Term”) unless either Party gives to the other Party
notice of termination at least six (6) months prior to the expiry of the then current Term.

 

9.2          Termination.

 

(a)       Material
Breach. Except as expressly specified in this Section 9.2, this Agreement may not be terminated for a breach or otherwise,
provided however, that a Party may seek to recover damages for a breach, whether or not cured, and a Party may seek specific performance
for any breach of this Agreement.

 

(b)       Distributor’s Termination
Rights. Distributor may terminate this Agreement:

 

(i)    at
any time following receipt of the Regulatory Approval on ninety (90) days' prior written notice to Can-Fite;

 

(ii)    if
Can-Fite (through itself or its Affiliates) breaches its obligations under Section 2.3 such termination shall be effective
upon thirty (30) days prior written notice of termination sent by Distributor to Can-Fite, provided however, that Can-Fite shall
have thirty (30) days from the date of such notice to cure such breach; and such cure may be effected by cessation of the activities
causing the breach and termination of any licenses or rights granted to Third Parties in breach of Section 2.3; 

 

(iii)    if
a Supply Interruption occurs and Can-Fite is not able to resume supply as set forth in Section 6.3(c).

 

    	 

    	- 34 -

    

 

(c)       Can-Fite’s Termination
Rights. Can-Fite may terminate this Agreement:

 

(i)    If
Distributor fails to pay any amounts due to Can-Fite under this Agreement in excess of $20,000 (due and owing at one time) when
due; provided however, such amounts are not subject to setoff as provided in Section 12.2; and provided further, such payments
are not subject to a bona fide dispute; provided, further, that if Distributor pays the amounts due and payable pursuant to Section
6.7(a)(iii) or (iv), in each case, in accordance with Distributor’s good faith calculations, and Can-Fite disagrees
with those calculations and/or requests an audit with respect to such calculations, any amounts in excess of such good faith calculations
shall be payable pursuant to clause (B) of the following sentence. Such termination shall be effective, (A) in the case of (I)
failure to make payments not subject to a bona dispute or (II) failure of Distributor to make payments under Sections 6.7(a),
in each case, to the extent of Distributor’s good faith calculations, upon ten (10) days prior written notice of termination
sent by Can-Fite to Distributor, provided that Distributor shall have (10) ten days from receipt of notice of termination to cure
such default, and (B) in the case of all other payment defaults ten (10) days following Distributor’s receipt of written
notice of termination provided by Can-Fite sent after resolution of the payment dispute (by agreement between the Parties, through
the mechanism of Section 6.8, or through the mechanism of Section 12.2, as applicable). provided however that Distributor
shall have ten days from receipt of such notice of termination to cure such default;

 

(ii)    if
Distributor or its Affiliates breaches its obligations under Sections 2.2, 2.3 or 8, such termination shall be effective
upon thirty (30) days prior written notice of termination sent by Can-Fite to Distributor, provided however, that Distributor
shall have thirty (30) days from the date of such notice to cure such breach; and such cure may be effected by the immediate cessation
of the activities causing the breach and termination of any licenses or rights granted to Third Party in breach of such Section
2.2 or 2.3;

 

(iii)    if
First Commercial Sale is not achieved within one year from the NDS; provided, however, that Can-Fite shall not be entitled to
terminate this Agreement if failure to achieve such First Commercial Sale results from a failure of Can-Fite to supply Product
or another circumstance beyond the control of Distributor, including, without limitation, a Force Majeure or a change in applicable
Law; or

 

(iv)    in
the event the minimum sales requirements set forth in Schedule D are not achieved.

 

(d)       Bankruptcy
and Insolvency. A Party shall have the right to terminate this Agreement in the event that a court of competent jurisdiction
declares the other Party insolvent or bankrupt, or a bankruptcy proceeding is commenced against the other Party that is not dismissed
within ninety (90) days of commencement or the other Party files a proposal, assignment for the benefit of creditors, arrangement,
composition or seeks similar relief under any applicable bankruptcy law or the other Party is in receivership, in which case termination
shall be effective upon written notice to that effect.

 

    	 

    	- 35 -

    

 

9.3         Accrued Rights, Surviving
Obligations.

 

Termination or expiration
of this Agreement shall not affect any accrued rights of either Party or payments otherwise owing. Without limiting the foregoing,
the terms of Sections 4.8, 5.1, 5.2, 5.3, 5.4, 6.7 (to the extent of amounts owed that
accrued during the Term and amounts owed for sale of unsold Product (percentage of Net Sales) and unsold Authorized Generic (percentage
of Net Profits) under Section 9.4), 6.8 and 6.9 (only with respect to specific issues relating to quality of Supplied Product
delivered to Distributor during the Term) and Articles 7 (excluding Section 7.7 with respect to actions commenced
post-termination, but including such section for actions commenced pre-termination (but only to the extent of pre-termination
infringement, with any damages for post-termination infringement, accruing only to Can-Fite (as opposed to Distributor) and with
Distributor having no obligation to pursue such post-termination damages) and except that the provisions of Section 7.4
shall survive only to the extent a claim, suit or action arises out of Distributor’s exercise of rights under this Agreement),
8, 9, 10, 11, and 12 of this Agreement shall survive termination or expiration of this Agreement.

 

9.4         Transitional Matters.

 

(a)       Upon
expiration or termination of the Agreement, Distributor may, where permitted by Law, sell Supplied Product then in its inventory
for a period of [...] months thereafter, all in accordance with the terms of this Agreement. [...]. Can-Fite will have the right to cancel any purchase orders
placed by Distributor which were accepted by Can-Fite prior to such termination, and which require delivery of Supplied Product
after the date of termination including during such twelve (12) month period.

 

(b)       Upon
termination, Distributor and Can-Fite shall at their own expense make Commercially Reasonable Efforts to ensure that the continuity
of patient care is not disrupted including transferring of managed care contracts, adverse event reporting, and dealing with supply
chain matters. In addition, Distributor will remain responsible for returned Supplied Product sold by Distributor and Can-Fite
will be responsible for returned Supplied Product following termination of this Agreement provided it was not sold by Distributor
pursuant to this Agreement, including Section 9.4(a) above. For the purpose of identifying the responsible party, Supplied
Product will be tracked via lot numbers.

 

9.5         Transfer of Approvals.

 

Within thirty (30)
days of expiration or termination of the Agreement, Distributor shall transfer or cause to be transferred to Can-Fite, or to any
Third Party designated by Can-Fite, all Approvals relating to Supplied Product, including all Regulatory Approvals, the New Drug
Submission(s), Other Approvals, and Can-Fite Trademarks and Trademarks specifically relating to the Product or Authorized Generic,
or applications therefore, that are in the name of Distributor, at Can-Fite’s cost.

 

    	 

    	- 36 -

    

 

9.6          Effect of Termination.

 

Termination of this
Agreement shall not operate to release either Party from any obligation or liability incurred under this Agreement prior to or
upon termination hereof or which, by the terms hereof, survives termination. Upon any termination of this Agreement, except to
the extent required for the purposes of Section 9.4, (i) all licenses and rights granted to Distributor hereunder shall
immediately terminate and (ii) all rights, properties and interests granted by Can-Fite to Distributor shall immediately revert
to and become fully vested in Can-Fite and Distributor shall return to Can-Fite all copies of documents regarding Supplied Product
and all Confidential Information supplied by Can-Fite. For the avoidance of doubt, the Parties acknowledge that Can-Fite shall
have no rights to the Trademarks following any termination of this Agreement.

 

9.7         License Survival
During Bankruptcy.

 

The Parties agree that
Distributor, as a licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections
under the Israeli bankruptcy law subject to performance by Distributor of its obligations under this Agreement. The parties further
agree that, in the event Can-Fite elects to reject or terminate this Agreement while Can-Fite is the subject of a case or proceeding
for bankruptcy and Distributor elects to continue the licenses under this Agreement as contemplated by the preceding sentence,
then Distributor shall be entitled, upon reasonable request, to have access, in confidence, to such of Product Know How not already
in Distributor’s possession, as shall be reasonably necessary to make use of the license rights under this Agreement without
participation by Can-Fite, subject to the terms and conditions of this Agreement, including without limitation, Sections 2.2,
2.3 and 2.4. The licensor of intellectual property to Distributor under this Agreement shall be (i) an Israeli entity
or (ii) an entity of a jurisdiction having legal protections in the event of a bankruptcy or reorganization filing of the licensor,
which in the reasonable opinion of Distributor, are comparable or at least as favorable to a licensee as those provided under
Section 365(n) of the U.S. Bankruptcy Code, as in effect as of the Effective Date; provided, however, if the licensor is not an
entity of the type contemplated in clauses (i) and (ii) above, then licensor shall place its intellectual property rights which
relate to this Agreement in a trust or other structure which will provide protection to the licensee in the event of the bankruptcy
or reorganization filing of the licensor at a level at least comparable to that contemplated in clauses (i) or (ii) above; and
provided, further, that such trust or similar structure must be reasonably acceptable to Can-Fite and Distributor.

 

    	 

    	- 37 -

    

 

10.          INDEMNITY

 

10.1       Indemnification by Can-Fite.

 

Can-Fite agrees to and
hereby does indemnify, defend and hold the Distributor Indemnitees harmless from and against all losses, claims, damages, costs
and expenses, including reasonable attorneys’ fees (including, without limitation, those resulting from Third Party claims,
actions, or proceedings) (collectively “Losses”) arising from: (a) the breach of any representation, warranty,
covenant or obligation by Can-Fite hereunder (except for that relating to Third Party infringement indemnification, the provisions
for which are exclusively limited to Sections 7.4 and 7.5), (b) any negligent act or omission, or willful misconduct
of Can-Fite or its Affiliates or any of its Approved Manufacturers or, as applicable, any of its Contract Finishers; (c) the Marketing
of Supplied Product inside or outside the Territory by Can-Fite or any of its Affiliates; (d) the failure of the Supplied Product
sold to Distributor to meet the Specifications; or (e) any Product Liability Claims, not covered by subsections (a)-(d)
above or subsections (a)-(g) of Section 10.2 (to the extent of fifty percent (50%) of such Losses); provided, however,
that in the case of each of subsections 10.1(a), (c), (d), or (e) Can-Fite shall have no indemnity
obligation to Distributor for any Losses for which Distributor is obligated to indemnify Can-Fite pursuant to Section 10.2
if the Losses are primarily and substantially a result of the facts giving rise to Distributor’s obligation to indemnify.

 

10.2       Indemnification by Distributor.

 

Distributor agrees to
and hereby does indemnify and hold the Can-Fite Indemnitees harmless from and against all Losses (unless other specified) arising
from: (a) the Marketing, Testing, sale or other distribution of Supplied Product by Distributor or its SubDistributors or any
of their respective Affiliates or agents in violation of the terms of this Agreement; (b) breach of any representation, warranty,
covenant or obligation by Distributor hereunder; (c) any negligent act or omission, or willful misconduct of Distributor or its
SubDistributors or any of their respective Affiliates or agents (d) sale or use of a pharmaceutical product which is not supplied
by or on behalf of Can-Fite or any of its Approved Manufacturers or any of their respective Affiliates or agents pursuant to this
Agreement and which is sold or combined by Distributor or any SubDistributor with Supplied Product, (e) improper handling, storage
or transport of Supplied Product by Distributor, its Affiliates, or any SubDistributor or their respective agents, (f) the unauthorized
alteration, modification, or adulteration of Supplied Product by Distributor, its Affiliate, or any SubDistributor, (g) any representations
or warranties made by Distributor or any of its Affiliates or SubDistributors with respect to Supplied Product (other than the
labeling approved by the Regulatory Authority), or (h) any Product Liability Claims, not covered by subsections (a)-(d)
of Section 10.1 or subsections (a)-(g) of this Section 10.2 (to the extent of fifty percent (50%) of such
Losses), provided, however, that in the case of each of subsections 10.2(a)-(c) and (e)-(g), Distributor shall have
no indemnity obligation to Can-Fite for any Loss for which Can-Fite is obligated to indemnify Distributor pursuant to Section
10.1 if the Losses are primarily and substantially a result of the facts giving rise to Can-Fite’s obligation to indemnify.

 

    	 

    	- 38 -

    

 

10.3       Procedure.

 

This Section 10.3 describes
the procedure for indemnification of Losses for Third Party claims. With respect to Losses relating to the claim of a Party hereto,
the procedures provided in Section 12.2 shall govern. The Party seeking indemnification for Third Party claims under Sections
10.1 or 10.2 (the “Indemnified Party”) shall promptly notify the other Party (the “Indemnifying
Party”) in writing of all matters which may give rise to the right to indemnification hereunder; provided, however,
that failure to promptly give the notice provided in this Section 10.3 shall not be a defense to the liability of the Indemnifying
Party for such claim, but the Indemnifying Party may recover any actual Losses arising from the Indemnified Party’s failure
to give such prompt notice. The Indemnified Party shall not admit any liability with respect to, or settle, compromise or discharge
any such matter covered by this Article 10 without the Indemnifying Party’s prior written consent (which shall not
be unreasonably withheld, delayed or conditioned). The Indemnifying Party shall have the right, with the consent of the Indemnified
Party (which shall not be unreasonably withheld, delayed or conditioned), to settle all indemnifiable matters under this Article
10 related to claims by Third Parties which are susceptible to being settled. In connection with any claim giving rise to
indemnity under this Article 10 resulting from or arising out of any claim or legal proceeding by a Person other than the
Indemnified Party, the Indemnifying Party at its sole cost and expense may, upon written notice to the Indemnified Party and an
acknowledgement of its indemnity obligations hereunder, assume the defense of any such claim or legal proceeding. If the Indemnifying
Party assumes the defense of any such claim or legal proceeding, the Indemnifying Party shall select counsel reasonably acceptable
to the Indemnified Party to conduct the defense of such claims or legal proceedings and, at the Indemnifying Party’s sole
cost and expense (which costs and expenses shall not be applied against any indemnity limitation herein), shall take all steps
necessary in the defense or settlement thereof. The Indemnified Party shall be entitled to participate in (but not control) the
defense of any such action, with its own counsel and at its own expense, and shall be entitled to any and all information and
documentation relating thereto. If the Indemnifying Party does not assume (or continue to diligently and competently prosecute)
the defense of any such claim or litigation resulting therefrom in accordance with the terms hereof, the Indemnified Party may,
at the Indemnifying Party’s expense, defend against such claim or litigation in such manner as it may deem appropriate,
but may not settle such claim or litigation without the consent of the Indemnifying Party, which consent shall not be unreasonably
withheld, delayed or conditioned. The Indemnified Party will cooperate reasonably with the Indemnifying Party in its efforts to
conduct or resolve such matters, including by making available to the Indemnifying Party relevant documents and witnesses. The
Indemnified Party and the Indemnifying Party shall keep each other informed of all settlement negotiations with Third Parties
and of the progress of any litigation with Third Parties. The Indemnified Party and the Indemnifying Party shall permit each other
reasonable access to books and records and shall otherwise cooperate with all reasonable requests of each other in connection
with any indemnifiable matter resulting from a claim by a Third Party.

 

10.4       Indemnification Not Sole Remedy.

 

Each Party hereby
acknowledges that the indemnification provided under this Article 10 shall in no manner limit, restrict or prohibit (unless
liability is otherwise expressly limited by the terms of this Agreement) either Party from seeking any recovery or remedy provided
at law or in equity from the other Party in connection with any breach or default by such other Party of any representation, warranty
or covenant hereunder, including injunctive relief.

 

    	 

    	- 39 -

    

 

10.5       Insurance.

 

Each Party will have
in force prior to the First Commercial Sale and shall maintain in good standing throughout the Term of this Agreement and for
a period of seven (7) years thereafter, product liability insurance policies in respect of the Supplied Product(s) with an internationally
recognized insurer or insurers licensed to do business in the Territory in an amount not less than $5 million per occurrence,
on such terms and conditions as are customary in the industry, and shall list the other Party as an additional insured on such
policy(ies). Each Party shall provide proof of such insurance to the other Party within ten (10) days prior to the First Commercial
Sale and thereafter from time to time within thirty (30) days of request of proof of such insurance.

 

11.         REPRESENTATIONS,
WARRANTIES AND COVENANTS; LIMITATIONS OF LIABILITY

 

11.1        Representations, Warranties and Covenants.

 

(a)       Organization
and Authority. Each Party represents and warrants that it (i) is duly organized, validly existing and, in the case of Cipher
only, in good standing under the Laws of the jurisdiction of its organization, (ii) is qualified to do business in each other’s
jurisdiction in which the conduct of its business requires such qualification, (iii) is in compliance with all applicable Laws,
relating to its business and assets, and (iv) is not in material default of its memorandum or articles of association, its certificate
of incorporation or by-laws or all other constituent documents as the case may be, except in the case of (ii) and (iii) where
such failure to qualify or be in compliance would not have a material adverse effect on the business and assets of such Party
or the performance of this Agreement by such Party.

 

(b)       Due
Authorization and Enforceability. Each Party represents and warrants that (i)    it has full authority
to execute, deliver and perform its obligations under this Agreement, (ii)    that this Agreement has been
duly executed and delivered by such Party, and constitutes the legal, valid and binding obligations of such Party and is enforceable
against such Party in accordance with its terms, and (iii) that the execution, delivery and performance of this Agreement will
not violate, be inconsistent with or result in a default under or creation of lien or encumbrance under (except as specifically
contemplated by this Agreement) (A) the memorandum or articles of association, certificate of incorporation or by-laws or other
constituent documents, as the case may be, of any Party and/or its Affiliates, (B) any material agreement, contract, license understanding
or instrument binding upon or affecting such Party or its properties or assets, whether express, implied, written or oral, or
(C) any applicable Laws affecting either Party or its properties or assets, except where such violation would not have a material
adverse effect on the business and assets of such Party.

 

(c)       Import
and Product Handling. Each Party covenants that it will and will cause its Affiliates and agents and, in the case of Distributor,
its SubDistributors and, in the case of Can-Fite, its Approved Manufacturer(s) and, if applicable, Contract Finisher(s) to, comply
with all applicable Laws relating to the importation, warehousing, storage, Manufacturing, Marketing, Packaging and Testing of
Supplied Product applicable to such Laws and will ensure that all required Approvals are in effect and will maintain such Approvals
in good standing.

 

(d)       Rights
to Grant. Can-Fite represents and warrants that it has the sole, exclusive and unencumbered right to grant the rights (including
any license) herein granted to Distributor, and that neither Can-Fite, nor any other Person, has granted any option, license,
right or interest in or to the Product to any Third Party which could conflict with the rights granted by it under this Agreement
in the Territory.

 

    	 

    	- 40 -

    

 

(e)       Trademarks.
Can-Fite represents and warrants that, to its knowledge, it has all rights to the Can-Fite Trademarks and that such trademarks
are valid. Distributor represents and warrants that, to its knowledge, it has all rights to the Trademarks and such trademarks
are valid.

 

(f)       Intellectual
Property. Can-Fite represents, warrants and covenants that it owns or has the exclusive license to all intellectual property
(including all Intellectual Property), assets, licenses and approvals necessary to make, have made, use, sell, offer for sale
and import the Products for use in the Field on an exclusive basis and will possess all such rights during the Term as may be
necessary to promote, market, distribute and sell the Product for use in the Field in the Territory itself and/or through Distributor
or its Affiliates as contemplated by this Agreement. Can-Fite further represents, warrants and covenants that it has the right
and ability to initiate patent litigation against Third Parties based upon an infringement of the Product Patents. Can-Fite represents
and warrants that there is no other intellectual property (including, without limitation, any license to same) required for Can-Fite
to Market, Manufacture or have Manufactured, Package or have Packaged, or Test or have Tested Product, or to grant Distributor
the rights provided in this Agreement.

 

(g)       No
Claims. Can-Fite represents, warrants and covenants that there are no proceedings currently pending or, to the knowledge of
Can-Fite, threatened against, Can-Fite or any of its Affiliates, relating to or otherwise arising from (i) Product Liability Claims
or claims for death or bodily injury relating to any Product, or (ii) infringement, misappropriation or other conflict with any
intellectual property or other rights of any Person relating to any Product or any Can-Fite Trademarks, or (iii) the promotion,
marketing, manufacture, distribution or sale of any Products.

 

(h)       No
Infringement. Can-Fite represents and warrants that (i) to its knowledge, the Product does not and will not infringe the intellectual
property rights of any Person; (ii) to its knowledge, Distributor’s Marketing, sale and distribution of the Product as contemplated
by this Agreement shall not infringe or otherwise violate the intellectual property rights of any person; and (iii) to its knowledge,
the Manufacture and packaging of Product by an Approved Supplier including Distributor will not infringe the intellectual property
rights of any Person.

 

11.2       Quality Assurance Representations, Warranties
and Covenants.

 

(a)       Can-Fite, in its own
name and on behalf of any of its Approved Manufacturers, Contract Finishers and Affiliates engaged in the performance of the actions
contemplated hereby, including the Manufacture, sale and delivery of Supplied Product hereunder, hereby represents, warrants and
covenants to Distributor that all Supplied Product that Can-Fite or any of Can-Fite’s Approved Manufacturers or Affiliates
Manufactures, supplies and delivers under and pursuant to this Agreement will:

 

(i)    conform
to the Specifications at time of shipment to Distributor; 

 

    	 

    	- 41 -

    

 

(ii)    be
free and clear from all liens, encumbrances and defects of title, other than those that arise directly as a result of actions
taken by Distributor; and

 

(iii)    comply
in all material respects with the requirements under the GMP standards, the Regulatory Approvals and the Other Approvals, as applicable,
the Act and any other applicable Law in the Territory, and will not, at the time of such delivery be adulterated or misbranded
within the meaning of the Act.

 

(b)       Can-Fite
shall furnish to Distributor a certificate of analysis for each lot of the Supplied Product shipped to Distributor, and a certificate
that such lot meets the quality control standards set forth in the relevant approved application for Regulatory Approval all well
as the annual certificate of compliance.

 

(c)       Distributor
shall be responsible for storing Supplied Product under appropriate conditions as specified in labeling and for distribution in
full compliance with the applicable GMP standards, the Regulatory Approvals, the Other Approvals, the Act and the applicable Law.
Distributor shall have received and shall be in current compliance with all Approvals of any Authority as may be required to Market
Supplied Product pursuant to this Agreement.

 

(d)       None
of Distributor or Distributor’s Affiliates or SubDistributors shall, in bad faith, disrupt or cause the disruption of the
supply of Supplied Product into the marketplace in the Territory.

 

(e)       Can-Fite
or its Approved Manufacturer(s) shall have received, and shall at all times during the Term, be in current compliance with, all
Approvals of any Regulatory Authority as may be required to Manufacture and/or to supply the Supplied Product pursuant to this
Agreement, and, as of the Effective Date, Can-Fite or, to its knowledge, any Approved Manufacturer has not received any warning
letters or similar regulatory letters from any Regulatory Authority within the last three (3) years with respect to the Product
which Can-Fite has not disclosed to Distributor or which prevents the Manufacture and supply of the Product.

 

(f)       Can-Fite
shall ensure that each lot of the Supplied Product shipped to Distributor has a shelf-life and expiration date of at least thirty-six
(36) months at the date of shipment.

 

(g)       Each
Party represents and warrants to the other Party that it has not engaged in any conduct or activity which could justify an FDA
debarment action, and no debarment proceedings are currently underway or, to its knowledge, contemplated against it or any of
its employees and, to its knowledge, neither its Approved Manufacturer or any of its Contract Finishers has engaged in conduct
that would justify an FDA debarment action and no proceedings are currently underway or contemplated against any of its Approved
Manufacturers or Contract Finishers or any of their employees.

 

11.3       Distributor’s Compliance with Laws.

 

Without
limiting anything herein, Distributor shall comply with all applicable Laws in performing this Agreement, including all Marketing,
promotional or advertising activities conducted by its Afiliates, or SubDistributors or its or their agents.

 

    	 

    	- 42 -

    

 

11.4       Limitation of Liability.

 

EXCEPT AS EXPRESSLY
SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY TO THE OTHER PARTY OF ANY KIND, INCLUDING WITHOUT
LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

NOTWITHSTANDING ANYTHING
TO THE CONTRARY CONTAINED IN THIS AGREEMENT, EXCEPT WITH RESPECT TO CONFIDENTIALITY AND INDEMNIFICATION OBLIGATIONS AS SET FORTH
IN THIS AGREEMENT, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE,
INDIRECT DAMAGES, LOSS OF PROFIT, LOSS OF REVENUE, LOSS OF USE EVEN IF INFORMED OF POSSIBILITIES OF SUCH DAMAGES OR LOSSES.

 

12.         MISCELLANEOUS

 

12.1      Governing Law.

 

This Agreement shall
be governed by laws of New York, excluding its choice of law provisions. The Parties hereby agree to exclude the application of
the International Sale of Goods Act.

 

12.2      Dispute Resolution.

 

The Parties recognize
that any dispute, controversy or claim arising under or relating to this Agreement, (collectively, a “Dispute”)
may from time to time arise during the Term of this Agreement including in relation to the selection and appointment of the Third
Party Laboratory and Auditor. It is the objective of the Parties to establish procedures to facilitate the resolution of disputes
arising under this Agreement in an expedient manner by mutual cooperation and without resort to litigation. To accomplish this
objective, the Parties agree to follow the procedures set forth in this Section 12.2 if and when a dispute arises under
this Agreement. Each Party shall designate an individual (the “Responsible Person”) to whom disputes shall
be initially referred. Such Responsible Person shall be (i) in the case of Can-Fite, a person having managerial responsibility
in the functional area of dispute and (ii) in the case of the Distributor, a person having managerial responsibility in the functional
area of dispute. Disputes under this Agreement between the Parties shall be submitted to the other Party’s Responsible Person.
The Responsible Persons will meet and hear the disputed matter in as timely a manner as possible. If the Responsible Persons are
unable to reach a decision within ten (10) days, such matter shall be referred for resolution to the Chief Executive Officer of
Can-Fite and the Chief Executive Officer of Distributor (or such other officer exercising the duties of such office). Such submission
shall be made with each Party submitting a statement as to the disputed matter and the Responsible Persons providing a joint statement
as to which matters they were unable to agree upon. In the event that a dispute is not resolved by the foregoing procedures within
thirty (30) days of first being submitted by a Party, the matter shall be finally settled exclusively by arbitration under the
International Arbitration Rules of the American Arbitration Association (the “Rules”), provided however that
nothing herein shall prevent or prohibit any Party from seeking injunctive relief or non-monetary equitable relief as permitted
in any court within appropriate jurisdiction. Either Party may, by written notice to the other, have a Dispute referred to arbitration.
Unless otherwise agreed in writing, any arbitration shall be conducted in the English language and shall be held in New York City,
New York, and heard by a panel of three (3) arbitrators. Each party shall nominate one arbitrator. The third arbitrator, who will
be chairman of the arbitral tribunal, shall be appointed in accordance with the Rules. The decision and award of the arbitral
tribunal shall be final and binding and may be entered in any court of competent jurisdiction, for which purpose, and for all
other purposes under this Agreement, each party hereto submits to the exclusive jurisdiction and venue of the U.S. District Court
for the Southern District of New York, or in the absence of jurisdiction of such court to the Supreme Court of New York County.
The costs of any such arbitration shall be allocated as follows: (i) if the arbitrators rule in favor of one Party on all disputed
issues in the arbitration, the losing Party shall pay one hundred percent (100%) of such out-of-pocket fees and expenses; and
(ii) if the arbitrators rule in favor of one Party on some issues and the other Party on other issues, the arbitrators shall issue
with the ruling a written determination as to how such fees and expenses shall be allocated between the Parties. At Distributor’s
request (but not absent such request) (i) the arbitrators may offset any amounts owed to Distributor against amounts owed by Distributor
to Can-Fite, or may reduce the royalty rate on Net Sales or share of Net Profits so that Distributor may recoup amounts through
the reduced royalty rate. At Can-Fite’s request (but not absent such request) (i) the arbitrators may offset any amounts
owed to Can-Fite against amounts owed by Can-Fite to Distributor or may increase the royalty rate on Net Sales or share of Net
Profits so that Can-Fite may recoup amounts through the increased royalty rate. In no event may the arbitrators terminate this
Agreement other than as provided in Section 9.2 or otherwise award punitive, special or consequential damages. The arbitrators
shall allocate fees and expenses in a way that bears a reasonable relationship to the outcome of the arbitration, with the Party
prevailing on more issues, or on issues of greater value or gravity, recovering a relatively larger share of its legal fees and
expenses. Each Party is required to continue to perform its obligations under this Agreement pending final resolution of the Dispute;
provided that Can-Fite is only required to continue to supply Distributor with Supplied Product and replace rejected Supplied
Product if Distributor makes payment for Supplied Product except as expressly provided for in this Agreement, including Sections
6.5 and 6.6 hereof. In no event will a demand for arbitration hereunder be made after the date when institution of
a legal or equitable proceeding based upon such Dispute would otherwise be barred by the applicable statute of limitations. If
a Dispute relating to payments is resolved by agreement of the Parties or by arbitration, and if the amount is not paid within
ten (10) days of the Dispute resolution, the party entitled to payment (the “Prevailing Party”) may setoff
some or all of such amount against amounts it owes the other Party and in the case Distributor is the Prevailing Party it may
in addition setoff the amount against future payments.

 

    	 

    	- 43 -

    

 

12.3       Entire Agreement; Amendments.

 

This Agreement, including
the Schedules hereto, sets forth the entire terms of the supply and distribution arrangement between the Parties hereto and, except
as otherwise set forth herein, supersedes and terminates all prior agreements and understandings between the Parties. No subsequent
alteration, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed
by an authorized officer of each Party.

 

12.4      Tax Withholding.

 

Can-Fite shall be
liable for all income and other taxes (including interest) (“Taxes”) imposed upon any payments made by Distributor
to Can-Fite under this Agreement. If applicable laws, rules or regulations require the withholding of Taxes, Distributor shall
make such withholding payments and shall subtract the amount thereof from payments under this Agreement; provided that the Parties
shall use all reasonable and legal efforts to minimize tax withholding on payments made to the other Party hereunder. Distributor
shall submit to Can-Fite appropriate proof of payment of the withheld Taxes as well as the official receipts within a reasonable
period of time not to exceed sixty (60) days following the date of the Tax payment. Distributor shall provide Can-Fite reasonable
assistance, which shall include the provision of such documentation as may be required by the tax authority, in order to allow
Can-Fite to obtain the benefit of any present or future treaty against double taxation which may apply to such payments or to
claim an exemption from or obtain a repayment or a reduction of such tax.

 

12.5       Notices.

 

When a Party is required
or permitted to give notice under this Agreement, the notice shall be in writing, shall specifically refer to this Agreement and
shall be deemed to have been sufficiently given and received for all purposes within (i) two (2) days if the Party sent the notice
by internationally recognized express delivery service, (ii) one (1) day if the Party sent the notice by email, with acknowledgement
of receipt and a prompt follow-up copy sent by an internationally recognized express delivery service, or (iii) immediately if
the Party personally delivered the notice. Unless otherwise specified in writing, the mailing addresses of the Parties shall be
as set forth below.

 

For Can-Fite:

 

Can-Fite Pharmaceuticals Inc.

10 Bareket Street

Kiryat Matalon

P.O. Box 7537

Petah-Tikva 49170

Israel

 

Email:         pnina@canfite.co.il

Attention:    Pnina Fishman

 

With a copy (which shall not constitute notice)
sent simultaneously to:

 

Sichenzia Ross Friedman Ference LLP

61 Broadway,
32nd Floor

New York, NY 10006

 

Email:         gsichenzia@srff.com

Attention:    Gregory Sichenzia

 

    	 

    	- 44 -

    

 

For Distributor:

 

Cipher Pharmaceuticals Inc.

Tomken Road, Unit 16

Mississauga Ontario L4W 4P1

 

Email:        sobrien@cipherpharma.com

Attention:   Shawn Patrick O’Brien

 

With a copy (which shall not constitute notice)
sent simultaneously to:

 

Torys LLP

Suite 3000, P.O. Box 270 79

Wellington Street West TD Centre

Toronto, ON M5K 1N2

 

E-mail:      creicin@torys.com

Attention:  Cheryl V. Reicin

 

Copies (other than to outside
counsel) are an integral part of notice. Notices of termination may only be sent by internationally recognized express delivery
service or by personal delivery.

 

12.6       Assignment.

 

Neither Party shall
assign or otherwise transfer this Agreement or any interest herein or right or obligation hereunder without the prior written
consent of the other Party not to be unreasonably withheld, and any such purported assignment, transfer or attempt to assign or
transfer any interest herein or right hereunder shall be void and of no effect; provided, however, that a Party may assign
its rights and obligations hereunder to an Affiliate or to a transferee or acquirer of, or successor to, its assets or securities
in the event of a merger, sale of stock, sale of assets or other transaction without the prior consent of the other Party; provided,
further that (i) in the case of an assignment to an Affiliate, the assigning Party shall remain responsible for all of its
obligations and agreements set forth herein, notwithstanding such assignment, and (ii) in the case of a merger, sale of stock,
sale of assets, assignments or other transaction, such transferee or successor shall assume in writing the obligations of the
party to which it is the transferee or successor, including, without limitation, those set forth in Sections 2.2, 2.3 and
2.4 hereof; and (iii) either Party may have its Affiliates perform its obligations hereunder; provided that the delegating
Party shall remain responsible for all of its obligations and agreements set forth herein, notwithstanding such delegation. Notwithstanding
the foregoing, the licensor of intellectual property to Distributor under this Agreement shall be an entity of a jurisdiction
having legal protections in the event of a bankruptcy or reorganization filing of the licensor, which in the reasonable opinion
of Distributor, are comparable or at least as favorable to a licensee as those provided under Israeli law, as in effect as of
the Effective Date.

 

    	 

    	- 45 -

    

 

12.7       Public Announcements.

 

Neither Party shall
make any publicity releases, interviews or other dissemination of Confidential Information concerning Supplied Product (the purpose
of which is not advertisement or promotion), this Agreement or its terms, or either Party’s performance hereunder, to communication
media, financial analysts or others without the prior written approval of the other Party, which approval shall not be unreasonably
withheld, conditioned or delayed. Either Party may, upon written notice to the other, make any disclosure in filings with Authorities
as required by Law or applicable court or other order; provided, however, that the other Party shall have not less than
three (3) Business Days to review and comment on such disclosures and filings unless a shorter period is necessitated by securities
laws.

 

12.8       Severance.

 

If any Official Body
or Regulatory Authority having jurisdiction over either Can-Fite or Distributor declares any Article or part thereof invalid or
any such Official Body or Regulatory Authority deems any Article or part thereof to be contrary to any Laws, then such Article
or part thereof shall be deemed stricken from this Agreement in that jurisdiction. To the extent possible the Parties shall revise
such invalidated Article or part thereof in a manner that will render such provision valid without impairing the Parties’
original intent.

 

12.9      Non-Waiver.

 

The failure of a
Party in any one or more instances to insist upon strict performance of any of the terms and conditions of this Agreement shall
not be construed as a waiver or relinquishment, to any extent, of the right to assert or rely upon any such terms or conditions
on any future occasion. Except as otherwise specified, all rights, remedies, undertakings, obligations and agreements contained
in this Agreement shall be cumulative and none of them shall be a limitation of any other remedy, right, undertaking, obligation
or agreement.

 

12.10    Further Assurances.

 

Each Party hereto
agrees to execute such further documents and take such further steps as the other Party reasonably determines may be necessary
or desirable to effectuate the purposes of this Agreement.

 

12.11    Force Majeure.

 

No Party shall be
in breach of this Agreement, or liable to the other Party, for any delay or failure of performance to the extent such delay or
failure is caused by Force Majeure, provided that the Party claiming Force Majeure gives prompt written notice to the other Party
of the occurrence of an event of Force Majeure and uses its commercially reasonable efforts to overcome the same. In the event
of Force Majeure, the Parties agree to discuss the circumstances and effects thereof, including the effects on Distributor’s
obligations under this Agreement, and appropriate mechanisms to address such circumstances and effects.

 

    	 

    	- 46 -

    

 

12.12    Anti-Corruption.

 

Can-Fite and Distributor
each agrees that it shall comply with the requirements of applicable obligations imposed by the anti-bribery laws and foreign
corrupt practices laws of all applicable jurisdictions in which the services contemplated hereunder are rendered, or obligations
contemplated hereunder are carried out, and the laws of any other jurisdiction in which Can-Fite, Distributor and any of their
personnel, agents or representatives conduct business in relation to dealing with payments to governments or related persons or
officials, or a company, for the purpose of obtaining or retaining business for or with, or directing business to, any person.
For greater certainty, the foregoing laws shall include, among others, the Foreign Corrupt Practices Act of the United States
of America, the Lobbyists Registration Act (Canada), the Corruption of Foreign Public Officials Act (Canada),
and the Criminal Code of Canada and any corresponding Israeli laws.

 

12.13    Disclaimer of Agency.

 

This Agreement shall
not constitute either Party the legal representative or agent of the other Party, nor shall either Party have the right or authority
to assume, create, or incur any Third Party liability or obligation of any kind, express or implied, against or in the name of
or on behalf of another except as expressly set forth in this Agreement. None of the Distributor, its directors, officers, agents
or employees shall be considered employees agents or legal representatives of Can-Fite for any purpose. None of Can-Fite, its
directors, officers, agents or employees shall be considered employees agents or legal representatives of Distributor for any
purpose.

 

12.14    Construction.

 

The language in all
parts of this Agreement shall be construed, in all cases, according to its fair meaning. The Parties acknowledge that each Party
and its counsel have reviewed and revised this Agreement and that any rule of construction to the effect that any ambiguities
are to be resolved against the drafting Party shall not be employed in the interpretation of this Agreement. The words “hereof,”
“herein,” “hereto” and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The terms defined in the singular
shall have a comparable meaning when used in the plural, and vice versa. The terms “dollars” and “$” shall
mean Canadian dollars. Whenever used herein, the words “include,” “includes” and “including”
shall mean “include, without limitation,” “includes, without limitation” and “including, without
limitation” respectively, whether or not the term “without limitation” appears after the words “include,”
“includes” or “including”. The masculine, feminine or neuter gender and the singular or plural number
shall each be deemed to include the others whenever the context so indicates.

 

    	 

    	- 47 -

    

 

12.15    Counterparts.

 

This Agreement shall
become binding when any one or more counterparts hereof, individually or taken together, shall bear the signatures of each of
the Parties hereto. This Agreement may be executed in any number of counterparts, including by email or facsimile, each of which
shall be deemed an original as against the Party whose signature appears thereon, but all which taken together shall constitute
but one and the same document.

 

12.16    Consents in Writing.

 

Any consents required hereunder from a Party must be
in writing.

 

Signature Page Follows

 

    	 

    	- 48 -

    

 

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

 

	CAN-FITE BIOPHARMA LTD.	 	CIPHER PHARMACEUTICALS INC.
	 	 	 	 	 
	By:	/s/
    Pnina Fishman	 	By:	/s/ Shawn O’Brien
	Name: 	Dr. Pnina Fishman	 	Name: 	 
	Title:	Chief Executive Officer	 	Title:	 

 

[SIGNATURE PAGE TO DISTRIBUTION
AND SUPPLY AGREEMENT]

 

    	 

    	- 49 -

    

 

SCHEDULE A

CAN-FITE TRADEMARKS AND
PATENTS

 

Trademarks

 

At the Effective Date Can-Fite
makes use of its internal code name CF101 to designate the Product.

 

Can-Fite has not adopted any trademark for the Product.

 

Patents

 

At the Effective Date the Company has
the following Canadian patents and patent applications relating to the Product:

 

Issued patent No. 2,384,111

 

Issued patent No. 2,434,906

 

Pending patent application No. 2,586,773

 

Issued patent No. 2,662,879

 

Pending patent application
No. 2,761,499

 

Pending patent application No. 2,790,869

 

Pending patent application No. 2,880,753

 

    	 

    	- 50 -

    

 

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

 

    	 

    	 

    

    	 

    	 

    

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

SCHEDULE D

MINIMUM SALES REQUIREMENTS

[...]Form of Indenture

 Exhibit 4.23 

CROWN CASTLE INTERNATIONAL CORP. 

as Issuer 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

as Trustee 
 INDENTURE

 Dated as of
            ,        

  

 
 Table Showing Reflection in Indenture
of Certain Provisions 
 of Trust Indenture Act of 1939, 

as amended by the Trust Indenture Reform Act of 1990* 
  

 
  

Reflected in Indenture 
  

 

			
	 Trust Indenture Act Section
	  	 Indenture Section

	 310 (a) (1)
	  	7.10
	 (a) (2)
	  	7.10
	 (a) (3)
	  	N.A.
	 (a) (4)
	  	N.A.
	 (a) (5)
	  	7.10
	 (b)
	  	7.10
	 (c)
	  	N.A.
	 311 (a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N.A.
	 312 (a)
	  	2.06
	 (b)
	  	10.03
	 (c)
	  	10.03
	 313 (a)
	  	7.06
	 (b) (1)
	  	N.A.
	 (b) (2)
	  	7.06
	 (c)
	  	7.06; 10.02
	 (d)
	  	7.06
	 314 (a)
	  	4.02; 4.03; 10.02(b)
	 (b)
	  	N.A.
	 (c) (1)
	  	10.04
	 (c) (2)
	  	10.04
	 (c) (3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	10.05
	 (f)
	  	N.A.
	 315 (a)
	  	7.01
	 (b)
	  	7.05; 10.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	 316 (a)
	  	2.09
	 (a) (1)(A)
	  	6.05
	 (a) (1)(B)
	  	6.04
	 (a) (2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	2.13
	 317 (a) (1)
	  	6.08
	 (a) (2)
	  	6.09
	 (b)
	  	2.05

  
 i 

			
	 Trust Indenture Act Section
	  	 Indenture Section

	 318 (a)
	  	10.01
	 (b)
	  	N.A.
	 (c)
	  	10.01

  
 N.A. means
not applicable. 

	*	This Cross Reference Table is not part of the Indenture. 

  

 
  

  
 ii 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I	  			
		
	Definitions And Incorporation By Reference	  			
			
	 SECTION 1.01.
	 	Definitions	  	 	1	  
	 SECTION 1.02.
	 	Other Definitions	  	 	5	  
	 SECTION 1.03.
	 	Incorporation by Reference of Trust Indenture Act	  	 	5	  
	 SECTION 1.04.
	 	Rules of Construction	  	 	5	  
		
	ARTICLE II	  			
		
	The Securities	  			
			
	 SECTION 2.01.
	 	Issuable in Series	  	 	6	  
	 SECTION 2.02.
	 	Establishment of Terms of Series of Securities	  	 	6	  
	 SECTION 2.03.
	 	Execution and Authentication	  	 	9	  
	 SECTION 2.04.
	 	Registrar and Paying Agent	  	 	10	  
	 SECTION 2.05.
	 	Paying Agent to Hold Money in Trust	  	 	11	  
	 SECTION 2.06.
	 	Holder Lists	  	 	11	  
	 SECTION 2.07.
	 	Transfer and Exchange	  	 	12	  
	 SECTION 2.08.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	12	  
	 SECTION 2.09.
	 	Outstanding Securities	  	 	13	  
	 SECTION 2.10.
	 	Treasury Securities	  	 	13	  
	 SECTION 2.11.
	 	Temporary Securities	  	 	13	  
	 SECTION 2.12.
	 	Cancellation	  	 	14	  
	 SECTION 2.13.
	 	Defaulted Interest	  	 	14	  
	 SECTION 2.14.
	 	Global Securities	  	 	14	  
	 SECTION 2.15.
	 	CUSIP Numbers	  	 	15	  
		
	ARTICLE III	  			
		
	Redemption	  			
			
	 SECTION 3.01.
	 	Notices to Trustee	  	 	16	  
	 SECTION 3.02.
	 	Selection of Securities to Be Redeemed	  	 	16	  
	 SECTION 3.03.
	 	Notice of Redemption	  	 	16	  
	 SECTION 3.04.
	 	Effect of Notice of Redemption	  	 	17	  
	 SECTION 3.05.
	 	Deposit of Redemption Price	  	 	17	  
	 SECTION 3.06.
	 	Securities Redeemed in Part	  	 	18	  

  
 iii 

							
	ARTICLE IV				
		
	Covenants				
			
	 SECTION 4.01.
		Payment of Securities		 	18	  
	 SECTION 4.02.
		SEC Reports		 	18	  
	 SECTION 4.03.
		Compliance Certificate		 	19	  
	 SECTION 4.04.
		Further Instruments and Acts		 	19	  
		
	ARTICLE V				
		
	Successor Companies				
			
	 SECTION 5.01.
		Merger and Consolidation		 	19	  
		
	ARTICLE VI				
		
	Defaults And Remedies				
			
	 SECTION 6.01.
		Events of Default		 	20	  
	 SECTION 6.02.
		Acceleration		 	21	  
	 SECTION 6.03.
		Other Remedies		 	22	  
	 SECTION 6.04.
		Waiver of Past Defaults		 	22	  
	 SECTION 6.05.
		Control by Majority		 	22	  
	 SECTION 6.06.
		Limitation on Suits		 	23	  
	 SECTION 6.07.
		Rights of Holders to Receive Payment		 	23	  
	 SECTION 6.08.
		Collection Suit by Trustee		 	23	  
	 SECTION 6.09.
		Trustee May File Proofs of Claim		 	24	  
	 SECTION 6.10.
		Priorities		 	24	  
	 SECTION 6.11.
		Undertaking for Costs		 	24	  
	 SECTION 6.12.
		Waiver of Stay or Extension Laws		 	25	  
		
	ARTICLE VII				
		
	Trustee				
			
	 SECTION 7.01.
		Duties of Trustee		 	25	  
	 SECTION 7.02.
		Rights of Trustee		 	26	  
	 SECTION 7.03.
		Individual Rights of Trustee		 	27	  
	 SECTION 7.04.
		Trustee’s Disclaimer		 	28	  
	 SECTION 7.05.
		Notice of Defaults		 	28	  
	 SECTION 7.06.
		Reports by Trustee to Holder		 	28	  
	 SECTION 7.07.
		Compensation and Indemnity		 	28	  
	 SECTION 7.08.
		Replacement of Trustee		 	29	  
	 SECTION 7.09.
		Successor Trustee by Merger		 	30	  
	 SECTION 7.10.
		Eligibility; Disqualification		 	30	  
	 SECTION 7.11.
		Preferential Collection of Claims Against the Issuer		 	30	  

  
 iv 

							
	ARTICLE VIII				
		
	Legal Defeasance And Covenant Defeasance				
			
	 SECTION 8.01.
		Option to Effect Legal Defeasance or Covenant Defeasance		 	31	  
	 SECTION 8.02.
		Legal Defeasance and Discharge		 	31	  
	 SECTION 8.03.
		Covenant Defeasance		 	32	  
	 SECTION 8.04.
		Conditions to Legal or Covenant Defeasance		 	32	  
	 SECTION 8.05.
		Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions		 	34	  
	 SECTION 8.06.
		Repayment to the Issuer		 	34	  
	 SECTION 8.07.
		Reinstatement		 	35	  
		
	ARTICLE IX				
		
	Amendments				
			
	 SECTION 9.01.
		Without Consent of Holders		 	35	  
	 SECTION 9.02.
		With Consent of Holders		 	37	  
	 SECTION 9.03.
		Compliance with Trust Indenture Act		 	38	  
	 SECTION 9.04.
		Revocation and Effect of Consents and Waivers		 	38	  
	 SECTION 9.05.
		Notation on or Exchange of Securities		 	38	  
	 SECTION 9.06.
		Trustee to Sign Amendments		 	38	  
	 SECTION 9.07.
		Payment for Consent		 	39	  
		
	ARTICLE X				
		
	Miscellaneous				
			
	 SECTION 10.01.
		Trust Indenture Act Controls		 	39	  
	 SECTION 10.02.
		Notices		 	39	  
	 SECTION 10.03.
		Communication by Holders with Other Holders		 	40	  
	 SECTION 10.04.
		Certificate and Opinion as to Conditions Precedent		 	40	  
	 SECTION 10.05.
		Statements Required in Certificate or Opinion		 	40	  
	 SECTION 10.06.
		When Securities Disregarded		 	41	  
	 SECTION 10.07.
		Rules by Trustee, Paying Agent and Registrar		 	41	  
	 SECTION 10.08.
		Legal Holidays		 	41	  
	 SECTION 10.09.
		Governing Law		 	41	  
	 SECTION 10.10.
		No Recourse Against Others		 	41	  
	 SECTION 10.11.
		Successors		 	41	  
	 SECTION 10.12.
		Multiple Originals		 	42	  
	 SECTION 10.13.
		Table of Contents; Headings		 	42	  
	 SECTION 10.14.
		Severability		 	42	  
	 SECTION 10.15.
		Waiver of Jury Trial		 	42	  
	 SECTION 10.16.
		Force Majeure		 	42	  

  
 v 

 INDENTURE dated as
of             ,            , between CROWN CASTLE INTERNATIONAL CORP., a Delaware corporation (the “Issuer”), and THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”). 
 Each party agrees as
follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the securities issued under this Indenture (the “Securities”): 

ARTICLE I 
 Definitions And
Incorporation By Reference 
 SECTION 1.01. Definitions. 

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

“Agent” means any Registrar, Paying Agent or co-registrar. 

“Board of Directors” means the Board of Directors of the Issuer or any committee thereof duly authorized to act on behalf of
the Board of Directors of the Issuer. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Issuer to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means each day which is not a Legal Holiday. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such equity. 

“Closing Date” means the date of this Indenture. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Corporate Trust Office” means The Bank of New York Mellon Trust Company, N.A. which at the date hereof is located at 601
Travis Street, 16th floor, Houston, Texas 77002, Attention: Corporate Trust Services, re: Crown Castle International Corp., or such 

 
other address as the Trustee may designate from time to time by notice to the Holders and the Issuer, 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 Issuer). 
 “Default” means any
event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Definitive Securities” means
a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.11 hereof. 

“Depositary” means, with respect to the Securities issuable in whole or in part in global form, the Person specified pursuant
to Section 2.14 hereof as the initial Depositary with respect to the Securities, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall
mean or include such successor. 
 “Dollar” means a dollar or other equivalent unit in such coin or currency of the United
States as at the time shall be legal tender for the payment of public and private debt. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 “Fiscal Year” means the fiscal year of the Issuer, which at the date hereof
ends on December 31. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of the United States of America. 
 “GAAP” means generally accepted accounting principles in the United States
of America as in effect from time to time, including those principles set forth in (i) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, (ii) statements and
pronouncements of the Financial Accounting Standards Board, (iii) such other statements by such other entity as approved by a significant segment of the accounting profession and (iv) the rules and regulations of the SEC governing the
inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar
written statements from the accounting staff of the SEC. All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP. 

“Global Security” when used with respect to any Series of Securities issued hereunder, means a Security which is executed by
the Issuer and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and an indenture supplemental hereto, if any, or Board Resolution and pursuant to an
Issuer Order, which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an 

  
 2 

 
amount equal to the aggregate principal amount of, all the outstanding Securities of such Series or any portion thereof, in either case having the same terms, including, without limitation, the
same original issue date, date or dates on which principal is due, and interest rate or method of determining interest and which shall bear the legend as prescribed by Section 2.14(c). 

“Global Securities Legend” means the legend set forth in Section 2.14(c), which is required to be placed on all Global
Securities issued under this Indenture. 
 “Government Securities” means direct obligations of, or obligations guaranteed
by, the United States of America, and the payment for which the United States pledges its full faith and credit. 

“Guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of
business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any Indebtedness. The term
“Guarantor” shall mean any Person Guaranteeing any obligation. 
 “Holder” means the Person in whose name a
Security is registered on the Registrar’s books. 
 “Indebtedness” has the meaning specified in the applicable Board
Resolution, supplemental indenture or Officers’ Certificate relating to a particular Series of Securities. 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Interest Payment Date” when used with respect to any Series of Securities, means the date specified in such Securities for
the payment of any installment of interest on those Securities. 
 “Issuer” means Crown Castle International Corp., a
Delaware corporation, until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the Trust Indenture Act, each other obligor on the indenture securities. 

“Issuer Order” means a written order signed in the name of the Issuer by two Officers of the Issuer. 

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

“Officer” means the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer,
the Controller or the Secretary of the Issuer. 

  
 3 

 “Officers’ Certificate” means a certificate signed by two Officers of the
Issuer, that meets the requirements of Section 10.04 hereof. 
 “Opinion of Counsel” means a written opinion from
legal counsel, that meets the requirements of Section 10.04 hereof. The counsel may be an employee of or counsel to the Issuer or any Subsidiary of the Issuer. 

“Original Issue Discount Security” means (i) any Security that provides for an amount less than the stated principal
amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof and (ii) any other security which is issued with “original issue discount” within the meaning of Section 1273(a) of the Code. 

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

“SEC” means the Securities and Exchange Commission. 

“Securities” has the meaning specified in the preamble to this Indenture. 

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

“Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depositary) or any
successor thereto, who shall initially be the Trustee. 
 “Series” or “Series of Securities” means each
series of debentures, notes or other debt instruments of the Issuer created pursuant to Sections 2.01 and 2.02 hereof. 

“Significant Subsidiary” means, at any time, any Subsidiary of the Issuer which would be a “Significant Subsidiary”
at such time, as such term is defined in Regulation S-X promulgated by the SEC, as in effect on the Closing Date. 
 “Stated
Maturity”, when used with respect to any Security, means the date specified in such Security as the fixed date on which an amount equal to the principal amount of such Security is due and payable. 

“Subsidiary” of any Person means 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 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. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§77aaa–77bbbb) and the rules and
regulations thereunder as in effect on the Closing Date. 

  
 4 

 “Trust Officer” means any Vice President, Assistant Vice President, Assistant
Treasurer or any other officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate trust matters. 

“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 SECTION 1.02. Other Definitions. 
  

					
	 Term
	  	Defined in Section	 
	 “Bankruptcy Law”
	  	 	6.01	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “Custodian”
	  	 	6.01	  
	 “Event of Default”
	  	 	6.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Legal Holiday”
	  	 	10.08	  
	 “Notice of Default”
	  	 	6.01	  
	 “Paying Agent”
	  	 	2.04	  
	 “Registrar”
	  	 	2.04	  
	 “Successor Company”
	  	 	5.01	  

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

“Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

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

“obligor” on the Securities means the Issuer and any other obligor on the Securities. 

All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04. Rules of Construction. Unless
the context otherwise requires: 
 (1) a term has the meaning assigned to it; 

  
 5 

 (2) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP; 
 (3) “or” is not exclusive; 

(4) “including” means including without limitation; 

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

(6) the principal amount of any non-interest bearing or other discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP. 
 ARTICLE II 

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

SECTION 2.02. Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series generally, in the case of Section 2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of Sections 2.02(b) through 2.02(z)) by a Board Resolution,
a supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution: 
 (a) the
title of the Securities of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series); 

(b) the price or prices of the Securities of the Series; 

(c) any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series); 

(d) the date or dates on which the principal and premium with respect to the Securities of the Series are payable; 

  
 6 

 (e) the rate or rates (which may be fixed or variable) at which the Securities of
the Series shall bear interest, if any, or the method of determining such rate or rates, the date or dates from which such interest, if any, shall accrue, the Interest Payment Dates on which such interest, if any, shall be payable or the method by
which such dates will be determined, the record dates, for the determination of holders thereof to whom such interest is payable (in the case of Securities in registered form), and the basis upon which such interest will be calculated if other than
that of a 360-day year of twelve 30-day months; 
 (f) the currency or currencies in which Securities of the Series shall be
denominated, if other than Dollars, the place or places, if any, in addition to or instead of the Corporate Trust Office of the Trustee, where the principal, premium and interest with respect to Securities of such Series shall be payable or the
method of such payment, if by wire transfer, mail or other means; 
 (g) the price or prices at which, the period or periods
within which, and the terms and conditions upon which, Securities of the Series may be redeemed, in whole or in part at the option of the Issuer or otherwise; 

(h) whether Securities of the Series are to be issued as Securities in registered form or as Securities in bearer form or both
and, if Securities in bearer form are to be issued, whether coupons will be attached to them, whether Securities in bearer form of the Series may be exchanged for Securities in registered form of the Series, and the circumstances under which and the
places at which any such exchanges, if permitted, may be made; 
 (i) if any Securities of the Series are to be issued as
Securities in bearer form or as one or more Global Securities representing individual Securities in bearer form of the Series, whether certain provisions for the payment of additional interest or tax redemptions shall apply; whether interest with
respect to any portion of a temporary bearer Security of the Series payable with respect to any Interest Payment Date prior to the exchange of such temporary bearer Security for definitive Securities in bearer form of the Series shall be paid to any
clearing organization with respect to the portion of such temporary bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received by a
clearing organization will be credited to the Persons entitled to interest payable on such Interest Payment Date; and the terms upon which a temporary Security in bearer form may be exchanged for one or more definitive Securities in bearer form of
the Series; 
 (j) the Issuer’s obligation, if any, to redeem, purchase or repay the Securities of the Series pursuant
to any sinking fund or analogous provisions or at the option of a Holder of such Securities and the price or prices at which, the period or periods within which, and the terms and conditions upon which, Securities of the Series shall be redeemed,
purchased or repaid, in whole or in part, pursuant to such obligations; 

  
 7 

 (k) the terms, if any, upon which the Securities of the Series may be convertible
into or exchanged for the Issuer’s common stock, preferred stock, other debt securities or warrants for common stock, preferred stock, Indebtedness or other securities of any kind and the terms and conditions upon which such conversion or
exchange shall be effected, including the initial conversion or exchange price or rate, the conversion or exchange period and any other additional provisions; 

(l) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the
Series shall be issuable; 
 (m) if the amount of principal, premium or interest with respect to the Securities of the Series
may be determined with reference to an index or pursuant to a formula, the manner in which such amounts will be determined; 

(n) if the principal amount payable at the Stated Maturity of Securities of the Series will not be determinable as of any one
or more dates prior to such Stated Maturity, the amount that will be deemed to be such principal amount as of any such date for any purpose, including the principal amount thereof which will be due and payable upon any Maturity other than the Stated
Maturity or which will be deemed to be outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be determined), and if necessary, the manner of determining the equivalent thereof in Dollars; 

(o) any changes or additions to Article VIII; 

(p) if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall
be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02 or provable in bankruptcy; 

(q) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities of the Series of any
properties, assets, moneys, proceeds, securities or other collateral, including whether certain provisions of the Trust Indenture Act are applicable and any corresponding changes to provisions of this Indenture as then in effect; 

(r) any addition to or change in the Events of Default with respect to any Securities of the Series and any change in the right
of the Trustee or the Holders of such Series of Securities to declare the principal, premium and interest, if any, on such Series of Securities due and payable pursuant to Section 6.02; 

(s) if the Securities of the Series shall be issued in whole or in part in the form of a Global Security, the terms and
conditions, if any, upon which such Global Security may be exchanged in whole or in part for other individual 

  
 8 

 
Securities of such Series in definitive registered form, the Depositary for such Global Security and the form of any legend or legends to be borne by any such Global Security in addition to or in
lieu of the Global Securities Legend; 
 (t) any Trustee, authenticating agent, Paying Agent, transfer agent or Registrar;

 (u) the applicability of, and any addition to or change in, the covenants and definitions set forth in Articles IV or V
which apply to Securities of the Series; 
 (v) the terms, if any, of any Guarantee of the payment of principal, premium and
interest with respect to Securities of the Series and any corresponding changes to the provisions of this Indenture and as then in effect; 

(w) the subordination, if any, of the Securities of the Series pursuant to this Indenture and any changes or additions to the
provisions of this Indenture then in effect; 
 (x) with regard to Securities of the Series that do not bear interest, the
dates for certain required reports to the Trustee; 
 (y) any U.S. Federal Income tax consequences applicable to the
Securities; and 
 (z) any other terms of Securities of the Series (which terms shall not be prohibited by the provisions of
this Indenture). 
 All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent
with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for
issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate. 

SECTION 2.03. Execution and Authentication. One or more Officers of the Issuer shall sign the Securities on behalf of the Issuer by
manual or facsimile signature. The Issuer’s seal, if any, shall be impressed, affixed, imprinted or reproduced on the Securities and may be in facsimile form. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. A Security shall be dated the date of its authentication, unless otherwise provided by a Board Resolution, a supplemental indenture or
an Officers’ Certificate. 

  
 9 

 The Trustee shall at any time, and from time to time, authenticate Securities for original issue
in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of an Issuer Order, an Officers’ Certificate delivered in accordance with section 10.04 and an
Opinion of Counsel which shall state: 
 (1) that the terms of such Securities have been established by a supplemental
indenture or by or pursuant to a Board Resolution in accordance with Sections 2.01 and 2.02 and in conformity with the provisions of this Indenture; 

(2) that such Securities when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to
any conditions specified in such Opinion of Counsel, will have been duly authorized, executed and delivered, and constitute valid and legally binding obligations of the Issuer, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws relating to or affecting creditors’ rights generally and subject to general principles of equity, including concepts of materiality, reasonableness, good faith
and fair dealing, regardless of whether such enforceability is considered in a proceeding in equity or at law; and 
 (3)
that all conditions precedent in respect of the execution and delivery by the Issuer of such Securities have been complied with. 
 The
aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate
delivered pursuant to Section 2.02, except as provided in Section 2.08. 
 The Trustee may appoint an authenticating agent
reasonably acceptable to the Issuer to authenticate the Securities. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as
any Registrar, Paying Agent or agent for service of notices and demands. 
 SECTION 2.04. Registrar and Paying Agent. The Issuer
shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented for registration of transfer
or for exchange (the “Registrar”) and an office or agency where Securities of such Series may be presented for payment (the “Paying Agent”). The Registrar shall keep a register with respect to each Series of Securities and of
their transfer and exchange. The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent and the term “Registrar” includes any
co-registrars. The 

  
 10 

 
Issuer hereby appoints the Trustee as Registrar and Paying Agent for each Series of Securities unless another Registrar or Paying Agent, as the case may be, is appointed prior to the time
Securities of that Series are first issued. 
 The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying
Agent not a party to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address
of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any of its domestically organized
Significant Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer may remove any Registrar or Paying Agent upon written notice to
such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (1) acceptance of any appointment by a successor as evidenced by an appropriate agreement entered into by the
Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (2) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in
accordance with clause (1) above. The Registrar or Paying Agent may resign at any time upon written notice; provided, however, that the Trustee may resign as Registrar or Paying Agent only if the Trustee also resigns as Trustee in
accordance with Section 7.08. 
 SECTION 2.05. Paying Agent to Hold Money in Trust. The Issuer shall require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series
of Securities, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or any of its Significant Subsidiaries) shall have no further liability for the money. If the Issuer or
any of its Significant Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying Agent. 

SECTION 2.06. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least ten days before
each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders of each Series of Securities. 

  
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 SECTION 2.07. Transfer and Exchange. Where Securities of a Series are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable
upon exchanges pursuant to Sections 2.11, 3.06 or 9.05). 
 Neither the Issuer nor the Registrar shall be required (a) to issue,
register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and
ending at the close of business on the day of such mailing or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part. 
 SECTION 2.08. Mutilated, Destroyed, Lost and Stolen Securities. If any
mutilated Security is surrendered to the Trustee, the Issuer shall execute and the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount
and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Issuer and the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Issuer or
the Trustee that such Security has been acquired by a bona fide purchaser, the Issuer shall execute and the Trustee, upon receipt of an Issuer Order, shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Issuer in its discretion
may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Issuer may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual 

  
 12 

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

SECTION 2.09. Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 

If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent holds at the Maturity of Securities of a Series money
sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue. 

A Security does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Security. 

In determining whether the Holders of the requisite principal amount of outstanding Securities of any Series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 

SECTION 2.10. Treasury Securities. In determining whether the Holders of the required principal amount of Securities of a Series have
concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Issuer shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on
any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded. 

SECTION 2.11. Temporary Securities. Until Definitive Securities are ready for delivery, the Issuer may prepare and the Trustee, upon
receipt of an Issuer Order, shall authenticate temporary Securities upon the Issuer’s Order. Temporary Securities shall be substantially in the form of Definitive Securities but may have variations that the Issuer considers appropriate for
temporary Securities. Without unreasonable delay, the Issuer shall prepare and the Trustee, upon receipt of an Issuer 

  
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Order, shall authenticate Definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall have the same rights
under this Indenture as the Definitive Securities. 
 SECTION 2.12. Cancellation. The Issuer at any time may deliver Securities to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer,
exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Issuer, unless the Issuer otherwise
directs. The Issuer may not issue new Securities to replace Securities that it has paid for or delivered to the Trustee for cancellation. 

SECTION 2.13. Defaulted Interest. If the Issuer defaults in a payment of interest on a Series of Securities, it shall pay the defaulted
interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Holders of the Series on a subsequent special record date. The Issuer shall fix the record date and payment date. At least 30 days
before the record date, the Issuer shall mail to the Trustee and to each Holder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Issuer may pay defaulted interest in any other lawful
manner. 
 SECTION 2.14. Global Securities. 

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

(b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of this Indenture and in
addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of this Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary
notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Issuer fails to
appoint a successor Depositary within 90 days of such event, (ii) the Issuer executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default
with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as
the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 

  
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 Except as provided in this Section 2.14(b) a Global Security may not be transferred except
as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such a successor Depositary. 
 (c) Legend. Any Global Security issued hereunder shall bear a legend in
substantially the following form: 
 “THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS
SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION
9.05 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE
INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY).” 

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

(e) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
 (f) Consents,
Declaration and Directions. Except as provided in Section 2.14(e), the Issuer, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security
as shall be specified in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 

SECTION 2.15. CUSIP Numbers. The Issuer in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if
so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such
numbers. 

  
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 ARTICLE III 

Redemption 
 SECTION 3.01.
Notices to Trustee. The Issuer, with respect to any Series of Securities, may elect to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof
at such time and on such terms provided for in such Series of Securities. If a Series of Securities is redeemable and the Issuer wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to
the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Securities of the Series to be redeemed and the redemption price. The Issuer shall give such notice to the Trustee at least 30
days before the redemption date unless the Trustee consents to a shorter period. 
 SECTION 3.02. Selection of Securities to Be
Redeemed. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if fewer than all the Securities of a particular Series are to be redeemed or purchased,
the Trustee shall select the Securities of such Series to be redeemed or purchased pro rata or by lot or by a method that complies with applicable legal and securities exchange requirements, if any, and that the Trustee in its sole discretion shall
deem to be fair and appropriate and in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. The Trustee shall make the selection at least 30 days but no more than 60 days before the redemption date
from outstanding Securities of a Series not previously called for redemption. Securities and portions thereof that the Trustee selects shall be in principal amounts of $1,000 or integral multiples of $1,000. Provisions of this Indenture that apply
to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall promptly notify the Issuer of the Securities (or portions thereof) to be redeemed. 

SECTION 3.03. Notice of Redemption. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, at least 30 days but not more than 60 days before a date for redemption of Securities, the Issuer shall mail a notice of redemption by first-class mail to each Holder of Securities to be
redeemed at such Holder’s registered address. 
 The notice shall identify the Securities to be redeemed and shall state: 

(1) the redemption date; 

(2) the redemption price; 

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

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

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

(6) that, upon the satisfaction of any conditions to such redemption set forth in the notice of redemption, and unless the
Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the
redemption date; 
 (7) the paragraph of the Securities and/or provision of this Indenture pursuant to which the Securities
called for redemption are being redeemed; 
 (8) the CUSIP or ISIN number, if any, printed on the Securities being redeemed;
and 
 (9) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in
such notice or printed on the Securities. 
 In addition, if such redemption is subject to the satisfaction of one or more conditions
precedent, such notice shall describe each such condition and, if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption
may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date stated in such notice, or by the redemption date as so delayed. 

At the Issuer’s request, the Trustee shall give the notice of redemption as provided to it in the Issuer’s name and at the
Issuer’s expense. In such event, the Issuer shall provide the Trustee with the information required by this Section. 
 SECTION 3.04.
Effect of Notice of Redemption. Once notice of redemption is mailed, Securities called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, subject to the satisfaction of any
conditions precedent provided in such notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice. 

Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

SECTION 3.05. Deposit of Redemption Price. Prior to 11:00 a.m. (New York City time) on the redemption date, the Issuer shall deposit
with the Paying Agent (or, if the Issuer or a Subsidiary of the Issuer is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of, and accrued interest on, all Securities to be redeemed on that date,
other than Securities or portions of Securities 

  
 17 

 
called for redemption that have been delivered by the Issuer to the Trustee for cancellation. The Paying Agent shall as promptly as practicable return to the Issuer any money deposited with it by
the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Securities to be redeemed. If such money is then held by the Issuer in trust and is not required for such purpose it shall be discharged from
such trust. The Issuer 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 shall have no further liability
for the money delivered to the Trustee. 
 SECTION 3.06. Securities Redeemed in Part. Upon surrender of a Security that is redeemed
in part, the Issuer shall execute and the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 

ARTICLE IV 
 Covenants 

SECTION 4.01. Payment of Securities. The Issuer shall promptly make all payments in respect of each Series of Securities on the dates
and in the manner provided in such Series of Securities and in this Indenture. Such payments shall be considered made on the date due if on such date the Trustee or the Paying Agent holds, in accordance with this Indenture, money sufficient to make
all payments with respect to such Securities then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

SECTION 4.02. SEC Reports. Unless otherwise provided for a particular Series of Securities in a Board Resolution, a supplemental
indenture or an Officers’ Certificate, notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Issuer shall provide the Trustee and Holders within the time periods
(including any extensions thereof) specified in the SEC’s rules and regulations copies of its annual report and certain information, documents and other reports that are specified in Sections 13 and 15(d) of the Exchange Act; provided that,
with respect to current reports that would be required to be filed with the SEC on Form 8-K, only such reports that would be required to be filed pursuant to Items 1.01 (Entry into a Material Definitive Agreement), 1.02 (Termination of a Material
Definitive Agreement), 1.03 (Bankruptcy or Receivership), 2.01 (Completion of Acquisition or Disposition of Assets), 2.03 (Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement), 2.04 (Triggering Events
that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement), 4.01 (Changes in Registrant’s Certifying Accountant), 4.02 (Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review) or 5.01 (Changes in Control of Registrant) shall be provided to the Trustee and the Holders; provided, however, that no such report shall be required to be furnished if the Issuer determines in
its good faith judgment that the event to be 

  
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disclosed in such report is not material to the Holders or the business, assets, operations, financial position or prospects of the Issuer and its Significant Subsidiaries taken as a whole.
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 constructive notice of any information contained therein or determinable from
information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Issuer also shall comply with the other
provisions of Trust Indenture Act Section 314(a). 
 SECTION 4.03. Compliance Certificate. The Issuer shall deliver to the
Trustee within 120 days after the end of each Fiscal Year of the Issuer (commencing with the Fiscal Year ended December 31, 2015) an Officers’ Certificate stating that in the course of the performance by the signers of their duties as
Officers of the Issuer they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the
Issuer is taking or proposes to take with respect thereto. The Issuer also shall comply with Trust Indenture Act Section 314(a)(4). 

SECTION 4.04. Further Instruments and Acts. The Issuer shall execute and deliver to the Trustee 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 V 

Successor Companies 

SECTION 5.01. Merger and Consolidation. Unless otherwise provided for a particular Series of Securities in a Board Resolution, a
supplemental indenture or an Officers’ Certificate, the Issuer shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its properties and assets to, any Person unless: 

(i) the resulting, surviving or transferee Person (the “Successor Company”) shall be a corporation or limited
liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Issuer) shall expressly assume, by a supplemental indenture, executed and
delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Issuer under the Securities and this Indenture; 

(ii) immediately after giving effect to such transaction no Event of Default shall have occurred and be continuing; and 

  
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 (iii) the Issuer shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

The Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture (as
modified or supplemented by a Board Resolution, a supplemental indenture or an Officers’ Certificate), and the predecessor Issuer, except in the case of a lease of all or substantially all of its assets, shall be released from the obligation to
pay the principal of and interest on the Securities. 
 ARTICLE VI 

Defaults And Remedies 

SECTION 6.01. Events of Default. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, each of the following constitutes an “Event of Default” with respect to each Series of Securities: 

(1) the Issuer’s default in any payment of the principal amount of (or, in the case of Original Issue Discount Securities
of that Series, the portion thereby specified in the terms of such Security), or premium, if any, on any Security of that Series when such amount becomes due and payable at Stated Maturity, upon acceleration, required redemption or otherwise; 

(2) the Issuer’s failure to pay interest on any Security of that Series when such interest becomes due and payable, and
such failure continues for a period of 30 days; 
 (3) the Issuer fails to comply with Section 5.01; 

(4) the Issuer fails to comply with any of its covenants or agreements contained in the Securities of that Series or this
Indenture (other than those referred to in (1), (2), or (3) above) and such failure continues for 60 days after the notice specified below; 

(5) the Issuer or a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case; 

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

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

  
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 (D) makes a general assignment for the benefit of its creditors or takes any
comparable action under any foreign laws relating to insolvency; or 
 (6) a court of competent jurisdiction enters an order
or decree under any Bankruptcy Law that: 
 (A) is for relief against the Issuer or a Significant Subsidiary in an
involuntary case; 
 (B) appoints a Custodian of the Issuer or a Significant Subsidiary or for any substantial part of its
property; or 
 (C) orders the winding up or liquidation of the Issuer or a Significant Subsidiary or any similar relief is
granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days. 
 The foregoing shall constitute Events
of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body. 
 The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or
state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

A Default under clause (4) above is not an Event of Default with respect to any Series of Securities until the Trustee or the Holders of
at least 25% in principal amount of the outstanding Securities of that Series notify the Issuer of the Default and the Issuer does not cure such Default within the time specified in clause (4) after receipt of such notice. Such notice must
specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 
 The Issuer shall deliver
to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any event which with the giving of notice or the lapse of time would become an Event of Default under clause (4), its status
and what action the Issuer is taking or proposes to take with respect thereto. 
 SECTION 6.02. Acceleration. If an Event of Default
with respect to any Series of Securities at the time outstanding (other than an Event of Default specified in Section 6.01(5) or (6) with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the outstanding Securities of that Series by notice to the Issuer (and to the Trustee if such notice is given by the Holders), may declare the principal amount of (or, in the case of Original Issue Discount Securities of that
Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all the Securities of that Series to be due and payable. Upon such a declaration, such amounts shall be due and payable
immediately. If an Event of Default specified in Section 6.01(5) or (6) with respect to the Issuer occurs, the principal amount of (or, in the case of Original Issue Discount Securities of that

  
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Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all the Securities of each Series of Security shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in principal amount of the Securities of any Series of Securities by notice to the Trustee may rescind
an acceleration of that Series of Securities and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default with respect to such Series of Securities have been cured or waived except
nonpayment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all Securities of that
Series that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

SECTION 6.03. Other Remedies. If an Event of Default with respect to any Series of Securities occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and
unpaid interest on the Securities of that Series or to enforce the performance of any provision of the Securities of that Series or this Indenture. 

The Trustee may institute and maintain a suit or legal proceeding even if it does not possess any of the Securities of a Series or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default with respect to any Series of Securities shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

SECTION 6.04. Waiver of Past Defaults. The Holders of a majority in aggregate principal amount of the Securities of any Series then
outstanding may by notice to the Trustee waive an existing Default and its consequences except (i) a Default in the payment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby
specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a Security of that Series, (ii) a Default arising from the failure to redeem or purchase any Security of that Series when required pursuant to the
terms of this Indenture or (iii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder of that Series affected. When a Default is waived, it is deemed cured, but no such waiver
shall 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 outstanding Securities of any Series may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with
respect to that Series. However, the Trustee may refuse to follow any direction that conflicts with law or this 

  
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Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder of that Series or that would subject the Trustee to 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 hereunder, the Trustee shall be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 SECTION 6.06.
Limitation on Suits. Except to enforce the right to receive payment of the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued
and unpaid interest on a Security of any Series when due, no Holder of a Security of that Series may pursue any remedy with respect to this Indenture or the Securities of that Series unless: 

(1) the Holder previously gave the Trustee written notice stating that an Event of Default with respect to that Series is
continuing; 
 (2) the Holders of at least 25% in principal amount of the outstanding Securities of that Series make a
written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders of that Series offer to the Trustee
security or indemnity 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 
 (5) the Holders
of a majority in principal amount of the outstanding Securities of that Series do not give the Trustee a direction inconsistent with such request during such 60-day period. 

A Holder of Securities of any Series may not use this Indenture to prejudice the rights of another Holder of that Series or to obtain a
preference or priority over another Holder of that Series. 
 SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any
other provision of this Indenture, the right of any Holder to receive payment of the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and
accrued and unpaid interest on the Securities held by such Holder, on or after their Maturity, or to bring suit for the enforcement of any such payment on or after their Maturity, shall not be impaired or affected without the consent of such Holder.

 SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided
for in Section 7.07 to cover the costs and expenses of collection, including the reasonable compensation, expenses disbursement and advances of the Trustee, its agents and its counsel. 

  
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 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Issuer or any of its Subsidiaries, their creditors or their 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, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.10.
Priorities. If the Trustee collects any money or property pursuant to this Article VI with respect to any Series of Securities, it shall pay out the money or property in the following order: 

FIRST: costs and expenses of collection, including all sums paid or advanced by the Trustee hereunder and the compensation, expenses and
disbursements of the Trustee, its agents and its counsel and all other amounts due to the Trustee under Section 7.07; 
 SECOND: to
Holders for amounts due and unpaid on the Securities of that Series for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and
accrued and unpaid interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities of that Series for the principal amount of (or, in the case of Original Issue Discount Securities of that
Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest, respectively; and 

THIRD: to the Issuer. 
 The
Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section. At least 15 days before such record date, the Trustee shall mail to each Holder and the Issuer a notice that states the record date, the payment date
and amount to be paid. 
 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing, by any party litigant in the suit, of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Securities of any Series. 

  
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 SECTION 6.12. Waiver of Stay or Extension Laws. The Issuer (to the extent it may lawfully
do so) shall not at any time insist upon, plead, or in any manner whatsoever claim to take the benefit or advantage of, any stay or extension law, wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE VII 

Trustee 
 SECTION 7.01.
Duties of Trustee. (a) If an Event of Default has occurred and is continuing with respect to any Series of Securities, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and
skill in its exercise thereof as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b) Except during the continuance of an Event of Default with respect to any Series of Securities: 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with
respect to the Securities of that Series, as modified or supplemented by a Board Resolution, a supplemental indenture or an Officers’ Certificate and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 (2) in the absence of bad faith on its part, the Trustee may, with respect to Securities of that Series, conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the
certificates and opinions to determine whether or, not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own
willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section; 

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

  
 25 

 (3) the Trustee shall not be liable with respect to any action it takes or omits
to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Every provision of this Indenture
that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (g) of this Section. 
 (e) The Trustee shall
not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. 
 (f) Money held in
trust by the Trustee need not be segregated from funds except to the extent required by law. 
 (g) No provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(h) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section and to the provisions of the Trust Indenture Act. 
 SECTION 7.02. Rights of Trustee.
(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

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

(c) The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent or attorney
appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to
be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence. 

(e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Securities, shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

  
 26 

 (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, consent, order, approval, bond, debenture, note or other paper or document. 

(g) The Trustee shall not be deemed to have notice or charged with knowledge of any Default or Event of Default with respect to the Securities
of any Series 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 is received from the Issuer or any Holders of such Securities by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references such Securities and this Indenture. 
 (h) 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 to each agent, custodian and other Person
employed to act hereunder. 
 (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 the Trustee in compliance with such request or direction. 
 (j) The Trustee may from time to time request that the Issuer
deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to the Indenture, which Officers’ Certificate may be signed by any persons
authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

(k) The permissive right of the Trustee to take any action under this Indenture shall not be construed as a duty to so act. 

(l) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including 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. 

(m) Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Order and any resolution of the Board
of Directors may be sufficiently evidenced by a Board Resolution. 
 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 Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do
the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

  
 27 

 SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Issuer’s use of the proceeds from the Securities, it will not be responsible for the use or application of any money
received by any Paying Agent (other than itself as Paying Agent), and it shall not be responsible for any statement in this Indenture, in the Securities, or in any document executed in connection with the sale of the Securities, other than those set
forth in a Trustee’s certificate of authentication. 
 SECTION 7.05. Notice of Defaults. If a Default with respect to Securities
of any Series occurs and is continuing and if it is actually known to a Trust Officer of the Trustee, the Trustee shall mail to each Holder of that Series notice of the Default within 90 days after it occurs. Except in the case of a Default with
respect to Securities of any Series in payment of the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid
interest on any Security of that Series, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of Holders. 

SECTION 7.06. Reports by Trustee to Holder. As promptly as practicable after each May 15 beginning with the first
May 15 after the issuance of Securities pursuant to this Indenture, for so long as Securities remain outstanding, the Trustee shall mail to each Holder a brief report dated as of such reporting date that complies with Section 313(a) of
the Trust Indenture Act. The Trustee shall also comply with Section 313(b) of the Trust Indenture Act. 
 A copy of each report at the
time of its mailing to Holders shall be filed with the SEC and each stock exchange (if any) on which the Securities are listed. The Issuer agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any
delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time such
compensation for its services as the Issuer and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparation and mailing of notices to Holders and reasonable costs of counsel retained by the Trustee in connection with
the delivery of an Opinion of Counsel or otherwise in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants
and experts. The Issuer shall indemnify the Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees) incurred by or in connection with the administration of this trust and the performance of
its duties hereunder, including the costs and expenses of enforcing the Indenture (including this Section 7.07) and of defending itself against any claims (whether asserted by any Holder, the Issuer or

  
 28 

 
otherwise). The Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so
to notify the Issuer shall not relieve the Issuer of its indemnity obligations hereunder. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party’s own
willful misconduct, gross negligence or bad faith. 
 To secure the Issuer’s payment obligations in this Section, the Trustee shall
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 the principal of and interest and any liquidated damages on particular Securities. 

The Issuer’s payment obligations pursuant to this Section shall survive the satisfaction or discharge of this Indenture, any rejection or
termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(5) or (6) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under the Bankruptcy Law. 
 SECTION 7.08. Replacement of Trustee. The
Trustee may resign at any time with respect to the Securities of any Series by so notifying the Issuer. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee and may appoint a successor Trustee with
respect to such Series of Securities. The Issuer shall remove the Trustee if: 
 (1) the Trustee fails to comply with
Section 7.10; 
 (2) the Trustee is adjudged bankrupt or insolvent; 

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

(4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Securities of any Series and such
Holders do not reasonably promptly appoint a successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation
or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders of that
Series of Securities. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

  
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 If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or
is removed, the retiring Trustee or the Holders of 10% in principal amount of the Securities of that Series may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, after written notice hereto, the Holders of at least 10% in principal amount of that
Series of Securities 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 7.08, the Issuer’s obligations under Section 7.07 shall
continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor
Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the
trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so
authenticated; and if at that time any of the Securities shall not have been authenticated, any such successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the
Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Trust Indenture Act
Section 310(a). The Trustee shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with Trust Indenture Act Section 310(b);
provided, however, that there shall be excluded from the operation of Trust Indenture Act Section 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities
of the Issuer are outstanding if the requirements for such exclusion set forth in Trust Indenture Act Section 310(b)(1) are met. 

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

  
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 ARTICLE VIII 

Legal Defeasance And Covenant Defeasance 

SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at the option of its Board of Directors
evidenced by resolutions set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Securities of any Series upon compliance with the conditions set forth below in
this Article VIII. 
 Unless otherwise provided for in a Board Resolution, a supplemental indenture or an Officers’ Certificate,
when (a) the Issuer has delivered to the Trustee for cancellation all Securities of a Series or (b) all outstanding Securities of a Series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are
by their terms to become due and payable within one year or are to be called for redemption within one year, and the Issuer shall have deposited with the Trustee as trust funds the entire amount sufficient to pay at maturity or upon redemption of
all outstanding Securities of the Series, and if, in either case, the Issuer shall also pay or cause to be paid all other sums payable under the Indenture by the Issuer, then the Indenture shall cease to be of further effect with respect to such
Securities of such Series. The Trustee shall acknowledge satisfaction and discharge of the Indenture on demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuer. 

SECTION 8.02. Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable
to this Section 8.02 with respect to any Series of Securities, the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all
outstanding Securities of that Series on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding Securities of that Series, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in
(a) and (b) below, and to have satisfied all its other obligations under such Securities and this Indenture with respect to such Securities of such Series (and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of outstanding Securities of that Series to receive solely from the trust fund described in Section 8.04
hereof, and as more fully set forth in such Section, payments in respect of the principal of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and
interest on such Securities when such payment are due; 

  
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 (b) the Issuer’s obligations with respect to such Securities of that Series under Article
II; 
 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection
therewith; and this Article VIII. 
 (d) Subject to compliance with this Article VIII, the Issuer may exercise its option under
this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
 SECTION 8.03. Covenant
Defeasance. Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any Series of Securities, the Issuer shall, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be released from its obligations under the covenants contained in a Board Resolution, a supplemental indenture or an Officers’ Certificate with respect to the outstanding Securities of that Series on and after the date
the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of that Series shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent
or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities shall not be
deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities of that Series, the Issuer may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default with respect to such Securities under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Securities shall be
unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof with respect to any Series of Securities, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof and Sections 6.01(3) and 6.01(4) hereof shall not constitute Events of Default with respect to such Securities. 

SECTION 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either
Section 8.02 or 8.03 hereof to the outstanding Securities: 
 In order to exercise either Legal Defeasance or Covenant Defeasance with
respect to any Series of Securities: 
 (1) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit
of the Holders of that Series of Securities, cash in U.S. dollars, 

  
 32 

 
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized independent registered public accounting firm, to
pay the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and interest on the outstanding Securities of that Series on the stated
date for payment thereof or on the applicable redemption date, as the case may be; 
 (2) in the case of an election under
Section 8.02 hereof, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 

(a) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or 

(b) since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities of that Series will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will
be subject to federal income tax on the same amounts, in the same manner and at the same time as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of an election under Section 8.03 hereof, the Issuer shall have delivered to the Trustee an Opinion of
Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Securities of that Series will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant
Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default with respect to that Series of Securities shall have occurred and be continuing either: 

(a) on the date of such deposit (other than a Default or Event of Default with respect to that Series of Securities resulting
from the borrowing of funds to be applied to such deposit); or 
 (b) insofar as Sections 6.01(5) or 6.01(6) hereof are
concerned, at any time in the period ending on the 91st day after the date of deposit; 
 (5) such Legal Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Issuer or any of its Significant Subsidiaries are a party or by which the
Issuer or any of its Significant Subsidiaries are bound; 

  
 33 

 (6) the Issuer shall have delivered to the Trustee an Opinion of Counsel to the
effect that on the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 

(7) the Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the
Issuer with the intent of preferring the Holders of that Series of Securities over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; and 

(8) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 SECTION
8.05. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of any outstanding Series of Securities shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such
Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.04 hereof 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 the outstanding Securities
of that Series. 
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from
time to time upon the request of the Issuer any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized independent registered public accounting firm expressed
in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance. 
 SECTION 8.06. Repayment to the Issuer. Any money deposited with the Trustee or any Paying
Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and

  
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payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Security shall thereafter look only to the Issuer
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying
Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

SECTION 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities
in accordance with Section 8.02 or 8.03 thereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s obligations
under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Security following the reinstatement of its obligations, the
Issuer shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE IX 
 Amendments

 SECTION 9.01. Without Consent of Holders. The Issuer and the Trustee may amend this Indenture or the Securities without notice to
or consent of any Holder: 
 (1) to evidence the succession of another Person to the Issuer pursuant to Article V and the
assumption by such successor of the Issuer’s covenants, agreements and obligations in this Indenture and in the Securities; 

(2) to surrender any right or power conferred upon the Issuer by this Indenture, to add to the covenants of the Issuer such
further covenants, restrictions, conditions or provisions for the protection of the Holders of all or any Series of Securities as the Board of Directors of the Issuer shall consider to be for the protection of the Holders of such Securities, and to
make the occurrence, or the occurrence and continuance, of a default in respect of any such additional covenants, restrictions, conditions or provisions a Default or an Event of Default under this Indenture; provided, however, that
with respect to any such additional covenant, restriction, condition or provision, such amendment may provide for a period of grace after default, which may be shorter or longer than that allowed in the case of other Defaults, may provide for an
immediate enforcement upon such 

  
 35 

 
Default, may limit the remedies available to the Trustee upon such Default or may limit the right of Holders of a majority in aggregate principal amount of the Securities of any Series to waive
such default; 
 (3) to cure any ambiguity or correct or supplement any provision contained in this Indenture, in any
supplemental indenture or in any Securities that may be defective or inconsistent with any other provision contained therein; 

(4) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or to make such other provisions in
regard to matters or questions arising under this Indenture as shall not adversely affect the interests of any Holders of Securities of any Series; 

(5) to modify or amend this Indenture in such a manner as to permit the qualification of this Indenture or any supplemental
indenture under the Trust Indenture Act as then in effect; 
 (6) to add or to change any of the provisions of this Indenture
to provide that Securities in bearer form may be registrable as to principal, to change or eliminate any restrictions on the payment of principal or premium with respect to Securities in registered form or of principal, premium or interest with
respect to Securities in bearer form, or to permit Securities in registered form to be exchanged for Securities in bearer form, so as to not adversely affect the interests of the Holders of Securities or any coupons of any Series in any material
respect or permit or facilitate the issuance of Securities of any Series in uncertificated form; 
 (7) in the case of
subordinated Securities, to make any change in the provisions of this Indenture or any supplemental indenture relating to subordination that would limit or terminate the benefits available to any holder of senior Indebtedness under such provisions
(but only if each such holder of senior Indebtedness consents to such change); 
 (8) to add Guarantees with respect to the
Securities or to secure the Securities; 
 (9) to make any change that does not adversely affect the rights of any Holder;

 (10) to add to, change, or eliminate any of the provisions of this Indenture with respect to one or more Series of
Securities, so long as any such addition, change or elimination not otherwise permitted under this Indenture shall (A) neither apply to any Security of any Series created prior to the execution of such supplemental indenture and entitled to the
benefit of such provision nor modify the rights of the Holders of any such Security with respect to the benefit of such provision or (B) become effective only when there is no such Security outstanding; 

  
 36 

 (11) to evidence and provide for the acceptance of appointment by a successor or
separate Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of this Indenture by more than one Trustee;
or 
 (12) to establish the form or terms of Securities and coupons of any Series pursuant to Article II. 

SECTION 9.02. With Consent of Holders. The Issuer and the Trustee may amend this Indenture or the Securities of any Series without
notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the Securities of each Series then outstanding (including consents obtained in connection with a tender offer or exchange for the
Securities) affected by such amendment. However, without the consent of each Holder affected, an amendment may not: 
 (1)
make any change to the percentage of principal amount of the outstanding Securities of any Series, the consent of whose Holders is required for any amendment, or the consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; 
 (2)
reduce the principal amount of, premium, if any, or interest on, or extend the Stated Maturity or interest payment periods of any Security; 

(3) make any Security payable in money or securities other than those stated in the Security; 

(4) make any change that adversely affects such Holder’s right to require the Issuer to purchase the Securities in
accordance with the terms thereof and this Indenture; 
 (5) impair the right of any Holder to institute suit for the
enforcement of any payment with respect to the Securities; 
 (6) in the case of any subordinated Securities, or coupons
appertaining thereto, make any change in the provisions of this Indenture relating to subordination that adversely affects the rights of any Holder under such provisions; or 

(7) make any change in Section 6.04 or 6.07 or the second sentence of this Section 9.02. 

It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent approves the substance thereof. After an amendment under this Section becomes effective, the Issuer shall mail to all affected Holders a notice briefly describing such amendment. The failure to give such notice to
all such Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 

  
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 SECTION 9.03. Compliance with Trust Indenture Act. Every amendment to this Indenture or
the Securities shall comply with the Trust Indenture Act as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents and
Waivers. A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if
notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of
revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective once both (i) the requisite number of consents have been
received by the Issuer or the Trustee and (ii) such amendment or waiver has been executed by the Issuer and the Trustee. 
 The Issuer
may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record
date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the Trustee may require the
Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer in
exchange for the Security shall issue and the Trustee shall, upon receipt of an Issuer Order, authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the
validity of such amendment. 
 SECTION 9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment authorized pursuant to
this Article IX if the amendment does not affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall receive indemnity satisfactory to it,
and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture and that such amendment is the legal, valid
and binding obligation of the Issuer enforceable against it in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). 

  
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 SECTION 9.07. Payment for Consent. Neither the Issuer nor any Affiliate of the Issuer
shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or
the Securities unless such consideration is offered to be paid to all Holders of such Series of Securities, ratably, that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or
agreement. 
 ARTICLE X 

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

 SECTION 10.02. Notices. Unless otherwise provided herein, any notice or communication shall be in writing and delivered in person
or mailed by first-class mail addressed as follows: 
 If to the Issuer: 

Crown Castle International Corp. 

1220 Augusta Drive 
 Suite 600

 Houston, TX 77057 
 Fax:
(713) 570-3150 
 Attention: Chief Financial Officer 

with a copy to: 
 Cravath,
Swaine & Moore LLP 
 825 Eighth Avenue 

New York, NY 10019 
 Fax:
(212) 474-3700 
 Attention: Stephen L. Burns, Esq. 

If to the Trustee: 
 The Bank of
New York Mellon Trust Company, N.A. 
 601 Travis Street, 16th Floor 

Houston, TX 77002 
 Fax:
(713) 483-6959 
 Attention: Corporate Trust Services, re: Crown Castle International Corp. 

  
 39 

 The Issuer or the Trustee by notice to the other may designate additional or different addresses
for subsequent notices or communications. 
 Any notice or communication mailed to a Holder shall be mailed to the Holder at the
Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a
notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 The Trustee
agrees to accept and act upon instructions and directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods; provided, however, that the Trustee shall have
received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is
to be added or deleted from the listing. 
 SECTION 10.03. Communication by Holders with Other Holders. Holders may communicate
pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Securities. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act
Section 312(c). 
 SECTION 10.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 

(1) an Officers’ Certificate of the Issuer in form and substance reasonably satisfactory to the Trustee stating that, in
the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, all such conditions precedent have been complied with. 
 SECTION 10.05. Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 

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

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

  
 40 

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

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

 SECTION 10.06. When 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 Issuer, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer shall be disregarded and deemed not to be
outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so owned shall be so disregarded. Subject to the
foregoing, only Securities outstanding at the time shall be considered in any such determination. 
 SECTION 10.07. Rules by Trustee,
Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 

SECTION 10.08. Legal Holidays. A “Legal Holiday” is a Saturday, Sunday or other day on which banking institutions in New York
State are authorized or required by law to close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date
is a Legal Holiday, the record date shall not be affected. 
 SECTION 10.09. Governing Law. THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY. 
 SECTION 10.10. No Recourse Against Others. A director, officer, employee or shareholder, as such, of the Issuer shall not
have any liability for any obligations of the Issuer under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder shall waive and release all
such liability. The waiver and release shall be part of the consideration for the issuance of the Securities. 
 SECTION 10.11.
Successors. All agreements of the Issuer in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

  
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 SECTION 10.12. Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy of the Indenture is enough to prove this Indenture. 

SECTION 10.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 10.14. Severability. If any provision in this Indenture is deemed unenforceable, it shall not affect the validity or
enforceability of any other provision set forth herein, or of the Indenture as a whole. 
 SECTION 10.15. Waiver of Jury
Trial. EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLE WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUR OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR
THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 10.16. 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; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances. 

  
 42 

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

			
	CROWN CASTLE INTERNATIONAL CORP.,
		
	        by		  

			Name:
			Title:

  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	        by		  

			Name:
			Title:

 [Signature Page to Base Indenture]

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