Document:

EX-10.1

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

This LOAN AND SECURITY AGREEMENT (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this
“Agreement”) dated as of May 21, 2020 (the “Closing Date”) is entered into among MOLECULAR TEMPLATES OPCO, INC., a Delaware corporation (“Borrower Representative”, and together with each
other Person from time to time party hereto as a borrower, collectively, “Borrowers”, and each, a “Borrower”), MOLECULAR TEMPLATES, INC., a Delaware corporation (“Parent”, and together with
each other Person party hereto or to any other Loan Documents from time to time as a guarantor, collectively, “Guarantors” and each, a “Guarantor”, and together with Borrowers, collectively, “Loan
Parties”, and each, a “Loan Party”), the lenders from time to time party hereto (collectively, “Lenders”, and each, a “Lender”), K2 HEALTHVENTURES LLC, as administrative agent for
Lenders (in such capacity, together with its successors, “Administrative Agent”), and ANKURA TRUST COMPANY, LLC, as collateral agent for Lenders (in such capacity, together with its successors, “Collateral
Trustee”). 
 AGREEMENT 

Borrower Representative, each Loan Party from time to time party hereto, Administrative Agent, Collateral Trustee and Lenders hereby agree as
follows: 
 1.    ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed in accordance with GAAP, and calculations and determinations shall be made
following GAAP, consistently applied. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth on Exhibit A. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning
provided by the Code to the extent such terms are defined therein. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or” is not exclusive, the words
“includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. Unless otherwise specified, all references in this Agreement or any Annex or
Schedule hereto to a “Section,” “subsection,” “Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. For purposes
of the Loan Documents, whenever a representation or warranty is made to a Person’s knowledge or awareness, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible Officer of such Person. For
purposes of calculations made pursuant to the terms of this Agreement or otherwise for purposes of compliance herewith, GAAP will be deemed to treat operating leases and capital lease obligations in a manner consistent with the treatment thereof
under GAAP as in effect on December 31, 2018, notwithstanding any modifications or interpretive changes thereto that have occurred. Any documents or agreements referred to herein or in any other Loan Documents shall mean any such documents or
agreements as amended, restated, amended and restated and/or otherwise supplemented or modified from time to time. 

2.    LOAN AND TERMS OF PAYMENT 

2.1    Promise to Pay. Each Borrower hereby unconditionally promises to pay each Lender, ratably, the
outstanding principal amount of all Loans, accrued and unpaid interest, fees and charges thereon and to pay all Obligations as and when due in accordance with this Agreement. 

2.2    Availability and Repayment of the Loans. 

(a)    Availability. 

(i)    Subject to the terms and conditions of this Agreement, each Lender agrees, severally and not jointly, to make to
Borrowers an advance on the Closing Date in principal amount equal to its First Tranche Term Loan Commitment (the “First Tranche Term Loans”). Lenders’ commitments to make the First Tranche Term Loans shall terminate upon the
funding of the First Tranche Term Loans on the Closing Date. 
 (ii)    Subject to the terms and conditions of this
Agreement, each Lender agrees, severally and not jointly, to make to Borrowers an advance during the Second Tranche Availability Period in principal amount equal to its Second Tranche Term Loan Commitment (the “Second Tranche Term
Loans”). Lenders’ commitments to make the Second Tranche Term Loans shall terminate upon the earlier of (i) the end of the Second Tranche Availability Period, and (ii) the date the Second Tranche Term Loans have been funded.

 (iii)    Subject to Lenders’ approval in each Lender’s sole
and absolute discretion and the terms and conditions of this Agreement, each Lender may, severally and not jointly, make to Borrowers an advance during the Third Tranche Availability Period in principal amount equal to its Third Tranche Term Loan
Commitment (the “Third Tranche Term Loans”, and together with the First Tranche Term Loan, and the Second Tranche Term Loan, collectively, the “Term Loans”, and each, a “Term Loan”). No Third
Tranche Term Loans shall be made after the earlier of (i) the end of the Third Tranche Availability Period, and (ii) the date that Third Tranche Term Loans have been funded. 

Borrowers shall use the proceeds of the Term Loans (i) to repay existing outstanding Indebtedness of Borrower Representative owing to
Perceptive Credit Holdings II, LP, and (ii) for working capital and general corporate purposes. Once repaid, the Term Loans may not be reborrowed. 

(b)    Repayment. Commencing on the Amortization Date, and continuing thereafter on each Payment Date through the
Term Loan Maturity Date, Borrowers shall make consecutive monthly payments of equal principal and interest, which would fully amortize the principal amount of the Term Loans and accrued interest thereon by the Term Loan Maturity Date, provided that
if the Applicable Rate is adjusted or the Amortization Date is extended in accordance with its terms, the amortization schedule and the required monthly installment shall be recalculated based on the adjusted Applicable Rate and/or the adjusted
number of Payment Dates through the Term Loan Maturity Date. Any and all unpaid Obligations, including principal and accrued and unpaid interest in respect of the Term Loans, the fees pursuant to the Fee Letter and any other fees and other sums due
hereunder, if any, shall be due and payable in full on the Term Loan Maturity Date. The Term Loans may only be prepaid in accordance with Sections 2.2(c) or (d). 

(c)    Mandatory Prepayment Upon an Acceleration. If the Loans are accelerated in accordance with the terms hereof
following the occurrence and during the continuation of an Event of Default, Borrowers shall immediately pay to Lenders, an amount equal to the sum of: 

(i)    all outstanding principal plus accrued and unpaid interest thereon, plus 

(ii)    all amounts then due in accordance with the Fee Letter, plus 

(iii)    all other sums, if any, that shall have become due and payable, including interest at the Default Rate with
respect to any past due amounts. 
 (d)    Permitted Prepayment of Loans. Borrowers shall have the option to
prepay all, but not less than all, of the Loans, provided Borrowers provide written notice to Administrative Agent of its election to prepay the Loans at least fifteen (15) days prior to such prepayment (it being understood and agreed that any
such prepayment may be made conditional upon the occurrence of a “change of control” or a refinancing of the Obligations), and pay, on the date of such prepayment, to Lenders, ratably, an amount equal to the sum of: 

(i)    all outstanding principal plus accrued and unpaid interest thereon, plus 

(ii)    all amounts then due in accordance with the Fee Letter, plus 

(iii)    all other sums, if any, that shall have become due and payable, including interest at the Default Rate with
respect to any past due amounts. 
 2.3    Payment of Interest. 

(a)    Interest Rate. Subject to Section 2.3(b), the outstanding principal amount of the
Loans shall accrue interest from and after its Funding Date, at the Applicable Rate, and Borrowers shall pay such interest monthly in arrears on each Payment Date commencing on July 1, 2020. 

(b)    Default Rate. Immediately upon the occurrence and during the continuation of an Event of Default,
Obligations shall bear interest at a rate per annum which is five percentage points (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Borrowers
pursuant to the Loan Documents (including, without limitation, Lender Expenses) but are not paid when 

  
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due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this
Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies pursuant to the Loan Documents. Each Borrower
agrees that interest at the Default Rate is a reasonable calculation of Lenders’ lost profits in view of the difficulties and impracticality of determining actual damages resulting from an Event of Default. 

(c)    Payment; Interest Computation. Interest is payable monthly in arrears on the Payment Date of the following
month and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 3:00 p.m. Eastern Time on any day
shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Loan shall be included and the date of payment shall be excluded. Changes to the Applicable Rate based on changes to the Prime
Rate, shall be effective as of the date, and to the extent, of such change. 
 (d)    Maximum Interest.
Notwithstanding any provision in this Agreement or any other Loan Document, it is the parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent
jurisdiction shall deem applicable hereto (the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that a Borrower has actually paid to or for the benefit of Lenders an amount of interest in excess of the
amount that would have been payable if all of the Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrowers shall be applied as follows: first, to the payment of principal outstanding in
respect of the Loans; second, after all principal is repaid, to the payment of accrued interest, third, to the payment of Lender Expenses and any other Obligations; and fourth, after all Obligations are repaid, the excess (if any) shall be refunded
to Borrowers or paid to whomsoever may be legally entitled thereto, provided that amounts payable to Lenders, shall be paid ratably. 

2.4    Fees and Charges. Borrowers shall pay to Administrative Agent, for the ratable benefit of Lenders:

 (a)    Fees. The fees and charges as and when due in accordance with the Fee Letter; and 

(b)    Expenses. All Lender Expenses incurred through and after the Closing Date, when due (or, if no stated due
date, within two (2) Business Days after demand by Administrative Agent). 
 2.5    Payments; Application
of Payments; Automatic Payment Authorization; Withholding. 
 (a)    All payments to be made by Borrowers under any
Loan Document, including payments of principal and interest and all fees, charges, expenses, indemnities and reimbursements, shall be made in immediately available funds in Dollars, without setoff, recoupment or counterclaim, before 3:00 p.m.
Eastern Time on the date when due. Payments of principal and/or interest received after 3:00 p.m. Eastern Time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day,
the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b)    No Borrower shall have a right to specify the order or the loan accounts to which a Lender shall allocate or apply
any payments made by a Borrower to or for the benefit of such Lender or otherwise received by such Lender under this Agreement when any such allocation or application is not expressly specified elsewhere in this Agreement. 

(c)    Administrative Agent, on behalf of Lenders, may initiate debit entries to any Deposit Accounts as authorized on the
Automatic Payment Authorization for principal and interest payments or any other Obligations when due. These debits shall not constitute a set-off. If the ACH payment arrangement is terminated for any reason,
Borrowers shall make all payments due hereunder at the applicable address specified in Section 10, or as otherwise notified by Administrative Agent in writing. 

(d)    Borrowers, Administrative Agent, Collateral Trustee and each Lender hereby agree to the terms and conditions set
forth on Schedule 3 hereto. 
 2.6    Promissory Notes. Borrowers agree that: (a) upon written
notice by or on behalf of any Lender to Borrowers that a promissory note or other evidence of indebtedness is requested by such Lender to evidence the Loans 

  
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and other Obligations owing or payable to, or to be made by, such Lender, Borrowers shall promptly (and in any event within three (3) Business Days of any such request) execute and deliver
to such Lender an appropriate promissory note, in substantially the form attached hereto as Exhibit G, and (b) upon any Lender’s written request, and in any event within three (3) Business Days of any such request, the
Borrowers shall execute and deliver to such Lender new notes and/or divide the notes in exchange for then existing notes in such smaller amounts or denominations as such Lender shall specify in its sole and absolute discretion; provided, that
the aggregate principal amount of such new notes shall not exceed the aggregate principal amount of the applicable Loans made by such Lender; provided, further, that such promissory notes that are to be replaced shall then be deemed no
longer outstanding hereunder and replaced by such new notes and returned to the Borrowers within a reasonable period of time after such Lender’s receipt of the replacement notes. Regardless whether or not any such promissory notes are issued,
this Agreement shall evidence the Loans and other Obligations owing or payable by Borrowers to each Lender. 

3.    CONDITIONS OF LOANS 

3.1    Conditions Precedent to Initial Loan. Each Lender’s obligation to make the initial Loan is
subject to the condition precedent that Lender shall have received, in form and substance satisfactory to Administrative Agent, such documents, and completion of such other matters, as Administrative Agent may reasonably deem necessary or
appropriate, including, without limitation: 
 (a)    duly executed signatures to this Agreement; 

(b)    duly executed signatures to the Fee Letter; 

(c)    a certificate of each Loan Party, duly executed by a Responsible Officer, certifying and attaching (i) the
Operating Documents, (ii) resolutions duly approved by the Board, (iii) any resolutions, consent or waiver duly approved by the requisite holders of each Loan Party’s Equity Interests, if applicable (or certifying that no such
resolutions, consent or waiver is required), and (iv) a schedule of incumbency; 
 (d)    a payoff letter with
respect to Indebtedness outstanding as of the Closing Date to Perceptive Credit Holdings II, LP, together with all documents reasonably required in connection with the payoff and release of security interests; 

(e)    the Perfection Certificate of Borrower Representative, together with the duly executed signature thereto; 

(f)    a legal opinion of counsel to the Loan Parties; 

(g)    the original stock certificates representing any Shares, if any, together with a stock power or other appropriate
instrument of transfer, duly executed by the holder of record of such Shares and in blank; and 
 (h)    payment of the
fees in accordance with the Fee Letter and Lender Expenses then due as specified in Section 2.4(a), subject to application of the deposit in accordance with the Fee Letter. 

3.2    Conditions Precedent to all Loans. Each Lender’s obligations to make each Loan is subject to the
following conditions precedent: 
 (a)    except for the Term Loan made on the Closing Date, timely receipt of an
executed Loan Request by Administrative Agent; 
 (b)    the representations and warranties in this Agreement and the
other Loan Documents shall be true, accurate, and complete in all material respects on the date of the Loan Request and on the Funding Date of each Loan; provided, however, that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall instead be true,
accurate and complete in all material respects as of such date; 

  
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 (c)    no Default or Event of Default shall have occurred and be
continuing or result from the Loan; and 
 (d)    since the Closing Date, there has not been (i) any event or
circumstance that has occurred and is continuing that could reasonably be expected to have a Material Adverse Effect, or (ii) any material adverse deviation by Borrowers from the most recent business plan of Borrowers presented to and accepted
by Administrative Agent, as determined by Administrative Agent in Administrative Agent’s reasonable discretion, provided however, that clause (ii) shall not apply to the Second Tranche Term Loan if the Second Tranche Milestone is
met. 
 3.3    Covenant to Deliver. 

(a)    Loan Parties agree to deliver each item required to be delivered under this Agreement as a condition precedent to
any Loan. Loan Parties expressly agree that a Loan made prior to the receipt of any such item shall not constitute a waiver by Administrative Agent of a Borrower’s obligation to deliver such item, and the making of any Loan in the absence of a
required item shall be in Administrative Agent’s sole discretion. 
 (b)    Loan Parties agree to deliver the items
set forth on Schedule 2 hereto within the timeframe set forth therein (or by such other date as Administrative Agent may approve in writing), in each case, in form and substance reasonably acceptable to Administrative Agent. 

3.4    Procedures for Borrowing. To obtain a Loan, other than with respect to the initial Loans, Borrower
Representative shall deliver a completed Loan Request to Administrative Agent (which may be delivered by email) no later than 3:00 p.m. Eastern Time, ten (10) Business Days prior to the date such Loan is requested to be made. On the Funding
Date, each applicable Lender shall fund the applicable Loan in the manner requested by the Loan Request, provided that each of the conditions precedent to such Loan is satisfied. 

4.    CREATION OF SECURITY INTEREST  

4.1    Grant of Security Interest. Each Loan Party hereby grants to Collateral Trustee, for the ratable
benefit of Lenders, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Collateral Trustee, the Collateral, wherever located, whether now owned or hereafter acquired or arising,
and all proceeds and products thereof. If this Agreement is terminated, Collateral Trustee’s Lien in the Collateral shall continue until the Obligations (other than contingent indemnification obligations as to which no claim has been asserted
or is known to exist) are repaid in full in cash. 
 4.2    Priority of Security Interest. Each Loan Party
represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens). If a Loan Party shall acquire a
commercial tort claim with a potential recovery in excess of $500,000, such Loan Party shall promptly notify Administrative Agent in writing and deliver such other information and documents as Administrative Agent may reasonably require to take any
further action necessary or advisable to perfect Collateral Trustee’s Lien in such commercial tort claim. If a Loan Party shall acquire any instrument with a value in excess of $500,000, such Loan Party shall promptly notify Administrative
Agent and deliver the same in original together with an allonge or other appropriate instrument of transfer and any necessary endorsement, all in form reasonably satisfactory to Collateral Trustee. 

4.3    Authorization to File Financing Statements. Each Loan Party hereby authorizes Collateral Trustee or
its designee (or the Administrative Agent, on behalf of the Collateral Trustee) to file at any time financing statements, continuation statements and amendments thereto with all appropriate jurisdictions to perfect or protect Collateral
Trustee’s interest or rights hereunder. 
 4.4    Pledge of Collateral. Each Loan Party hereby
pledges, assigns and grants to Collateral Trustee a security interest in the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or
granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. On the Closing Date or to the extent any Shares pledged hereunder from time to time are or become
certificated and such Shares either (i) represent Equity Interests of a Subsidiary or (ii) have a value in excess of $500,000, and in each case, the extent the same constitute Collateral, such certificates shall be delivered to Collateral
Trustee, accompanied by a stock power 

  
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or other appropriate instrument of assignment duly executed in blank. To the extent required by the terms and conditions governing the Equity Interests in which a Loan Party has an interest, such
Loan Party shall cause the books of each Person whose Equity Interests are part of the Collateral and any transfer agent to reflect the pledge of the Equity Interests. Upon the occurrence and during the continuation of an Event of Default hereunder,
Collateral Trustee may effect the transfer of any securities included in the Collateral (including but not limited to the Equity Interests) into the name of Collateral Trustee and cause new certificates representing such securities to be issued in
the name of Collateral Trustee or its transferee. Each Loan Party will execute and deliver such documents, and take or cause to be taken such actions, as Administrative Agent may reasonably request to perfect or continue the perfection of Collateral
Trustee’s security interest in the Equity Interests. Each Loan Party shall be entitled to exercise any voting rights with respect to the Equity Interests in which it has an interest and to give consents, waivers and ratifications in respect
thereof, unless following an Event of Default, Collateral Trustee shall have given notice to Borrower Representative suspending such rights, provided that: no such notice shall be required if a Loan Party has commenced an Insolvency Proceeding and,
in any event, no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms. All such rights
to vote and give consents, waivers and ratifications shall terminate upon the occurrence and during the continuation of an Event of Default and the notification by Collateral Trustee to Borrower Representative of the exercise of remedies in
accordance with the terms hereof. Notwithstanding anything to the contrary contained herein or in any other Loan Document, no actions under applicable foreign law to perfect or create any security interest over the Shares or any property or other
assets of any Foreign Subsidiary shall be required with respect to any Foreign Subsidiary not required to become a Borrower or Guarantor hereunder in accordance with Section 6.11(b). 

5.    REPRESENTATIONS AND WARRANTIES 

Each Loan Party represents and warrants as follows: 

5.1    Due Organization, Authorization; Power and Authority. 

(a)    Each Loan Party and each of its Subsidiaries are duly existing and in good standing as a Registered Organization in
their respective jurisdictions of formation and are qualified and licensed to do business and are in good standing in any other jurisdiction in which the conduct of their respective business or ownership of property require that they be qualified
except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. In connection with this Agreement, Borrower Representative has delivered to Administrative Agent a completed certificate signed by Borrower
Representative entitled “Perfection Certificate”. Except to the extent Borrower Representative has provided notice of a legal name change in accordance with Section 7.2, (i) each Loan Party’s
exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (ii) each Loan Party is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (iii) the
Perfection Certificate accurately sets forth each Loan Party’s organizational identification number or accurately states that such Loan Party has none; (iv) the Perfection Certificate accurately sets forth each Loan Party’s place of
business, or, if more than one, its chief executive office as well as such Loan Party’s mailing address (if different than its chief executive office); (v) except as set forth in the Perfection Certificate, each Loan Party (and each of its
predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (vi) all other information set forth on the
Perfection Certificate pertaining to each Loan Party and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that each Loan Party may from time to time update certain information in the
Perfection Certificate after the Closing Date to the extent the change does not arise from an action, event or circumstance restricted by one or more specific provisions in this Agreement. 

(b)    The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party have been
duly authorized, and do not (i) conflict with such Loan Party’s Operating Documents or other organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law,
(iii) contravene, conflict or violate any applicable material order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which such Loan Party or any of its Subsidiaries or any of their property or assets
may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full
force and effect), or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which such Loan Party is bound. No Loan Party is in default under
any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a Material Adverse Effect. 

  
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 5.2    Collateral. 

(a)    Each Loan Party has good title to, rights in, and the power to transfer each item of the Collateral upon which it
purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. 
 (b)    Except for the
Collateral Accounts described in the Perfection Certificate or in a notice timely delivered pursuant to Section 6.6, no Loan Party has any Collateral Accounts at or with any bank, broker or other financial institution, and
each Loan Party has taken such actions as are necessary to give Collateral Trustee a perfected security interest therein as required pursuant to the terms of Section 6.6(b). The Accounts (if any) are bona fide, existing
obligations of the Account Debtors. 
 (c)    The Collateral is located only at the locations identified in the
Perfection Certificate and other Permitted Locations. The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate or as disclosed in writing pursuant to
Section 6.12. 
 (d)    Each Loan Party is the sole owner of the Intellectual Property which
it owns or purports to own except for (i) licenses constituting “Permitted Transfers”, (ii) open-source software, (iii) over-the-counter software
that is commercially available to the public, (iv) material Intellectual Property licensed to such Loan Party and noted on the Perfection Certificate or as disclosed pursuant to Section 6.7(b), and (v) immaterial
Intellectual Property licensed to such Loan Party. Each Patent (other than patent applications) which it owns or purports to own and which is material to such Loan Party’s business is valid and enforceable, and no part of the Intellectual
Property which a Loan Party owns or purports to own and which is material to the Loan Parties’ business has been judged invalid or unenforceable, in whole or in part. To the best of each Loan Party’s knowledge, no claim has been made that
any part of the Intellectual Property violates the rights of any third party except to the extent such claim could not reasonably be expected to have a Material Adverse Effect. Except as noted on the Perfection Certificate or as disclosed pursuant
to Section 6.7(b), no Loan Party is a party to, nor is it bound by, any Restricted License. No Subsidiary which is not a Loan Party owns any Intellectual Property, which, if not owned by Loan Parties and their Subsidiaries
would reasonably be expected to have a Material Adverse Effect. 
 5.3    Accounts; Material Agreements.
The Accounts (if any) of the Loan Parties are bona fide existing obligations. The property or services giving rise to such Accounts have been delivered or rendered.    The licenses and agreements to which any Loan Party or any of
its Subsidiaries is a party is in good standing and in full force and effect and no Loan Party is in material breach with respect thereto, except to the extent of any such licenses and agreements, the failure of which to maintain, could reasonably
be expected to have a Material Adverse Effect. 
 5.4    Litigation and Proceedings. Except as set forth
in the Perfection Certificate or as disclosed in writing pursuant to Section 6.2, there are no actions, suits, litigations or proceedings, at law or in equity, pending, or, to the knowledge of any Responsible Officer,
threatened in writing, by or against any Loan Party or any of its Subsidiaries, officers or directors involving more than, individually or in the aggregate for all related proceedings, $500,000 or in which any adverse decision has had or could
reasonably be expected to have any Material Adverse Effect. 
 5.5    Financial Statements; Financial
Condition. All consolidated and consolidating (if applicable) financial statements for the Loan Parties and each of their Subsidiaries delivered to Administrative Agent fairly present in all material respects the consolidated and consolidating
financial condition and results of operations of the Loan Parties and each of their Subsidiaries as of the respective dates and for the respective periods then ended, and there are no material liabilities (including any contingent liabilities) which
are not reflected in such financial statements. There has not been any material deterioration in (i) the consolidated financial condition of the Loan Parties and their Subsidiaries taken as a whole, or (ii) the Collateral, in each case,
since the date of the most recent financial statements submitted to Administrative Agent, as determined by Administrative Agent acting in its reasonable discretion. 

5.6    Solvency. The fair salable value of the assets (including goodwill minus disposition costs) of the
Loan Parties and their Subsidiaries, on a consolidated basis, exceeds the fair value of liabilities of the Loan Parties’ and their Subsidiaries, on a consolidated basis; no Loan Party is left with unreasonably small capital after the
transactions in this Agreement; and the Loan Parties and their Subsidiaries, on a consolidated basis, are able to pay their debts (including trade debts) as they mature. 

  
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 5.7    Consents; Approvals. Each Loan Party and each of
its Subsidiaries have obtained all third party consents, approvals, waivers, made all declarations or filings with, given all notices to, and obtained all consents, licenses, permits or other approvals from all Governmental Authorities that are
necessary (i) to enter into the Loan Documents and consummate the transactions contemplated thereby, and (ii) to continue their respective businesses as currently conducted, except (with respect to this clause (ii)) where failure to
do so could not reasonably be expected to result in a Material Adverse Effect. 
 5.8    Subsidiaries;
Investments. No Loan Party has any Subsidiaries, except as noted on the Perfection Certificate or as disclosed to Administrative Agent pursuant to Section 6.11 below. No Loan Party owns any stock, partnership, or other
ownership interest or other Equity Interests except for Permitted Investments. 
 5.9    Tax Returns and
Payments. Each Loan Party and each of its Subsidiaries have timely filed all required tax returns and reports (or appropriate extensions therefor), and such Loan Party and each of its Subsidiaries has timely paid all foreign, federal, state and
local taxes, assessments, deposits and contributions owed by such Loan Party or such Subsidiary, as applicable, except (a) to the extent such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently
conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually or in the
aggregate, exceed Twenty-Five Thousand Dollars ($25,000). No Loan Party is aware of any claims or adjustments proposed for any prior tax years of such Loan Party or any of its Subsidiaries which could result in a material amount of additional taxes
becoming due and payable by such Loan Party or Subsidiary. 
 5.10    Shares. Such Loan Party has full
power and authority to create a first lien on the Shares and no disability or contractual obligation exists that would prohibit such Loan Party from pledging the Shares pursuant to this Agreement. There are no subscriptions, warrants, rights of
first refusal or other restrictions on transfer relative to, or options exercisable with respect to the Shares of Borrower Representative or any other wholly-owned Subsidiary. The Shares have been and will be duly authorized and validly issued, and
are fully paid and non-assessable.    As of the date hereof, the Shares are not the subject of any present or threatened suit, action, arbitration, administrative or other proceeding, and
such Loan Party knows of no reasonable grounds for the institution of any such proceedings. 

5.11    Compliance with Laws. 

(a)    No Loan Party or Subsidiary of a Loan Party is an “investment company” or an “affiliated person”
of, or “promoter” or “principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act of 1940 as amended. 

(b)    No Loan Party or Subsidiary of a Loan Party is engaged, nor will it engage, principally or as one of its important
activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in Regulation U of the Federal Reserve Board as now and from time to time
hereafter in effect (such securities being referred to herein as “Margin Stock”). None of the proceeds of the Loans or other extensions of credit under this Agreement have been (or will be) used, directly or indirectly, for the
purpose of purchasing or carrying any Margin Stock, for the purpose of reducing or retiring any Indebtedness which was originally incurred to purchase or carry any Margin Stock or for any other purpose which might cause any of the Loans or other
extensions of credit under this Agreement to be considered a “purpose credit” within the meaning of Regulation T, U or X of the Federal Reserve Board. 

(c)    No Loan Party has taken or permitted to be taken any action which might cause any Loan Document to which it is a
party to violate any regulation of the Federal Reserve Board. Neither the making of the Loans hereunder nor Borrowers’ use of the proceeds thereof will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control
regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. No Loan Party, nor any of its Subsidiaries, nor any Affiliate of any Loan Party or of
any Subsidiary, nor any present holder of Equity Interests of any of the foregoing (i) is a Person described or designated in the Specially Designated Nationals and Blocked Persons 

  
 8 

 
List of the Office of Foreign Assets Control of the United States Department of Treasury (“OFAC”) or in Section 1 of the Anti-Terrorism Order or similar sanctions laws of
any other Governmental Authority including of any other applicable jurisdiction, (ii) is a citizen or resident of any country that is subject to embargo or trade sanctions enforced by OFAC, (iii) is, or will become, a Person whose property
or interest in property is blocked or subject to blocking pursuant to Section 1 of the Anti-Terrorism Order, or (iv) engages in any dealings or transactions, or is otherwise associated, with any such Person. 

(d)    Each Loan Party and its Subsidiaries are in compliance, in all material respects, with the USA Patriot Act. No part
of the proceeds from the Loans made hereunder has been (or will be) used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

(e)    No Reportable Event or Prohibited Transaction, as defined in ERISA has occurred or is reasonably expected to occur,
and no Loan Party has failed to meet the minimum funding requirements of ERISA. No Loan Party has violated any applicable environmental laws in any material respect, maintains any properties or assets which have been designated in any manner
pursuant to any environmental protection statute as a hazardous materials disposal site, or has received any notice, summons, citation or directive from the Environmental Protection Agency or any other similar Governmental Authority. 

5.12    Products. A complete and accurate list of the material Products, is set forth on the Perfection
Certificate, as updated from time to time pursuant to the Compliance Certificate. The Loan Parties and each of its Subsidiaries hold all required material Governmental Approvals, a list of which is set forth on the Perfection Certificate, and all
material Governmental Approvals are in full force and effect. There are no proceedings in progress, pending or, to such Loan Party’s knowledge, threatened, that may result in revocation, cancellation, suspension, rescission or any adverse
modification of any of any Governmental Approval nor, to the best of the knowledge, information and belief of such Loan Party, after due inquiry, are there any facts upon which proceedings could reasonably be based. Without limitation of the
foregoing: 
 (a)    With respect to any Product being tested or manufactured, each Loan Party and each of its
Subsidiary has received, and such Product is the subject of, all material Governmental Approvals needed in connection with the testing or manufacture of such Product as such testing is currently being conducted by or on behalf of a Loan Party or any
of its Subsidiaries, and neither any Loan Party nor any of its Subsidiaries has received any notice from any applicable Governmental Authority, that such Governmental Authority is conducting an investigation or review of (i) any Loan
Party’s or any of its Subsidiary’s manufacturing facilities and processes for such Product which have disclosed any material deficiencies or violations of any Requirement of Law or the Governmental Approvals related to the manufacture of
such Product, or (ii) any such Governmental Approval or that any such Governmental Approval has been revoked or withdrawn, nor has any such Governmental Authority issued any order or recommendation stating that the development, testing and/or
manufacturing of such Product should cease, in each case, which could reasonably be expected to have a Material Adverse Effect. 

(b)    With respect to any Product marketed or sold by a Loan Party or any of its Subsidiaries, such Loan Party or such
Subsidiary, as applicable, has received, and such Product is the subject of, all material Governmental Approvals needed in connection with the marketing and sales of such Product as currently being marketed or sold, and no Loan Party nor any of its
Subsidiary has received any notice from any applicable Governmental Authority, that such Governmental Authority is conducting an investigation or review of any such material Governmental Approval or approval or that any such Governmental Approval
has been revoked or withdrawn, nor has any such Governmental Authority issued any order or recommendation stating that such marketing or sales of such Product cease or that such Product be withdrawn from the marketplace, in each case, which could
reasonably be expected to have a Material Adverse Effect; 
 (c)    There have been no adverse clinical test results in
connection with a Product which have or could reasonably be expected to have a Material Adverse Effect; and 

(d)    There have been no Product recalls or voluntary Product withdrawals from any market, in each case, which could
reasonably be expected to have a Material Adverse Effect. 

  
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 5.13    Full Disclosure. No written representation,
warranty or other statement of a Loan Party or any of its Subsidiaries in any certificate or written statement by or on behalf of a Loan Party or any of its Subsidiaries in connection with this Agreement, as of the date such representation,
warranty, or other statement was made, taken together with all such written certificates and written statements given, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in
the certificates or statements not materially misleading in light of the circumstances under which they were made (it being recognized that the projections and forecasts provided by any Loan Party in good faith and based upon reasonable assumptions
are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

6.    AFFIRMATIVE COVENANTS 

Each Loan Party shall, and shall cause each other Loan Party to, do all of the following: 

6.1    Government Compliance. Maintain its and all its Subsidiaries’ legal existence and good standing
in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Effect; comply, and cause each Subsidiary to comply, with all
laws, ordinances and regulations to which it is subject except where a failure to do so could not reasonably be expected to have a Material Adverse Effect; obtain all of the material Governmental Approvals required in connection with such Loan
Party’s business (in each case, the failure of which to obtain, could reasonably be expected to have a Material Adverse Effect) and for the performance by each Loan Party of its obligations under the Loan Documents to which it is a party and
the grant of a security interest in accordance therewith, and comply with all terms and conditions with respect to such Governmental Approvals. 

6.2    Financial Statements, Reports, Certificates. Provide Administrative Agent with the following: 

(a)    Monthly Financial Statements. Within thirty (30) days after the last day of each month, a company
prepared consolidated and consolidating (if applicable) balance sheet, income statement and statement of cash flows covering the Loan Parties and each of their Subsidiaries’ operations for such month, in form reasonably acceptable to
Administrative Agent, certified by a Responsible Officer as having been prepared in accordance with GAAP, consistently applied, except for the absence of footnotes, and subject to normal year-end adjustments.

 (b)    Compliance Certificates. Together with the monthly financial statements, a duly completed Compliance
Certificate signed by a Responsible Officer. 
 (c)    Annual Operating Budget and Financial Projections. Within
sixty (60) days after the end of each fiscal year of Parent (and within five (5) days of any material modification thereto), an annual operating budget in the same form as presented to the Parent’s Board for the upcoming fiscal year
of Parent, together with any related business forecasts used in the preparation thereof. 
 (d)    Annual Audited
Financial Statements. As soon as available, but no later than ninety (90) days after the last day of Parent’s fiscal year, or, if earlier, within five (5) days of filing with the Securities and Exchange Commission, audited
consolidated financial statements prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably acceptable to Administrative
Agent (it being understood and agreed that Ernst & Young LLP is acceptable to Administrative Agent). 

(e)    Other Statements. Within five (5) days of delivery, copies of all statements, reports and notices generally
made available to all stockholders or to any holders of Subordinated Debt. 
 (f)    SEC Filings. Within five
(5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Parent with the Securities and Exchange Commission. 

(g)    Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against any Loan
Party or any of its Subsidiaries that could result in damages or costs to any Loan Party or any of its Subsidiaries, individually or in the aggregate for all related proceedings, of $500,000 or more, or of any Loan Party or any of its Subsidiaries
taking or threatening legal action against any third person with respect to a claim of $500,000 or more, and with respect to any pending action or threatened action, a prompt report of any material development with respect thereto. 

  
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 (h)    Intellectual Property Report. Together with the Compliance
Certificate delivered at the end of each calendar quarter, a report in form reasonably acceptable to Administrative Agent, listing any applications or registrations that any Loan Party or any of its Subsidiaries has made or filed in respect of any
Patents, Copyrights or Trademarks and the status of any outstanding applications or registrations, as well as any material change in any Loan Party or any of its Subsidiaries’ Intellectual Property. 

(i)    Aging Reports; Other Reports and Information. Together with the monthly financial reports, reports as to the
following, in form reasonably acceptable to Administrative Agent: accounts payable aging and any other information related to the financial or business condition of any Loan Party as and when reasonably requested by Administrative Agent. 

(j)    Board Materials. At the same time and in the same manner as it gives to the members of Parent’s Board,
any committee or subcommittee thereof, or any advisory board, copies of all materials that Parent provides to its Board, such committee or subcommittee or advisory board, as applicable, in connection with meetings thereof, including any reports with
respect to Loan Parties’ operations or performance, provided, however, the foregoing may be subject to such exclusions and redactions as necessary in order to (A) preserve the confidentiality of highly sensitive proprietary information,
(B) prevent a conflict of interest between a Loan Party and a Secured Party, or (C) prevent impairment of the attorney client privilege with respect to pending or threatened litigation. 

(k)    Bank Account Statements. Together with the monthly financial statements delivered in accordance with
subsection (a) above (to the extent not delivered to Administrative Agent pursuant to any applicable Account Control Agreement), a copy of the most recent account statement, with transaction detail, for each Deposit Account or Securities
Account of a Loan Party or any of its Subsidiaries, or within three (3) Business Days, following Administrative Agent’s request, evidence satisfactory to Administrative Agent of the balance maintained in any such Deposit Account or
Securities Account. 
 (l)    Product Related. Within five (5) Business Days of receipt, copies of all
material correspondence, reports, documents and other filings with any Governmental Authority that could reasonably be expected to have a material adverse effect on any Governmental Approvals required for the manufacturing, marketing, testing or
sale of Products or which could have a Material Adverse Effect. 
 Notwithstanding the foregoing, no consolidating financial statements, reports or
projections shall be required in respect of any Immaterial Subsidiary in accordance with the foregoing, and instead, Borrower Representative shall deliver such reports, projections or other financial information with respect to any Immaterial
Subsidiary (including without limitation reports as to cash balance or revenue by legal entity) as Administrative Agent may reasonably request from time to time. 

6.3    Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects.
Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date, subject to reasonable extensions thereof. Borrower Representative shall promptly notify
Administrative Agent of all returns, recoveries, disputes and claims that involve more than $500,000. 

6.4    Taxes; Pensions. Timely file, and cause each of its Subsidiaries to timely file, all required tax
returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by such Loan Party and each of its Subsidiaries, except for deferred
payment of any taxes contested pursuant to the terms of Section 5.9, and shall deliver to Administrative Agent, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all
present pension, profit sharing and deferred compensation plans in accordance with their terms. 

6.5    Insurance. 

(a)    Keep, and cause each Subsidiary to keep, its business and the Collateral insured for risks and in amounts standard
for companies in the Loan Parties’ industry and location and as Administrative Agent may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of any Loan
Party, and in amounts that are reasonably satisfactory to Administrative Agent. 

  
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 (b)    Ensure that proceeds payable under any property policy with
respect to Collateral are, at Administrative Agent’s option, payable to Collateral Trustee, for the ratable benefit of Lenders, on account of the Obligations. To that end, all property policies shall within the time set forth in Schedule
2 and at all times thereafter, have a lender’s loss payable endorsement showing Collateral Trustee as lender loss payable, all liability policies shall show, or have endorsements showing, Collateral Trustee as an additional insured, in each
case, in form reasonably satisfactory to Administrative Agent and as set forth on Exhibit E. 

(c)    Notwithstanding the foregoing, (i) so long as the casualty event would not reasonably be expected to result in
a Material Adverse Effect and no Event of Default has occurred and is continuing, the Loan Parties shall have the option of applying the net cash proceeds of any casualty policy toward the replacement or repair of destroyed or damaged property, or
otherwise in the Ordinary Course of Business; provided that any such replaced or repaired property (A) shall be of equal or like value as the replaced or repaired Collateral; (B) shall be Collateral in which Collateral Trustee has been
granted a first priority security interest and (C) such proceeds shall be applied within 270 days following the receipt thereof and (ii) if the conditions set forth in clause (i) are not met, all such net cash proceeds shall,
at the option of Administrative Agent, be payable to Collateral Trustee, for the ratable benefit of Lenders, on account of the Obligations; provided that it is understood and agreed that notwithstanding anything to the contrary contained herein or
in any other Loan Document, in no event shall any prepayment premium or similar penalty apply to any prepayment required in accordance with the foregoing. 

(d)    At Administrative Agent’s request, Borrower Representative shall deliver certified copies of insurance
policies and evidence of all premium payments. Each provider of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished
to Collateral Trustee, that it will give Collateral Trustee thirty (30) days prior written notice before any such policy or policies shall be canceled (or ten (10) days’ notice for cancellation for
non-payment of premiums). 
 (e)    Subject to
Section 9.4, if any Loan Party fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment upon Administrative Agent’s request,
and to the extent practicable, in consultation with Borrowers, Collateral Trustee may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies
as Administrative Agent deems prudent or may direct. 
 6.6    Deposit and Securities Accounts. 

(a)    Maintain Collateral Accounts only at the banks and other financial institutions identified in the Perfection
Certificate or as disclosed pursuant to a notice timely delivered pursuant to subsection (b) below. Borrowers shall further maintain an ACH payment structure in favor of Administrative Agent, satisfactory to Administrative Agent.

 (b)    Provide Administrative Agent fifteen (15) Business Days prior written notice before establishing any
Collateral Account at or with any bank, broker or other financial institution, and upon opening such account, provide Administrative Agent with a written notice identifying the name, address of each bank or other institution, the name in which the
account is held, a description of the purpose of the account, and the complete account number therefor. For each Collateral Account that any Loan Party at any time maintains, Loan Parties shall cause the applicable bank, broker or financial
institution at or with which any Collateral Account is maintained to execute and deliver an Account Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Trustee’s Lien in such
Collateral Account in accordance with the terms hereunder, provided that the foregoing requirement to maintain Account Control Agreements shall not apply to any Excluded Account. 

6.7    Intellectual Property. 

(a)    Protect, defend and maintain the validity and enforceability of its Intellectual Property material to its business;
promptly advise Administrative Agent in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property material to its business; not suffer any
material claim of infringement that could reasonably be expected to have a Material 

  
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Adverse Effect unless such claim is dismissed within thirty (30) days from initiation thereof or Borrower Representative has demonstrated to Administrative Agent’s satisfaction that
such proceedings are without merit and adequate reserves have been taken; and, except for Permitted Transfers, not allow any Intellectual Property material to the Loan Parties’ business to be abandoned, forfeited or dedicated to the public
without Administrative Agent’s written consent. 
 (b)    Provide written notice to Administrative Agent as soon as
practicable prior to any Loan Party entering or becoming bound by any Restricted License, and with respect to any Restricted Licenses entered into after the Closing Date, use commercially reasonable efforts to obtain, or cause any applicable Loan
Party to obtain, the consent of, or waiver in form reasonably satisfactory to Administrative Agent from any person whose consent or waiver is necessary for any Restricted License to be assigned or otherwise Transferred in connection with a sale of
all or substantially all assets of the Loan Parties or Change in Control. 
 6.8    Litigation
Cooperation. From the Closing Date and continuing through the termination of this Agreement, make available to any Secured Party on reasonable terms and reasonable advanced notice, without expense to such Secured Party, as applicable, each Loan
Party and its officers employees and agents and each Loan Party’s books and records, to the extent that such Secured Party may deem them reasonably necessary to prosecute or defend any lawsuit or proceeding to which such Secured Party is a
party to the extent such lawsuit or proceeding arises out of a Claim asserted by a third party against a Secured Party in connection with the transactions contemplated by the Loan Documents or the Collateral. 

6.9    Access to Collateral; Books and Records. Allow Administrative Agent, Collateral Trustee, or its
respective agents, to inspect the Collateral and audit and copy such Loan Party’s Books in accordance with Section 6.13. Such inspections or audits shall be conducted no more often than once every twelve
(12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Administrative Agent shall determine is necessary. The foregoing inspections and audits shall be at
Borrowers’ expense. 
 6.10    Financial Covenant – Minimum Liquidity. At all
times prior to the Amortization Date, as the same may be extended in accordance with its terms, maintain Liquidity in an amount not less than five (5) times Monthly Burn. 

6.11    Joinder of Subsidiaries. 

(a)    Except to the extent joinder as a Loan Party is not required pursuant to the terms of subsection
(b) below, no later than fifteen (15) days after such time as a Loan Party forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Closing Date, or at any time upon request of Administrative
Agent with respect to any Subsidiary whether existing as of the Closing Date or thereafter created or acquired: (a) promptly, and in any event within five (5) days of creation, acquisition or request, as applicable, provide written
notice to Administrative Agent together with certified copies of the Operating Documents for such Subsidiary, and (b) within ten (10) days following the formation or creation thereof (as such time may be extended in the
Administrative Agent’s discretion): (i) take all such action as may be reasonably required by Administrative Agent to cause the applicable Subsidiary to either: (A) provide a joinder to this Agreement pursuant to which such Subsidiary
becomes a Loan Party hereunder, or (B) guarantee the Obligations and grant a security interest in and to the collateral of such Subsidiary (substantially as described on Exhibit B), in each case together with such
Account Control Agreements and other documents, instruments and agreements reasonably requested by Administrative Agent, all in form and substance reasonably satisfactory to Administrative Agent (including being sufficient to grant Collateral
Trustee a first priority Lien, subject to Permitted Liens in and to the assets of such Subsidiary), and (ii) and to pledge all of the direct or beneficial Equity Interests in such Subsidiary. Any document, agreement, or instrument executed or
issued pursuant to this Section 6.11 shall be a Loan Document. 
 (b)    Borrowers shall not
permit Foreign Subsidiaries which are not Loan Parties, in the aggregate, to maintain (i) cash and other assets with an aggregate value for all such Foreign Subsidiaries in excess of 5.0% of consolidated assets of Borrowers and their
Subsidiaries, (ii) revenue in excess of 5.0% of consolidated revenues of Borrowers and their Subsidiaries for any twelve month period then ended, or (iii) any Intellectual Property which is material to the business of Borrowers as a whole,
or (iv) any contracts which are material to the business of Borrowers and their Subsidiaries, as a whole, without causing one or more of such Foreign Subsidiaries to enter into 

  
 13 

 
a joinder or guaranty in form satisfactory to Administrative Agent with respect to the Obligations as Administrative Agent may request within fifteen days (or such other period as Administrative
Agent may agree in writing), such that compliance with clauses (i) through (iv) shall be restored. 

6.12    Property Locations. 

(a)    Provide to Administrative Agent at least ten (10) days’ prior written notice before adding or changing any
Material Location. 
 (b)    Except to the extent required pursuant to Schedule 2 hereto, with respect to each
Material Location, at Administrative Agent’s request the applicable Loan Party shall use its commercially reasonable efforts to cause the applicable landlord or bailee to execute and deliver a Collateral Access Agreement for such location,
including an acknowledgment from each of the third parties that it is holding or will hold such property, subject to Collateral Trustee’s security interest. 

6.13    Management Rights. Any representative of Administrative Agent shall have the right to meet with
management and officers of Borrowers to discuss books of account and records of Borrowers upon reasonable prior written notice to Borrower Representative and during normal business hours. In addition, Administrative Agent shall be entitled at
reasonable intervals, upon reasonable prior written notice, to consult and advise with the management and officers of Borrowers concerning significant business issues affecting Borrowers. The parties intend that the foregoing rights granted to
Administrative Agent shall constitute “management rights” within the meaning of 29 C.F.R. Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by Administrative
Agent with respect to any business issues shall not be deemed to give Administrative Agent, nor be deemed an exercise by Administrative Agent of, control over Borrowers’ management or policies, and Borrowers shall have no obligation to act upon
or follow any such advice or recommendation. 
 6.14    Right to Invest. In connection with any Qualified
Financings consummated after the Closing Date, Designated Holders shall have the right, in their respective discretion to participate in any such Qualified Financing, provided that with respect to any public offering of Parent, Parent agrees to use
commercially reasonable efforts to provide Designated Holders with the opportunity to invest in each Qualified Financing if it is lawful to do so (or if the Qualified Financing is an underwritten public offering pursuant to a registration statement
under the Securities Act of 1933, as amended, to use commercially reasonable efforts to cause the underwriters for such offering to offer Designated Holders an allocation of securities in such offering), on the same terms, conditions and pricing
afforded to other investors participating in such Qualified Financing; provided that the maximum aggregate investment amount by Designated Holders for all participations in Qualified Financings pursuant to this Section 6.14 shall be
$5,000,000; provided further, that, if in connection with such offering, (i) the aggregate bona fide commitments to purchase allocations are less than an amount which would provide the Designated Holders, on a pro rata basis, an
aggregate investment of $5,000,000, or (ii) demand in connection with such offering otherwise exceeds the size of any such offering, the allocation of Designated Holders shall be reduced accordingly on a pro rata basis. Parent shall
provide written notice to Administrative Agent not later than the date upon which potential investors are notified of a Qualified Financing, and if a Designated Holder desires to exercise its right to participate in such Qualified Financing,
Designated Holder shall cooperate to consummate its investment in such closing promptly upon receipt of documentation with respect thereto. Parent shall not take any action to avoid or seek to avoid the observance or performance of any of the
obligations pursuant to this Section 6.14, but will at all times in good faith assist in the carrying out the same and take all such action as may be necessary or appropriate, but only to the extent permitted by law, to protect the
rights of Designated Holders hereunder against impairment. 
 6.15    Further Assurances. Subject to the
terms hereof and the other Loan Documents, execute any further instruments and take further action as Administrative Agent or Collateral Trustee reasonably request to perfect or continue Collateral Trustee’s Lien in the Collateral or to effect
the purposes of this Agreement. 
 7.    NEGATIVE COVENANTS 

No Loan Party shall, or shall cause or permit any of its Subsidiaries to, do any of the following: 

7.1    Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively,
“Transfer”) all or any part of its business or property, except for Permitted Transfers. 

  
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 7.2    Changes in Business, Management, Ownership, or Business
Locations. (a) Engage in any business other than the businesses currently engaged in by such Person, as applicable, or reasonably related thereto; (b) cease doing business, or liquidate or dissolve, except for a liquidation or
dissolution by a Loan Party or Subsidiary other than Borrower Representative or Parent as long as (i) no Event of Default has occurred and is continuing as of the effective date of such liquidation or dissolution, and (ii) in case of a
liquidation or dissolution of a Borrower or other Loan Party, all assets thereof shall have been transferred to a Borrower or Loan Party, respectively; (c) permit or suffer a Change in Control; or (d) without at least ten (10) days
prior written notice to Administrative Agent (i) change its jurisdiction of organization, (ii) change its organizational structure or type, (iii) change its legal name, or (iv) change its organizational number (if any) assigned
by its jurisdiction of organization. 
 7.3    Mergers or Acquisitions. Merge or consolidate with any
other Person (except if concurrently with, and as a condition to the effectiveness of, the closing of such merger or consolidation, the Obligations shall be repaid in full, in cash), or acquire all or substantially all of the capital stock or
property of another Person or business line of another Person (including, without limitation, by the formation of any Subsidiary) other than in connection with any Permitted Investment, provided that a Subsidiary may merge or consolidate into
another Subsidiary or into a Loan Party that in any such merger or consolidation involving a Loan Party, such Loan Party shall be the surviving entity. 

7.4    Indebtedness. Create, incur, assume, or be liable for any Indebtedness, other than Permitted
Indebtedness. 
 7.5    Encumbrance. Create, incur, allow, or suffer any Lien on any of its property, or
assign or convey any right to receive income, including the sale of any Accounts, except for Permitted Liens, or otherwise permit any Collateral not to be subject to the first priority security interest granted herein, except in connection with
Permitted Liens, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Collateral Trustee) with any Person which directly or indirectly prohibits or has the effect of prohibiting any Loan Party or
Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of such Loan Party’s or Subsidiary’s Intellectual Property, except in connection with licenses of Intellectual Property
constituting a Permitted Transfer with respect to the Intellectual Property subject to such license. 

7.6    Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of
Section 6.6(b). 
 7.7    Distributions; Investments. (a) Pay any dividends
or make any distribution or payment or redeem, retire or purchase any Equity Interests; provided that (i) Parent may convert any of its convertible Equity Interests (including warrants) into other Equity Interests issued by Parent pursuant to
the terms of such convertible securities or otherwise in exchange thereof, (ii) Parent may convert Subordinated Debt issued by Parent into Equity Interests issued by Parent pursuant to the terms of such Subordinated Debt and to the extent
permitted under the terms of the applicable subordination or intercreditor agreement; (iii) Parent or any Subsidiary thereof may pay dividends solely in Equity Interests of Parent or such Subsidiary, as applicable; (iv) Parent may make
cash payments in lieu of fractional shares; (v) Parent may repurchase the Equity Interests issued by Parent pursuant to stock repurchase agreements approved by Parent’s Board so long as an Event of Default does not exist at the time of
such repurchase and would not exist immediately after giving effect to such repurchase, provided that the aggregate amount of all such repurchases does not exceed $500,000 per fiscal year; (vi) Parent may pay dividends, make any distributions
or payments or redeem any Equity Interests in an aggregate amount not to exceed $500,000 per fiscal year so long as an Event of Default does not exist at such time and would not exist immediately after giving effect to any such distribution, payment
or redemption; and (vii) a Subsidiary may pay dividends or make distributions to the holders of its Equity Interests in accordance with the terms of its Operating Documents; or (b) directly or indirectly make any Investment (including,
without limitation, by the formation of any Subsidiary), other than Permitted Investments. 

7.8    Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material
transaction with any Affiliate of a Loan Party, except for (a) transactions on fair and reasonable terms that are no less favorable to such Person than would be obtained in an arm’s length transaction with a
non-affiliated Person; (b) bona fide rounds of Subordinated Debt or equity financing for capital raising purposes, (c) reasonable and customary director, officer and employee compensation and other
customary benefits including retirement, health, stock option and other benefit plans and indemnification arrangements approved by Parent’s Board, (d) transactions among Loan Parties not otherwise restricted under the Loan Documents, and
(e) transactions otherwise contemplated to be entered into among a Loan Party or Subsidiary and an Affiliate and permitted under this Agreement. 

  
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 7.9    Subordinated Debt. (a) Make or permit any
payment on any Subordinated Debt, except as permitted pursuant to the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, as applicable, or (b) amend any provision in any document
relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to the Obligations, in each case, except to the
extent permitted by the terms of the applicable subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, as applicable. 

7.10    Compliance. Become an “investment company” or a company controlled by an “investment
company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve
System), or use the proceeds of any Loan for that purpose; take any action or fail to take any action (or suffer any other Person to do so), to the extent the same would cause the representations set forth in
Section 5.11(c) to be untrue; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards
Act or violate any other law or regulation, if the violation could reasonably be expected to have a Material Adverse Effect; withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with
respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any material liability of a Loan Party or any of its Subsidiaries, including any liability to the Pension Benefit Guaranty
Corporation or its successors or any other governmental agency. 
 8.    EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1    Payment Default. Any Loan Party fails to pay any Obligations after such Obligations are due and
payable, provided, however no Event of Default shall occur on account of a failure to pay due solely to an administrative or operational error of Administrative Agent or of a Borrower’s depository in connection with the debit of a required
payment if such Borrower maintained a balance sufficient to satisfy the required payment in the Collateral Account designated for payment in the ACH Authorization and Borrowers make the required payment within three (3) Business Days following
the earlier of (i) Borrower’s knowledge of such failure to pay, or (ii) notice of failure to pay is duly given to Borrower Representative. 

8.2    Covenant Default. 

(a)    A Loan Party fails or neglects to perform any obligation in Section 3.3(b),
Section 4.2, Sections 6.2, 6.4, 6.5, 6.6, 6.8 or 6.10, or violates any covenant in Section 7; or 

(b)    A Loan Party fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or
agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has
failed to cure the default within fifteen (15) days after the occurrence thereof. 
 8.3    Material
Adverse Effect. Following the Closing Date, an event or circumstance has occurred which could reasonably be expected to have a Material Adverse Effect. 

8.4    Attachment; Levy; Restraint on Business. 

(a)    (i) The service of process seeking to attach, by trustee or similar process, any material funds of a Loan Party or
of any of its Subsidiaries, or (ii) a notice of Lien or levy is filed against the material assets of any Loan Party or any of its Subsidiaries by any Governmental Authority, and the same under clauses (i) and (ii)
hereof are not, within twenty (20) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Loans shall be made during any twenty (20) day cure period; or 

(b)    (i) Any material portion of the assets of a Loan Party or any of its Subsidiaries is attached, seized, levied on,
or comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents a Loan Party or any of its Subsidiaries from conducting all or any material part of its business, and, in case such court

  
 16 

 
order applies to other businesses in the same geographic location, in the same or similar line of business or otherwise to similarly situated businesses generally, such court order is not vacated
or modified to avoid such restriction on the operation of the business within twenty (20) days following the entry thereof. 

8.5    Insolvency. (a) A Loan Party or any of its Subsidiaries, as a whole, is unable to pay its debts
(including trade debts) as they become due or otherwise becomes insolvent, the realizable value of the Loan Parties’ assets is less than the aggregate sum of its liabilities, or the Loan Parties; (b) a Loan Party or any of its Subsidiaries
begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against a Loan Party or any of its Subsidiaries and is not dismissed or stayed within thirty (30) days (but no Loans shall be made while any of the conditions
described in this Section 8.5 exist and/or until any Insolvency Proceeding is dismissed). 

8.6    Other Agreements. There is, under any agreement to which a Loan Party or any of its Subsidiaries is a
party with a third party or parties, (a) any default (after giving effect to any applicable cure or grace periods) resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in
an amount individually or in the aggregate in excess of $500,000 (except if such third party is restricted from accelerating the maturity of such Indebtedness, including pursuant to the terms of a subordination or similar agreement entered into with
respect to the Obligations); or (b) any breach or default by a Loan Party or a Subsidiary of such Loan Party, the result of which could reasonably be expected to have a Material Adverse Effect. 

8.7    Judgments; Penalties. (a) To the extent not otherwise covered by third party insurance as to
which liability has been accepted (subject to customary reservation of rights) by the applicable insurance carrier, one or more fines, penalties or final judgments, orders or decrees for the payment of money in an amount, individually or in the
aggregate, of at least $500,000 shall be rendered against a Loan Party or any of its Subsidiaries by any Governmental Authority, or (b) one or more fines, penalties or final judgments, orders or decrees for the payment of money which could
reasonably be expected to result in a Material Adverse Effect, and, in each case, the same are not, within twenty (20) days after the entry, assessment or issuance thereof, vacated, or after execution thereof, stayed or bonded pending appeal,
(provided that no Loans will be made prior to the vacation, stay, or bonding of such fine, penalty, judgment, order or decree). 

8.8    Misrepresentations. Any Loan Party or any Person acting for such Loan Party makes any representation,
warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Administrative Agent, Collateral Trustee or any Lender or to induce Administrative Agent, Collateral Trustee or any Lender to enter this
Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made. 

8.9    Subordinated Debt. Any Subordination Agreement governing any Subordinated Debt shall for any reason
be revoked or invalidated or otherwise cease to be in full force and effect, any party thereto (other than a Secured Party) shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further
obligation thereunder, or the Obligations shall for any reason not have the priority contemplated by this Agreement. 

8.10    Governmental Approval. Any Governmental Approval shall have been revoked, rescinded, suspended,
modified in an adverse manner or not renewed for a full term, and such revocation, rescission, suspension, modification or non-renewal has, or could reasonably be expected to have, a Material Adverse Effect.

 8.11    Guaranty. Any guaranty of any Obligations terminates or ceases for any reason to be in full
force and effect, except if the same is released or terminated in accordance with its terms. 
 9.    COLLATERAL
TRUSTEE’S RIGHTS AND REMEDIES 
 9.1    Acceleration. Upon the occurrence and during the
continuation of an Event of Default, Administrative Agent, is entitled, without notice or demand, to declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs all
Obligations are immediately due and payable without any action by Administrative Agent), and to stop advancing money or extending credit for any Borrower’s benefit under this Agreement (and each Lender’s Commitment shall be deemed
terminated as long as an Event of Default has occurred and is continuing). 

  
 17 

 9.2    Remedies. Upon the occurrence and during the
continuation of an Event of Default, Collateral Trustee is entitled, solely at the direction of Administrative Agent, subject to the terms of the Collateral Trust Agreement, without notice or demand, to do any or all of the following, to the extent
not prohibited by applicable law: 
 (a)    verify the amount of, demand payment of and performance under, and collect
any Accounts and General Intangibles, settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Administrative Agent may determine is advisable, and notify any Person owing a Loan Party money of
Collateral Trustee’s security interest in such funds; 
 (b)    make any payments and do any acts it considers
necessary or reasonable to protect the Collateral and/or its security interest in the Collateral; 
 (c)    ratably
apply to the Obligations any amount held by Collateral Trustee owing to or for the credit or the account of a Loan Party; 

(d)    ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the
Collateral; 
 (e)    deliver a notice of exclusive control, any entitlement order, or other directions or instructions
pursuant to any Account Control Agreement or similar agreements providing control of any Collateral; 
 (f)    demand
and receive possession of any Loan Party’s Books; and 
 (g)    exercise all rights and remedies available to
Collateral Trustee under the Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

Loan Parties shall assemble the Collateral if Collateral Trustee requests and make it available as Collateral Trustee designates. Collateral
Trustee may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all
expenses incurred. Each Loan Party grants Collateral Trustee a license to enter and occupy any of its premises, without charge, to exercise any of Collateral Trustee’s rights or remedies. Collateral Trustee is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, a Loan Party’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and
advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Collateral Trustee’s exercise of its rights under this Section,
a Loan Party’s rights under all licenses and all franchise agreements inure to Collateral Trustee’s benefit. If, after the acceleration of the Obligations, a Loan Party receives proceeds of Collateral, such Loan Party shall to deliver such
proceeds to Collateral Trustee, for the ratable benefit of Lenders, to be applied to the Obligations. 

9.3    Power of Attorney. Each Loan Party hereby irrevocably appoints Collateral Trustee (and any of
Collateral Trustee’s partners, managers, officers, agents or employees) as its lawful attorney-in-fact, with full power of substitution, exercisable upon the
occurrence and during the continuation of an Event of Default, to: (a) send requests for verification of Accounts or notify Account Debtors of Collateral Trustee’s security interest and Liens in the Collateral; (b) endorse such Loan
Party’s name on any checks or other forms of payment or security; (c) sign such Loan Party’s name on any invoice or bill of lading for any Account or drafts against Account Debtors schedules and assignments of Accounts, verifications
of Accounts, and notices to Account Debtors; (d) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Administrative Agent or Collateral Trustee determine reasonable; (e) make,
settle, and adjust all claims under such Loan Party’s insurance policies; (f) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise
take any action to terminate or discharge the same; (g) transfer the Collateral into the name of Collateral Trustee or a third party as the Code permits; and (h) dispose of the Collateral. Each Loan Party further hereby appoints Collateral
Trustee (and any of Collateral Trustee’s partners, managers, officers, agents or employees) as its lawful attorney-in-fact, with full power of substitution,
regardless of whether or 

  
 18 

 
not an Event of Default has occurred or is continuing to: (i) sign such Loan Party’s name on any documents and other Security Instruments necessary to perfect or continue the perfection
of, or maintain the priority of, Collateral Trustee’s security interest in the Collateral, (ii) take all such actions which such Loan Party is required, but fails to do under the covenants and provisions of the Loan Documents;
(iii) take any and all such actions as Collateral Trustee may reasonably determine to be necessary or advisable for the purpose of maintaining, preserving or protecting the Collateral or any of the rights, remedies, powers or privileges of
Collateral Trustee under this Agreement or the other Loan Documents. Collateral Trustee’s foregoing appointment as each Loan Party’s attorney in fact, and all of Collateral Trustee’s rights and powers, coupled with an interest, are
irrevocable until all Obligations (other than contingent indemnification obligations as to which no claim has been asserted or is known to exist) have been fully repaid, in cash, and otherwise fully performed and all commitments to make Loans
hereunder have been terminated. 
 9.4    Protective Payments. If a Loan Party fails to obtain the
insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which may be required to preserve the Collateral, Collateral Trustee may obtain such insurance or make such payment,
and all amounts so paid by Collateral Trustee are Lender Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Collateral Trustee will make reasonable
efforts to provide Borrower Representative with notice of Collateral Trustee obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Collateral Trustee are deemed an agreement to make similar
payments in the future or Collateral Trustee’s waiver of any Event of Default. 
 9.5    Application of
Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Collateral Trustee shall have the right to apply in any order any funds in its possession, whether payments, proceeds realized as the result of any
collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations, for the ratable benefit of Lenders. Collateral Trustee shall pay any surplus to Borrowers by credit to the Deposit Account designated by Borrowers or as
directed by a court of competent jurisdiction. Borrowers shall remain liable to Collateral Trustee and Lenders for any deficiency. If Collateral Trustee, as directed by Administrative Agent in Administrative Agent’s good faith business
judgment, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Collateral Trustee may, at the direction of Administrative Agent, either reduce the Obligations by the
principal amount of the purchase price or defer the reduction of the Obligations until the actual receipt by Collateral Trustee of cash or immediately available funds therefor. 

9.6    Collateral Trustee’s Liability for Collateral. So long as Collateral Trustee complies with
reasonable secured lender practices regarding the safekeeping of the Collateral in the possession or under the control of Collateral Trustee, Collateral Trustee shall not be liable or responsible for: (a) the safekeeping of the Collateral;
(b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Loan Parties bear all risk of loss, damage or destruction of
the Collateral. 
 9.7    No Waiver; Remedies Cumulative. Any failure by Administrative Agent, Collateral
Trustee or any Lender, at any time or times, to require strict performance by each Loan Party of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Administrative Agent, Collateral Trustee or
any Lender thereafter to demand strict performance and compliance herewith or therewith. Collateral Trustee’s rights and remedies under this Agreement and the other Loan Documents are cumulative. Collateral Trustee has all rights and remedies
provided under the Code, by law, or in equity. Collateral Trustee or any Lender’s exercise of one right or remedy is not an election and shall not preclude Collateral Trustee or any Lender from exercising any other remedy under this Agreement
or other remedy available at law or in equity, and any waiver of any Event of Default is not a continuing waiver. Any delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.8    Demand Waiver. Each Loan Party waives presentment, demand, notice of default or dishonor, notice of
payment and nonpayment, release, compromise, settlement, extension, or renewal of accounts, documents, instruments or chattel paper. 

9.9    Shares. Each Loan Party recognizes that Collateral Trustee may be unable to effect a public sale of
any or all the Shares, by reason of certain prohibitions contained in federal securities laws and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers
which will be obliged to agree, among other things, to acquire such securities for their own account for 

  
 19 

 
investment and not with a view to the distribution or resale thereof. Each Loan Party acknowledges and agrees that any such private sale may result in prices and other terms less favorable than
if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. Collateral Trustee shall be under no obligation to delay a sale of any
of the Shares for the period of time necessary to permit the issuer thereof to register such securities for public sale under federal securities laws or under applicable state securities laws, even if such issuer would agree to do so. 

10.    NOTICES 

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be
in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt
requested, with proper postage prepaid; (b) upon confirmation of receipt, when sent by electronic mail transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when
delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, or email address indicated below. Administrative Agent, Collateral Trustee, Lenders and Loan Parties may change their
respective mailing or electronic mail addresses by giving the other party written notice thereof in accordance with the terms of this Section 10. 
  

			
	If to Loan Parties:	  	 MOLECULAR TEMPLATES OPCO, INC.
 9301 Amberglen
Blvd, Suite 100
 Austin, TX 78729
 Attention: Adam Cutler, CFO
Treasurer, and Secretary
 Email: adam.cutler@mtem.com

		
	With a copy, not constituting notice, to:	  	 MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.

Chrysler Center
 666 Third Avenue

New York, NY 10017
 Attn: Joseph Price

Email: JWPrice@mintz.com

  
 20 

			
	If to Collateral Trustee:	  	 ANKURA TRUST COMPANY, LLC
 140 Sherman Street,
Fourth Floor
 Fairfield, CT 06824
 Attention: Lisa Price

Email: Lisa.Price@ankura.com

		
	If to Administrative Agent or Lenders:	  	 K2 HEALTHVENTURES LLC
 855 Boylston Street, 10th
Floor
 Boston, MA 02116
  

For Loan Requests, monthly reporting, Compliance Certificates, and other regular reporting deliverables:

Attention: Finance
 Email: finance@k2hv.com; parag@k2hv.com;
austin@k2hv.com; derek@k2hv.com
  
 For all other notices:

Attention: Legal Notices
 Email: legal@k2hv.com

		
	With a copy to (but not constituting notice, and excluding Loan Requests and regular reporting):	  	 COOLEY LLP
 3175 Hanover Street

Palo Alto, CA 94304-1150
 Attention: Cynthia Bai

Email: cbai@cooley.com

 11.    CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

Except as otherwise expressly provided in any of the Loan Documents, this Agreement and the other Loan Documents shall be governed by, and
construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law. Each party hereto hereby submits to the exclusive jurisdiction of the State and Federal courts in New York County, City of New York,
New York; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Collateral Trustee from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other
security for the Obligations, or to enforce a judgment or other court order in favor of Administrative Agent, Collateral Trustee or any Lender. Each party hereto expressly submits and consents in advance to such jurisdiction in any action or suit
commenced in any such court, and each party hereto waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is
deemed appropriate by such court. Each party hereto waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered
or certified mail addressed to such party at the address set forth in, or subsequently provided by such party in accordance with, Section 10 and that service so made shall be deemed completed upon the earlier to occur of
such party’s actual receipt thereof or three (3) Business Days after deposit in the U.S. mails, proper postage prepaid. Each party hereto hereby expressly waives any claim to assert that the laws of any other jurisdiction govern this
Agreement. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER
INTO THIS AGREEMENT. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANYWHERE ELSE, EACH PARTY HERETO AGREES THAT IT SHALL NOT SEEK FROM ANY OTHER PARTY UNDER ANY THEORY OF LIABILITY (INCLUDING ANY THEORY IN TORTS), ANY
SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 

  
 21 

 This Section 11 shall survive the termination of this Agreement.

 12.    GENERAL PROVISIONS 

12.1    Termination Prior to Term Loan Maturity Date; Survival; Release of Collateral. All covenants,
representations and warranties and grants of security interests made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than contingent indemnification obligations as to
which no claim has been asserted or is known to exist and any other obligations which, by their terms, are to survive the termination of this Agreement) have been satisfied in full, in cash and all commitments to extend credit pursuant to this
Agreement have terminated (such date, the “Discharge Date”). So long as Borrowers have satisfied the Obligations (other than contingent indemnification obligations as to which no claim has been asserted or is known to exist
and any other obligations which, by their terms, are to survive the termination of this Agreement), this Agreement and any remaining commitments to extend credit may be terminated prior to the Term Loan Maturity Date by Borrowers, by written notice
of termination to Lenders. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. Promptly after the Discharge
Date, Lenders shall direct Collateral Trustee to deliver evidence of the release of Collateral. 

12.2    Successors and Assigns. 

(a)    Successors and Assigns Generally. This Agreement binds and is for the benefit of the successors and
permitted assigns of each party. No Loan Party may assign this Agreement or any rights or obligations under it without Lenders’ prior written consent (which may be granted or withheld in each Lender’s discretion). 

(b)    Assignment by Lenders. Each Lender has the right, without the consent of the Loan Parties, to sell,
transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, such Lender’s obligations, rights, and benefits under this Agreement and the other Loan Documents, provided that without prior written consent of
Borrower Representative, as long as no Event of Default has occurred and is continuing, no Lender shall assign or grant voting participation to a direct competitor of Borrowers or to a vulture fund or to the extent otherwise restricted in any other
Loan Document. Each such Lender shall notify the Administrative Agent of such assignment and deliver to the Administrative Agent a copy of any assignment and assumption agreement entered into in connection thereto. 

(c)    Register; Participant Register. Administrative Agent, acting solely for this purpose as an agent of the Loan
Parties, shall maintain at one of its offices in the United States a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Term Loans owing to each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Loan Parties, Administrative Agent and the Lenders shall treat each Person whose name is
recorded in the Register pursuant to the terms hereof as Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Loan Parties, any Lender and the Collateral Trustee at any reasonable time and from
time to time upon reasonable prior notice. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Loan Parties, maintain a register on which it enters the name and address of each participant and
the principal amounts (and stated interest) of each participant’s interest in the Term Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any commitments, loans or its other obligations under any Loan Document) to any Person
except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the
contrary. For the avoidance of doubt, Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

  
 22 

 12.3    Indemnification. Each Loan Party agrees to
indemnify, defend and hold Administrative Agent, Collateral Trustee and each Lender and their respective directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Lender (each, an “Indemnified
Person”) harmless against: (i) all obligations, demands, claims, and liabilities (including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort) (collectively,
“Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Lender Expenses) in any way suffered, incurred, or paid by such
Indemnified Person as a result of, following from, consequential to, or arising from transactions among Administrative Agent, Collateral Trustee, Lenders and Loan Parties (including reasonable and documented attorneys’ fees and expenses) except
for Claims and/or losses to the extent directly caused by such Indemnified Person’s gross negligence or willful misconduct or any Claims and/or losses with respect to any actions among Indemnified Persons in each case, for the avoidance of
doubt. This Section 12.3 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have run. This Section 12.3 shall not apply with respect to Taxes
other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

12.4    Borrower Liability. If any Person is joined to this Agreement as a Borrower, the following
provisions shall apply: Each Borrower hereunder shall be jointly and severally obligated to repay all Loans made hereunder, regardless of which Borrower actually receives said Loan, as if each Borrower hereunder directly received all Loans. Each
Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law, and (b) any right to require Collateral Trustee to: (i) proceed against any Borrower or any other person; (ii) proceed
against or exhaust any security; or (iii) pursue any other remedy. Collateral Trustee may exercise or not exercise any right or remedy it has against any Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision of this Agreement or other related document, each Borrower irrevocably waives all rights that it may have at
law or in equity (including, without limitation, any law subrogating Borrower to the rights of Collateral Trustee under this Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower, or any other
Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by such Borrower with respect to the Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit
from, or to participate in, any security for the Obligations as a result of any payment made by a Borrower with respect to the Obligations in connection with this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or
any other arrangement prohibited under this Section shall be null and void. If any payment is made to a Borrower in contravention of this Section, such Borrower shall hold such payment in trust for Lenders and such payment shall be promptly
delivered to Collateral Trustee, for the ratable benefit of Lenders, for application to the Obligations, whether matured or unmatured. 

12.5    Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement.

 12.6    Severability of Provisions. Each provision of this Agreement is severable from every other
provision in determining the enforceability of any provision. 
 12.7    Correction of Loan Documents.
Administrative Agent may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 

12.8    Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan
Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be effective except, pursuant to an agreement in writing by the parties thereto, and in case of this Agreement, pursuant to an agreement in writing
entered into by Borrowers, Administrative Agent, the Required Lenders and Collateral Trustee, provided that Collateral Trustee’s approval shall not be required for any amendment or supplement that has the effect solely of (i) adding or
maintaining Collateral, securing additional Obligations that are otherwise permitted by the terms of this Agreement to be secured by the Collateral or preserving, perfecting or establishing the priority of the Liens thereon or the rights of
Collateral Trustee therein; (ii) curing any ambiguity, defect or inconsistency; (iii) providing for the assumption of a Borrower’s or Guarantor’s Obligations under any Loan Document in the case of a merger or consolidation or
sale of all or substantially all of the assets of a Borrower or Guarantor, as applicable; (iv) making any change that would provide any additional rights or benefits to the Administrative Agent, any Lender or Collateral Trustee or that does not
adversely affect the legal rights under this Agreement or any other Loan Document of Collateral Trustee; or (v) to the extent the Collateral Trust Agreement does not require Collateral Trustee’s approval to such amendment or modification.
It is agreed that any change to the definition of “Designated Holder” or the rights 

  
 23 

 
of a Designated Holder in Section 6.14 (and any change to this Agreement that would modify the consent required pursuant to this sentence) shall require the consent of
the Collateral Trustee. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or
waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give
rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings,
representations, warranties, and negotiations among the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.9    Counterparts; Electronic Execution of Documents. This Agreement and any other Loan Documents, except
to the extent otherwise required pursuant to the terms thereof, may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together,
constitute one Agreement. The words “execution,” “signed,” “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without
limitation, any state law based on the Uniform Electronic Transactions Act. Delivery of an executed counterpart of a signature page of any Loan Document by electronic means including by email delivery of a “.pdf” format data file shall be
effective as delivery of an original executed counterpart of such Loan Document. 
 12.10    Confidentiality;
Publicity. 
 (a)    In handling any confidential information, Administrative Agent, Collateral Trustee and each
Lender agree to exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to its Subsidiaries or Affiliates; (b) to prospective transferees or purchasers of any
interest in the Loans so long as such parties are bound by confidentiality terms consistent in all material respects with the terms hereof; (c) as required by law, regulation, subpoena, or other order and in connection with reporting
obligations applicable to Administrative Agent, Collateral Trustee or such Lender, including pursuant to the Exchange Act, (d) to Administrative Agent, Collateral Trustee or such Lender’s regulators or as otherwise required in connection
with any examination or audit; (e) as Administrative Agent, Collateral Trustee or such Lender considers reasonably appropriate in connection with the exercise of remedies with respect to the Obligations; and (f) to third-party service
providers of Administrative Agent, Collateral Trustee or such Lender so long as such service providers are bound by confidentiality terms not more permissive than the terms hereof. Confidential information does not include information that is
either: (i) in the public domain or in Administrative Agent, Collateral Trustee or any Lender’s possession when disclosed to Administrative Agent, Collateral Trustee or such Lender, as applicable, or becomes part of the public domain
(other than as a result of its disclosure by Administrative Agent, Collateral Trustee or such Lender in violation of this Agreement) after disclosure to Administrative Agent, Collateral Trustee or such Lender, as applicable; or (ii) disclosed
to Administrative Agent, Collateral Trustee or such Lender by a third party, if Administrative Agent, Collateral Trustee or such Lender, as applicable, does not know that the third party is prohibited from disclosing the information. The provisions
of this paragraph shall survive the termination of this Agreement. 
 (b)    Neither party hereto shall publicize or use
the other party’s name or logo, or hyperlink to such other parties’ website, describe the relationship of the parties or the transaction contemplated by this Agreement, in written and oral presentations, advertising, promotional and
marketing materials, client lists, public relations materials or on its web site (together, the “Publicity Materials”) without prior written notice to the party that is the subject of the proposed Publicity Materials, together with
a draft (or, if Publicity Materials are not proposed to be delivered in written form, an outline of the content to be included) so as to provide such subject party a reasonable opportunity to review prior to publication, and each party agrees, in
connection with any Publicity Materials proposed by such party to reasonably consider requested changes or corrections requested by the party that is the subject of such Publicity Materials in good faith, and upon request, to provide the final form
prior to publication or other dissemination. 
 12.11    Borrower Representative. Each of the Borrowers
hereby appoints Borrower Representative to act as its exclusive agent for all purposes under the Loan Documents (including, without limitation, with respect to all 

  
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matters related to the borrowing and repayment of any Loan). Each of the Borrowers acknowledges and agrees that (a) Borrower Representative may execute such documents on behalf of any
Borrower as Borrower Representative deems appropriate in its sole discretion and each Borrower shall be bound by and obligated by all of the terms of any such document executed by Borrower Representative on its behalf, (b) any notice or other
communication delivered hereunder to Borrower Representative shall be deemed to have been delivered to each Borrower and (c) Administrative Agent, Collateral Trustee and any Lender shall accept (and shall be permitted to rely on) any document
or agreement executed by Borrower Representative on behalf of Borrowers (or any of them). Each Borrower must act through the Borrower Representative for all purposes under this Agreement and the other Loan Documents. Notwithstanding anything
contained herein to the contrary, to the extent any provision in this Agreement requires any Borrower to interact in any manner with Administrative Agent, Collateral Trustee or any Lender, such Borrower shall do so through Borrower Representative.

 12.12    Captions. The headings used in this Agreement are for convenience only and shall not affect
the interpretation of this Agreement. 
 12.13    Construction of Agreement. The parties mutually
acknowledge that they and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14    Relationship. The relationship of the parties to this Agreement is determined solely by the
provisions of this Agreement. Except to the extent set forth herein, the parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 
 12.15    Third Parties. Nothing in this
Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns;
(b) relieve or discharge the obligation or liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this
Agreement. 
 12.16    Appointment of Collateral Trustee. Each Lender hereby appoints Collateral Trustee
to act on behalf of Lenders as collateral agent under this Agreement and the other Loan Documents, and to hold and enforce any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, all in accordance with
the terms of the Collateral Trust Agreement. The provisions of this Section 12.16 are solely for the benefit of Collateral Trustee and Lenders and no Loan Party nor any other Person shall have any rights as a third party beneficiary of
any of the provisions hereof. The Collateral Trustee may resign or be removed or replaced, and a successor Collateral Trustee may be appointed in accordance with the terms and subject to the conditions of the Collateral Trust Agreement. 

12.17    Appointment of Administrative Agent. 

(a)    Each Lender hereby appoints Administrative Agent to act on behalf of Lenders as administrative agent under this
Agreement and the other Loan Documents. The provisions of this Section 12.17 are solely for the benefit of Administrative Agent and Lenders and no Loan Party nor any other Person shall have any rights as a third party
beneficiary of any of the provisions hereof. In performing its functions and duties under this Agreement, Administrative Agent does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or
for any Loan Party or any other Person. Administrative Agent shall not have any duties or responsibilities except for those expressly set forth in this Agreement and the other Loan Documents, together with such powers as are reasonably related
thereto. The duties of Administrative Agent shall be mechanical and administrative in nature and Administrative Agent shall not have, or be deemed to have, by reason of this Agreement, any other Loan Document or otherwise a fiduciary relationship in
respect of any Lender. 
 (b)    If Administrative Agent shall request instructions from Lenders with respect to any act
or action (including failure to act) in connection with this Agreement or any other Loan Document, then Administrative Agent shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from
the Required Lenders, and Administrative Agent shall incur no liability to any Person by reason of so refraining. Administrative Agent shall be fully justified in failing or refusing to take any action hereunder or under any other

  
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Loan Document for any reason. Without limiting the foregoing, no Lender shall have any right of action whatsoever against Administrative Agent as a result of Administrative Agent’s acting or
refraining from acting hereunder or under any other Loan Document in accordance with the instructions of Lenders. 

(c)    Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder by or
through any one or more sub-agent s appointed by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its
rights and powers by or through their respective and their respective related parties. The exculpatory provisions of this Section 12.17 shall apply to any such sub-agent and to the
related parties of such Administrative Agent and any such sub-agent. No Administrative Agent shall be responsible for the negligence or misconduct of any sub-agent
except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Administrative Agent acted with gross negligence or willful misconduct in the selection
of such sub-agents. 
 (d)    Neither Administrative Agent nor any of its
Affiliates nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or the other Loan Documents, except for damages
solely caused by its or their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. Without limitation of the generality of the foregoing, Administrative Agent: (i) may consult with legal
counsel, independent chartered accountants and other experts and consultants selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants, experts
or consultants; (ii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement or the other Loan Documents;
(iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or the other Loan Documents on the part of any Loan Party or to inspect the Collateral
(including the books and records) of any Loan Party; (iv) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or the other Loan Documents or any
other instrument or document furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement or the other Loan Documents by acting upon any notice, consent, certificate or other instrument or writing
(which may be by email, telecopy, telegram, cable or telex) believed by it to be genuine and signed or sent by the proper party or parties. 

(e)    With respect to its Commitments and Loans hereunder, Administrative Agent shall have the same rights and powers
under this Agreement and the other Loan Documents as any other Lender and may exercise the same as though it were not Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include
Administrative Agent in its individual capacity (to the extent it holds any Obligations owing to Lenders or Commitments hereunder). Administrative Agent and each of its Affiliates may lend money to, invest in, and generally engage in any kind of
business with, any Loan Party, any of their Affiliates and any Person who may do business with or own securities of any Loan Party or any such Affiliate, all as if Administrative Agent was not Administrative Agent and without any duty to account
therefor to Lenders. Administrative Agent and its Affiliates may accept fees and other consideration from any Loan Party for services in connection with this Agreement or otherwise without having to account for the same to Lenders. 

(f)    Each Lender acknowledges that it has, independently and without reliance upon Administrative Agent or any other
Lender, made its own credit and financial analysis of the Loan Parties and its own decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. Each Lender acknowledges the potential conflict of interest of each
other Lender as a result of Lenders holding disproportionate interests in the Loans, and expressly consents to, and waives any claim based upon, such conflict of interest. 

(g)    Each Lender agrees to indemnify Administrative Agent (to the extent not reimbursed by Loan Parties and without
limiting the obligations of Loan Parties hereunder), ratably according to its respective Pro Rata Share, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against Administrative Agent in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted by Administrative Agent
in connection therewith; provided, however, that no Lender shall 

  
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be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from Administrative
Agent’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. Without limiting the foregoing, each Lender agrees to reimburse Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable and documented counsel fees) incurred by Administrative Agent in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and each other Loan Document, to the extent that
Administrative Agent is not reimbursed for such expenses by the Loan Parties. 
 (h)    Administrative Agent may resign
at any time by giving not less than thirty (30) days’ prior written notice thereof to Lenders, Collateral Trustee and Borrower Representative. Upon any such resignation, Lenders shall have the right to appoint a successor Administrative
Agent. If no successor Administrative Agent shall have been so appointed by Lenders and shall have accepted such appointment within thirty (30) days after Administrative Agent’s giving notice of resignation, then Administrative Agent may,
on behalf of Lenders, appoint a successor Administrative Agent, which shall be a Lender, if a Lender is willing to accept such appointment, or otherwise shall be a commercial bank or financial institution or a subsidiary of a commercial bank or
financial institution if such commercial bank or financial institution has combined capital of at least $300,000,000. If no successor Administrative Agent has been appointed pursuant to the foregoing, by the 30th day after the date such notice of
resignation was given by the resigning Administrative Agent, such resignation shall become effective and Lenders shall thereafter perform all the duties of Administrative Agent hereunder until such time, if any, as Lenders appoint a successor
Administrative Agent as provided above. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with all the rights, powers,
privileges and duties of the resigning Administrative Agent. Upon the earlier of the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent or the effective date of the resigning Administrative
Agent’s resignation, the resigning Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents, except that any indemnity, expense reimbursement or other rights in favor of such
resigning Administrative Agent shall continue. After any resigning Administrative Agent’s resignation hereunder, the provisions of this Section 12.17 shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was Administrative Agent under this Agreement and the other Loan Documents. Notwithstanding the foregoing, as long as K2 HealthVentures LLC is a Lender pursuant to this Agreement, K2 HealthVentures LLC shall not resign as
Administrative Agent unless a successor Administrative Agent is appointed concurrently with such resignation, which successor Administrative Agent shall have the wherewithal to perform, and shall succeed to and become vested with all the rights,
powers, privileges and duties of the resigning Administrative Agent under this Agreement and the other Loan Documents. 

(i)    In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such
rights, upon the occurrence and during the continuation of any Event of Default, with the prior written consent of Administrative Agent, each Lender and each holder of any Obligation is hereby authorized at any time or from time to time, without
notice to any Loan Party or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all balances held by it at any of its offices for the account of any Loan Party or any Subsidiary of a
Loan Party (regardless of whether such balances are then due to such Loan Party or such Subsidiary) and any other properties or assets any time held or owing by that Lender or that holder to or for the credit or for the account of any Loan Party or
any Subsidiary of a Loan Party against and on account of any of the Obligations which are not paid when due. Any Lender or holder of any Obligation exercising a right to set off or otherwise receiving any payment on account of the Obligations in
excess of its Pro Rata Share thereof in accordance with the terms of this Agreement relating to the priority of the repayment of the Obligations shall purchase for cash (and the other Lenders or holders shall sell) such participations in each such
other Lender’s or holder’s Pro Rata Share of the Obligations as would be necessary to cause such Lender to share the amount so set off or otherwise received with each other Lender or holder in accordance with their respective Pro Rata
Shares and in accordance with the terms of this Agreement relating to the priority of the repayment of the Obligations. Each Loan Party agrees, to the fullest extent permitted by law, that (i) any Lender or holder may exercise its right to set
off with respect to amounts in excess of its Pro Rata Share of the Obligations and may sell participations in such amount so set off to other Lenders and holders and (ii) any Lender or holders so purchasing a participation in the Loans made or
other Obligations held by other Lenders or holders may exercise all rights of set-off, bankers’ Lien, counterclaim or similar rights with respect to such participation as fully as if such Lender or holder
were a direct holder of the Loans and the other Obligations in the amount of such participation. Notwithstanding the foregoing, if all or any portion of the set-off amount or payment otherwise received is
thereafter recovered from Lender that has exercised the right of set-off, the purchase of participations by that Lender shall be rescinded and the purchase price restored without interest. 

  
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 (j)    Nothing in this Agreement or the other Loan Documents shall be
deemed to require Administrative Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that Borrowers may have against any Lender as a result of
any default by such Lender hereunder. To the extent that Administrative Agent advances funds to Borrowers on behalf of any Lender and is not reimbursed therefor on the same Business Day as such advance is made, Administrative Agent shall be entitled
to retain for its account all interest accrued on such advance until reimbursed by the applicable Lender. 
 (k)    If
Administrative Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received by Administrative Agent from Borrowers and such related payment is not received thereby, then
Administrative Agent will be entitled to recover such amount from such Lender on demand without set-off, counterclaim or deduction of any kind. 

(l)    If Administrative Agent determines at any time that any amount received thereby under this Agreement shall be
returned to Borrowers or paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, Administrative Agent will not be required to distribute
any portion thereof to any Lender. In addition, each Lender will repay to Administrative Agent on demand any portion of such amount that Administrative Agent has distributed to such Lender, together with interest at such rate, if any, as
Administrative Agent is required to pay to Borrowers or such other Person, without set-off, counterclaim or deduction of any kind. 

(m)    Administrative Agent will use reasonable efforts to provide Lenders with any written notice of Event of Default
received by Administrative Agent from, or delivered by Administrative Agent to, any Loan Party; provided, however, that Administrative Agent shall not be liable to any Lender for any failure to do so, except to the extent that such
failure is attributable solely to Administrative Agent’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 

(n)    Anything in this Agreement or any other Loan Document to the contrary notwithstanding, each Lender hereby agrees
with each other Lender and with Administrative Agent that no Lender shall take any action to protect or enforce its rights arising out of this Agreement or any other Loan Document (including exercising any rights of
set-off) without first obtaining the prior written consent of the Required Lenders, it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and the other Loan
Documents shall be taken in concert and at the direction or with the consent of Administrative Agent at the request of Required Lenders. 

13.    GUARANTY 

13.1    Guaranty. Each Guarantor, including Parent, who has executed this Agreement as of the date hereof,
together with each Loan Party who accedes to this Agreement as a Guarantor after the date hereof pursuant to Section 6.11 hereby, jointly and severally, unconditionally and irrevocably, guarantees the prompt and complete
payment and performance by Borrowers and the other Loan Parties when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. In furtherance of the foregoing, and without limiting the generality thereof, each Guarantor
agrees as follows: 
 (a)    each Guarantor’s liability hereunder shall be the immediate, direct, and primary
obligation of such Guarantor and shall not be contingent upon any exercise or enforcement of any remedy of Collateral Trustee, Administrative Agent or Lender or that any of them may have against a Borrower, or any other Guarantor or other Person
liable in respect of the Obligations, or all or any portion of the Collateral; and 
 (b)    Administrative Agent, on
behalf of Lenders, may enforce this guaranty notwithstanding the existence of any dispute between any Secured Party and any Loan Party with respect to the existence of any Event of Default. 

13.2    Maximum Liability. Anything herein or in any other Loan Document to the contrary notwithstanding,
the maximum liability of each Guarantor shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal, state provincial or territorial laws relating to the insolvency of debtors (after giving effect to the
right of contribution established in Section 13.5). 

  
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 13.3    Termination. The guaranty pursuant to this
Section 13 shall remain in full force and effect until the date the Obligations have been paid in full in cash, and all commitments to extend credit have been terminated. 

13.4    Unconditional Nature of Guaranty. No payment made by a Borrower, Guarantor, any other guarantor or
any other Person or received or collected by any Secured Party from a Borrower, Guarantor, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or
application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment
(other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor
hereunder until the date the Obligations are paid in full in cash. 
 13.5    Right of Contribution 

(a)    If in connection with any payment made by any Guarantor hereunder any rights of contribution arise in favor of such
Guarantor against one or more other Guarantors, such rights of contribution shall be subject to the terms and conditions of Section 13.6. The provisions of this Section 13.5 shall in no respect
limit the obligations and liabilities of any Guarantor pursuant to the Loan Documents, and each Guarantor shall remain liable for the full amount guaranteed by such Guarantor hereunder. 

(b)    Notwithstanding any payment made by any Guarantor hereunder or any set-off
or application of funds of any Guarantor by any Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of any Secured Party against any Loan Party or any collateral security or guarantee or right of offset held by any
Secured Party for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from any Loan Party in respect of payments made by such Guarantor hereunder, in each case, until the Termination
Date. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time prior to the Termination Date, such amount shall be held by such Guarantor in trust for the ratable benefit of the Secured Parties, shall be
segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to Administrative Agent, if
required), to be applied to the Obligations, irrespective of the occurrence or the continuance of any Event of Default. 

13.6    Amendments, etc. with respect to the Obligations. Each Guarantor shall remain obligated hereunder
notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Obligations made by any Secured Party may be rescinded and any of the
Obligations continued, and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by any Secured Party, and this Agreement, the other Loan Documents and any other documents executed and delivered in connection therewith may be amended,
modified, supplemented or terminated, in whole or in part, in accordance with their respective terms, and any collateral security, guarantee or right of offset at any time held by any Secured Party for the payment of the Obligations may be sold,
exchanged, waived, surrendered or released. No Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations or for the guarantee pursuant to this
Section 13 or any property subject thereto. 
 13.7    Guarantee Absolute and
Unconditional; Guarantor Waivers; Guarantor Consent. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by any Secured Party upon the guaranty
contained in this Section 13 or acceptance of this guaranty. The Obligations shall conclusively be deemed to have been created, contracted or incurred, or renewed, 

  
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extended, amended or waived, in reliance upon this guaranty. All dealings between Borrowers, Guarantors and any Secured Party shall be conclusively presumed to have been had or consummated in
reliance upon this guaranty. Each Guarantor further waives: 
 (a)    diligence, presentment, protest, demand for payment
and notice of default or nonpayment to or upon any Borrower or any of the other Guarantors with respect to the Obligations; 

(b)    the defense of the statute of limitations in any action hereunder or for the collection or performance of the
Obligations; 
 (c)    any defense arising by reason of any lack of corporate or other authority or any other defense of
any Borrower, such Guarantor or any other Person; 
 (d)    any defense based upon errors or omissions by any Secured
Party in the administration of the Obligations; 
 (e)    any rights to set-offs
and counterclaims; 
 (f)    any defense based upon an election of remedies (including, if available, an election to
proceed by nonjudicial foreclosure) which destroys or impairs the subrogation rights of such Guarantor or the right of such Guarantor to proceed against any Borrower or any other obligor of the Obligations for reimbursement; and 

(g)    without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits
that may be derived from or afforded by applicable law that limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms of this Agreement. 

Each Guarantor understands and agrees that the guarantee contained in this Section 13 shall be construed as a continuing, absolute
and unconditional guarantee of payment without regard to (i) the validity or enforceability of this Agreement or any other Loan Document, any of the Obligations or any other collateral security therefor or guaranty or right of offset with
respect thereto at any time or from time to time held by any Secured Party, (ii) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to
or be asserted by any Borrower or any other Person against any Secured Party, or (iii) any other circumstance whatsoever (with or without notice to or knowledge of any Loan Party) which constitutes, or might be construed to constitute, an
equitable or legal discharge of any Borrower for the Obligations, or of such Guarantor under this guaranty, in bankruptcy or in any other instance, (iv) any Insolvency Proceeding with respect to any Loan Party or any other Person, (v) any
amalgamation, merger, acquisition, consolidation or change in structure of any Loan Party or any other Person, or any sale, lease, transfer or other disposition of any or all of the assets or Equity Interests of any Loan Party or any other Person,
(vi) any assignment or other transfer, in whole or in part, of Secured Parties’ interests in and rights under this Agreement or the other Loan Documents, including the right to receive payment of the Obligations, or any assignment or other
transfer, in whole or in part, of any Secured Party’s interests in and to any of the Collateral, (vii) any Secured Party’s vote, claim, distribution, election, acceptance, action or inaction in any Insolvency Proceeding related to any
of the Obligations, and (viii) any other guaranty, whether by such Guarantor or any other Person, of all or any part of the Obligations or any other indebtedness, obligations or liabilities of any Guarantor to Secured Parties. When making any
demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, Secured Parties may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against
any Loan Party or any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto. Any failure by any Secured Party to make any such demand, to pursue such other rights or remedies or
to collect any payments from any Loan Party or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of any Loan Party or any other Person or any such collateral
security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of any Secured Party
against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

13.8    Modifications of Obligations. Each Guarantor further unconditionally consents and agrees that,
without notice to or further assent from any Guarantor: (a) the principal amount of the Obligations may be increased or decreased and additional indebtedness or obligations of a Borrower or any other Persons under the Loan Documents may be
incurred, by one or more amendments, modifications, renewals or extensions of any Loan Document or otherwise; (b) the time, manner, place or terms of any payment under any Loan Document may be extended or changed, including by an increase or
decrease in the interest rate on any Obligation or any fee or other amount payable under such Loan Document, by an amendment, modification or renewal of any Loan Document or otherwise; (c) the 

  
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time for a Borrower’s (or any other Loan Party’s) performance of or compliance with any term, covenant or agreement on its part to be performed or observed under any Loan Document may
be extended, or such performance or compliance waived, or failure in or departure from such performance or compliance consented to, all in such manner and upon such terms as the applicable Secured Party may deem proper; (d) in addition to the
Collateral, Secured Parties may take and hold other security (legal or equitable) of any kind, at any time, as collateral for the Obligations, and may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate, modify,
waive, rescind, compromise or extend such security and may permit or consent to any such action or the result of any such action, and may apply such security and direct the order or manner of sale thereof; (e) Secured Parties may discharge or
release, in whole or in part, any other Guarantor or any other Loan Party or other Person liable for the payment and performance of all or any part of the Obligations, and may permit or consent to any such action or any result of such action, and
shall not be obligated to demand or enforce payment upon any of the Collateral, nor shall any Secured Party be liable to any Guarantor for any failure to collect or enforce payment or performance of the Obligations from any Person or to realize upon
the Collateral, and (f) Secured Parties may request and accept other guaranties of the Obligations and any other indebtedness, obligations or liabilities of a Borrower or any other Loan Party to any Secured Party and may, from time to time, in
whole or in part, surrender, release, subordinate, modify, waive, rescind, compromise or extend any such guaranty and may permit or consent to any such action or the result of any such action; in each case (a) through (f), as the applicable
Secured Parties may deem advisable, and without impairing, abridging, releasing or affecting this Agreement. 

13.9    Reinstatement. The guaranty shall continue to be effective, or be reinstated, as the case may
be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by any Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of a Loan Party, or
upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, a Loan Party or any substantial part of its property, or otherwise, all as though such payments had not been made. 

13.10    No Waiver by Course of Conduct; Cumulative Remedies. No Secured Party shall by any act (except in
writing in accordance with Section 12.9), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default, as applicable. No failure
to exercise, nor any delay in exercising, on the part of any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which any Secured Party
would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

13.11    Enforcement Expenses; Indemnification. Each Guarantor agrees to pay or reimburse Secured Parties
for all its costs and expenses incurred in collecting against such Guarantor under this guaranty or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without
limitation, the reasonable and documented fees and disbursements of counsel. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 31 

 [SIGNATURE PAGE TO LOAN AND SECURITY AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Closing Date. 

 

			
	BORROWER:
	
	MOLECULAR TEMPLATES OPCO, INC.
		
	By	 	 /s/ Eric E. Poma

	Name:	 	 Eric E. Poma

	Title:	 	 Chief Executive Officer

	
	GUARANTOR:
	
	MOLECULAR TEMPLATES, INC.
		
	By	 	 /s/ Eric E. Poma

	Name:	 	 Eric E. Poma

	Title:	 	 Chief Executive Officer

 [SIGNATURE PAGE TO LOAN AND SECURITY AGREEMENT] 

 

			
	COLLATERAL TRUSTEE:
	
	ANKURA TRUST COMPANY, LLC
		
	By	 	 /s/ Lisa J. Price

	Name:	 	 Lisa J. Price

	Title:	 	 Managing Director

 [SIGNATURE PAGE TO LOAN AND SECURITY AGREEMENT] 

 

			
	ADMINISTRATIVE AGENT:
	
	K2 HEALTHVENTURES LLC
		
	By	 	 /s/ Parag Shah

	Name:	 	 Parag Shah

	Title:	 	 Chief Executive Officer

	
	LENDER:
	
	K2 HEALTHVENTURES LLC
		
	By	 	 /s/ Parag Shah

	Name:	 	 Parag Shah

	Title:	 	 Chief Executive Officer

 EXHIBIT A 

DEFINITIONS 
 As
used in this Agreement, the following capitalized terms have the following meanings: 
 “Account” means any
“account” as defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to a Loan Party. 

“Account Control Agreement” means any control agreement entered into among the depository institution at which a Loan Party
maintains a Deposit Account or the securities intermediary or commodity intermediary at which a Loan Party maintains a Securities Account or a Commodity Account, one or more Loan Parties, and Collateral Trustee pursuant to which Collateral Trustee,
for the benefit of Lenders, obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 

“Account Debtor” means any “account debtor” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Administrative Agent” has the meaning set forth in the preamble. 

“Affiliate” means, with respect to any Person, each other Person that owns or controls, directly or indirectly, more than 10%
of the Equity Interests of the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited
liability company, that Person’s managers and members. 
 “Agreement” has the meaning set forth in the preamble. 

“Amortization Date” means July 1, 2022, provided that if (i) no Event of Default has occurred and is continuing,
and (ii) the Second Tranche Term Loan shall have been fully funded in accordance with its terms, the Amortization Date shall be July 1, 2023. 

“Anti-Terrorism Order” means Executive Order No. 13,224 as of September 24, 2001, Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49,079 (2001), as amended. 

“Applicable Rate” means a variable annual rate equal to the greater of (i) 8.45%, and (ii) the sum of
(A) the Prime Rate, plus (B) 5.20%. 
 “Automatic Payment Authorization” means the Automatic Payment
Authorization in substantially the form of Exhibit F. 
 “Board” means, with respect to any Person, the board of
directors, board of managers, managers or other similar bodies or authorities performing similar governing functions for such Person. 

“Books” are all of each applicable Loan Party’s books and records including ledgers, federal and state tax returns,
records regarding such Loan Party’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrower” and “Borrowers” has the meaning set forth in the preamble. 

“Borrower Representative” has the meaning set forth in the preamble. 

“Business Day” means any day that is not a Saturday, Sunday or a day on which commercial banks in the State of New York are
required or permitted to be closed. 

  
 A-1 

 “Cash Equivalents” means (a) marketable direct obligations issued or
unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its
creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing no more than one
year from the date of investment therein; and (d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this
definition. 
 “Change in Control” means any of the following (or any combination of the following) whether arising from
any single transaction event or series of related transactions or events that, individually or in the aggregate, result in: (a) the holders of Parent’s Equity Interests who were holders of Equity Interest as of the Closing Date, ceasing to
own at least fifty-one percent (51%) of the Voting Stock of Parent; (b) any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Exchange Act) becoming the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of a sufficient number of Equity Interests of Parent ordinarily entitled to vote in the election of
directors, empowering such “person” or “group” to elect a majority of the members of the Board of Parent, who did not have such power before such transaction; (c) the Transfer of all or substantially all assets of Borrowers;
or (d) Parent ceasing to own and control, free and clear of any Liens (other than Permitted Liens), directly or indirectly, all of the Equity Interests in Borrower Representative or failing to have the power to direct or cause the direction of
the management and policies of Borrower Representative. 
 “Claims” has the meaning set forth in
Section 12.3. 
 “Closing Date” has the meaning set forth in the preamble. 

“Code” means the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New
York; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or
Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Collateral Trustee’s Lien on any Collateral is
governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of
the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collaboration Agreement” means (i) the Takeda Collaboration Agreements, (ii) that certain Master
Collaboration Agreement, dated as of November 18, 2019, between the Parent and Vertex Pharmaceuticals Incorporated (which shall include without limitation that certain Share Purchase Agreement, dated as of November 18, 2019, between the
Parent and Vertex Pharmaceuticals Incorporated), and (iii) any collaboration or similar agreement with a pharmaceutical or biotechnology company. 

“Collateral” means any and all properties, rights and assets of each Loan Party described on
Exhibit B, and any collateral securing the Obligations pursuant to any Guaranty or pursuant to any other Loan Document. 

“Collateral Access Agreement” means an agreement with respect to a Loan Party’s leased location or bailee location, in
each case in form and substance reasonably satisfactory to Administrative Agent. 
 “Collateral Account” means any Deposit
Account, Securities Account, or Commodity Account of a Loan Party, in each case, other than any Excluded Account. 
 “Collateral
Trust Agreement” means that certain Collateral Trust Agreement, dated as of the Closing Date, by and among Collateral Trustee and Lenders, as amended, restated, amended and restated, supplemented or modified from time to time. 

“Collateral Trustee” has the meaning set forth in the preamble. 

  
 A-2 

 “Commitment” means, as to any Lender, the aggregate principal amount of
Loans committed to be made by such Lender, as set forth on Schedule 1 hereto. 
 “Commodity Account” means any
“commodity account” as defined in the Code with such additions to such term as may hereafter be made. 
 “Compliance
Certificate” means that certain certificate in the form attached hereto as Exhibit D. 

“Consolidated Change in Cash and Cash Equivalents” means for any period, an amount equal to (i) Liquidity as of the last
day of such period, less (ii) Liquidity as of the first day of such period, less (iii) any net cash proceeds received by Loan Parties from the issuance of Equity Interests or Indebtedness or other financing activities, one-time grants, or business development (including, without limitation, upfront or milestone payments) received during such period. For the avoidance of doubt, amounts received by Loan Parties as cost reimbursement
for clinical trial expenses by strategic partners or recurring grant revenue shall not be subtracted pursuant to clause (iii) above. 

“Contingent Obligation” means, for any Person, any direct or indirect liability, contingent or not, of that Person for
(a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices. The amount of a Contingent Obligation is the
stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the
maximum of the obligations under any guarantee or other support arrangement. 
 “Copyrights” means any and all copyright
rights, copyright applications, copyright registrations and like protections of a Person in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Default” means any circumstance, event or condition that, with the giving of any notice, the passage of time, or both, would
be an Event of Default. 
 “Default Rate” has the meaning set forth in Section 2.3(b). 

“Deposit Account” means any “deposit account” as defined in the Code with such additions to such term as may
hereafter be made, and includes any checking account, savings account or certificate of deposit. 
 “Designated Holder”
means a Lender or any Affiliate designated by a Lender with respect to any exercise of a right to invest pursuant hereto, provided that the Designated Holder for K2 HealthVentures LLC and any successor, transferee or assignee thereof as Lender,
which is an Affiliate of K2 HealthVentures LLC, shall be K2 HealthVentures Equity Trust LLC. 
 “Dollars,”
“dollars” or use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily
converted into lawful money of the United States. 
 “Engineered Toxin Body Asset” means a unique genetically engineered
version of Shiga-like Toxin A subunit fused to antibody domains or fragments that are specific to a human therapeutic target and being studied in one or more potential labeled indications. 

“Equipment” means all “equipment” as defined in the Code with such additions to such term as may hereafter be made,
and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

  
 A-3 

 “Equity Interests” means, with respect to any Person, any of the shares of
capital stock of (or other ownership, membership or profit interests in) such Person, any of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership, membership or
profit interests in) such Person, any of the securities convertible into or exchangeable for shares of capital stock of (or other ownership, membership or profit interests in) such Person or warrants, rights or options for the purchase or
acquisition from such Person of such shares (or such other interests), and any of the other ownership, membership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether
or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. 
 “ERISA”
means the Employee Retirement Income Security Act of 1974, and its regulations. 
 “Event of Default” has the meaning set
forth in Section 8. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Accounts” means (i) Deposit Accounts exclusively used for payroll, payroll taxes and other employee wage and
benefit payments to or for the benefit of a Borrower’s employees and identified to Administrative Agent by Borrower Representative as such on the Perfection Certificate or from time to time pursuant to a Compliance Certificate, provided that
the aggregate balance maintained therein shall not exceed an amount equal to the aggregate amount of such payments to be paid in the then-next payroll period, (ii) Collateral Accounts used exclusively to maintain escrowed funds or funds held in
trust for a third Person, (iii) Collateral Accounts used exclusively to maintain cash collateral or similar deposits subject to a Permitted Lien, and, in each case, provided that such Collateral Account is identified as such to Administrative
Agent on the Perfection Certificate or from time to time pursuant to a Compliance Certificate, and (iv) Collateral Accounts identified as an “Excluded Account” on the Perfection Certificate or from time to time pursuant to a
Compliance Certificate, provided that the aggregate balance maintained therein shall not exceed $250,000 in the aggregate. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any successor thereto. 

“Fee Letter” means that certain letter agreement, dated as of the date hereof, by and among Borrowers, Administrative Agent
and Lenders, as amended, restated, amended and restated, supplemented, or otherwise modified from time to time. 
 “First Tranche
Term Loan Commitment” means, as to any Lender, the aggregate principal amount of First Tranche Term Loans committed to be made by such Lender, as set forth on Schedule 1 hereto. 

“Foreign Subsidiary” means a Subsidiary other than a Subsidiary organized under the laws of the United States or any state or
territory thereof. 
 “Funding Date” means any date on which a Loan is made to or for the account of a Borrower which shall
be a Business Day. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a
significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination, provided, however, that if there occurs after the Closing Date any change in GAAP that affects in any respect the
calculation of any covenant or threshold in this Agreement, Lenders and Borrower Representative shall negotiate in good faith amendments to the provisions of this Agreement that relate to the calculation of such covenant or threshold with the intent
of having the respective positions of Lender and Borrowers after such change in GAAP conform as nearly as possible to their respective positions as of the Closing Date, and, until any such amendments have been agreed upon, such covenants and
thresholds shall be calculated as if no such change in GAAP has occurred. 

  
 A-4 

 “General Intangibles” means all “general intangibles” as defined
in the Code in effect on the Closing Date with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles,
contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and
business interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental Approval” means
any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority, including for the testing,
manufacturing, marketing and sales of its Product. 
 “Governmental Authority” means any nation or government, any state or
other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to
government, any securities exchange and any self-regulatory organization. 
 “Guarantor” has the meaning set forth in the
preamble. 
 “Guaranty” means any guarantee of all or any part of the Obligations, including pursuant to
Section 13 hereof, as the same may from time to time be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Immaterial Subsidiary” means any Subsidiary not required to be joined as a Loan Party in accordance with
Section 6.11(b). 
 “Indebtedness” means, without duplication, (a) indebtedness for borrowed
money or the deferred price of property or services (other than accounts payable in the Ordinary Course of Business not more than sixty (60) days past due), (b) any reimbursement and other obligations for surety bonds and letters of credit,
(c) obligations evidenced by notes, bonds, debentures or similar instruments, (d) capital lease obligations, and (e) Contingent Obligations, provided that “Indebtedness” shall not include (x) accrued expenses, deferred
rent, deferred taxes, deferred compensation or customary obligations under employment agreements, (y) obligations with respect to operating leases which have been reclassified as capital leases due to changes in GAAP or (z) Contingent
Obligations with respect to operating leases or leases of real property in the ordinary course of businesses. Notwithstanding the foregoing, the Indebtedness of any Person shall include the Indebtedness of any other entity (including a partnership
in which such Person is a general partner) solely to the extent such Person is liable therefore as a result of such Persons’ ownership interest in or other relationship with such entity. 

“Indemnified Person” has the meaning set forth in Section 12.3. 

“Insolvency Proceeding” means any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means, with respect to any Loan Party (or, as applicable, any of its Subsidiaries), all of such Loan
Party’s or Subsidiary’s right, title, and interest in and to the following: 
 (a)    its
Copyrights, Trademarks and Patents; 
 (b)    any and all trade secrets and trade secret rights,
including, without limitation, any rights to unpatented inventions, know-how, operating manuals; 

(c)    any and all source code; 

(d)    any and all design rights which may be available to such Person; 

  
 A-5 

 (e)    any and all claims for damages by way of past,
present and future infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f)    all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” means all “inventory” as defined in the Code in effect on the Closing Date with such additions to such
term as may hereafter be made. 
 “Investment” means any beneficial ownership interest in any Person (including stock,
partnership interest or other securities or Equity Interests), and any loan, advance or capital contribution to any Person, or the acquisition of all or substantially all of the assets or properties of another Person. 

“Lender” has the meaning set forth in the preamble. 

“Lender Expenses” means all reasonable and documented audit fees and expenses, costs, and expenses (including reasonable and
documented attorneys’ fees and expenses) of Administrative Agent or Lenders for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with
appeals or Insolvency Proceedings) or otherwise incurred with respect to a Loan Party, including all reasonable and documented costs, expenses and other amounts required to be paid by any Lender or the Administrative Agent in accordance with the
Collateral Trust Agreement. 
 “Lien” means a claim, mortgage, deed of trust, levy, charge, pledge, security interest or
other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Liquidity” means, as of any date of measurement, the sum of unrestricted cash and Cash Equivalents and marketable securities
of the Loan Parties maintained in Collateral Accounts subject to Account Control Agreements in favor of Collateral Trustee. 
 “Loan
Documents” means, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement, the Fee Letter, the Collateral Trust Agreement, the Automatic Payment Authorization, the
Account Control Agreements, the Collateral Access Agreements, any Subordination Agreement, any note, or notes or guaranties executed by a Loan Party, and any other present or future agreement by a Loan Party with or for the benefit of Collateral
Trustee or any Lender in connection with this Agreement, all as amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Loan Request” means a request for a Loan pursuant to this Agreement in substantially the form attached hereto as Exhibit
C. 
 “Loans” means, collectively, the Term Loans, and any other loan from time to time made under this Agreement, and
“Loan” means any of the foregoing. 
 “Margin Stock” has the meaning set forth in
Section 5.11(b). 
 “Material Adverse Effect” means (a) a material impairment in the
perfection or priority of the Lien in the Collateral pursuant to the Loan Documents to which the Loan Parties are a party or in the value of the Collateral; or (b) a material adverse effect upon: (i) the business, operations, properties,
assets or financial condition of the Loan Parties as a whole; (ii) the prospect of repayment of any part of the Obligations; or (iii) the ability to enforce any rights or remedies with respect to any Obligations, in each case, as
reasonably determined by Administrative Agent. 
 “Material Location” means (i) any leased location that is the
corporate headquarter of a Loan Party, and (ii) any other leased location or bailee location where assets having a fair market value in excess of $2,000,000 are located. 

“Maximum Rate” has the meaning set forth in Section 2.3(d) hereof. 

  
 A-6 

 “Monthly Burn” means, as of any date of measurement, the average monthly
Consolidated Change in Cash and Cash Equivalents and marketable securities for the three-month period ending as of the date of measurement. 

“Obligations” means all of Borrowers’ and each other Loan Party’s obligations to pay the Loans when due, including
principal, interest, fees, Lender Expenses, the fees pursuant to the Fee Letter and any other amounts due to be paid by a Loan Party, and each Loan Party’s obligation to perform its duties under the Loan Documents, and any other debts,
liabilities and other amounts any Loan Party owes to any Lender at any time under the Loan Documents, including, without limitation, interest or Lender Expenses accruing after Insolvency Proceedings begin (whether or not allowed), and any debts,
liabilities, or obligations of any Loan Party assigned to any Lender, which shall be treated as secured or administrative expenses in the Insolvency Proceedings to the extent permitted by applicable law. 

“OFAC” has the meaning set forth in Section 5.11(c). 

“Operating Documents” means, for any Person, such Person’s formation documents, as certified by the Secretary of State
(or equivalent agency) of such Person’s jurisdiction of formation, organization or incorporation on a date that is no earlier than thirty (30) days prior to the Closing Date and, (a) if such Person is a corporation, its bylaws in
current form, (b) if such Person is a limited liability company, its limited liability company agreement or operating agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar
agreement), each of the foregoing with all current amendments, restatements and modifications thereto. 
 “Ordinary Course of
Business” means, in respect of any transaction involving any Person, the ordinary course of such Person’s business as conducted by any such Person in accordance with (a) the usual and customary customs and practices in the kind of
business in which such Person is engaged, and (b) the past practice and operations of such Person, and in each case, undertaken by such Person in good faith and not for purposes of evading any covenant or restriction in any Loan Document. 

“Patents” means all patents, patent applications and like protections of a Person including without limitation improvements,
divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same and all rights therein provided by international treaties or conventions.

 “Payment Date” means the first calendar day of each month. 

“Perfection Certificate” has the meaning set forth in Section 5.1. 

“Permitted Indebtedness” means: 

(a)    each Loan Party’s Indebtedness under this Agreement and the other Loan Documents; 

(b)    Indebtedness existing on the Closing Date and shown on the Perfection Certificate, provided that
(i) to the extent the amount of such type of Indebtedness is limited pursuant to a clause of this defined term, amounts existing on the Closing Date or any permitted refinancing thereof shall count towards such limit, (ii) to the extent
such Indebtedness is required to be repaid on the Closing Date, in accordance with a payoff letter delivered as a condition to closing, such Indebtedness shall not constitute Permitted Indebtedness after such repayment, and (iii) to the extent
any such Indebtedness is required to be made subject to the terms of a Subordination Agreement as of the Closing Date or thereafter, pursuant to the terms of this Agreement, such Indebtedness shall be permitted only to the extent the applicable
Subordination Agreement is in effect; 
 (c)    Subordinated Debt; 

(d)    unsecured Indebtedness to trade creditors incurred in the Ordinary Course of Business; 

(e)    Indebtedness incurred as a result of endorsing negotiable instruments received in the Ordinary
Course of Business; 

  
 A-7 

 (f)    Indebtedness secured by Liens permitted under
clause (c) of the definition of “Permitted Liens” hereunder; 
 (g)    Indebtedness
among Loan Parties and Indebtedness constituting a Permitted Investment; 
 (h)    workers’
compensation claims, payment obligations in connection with health, disability or other types of social security benefits, unemployment or other insurance obligations, reclamation and statutory obligations, bid, appeal, surety or similar bonds, in
each case incurred in the ordinary course of business; 
 (i)    Indebtedness under hedging and swap
obligations or agreements so long as the purpose of any such agreement is a bona fide hedging activing and not for speculative purposes; 

(j)    Indebtedness in respect of netting services, overdraft protections and other like services; 

(k)    Indebtedness in connection with the financing of insurance premiums, in the ordinary course of
business, in respect of premiums payable on insurance policies; 
 (l)    Indebtedness not otherwise
permitted pursuant to this defined term, in an aggregate amount outstanding not to exceed $500,000; and 

(m)    extensions, refinancings, modifications, amendments and restatements of any items of Permitted
Indebtedness described above, provided that the principal amount thereof is not increased (other than as a result of accrued or capitalized interest or fees) or the terms thereof are not modified to impose more burdensome terms upon a Borrower or
any of its Subsidiaries, as the case may be. 
 “Permitted Investments” means: 

(a)    Investments (including, without limitation, Subsidiaries) existing on the Closing Date and shown on
the Perfection Certificate; 
 (b)    (i) Investments consisting of cash or Cash Equivalents, and
(ii) any Investments permitted by Parent’s investment policy, as amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Lenders (it being understood and agreed that
any such investment policy as in effect as of the date hereof is satisfactory to Lenders); 

(c)    Investments consisting of repurchases of Parent’s Equity Interests from former employees,
officers and directors of Parent to the extent permitted under Section 7.7; 

(d)    Investments (i) among Loan Parties or by a Subsidiary that is not a Loan Party in a Loan Party,
(ii) consisting of the ownership of Equity Interests of Subsidiaries, (iii) among Subsidiaries which are not Loan Parties, and (iv) by Loan Parties in Subsidiaries which are not Loan Parties in an aggregate amount per fiscal year not
to exceed $500,000; 
 (e)    Investments not to exceed $500,000 outstanding in the aggregate at any time
consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the Ordinary Course of Business, and (ii) loans not involving the net transfer of cash proceeds to employees, officers or directors
relating to the purchase of Equity Interests of Parent pursuant to employee stock purchase plans or other similar agreements approved by Parent’s Board; 

(f)    Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers, suppliers or clients and in settlement of delinquent obligations of, and other disputes with, customers, suppliers or clients; 

(g)    Investments consisting of Deposit Accounts; 

  
 A-8 

 (h)    Investments consisting of accounts receivable or
notes receivable arising from the sales of goods or services; 
 (i)    Investments arising due to
hedging or swap agreements so long as the purpose of such agreements is a bona fide hedging activity and not for speculative purposes; 

(j)    Investments consisting of pre-paid expenses, negotiable
instruments held for collection or deposit, security deposits with utilities, landlords and other like Persons, and deposits in connection with workers’ compensation and similar deposits, in each case made in the Ordinary Course of Business;

 (k)    Investments not otherwise permitted pursuant to this defined term, in an aggregate amount not
to exceed $1,000,000 per fiscal year; and 
 (l)    Investments consisting of accounts receivable of, or
prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the Ordinary Course of Business; provided that this subsection (h) shall not apply to Investments of a Loan Party in any Subsidiary.

 “Permitted Liens” means: 

(a)    Liens arising under this Agreement and the other Loan Documents, including any renewals, extensions
and refinancings of the underlying obligations with respect thereto to the extent otherwise permitted hereunder; 

(b)    Liens existing on the Closing Date and shown on the Perfection Certificate, provided that
(i) to the extent the amount of Indebtedness secured by such type of Lien is limited pursuant to a clause of this defined term, amounts existing on the Closing Date or any permitted refinancing thereof shall count towards such limit,
(ii) to the extent the Indebtedness secured by such a Lien is required to be repaid on the Closing Date, in accordance with a payoff letter delivered as a condition to closing, such Lien shall not constitute Permitted Lien after the repayment
of the associated Indebtedness, and (iii) to the extent any such Lien is required to be made subject to the terms of a Subordination Agreement as of the Closing Date or thereafter, pursuant to the terms of this Agreement, such Lien shall be
permitted only to the extent the applicable Subordination Agreement is in effect; 
 (c)    purchase
money Liens (i) on Equipment acquired or held by a Loan Party or Subsidiary thereof incurred for financing the acquisition of the Equipment, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and
improvements and the proceeds of the Equipment, in each case, securing no more than $500,000 in the aggregate amount outstanding; 

(d)    Liens for taxes, fees, assessments or other government charges or levies, either (i) not yet
delinquent or (ii) being contested in good faith and for which such Loan Party or Subsidiary maintains adequate reserves on its books; 

(e)    leases or subleases of real property granted in the Ordinary Course of Business of such Person, and
leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the Ordinary Course of Business of such Person; 

(f)    Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising
in the Ordinary Course of Business so long as such Liens attach only to Inventory, securing liabilities and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which
proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(g)    Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the Ordinary Course of Business (other than Liens imposed by ERISA); 

  
 A-9 

 (h)    deposits or pledges of cash to secure bids,
tenders, contracts (other than contracts for the payment of money), leases, surety and appeal bonds and other obligations of a like nature arising in the Ordinary Course of Business, in an aggregate amount not exceeding $500,000 at any time; 

(i)    Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an
Event of Default; 
 (j)    Liens in favor of other financial institutions arising in connection with a
Deposit Account or Securities Account of a Loan Party or Subsidiary thereof held at such institutions, provided that Collateral Trustee has a perfected security interest in such Deposit Account, or the securities maintained therein and Collateral
Trustee has received an Account Control Agreement with respect thereto to the extent required pursuant to Section 6.6 of this Agreement; 

(k)    servitudes, easements, rights of way, restrictions and other similar encumbrances on real property
imposed by applicable laws and encumbrances consisting of zoning or building restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material, and which do not
in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of any of the Loan Parties; 

(l)    licenses of Intellectual Property which constitute a Permitted Transfer; and 

(m)    Liens in connection with (i) Permitted Transfers and (ii) Indebtedness permitted by clause
(m) of the definition of Permitted Indebtedness; 
 (n)    Liens arising from precautionary
financing statement filings regarding leases; 
 (o)    Liens arising from licenses described in
clause (b) of the defined term “Permitted Transfers”, and Liens arising pursuant to the terms of a Collaboration Agreement or related documents on Intellectual Property or other assets developed pursuant thereto, or on a Loan
Party or Subsidiary’s rights pursuant thereto; 
 (p)    other Liens which secure obligations in an
aggregate amount not to exceed $100,000 at any time outstanding; and 
 (q)    Liens incurred in the
extension, renewal or refinancing of the indebtedness secured by Liens described herein, but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may
not increase (other than in connection with the capitalization of interest, fees or expenses). 
 “Permitted Locations”
means, collectively, the following locations where Collateral may be located from time to time: (a) locations identified in the Perfection Certificate and (b) locations with respect to which Borrowers have complied with the requirements of
Section 6.12. 
 “Permitted Transfers” means 

(a)    sales of Inventory by a Loan Party or any of its Subsidiaries in the Ordinary Course of Business;

 (b)    (i) non-exclusive licenses and similar arrangements for
the use of Intellectual Property of a Loan Party or any of its Subsidiaries in the Ordinary Course of Business, and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive with respect to
territory only as to specific geographical regions outside of the United States or exclusive globally with respect to specific indications or targets or assets, and (ii) licenses or sublicenses of Intellectual Property or other assets developed
pursuant to a Collaboration Agreement in accordance with the terms of such Collaboration Agreement; 

  
 A-10 

 (c)    dispositions of
worn-out, obsolete or surplus Equipment in the Ordinary Course of Business that is, in the reasonable judgment of such Loan Party or Subsidiary, no longer economically practicable to maintain or useful; 

(d)    Transfers of receivables in the Ordinary Course of Businesses in connection with the compromise,
settlement or collection thereof; 
 (e)    Transfers consisting of the granting of Permitted Liens and
the making of Permitted Investments; 
 (f)    the use or transfer of money or Cash Equivalents for the
payment of expenses in the Ordinary Course of Business and in a manner that is not prohibited by the Loan Documents; 

(g)    of Accounts in connection with the compromise, settlement or collection thereof; 

(h)    resulting from casualty events, subject to Section 6.5; 

(i)    abandoning applications or registrations of Intellectual Property as determined by a Loan Party in
its good faith business judgment, and subject to compliance with Section 6.7 hereof; 

(j)    the sale of all or substantially all of the EVO product or business line in an arms’ length
transaction; 
 (k)    the lapse or abandonment of immaterial Intellectual Property, including, but not
limited to Intellectual Property acquired in connection with prior transactions; and 
 (l)    Transfers
not otherwise permitted hereunder so long as the fair market value of any such Transfers does not exceed $500,000 in the aggregate in any fiscal year of Parent. 

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prime Rate” means, at any time, the rate of interest noted in The Wall Street Journal, Money Rates section, as the
“Prime Rate”. In the event that The Wall Street Journal quotes more than one rate, or a range of rates, as the Prime Rate, then the Prime Rate shall mean the average of the quoted rates. In the event that The Wall Street Journal ceases to
publish a Prime Rate, then the Prime Rate shall be the average of the three (3) largest U.S. money center commercial banks, as determined by Lenders. 

“Pro Rata Share” means, with respect to any Lender and as of any date of determination, the percentage obtained by dividing
(i) the aggregate Commitments of such Lender by (ii) the aggregate Commitments of all Lenders provided, that to the extent any Commitment has expired or been terminated, with respect to such Commitment, the applicable outstanding balance
of the Loans made pursuant to such Commitment held by such Lender and all the Lenders, respectively, shall be used in lieu of the amount of such Commitment, provided further, that with respect to all matters relating to a particular Loan, the
Commitment or outstanding balance of the applicable Loan, shall be used in lieu of the aggregate Commitment or outstanding balance of all Loans in the foregoing calculation. “Ratable” and related terms shall mean, determined by reference
to such Lender’s Pro Rata Share. 
 “Products” means any products manufactured, sold, developed, tested or marketed by
a Loan Party or any of its Subsidiaries. 
 “Qualified Financing” means any offering of common stock, convertible preferred
stock or other equity securities (or instruments exercisable for, or convertible into, shares of common stock, convertible preferred stock or other equity securities) of Parent consummated after the Closing Date that is broadly marketed or offered
to multiple investors. 

  
 A-11 

 “Registered Organization” means any “registered organization” as
defined in the Code with such additions to such term as may hereafter be made. 
 “Required Lenders” means, as of any date
of determination, Lenders holding more than 50% of the sum of aggregate principal amount of all Loans outstanding and the aggregate amount of all unfunded commitments to make Loans, at such date of determination. 

“Requirement of Law” means as to any Person, the organizational or governing documents of such Person, and any law (statutory
or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject. 
 “Responsible Officer” means with respect to any Person, any of the Chief Executive Officer, President or Chief
Financial Officer of such Person. Unless the context otherwise requires, each reference to a Responsible Officer herein shall be a reference to a Responsible Officer of Parent. 

“Restricted License” means any material in-bound license or other similar material
agreement (other than ordinary course customer contracts, off the shelf software licenses, licenses that are commercially available to the public, and open source licenses) pursuant to which a Loan Party or Subsidiary is a licensee with respect to
the licensing of Intellectual Property material to a Loan Party’s business (a) that validly prohibits or otherwise restricts such Loan Party or Subsidiary from granting a security interest in its interest in such license or agreement or in
any other property, or (b) for which a default under, or termination of which, could reasonably be expected to interfere with Collateral Trustee’s right to sell any Collateral, provided that a license or other such agreement that permits
the assignment of the applicable Loan Party’s rights thereunder in connection with a sale of all or substantially all the assets of such Loan Party shall not constitute a “Restricted License”. 

“Second Tranche Availability Period” means the period commencing on the later of March 1, 2021 and the date the Second
Tranche Milestone is met and ending June 30, 2021. 
 “Second Tranche Milestone” means that Borrower Representative
shall have provided reasonably sufficient positive evidence and/or data to the Administrative Agent to demonstrate advancement of its pipeline via active clinical studies (e.g., reasonable continuing enrollment, planning for next phase if prior
phase has been successfully completed, IND has been recently accepted with Phase I initiation in progress, or clinical advancement in the same or closely related indication), to the point at which Borrowers have at least three different Engineered
Toxin Body Assets (at least two of which are wholly-owned) in active clinical studies, which written evidence is in form and content reasonably acceptable to Administrative Agent and has been provided to and reviewed and approved by Administrative
Agent in its reasonable discretion. 
 “Second Tranche Term Loan” has the meaning set forth in
Section 2.2(a). 
 “Second Tranche Term Loan Commitment” means, as to any Lender, the aggregate
principal amount of Second Tranche Term Loans committed to be made by such Lender, as set forth on Schedule 1 hereto. 

“Secured Party” means any of Administrative Agent, Collateral Trustee or any Lender. 

“Securities Account” means any “securities account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Security Instrument” means any security agreement, assignment, pledge agreement, financing or other
similar statement or notice, continuation statement, other agreement or instrument, or any amendment or supplement to any thereof, creating, governing or providing for, evidencing or perfecting any security interest or Lien. 

“Shares” means all of the issued and outstanding Equity Interests owned or held of record by a Loan Party or other Loan Party
in each of its Subsidiaries. 

  
 A-12 

 “Subordinated Debt” means Indebtedness on terms and to holders reasonably
satisfactory to Administrative Agent and incurred by a Loan Party that is subordinated in writing to all of the Obligations, pursuant to a Subordination Agreement. 

“Subordination Agreement” means any subordination agreement in form and substance reasonably satisfactory to Administrative
Agent entered into from time to time with respect to Subordinated Debt. 
 “Subsidiary” means, with respect to any Person,
any corporation, partnership, limited liability company or joint venture in which (i) any general partnership interest or (ii) more than fifty percent (50%) of the stock, limited liability company interest, joint venture interest or other
Equity Interest which by the terms thereof has the ordinary voting power to elect the Board of that Person, at the time as of which any determination is being made, is owned or controlled by such Person, directly or indirectly. Unless the context
otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Parent. 
 “Takeda Collaboration
Agreements” means those certain Multi-Target Collaboration and License Agreement, dated as of June 23, 2017; Research Collaboration and Option Agreement, dated as of October 31, 2016; and Development Collaboration and
Exclusive License Agreement, dated as of September 18, 2018, each between Borrower’s Representative and Millennium Pharmaceuticals, Inc., as amended, restated, amended and restated, and/or otherwise supplemented or modified from time to
time. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan” and “Term Loans” each, have the meaning set forth in Section 2.2
hereof. 
 “Termination Date” means the date that the Obligations (other than contingent indemnification obligations not
then due and owing) shall have been paid in full in cash, and any commitment of a Lender to extend credit to a Borrower shall have been terminated. 

“Term Loan Maturity Date” means June 1, 2024. 

“Third Tranche Availability Period” means the period commencing on the date the Second Tranche Term Loan is fully funded and
ending December 31, 2021. 
 “Third Tranche Term Loan” has the meaning set forth in Section 2.2(a). 

“Third Tranche Term Loan Commitment” means, as to any Lender, the aggregate principal amount of Third Tranche Term Loans
which may be made by such Lender, as set forth on Schedule 1 hereto. 
 “Trademarks” means any trademark and service
mark rights of a Person, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business connected with and symbolized by such trademarks. 

“Transfer” means defined in Section 7.1. 

“Voting Stock” means, with respect to any Person, all classes of Equity Interests issued by such Person the holders of which
are ordinarily, in the absence of contingencies, entitled to vote for the election of directors or managers (or Persons performing similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a
contingency. 

  
 A-13 

 EXHIBIT B 

COLLATERAL DESCRIPTION 

 EXHIBIT C 

LOAN REQUEST 

 EXHIBIT D 

COMPLIANCE CERTIFICATE 

 EXHIBIT E 

REQUIREMENTS FOR INSURANCE DOCUMENTATION 

 EXHIBIT F 

AUTOMATIC PAYMENT AUTHORIZATION 

 EXHIBIT G 

FORM OF 

SECURED PROMISSORY NOTEEXHIBIT
4.1 

 

VIRTRA,
INC. 

 

as
the Company 

 

and

 

 

as
Trustee 

 

Senior
Indenture 

 

Dated
as of                  , 20 

 

    	 	 	 

    	 	 	 

    

 

TABLE
OF CONTENTS

 

	 	PAGE
	ARTICLE
    1	
	DEFINITIONS
                                         AND INCORPORATION BY REFERENCE
	5

	 	 
	Section
    1.01. Definitions	5
	Section
    1.02. Other Definitions	9
	Section
    1.03. Incorporation by Reference of Trust Indenture Act	9
	Section
    1.04. Rules of Construction	9
	 	 
	ARTICLE
    2	 
	THE
    SECURITIES	10
	 	 
	Section
    2.01. Form and Dating	10
	Section
    2.02. Execution And Authentication	10
	Section
    2.03. Amount Unlimited; Issuable in Series	11
	Section
    2.04. Denomination and Date of Securities; Payments of Interest	13
	Section
    2.05. Registrar and Paying Agent; Agents Generally	13
	Section
    2.06. Paying Agent to Hold Money in Trust	14
	Section
    2.07. Transfer and Exchange	14
	Section
    2.08. Replacement Securities	16
	Section
    2.09. Outstanding Securities	17
	Section
    2.10. Temporary Securities	17
	Section
    2.11. Cancellation	17
	Section
    2.12. CUSIP Numbers	18
	Section
    2.13. Defaulted Interest	18
	Section
    2.14. Series May Include Tranches	18
	 	 
	ARTICLE
    3	 
	REDEMPTION	18
	 	 
	Section
    3.01. Applicability of Article	18
	Section
    3.02. Notice of Redemption; Partial Redemptions	18
	Section
    3.03. Payment Of Securities Called For Redemption	19
	Section
    3.04. Exclusion of Certain Securities from Eligibility for Selection for Redemption	20
	Section
    3.05. Mandatory and Optional Sinking Funds	20
	 	 
	ARTICLE
    4	 
	COVENANTS	22
	 	 
	Section
    4.01. Payment of Securities	22
	Section
    4.02. Maintenance of Office or Agency	22
	Section
    4.03. Securityholders’ Lists	23
	Section
    4.04. Certificate to Trustee	23
	Section
    4.05. Reports by the Company	23
	Section
    4.06. Additional Amounts	23
	 	 
	 	 
	ARTICLE
    5	 
	SUCCESSOR
    CORPORATION	24
	 	
	Section
    5.01. When Company May Merge, Etc	24
	Section
    5.02. Successor Substituted	24

 

    	 	1	 

    	 	 	 

    

 

	ARTICLE
    6	 
	DEFAULT
    AND REMEDIES	24
	 	 
	Section
    6.01. Events of Default	24
	Section
    6.02. Acceleration	25
	Section
    6.03. Other Remedies	25
	Section
    6.04. Waiver of Past Defaults	26
	Section
    6.05. Control by Majority	26
	Section
    6.06. Limitation on Suits	26
	Section
    6.07. Rights of Holders to Receive Payment	26
	Section
    6.08. Collection Suit by Trustee	27
	Section
    6.09. Trustee May File Proofs of Claim	27
	Section
    6.10. Application of Proceeds	27
	Section
    6.11. Restoration of Rights and Remedies	28
	Section
    6.12. Undertaking for Costs	28
	Section
    6.13. Rights and Remedies Cumulative	28
	Section
    6.14. Delay or Omission not Waiver	28
	 	 
	ARTICLE
    7 	 
	TRUSTEE
    	28
	 	 
	Section
    7.01. General	28
	Section
    7.02. Certain Rights of Trustee	28
	Section
    7.03. Individual Rights of Trustee	29
	Section
    7.04. Trustee’s Disclaimer	30
	Section
    7.05. Notice of Default	30
	Section
    7.06. Reports by Trustee to Holders	30
	Section
    7.07. Compensation and Indemnity	30
	Section
    7.08. Replacement of Trustee	31
	Section
    7.09. Acceptance of Appointment by Successor	31
	Section
    7.10. Successor Trustee By Merger, Etc	32
	Section
    7.11. Eligibility	32
	Section
    7.12. Money Held in Trust	32
	 	 
	ARTICLE
    8	 
	SATISFACTION
    AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	33
	 	 
	Section
    8.01. Satisfaction and Discharge of Indenture	33
	Section
    8.02. Application by Trustee of Funds Deposited for Payment of Securities	33
	Section
    8.03. Repayment of Moneys Held by Paying Agent	33
	Section
    8.04. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	33
	Section
    8.05. Defeasance and Discharge of Indenture	33
	Section
    8.06. Defeasance of Certain Obligations	34
	Section
    8.07. Reinstatement	35
	Section
    8.08. Indemnity	35
	Section
    8.09. Excess Funds	35
	Section
    8.10. Qualifying Trustee	35
	 	 
	ARTICLE
    9	 
	AMENDMENTS,
    SUPPLEMENTS AND WAIVERS	36
	 	 
	Section
    9.01. Without Consent of Holders	36
	Section
    9.02. With Consent of Holders	36
	Section
    9.03. Revocation and Effect of Consent	37
	Section
    9.04. Notation on or Exchange of Securities	37
	Section
    9.05. Trustee to Sign Amendments, Etc	37
	Section
    9.06. Conformity with Trust Indenture Act	37

 

    	 	2	 

    	 	 	 

    

 

	ARTICLE
    10	
	MISCELLANEOUS	38
	 	 
	Section
    10.01. Trust Indenture Act of 1939	38
	Section
    10.02. Notices	38
	Section
    10.03. Certificate and Opinion as to Conditions Precedent	38
	Section
    10.04. Statements Required in Certificate or Opinion	39
	Section
    10.05. Evidence of Ownership	39
	Section
    10.06. Rules by Trustee, Paying Agent or Registrar	39
	Section
    10.07. Payment Date Other Than a Business Day	40
	Section
    10.08. Governing Law	40
	Section
    10.09. No Adverse Interpretation of Other Agreements	40
	Section
    10.10. Successors	40
	Section
    10.11. Duplicate Originals	40
	Section
    10.12. Separability	40
	Section
    10.13. Table of Contents, Headings, Etc	40
	Section
    10.14. Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability	40
	Section
    10.15. Judgment Currency	40

 

    	 	3	 

    	 	 	 

    

 

SENIOR
INDENTURE, dated as of                      ,
20 , between VirTra, Inc., a Nevada corporation, as the Company, and                       ,
as Trustee.

 

RECITALS
OF THE COMPANY 

 

WHEREAS,
the Company has duly authorized the issue from time to time of its senior debentures, notes or other evidences of indebtedness
to be issued in one or more series (the “Securities”) up to such principal amount or amounts as may from time
to time be authorized in accordance with the terms of this Indenture and to provide, among other things, for the authentication,
delivery and administration thereof, the Company has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS,
all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done;

 

NOW,
THEREFORE:

 

In
consideration of the premises and the purchases of the Securities by the holders thereof, the Company and the Trustee mutually
covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities or of
any and all series thereof and of the coupons, if any, appertaining thereto as follows:

 

ARTICLE
1

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section
1.01. Definitions.

 

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

 

“Agent”
means any Registrar, Paying Agent, transfer agent or Authenticating Agent.

 

“Authorized
Newspaper” means a newspaper (which, in the case of The City of New York, will, if practicable, be The Wall Street Journal
(Eastern Edition) and in the case of London, will, if practicable, be the Financial Times (London Edition) and published in an
official language of the country of publication customarily published at least once a day for at least five days in each calendar
week and of general circulation in The City of New York or London, as applicable. If it shall be impractical in the opinion of
the Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice
in lieu thereof which is made or given with the approval of the Trustee shall constitute a sufficient publication of such notice.

 

“Board
Resolution” means one or more resolutions of the board of directors of the Company or any authorized committee thereof,
certified by the secretary or an assistant secretary to have been duly adopted and to be in full force and effect on the date
of certification, and delivered to the Trustee.

 

“Business
Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in The City of New York, with respect to any Security the interest on
which is based on the offered quotations in the interbank Eurodollar market for dollar deposits in London, or with respect to
Securities denominated in a specified currency other than United States dollars, in the principal financial center of the country
of the specified currency.

 

    	 	4	 

    	 	 	 

    

 

“Capital
Lease” means, with respect to any Person, any lease of any property which, in conformity with GAAP, is required to be
capitalized on the balance sheet of such Person.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time
after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.

 

“Company”
means the party named as such in the first paragraph of this Indenture until a successor replaces it pursuant to Article 5 of
this Indenture and thereafter means the successor.

 

“Corporate
Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular
time, be administered, which office is, at the date of this Indenture, located at Attention: .

 

“Currency
Agreement” means, with respect to any Person, any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in currency values to
or under which such Person or any of its Subsidiaries is a party or a beneficiary on the date hereof or becomes a party or a beneficiary
thereafter.

 

“Debt”
means, with respect to any Person at any date of determination (without duplication), (i) all indebtedness of such Person for
borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii)
all obligations of such Person in respect of letters of credit or bankers’ acceptance or other similar instruments (or reimbursement
obligations with respect thereto), (iv) all obligations of such Person to pay the deferred purchase price of property or services,
except Trade Payables, (v) all obligations of such Person as lessee under Capital Leases, (vi) all Debt of others secured by a
Lien on any asset of such Person, whether or not such Debt is assumed by such Person; provided that, for purposes of determining
the amount of any Debt of the type described in this clause, if recourse with respect to such Debt is limited to such asset, the
amount of such Debt shall be limited to the lesser of the fair market value of such asset or the amount of such Debt, (vii) all
Debt of others Guaranteed by such Person to the extent such Debt is Guaranteed by such Person, (viii) all redeemable stock valued
at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends and (ix) to the extent
not otherwise included in this definition, all obligations of such Person under Currency Agreements and Interest Rate Agreements.

 

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

 

“Depositary”
means, with respect to the Securities of any series issuable or issued in the form of one or more Registered Global Securities,
the Person designated as Depositary by the Company pursuant to Section 2.03 until a successor Depositary shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include
each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary”
as used with respect to the Securities of any such series shall mean the Depositary with respect to the Registered Global Securities
of that series.

 

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

 

“GAAP”
means generally accepted accounting principles in the U.S. as in effect as of the date hereof applied on a basis consistent with
the principles, methods, procedures and practices employed in the preparation of the Company’s audited financial statements,
including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as is approved by a significant segment of the accounting profession.

 

    	 	5	 

    	 	 	 

    

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or other obligation
of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise,
of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation
of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keepwell, to purchase assets,
goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into
for purposes of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect
such obligee against loss in respect thereof (in whole or in part); provided that the term “Guarantee” shall
not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee”
used as a verb has a corresponding meaning.

 

“Holder”
or “Securityholder” means the registered holder of any Security with respect to Registered Securities and the
bearer of any Unregistered Security or any coupon appertaining thereto, as the case may be.

 

“Indenture”
means this Indenture as originally executed and delivered or as it may be amended or supplemented from time to time by one or
more indentures supplemental to this Indenture entered into pursuant to the applicable provisions of this Indenture and shall
include the forms and terms of the Securities of each series established as contemplated pursuant to Sections 2.01 and 2.03.

 

“Interest
Rate Agreement” means, with respect to any Person, any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest
rate hedge agreement or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against
fluctuations in interest rates to or under which such Person or any of its Subsidiaries is a party or a beneficiary on the date
hereof or becomes a party or a beneficiary thereafter.

 

“Lien”
means, with respect to any property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect
of such property. For purposes of this Indenture, the Company shall be deemed to own subject to a Lien any property which it has
acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title
retention agreement relating to such property.

 

“Officer”
means, with respect to the Company, the president, the chief executive officer, the chief financial officer or the secretary.

 

“Officers’
Certificate” means a certificate signed in the name of the Company (i) by the president or chief executive officer and
(ii) by the chief financial officer or the secretary, and delivered to the Trustee. Each such certificate shall comply with Section
314 of the Trust Indenture Act, if applicable, and include (except as otherwise expressly provided in this Indenture) the statements
provided in Section 10.04, if applicable.

 

“Opinion
of Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to the Company, satisfactory
to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements
provided in Section 10.04, if and to the extent required thereby.

 

“Original
issue date” of any Security (or portion thereof) means the earlier of (a) the date of authentication of such Security
or (b) the date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration
of transfer, exchange or substitution.

 

“Original
Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be
due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

“Periodic
Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities, including,
without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption
provisions, if any, with respect thereto, are to be determined by the Company or its agents upon the issuance of such Securities.

 

“Person”
means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof.

 

    	 	6	 

    	 	 	 

    

 

“Principal”
of a Security means the principal amount of, and, unless the context indicates otherwise, includes any premium payable on, the
Security.

 

“Registered
Global Security” means a Security evidencing all or a part of a series of Registered Securities, issued to the Depositary
for such series in accordance with Section 2.02, and bearing the legend prescribed in Section 2.02.

 

“Registered
Security” means any Security registered on the Security Register (as defined in Section 2.05).

 

“Responsible
Officer” when used with respect to the Trustee, shall mean an officer of the Trustee in the Corporate Trust Office,
having direct responsibility for the administration of this Indenture, and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

“Securities”
means any of the securities, as defined in the first paragraph of the recitals hereof, that are authenticated and delivered under
this Indenture and, unless the context indicates otherwise, shall include any coupon appertaining thereto.

 

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

 

“Subsidiary”
means, with respect to any Person, any corporation, association or other business entity of which a majority of the capital stock
or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing
similar functions are at the time directly or indirectly owned by such Person.

 

“Trade
Payables” means, with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to
trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business
in connection with the acquisition of goods or services.

 

“Trustee”
means the party named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions
of Article 7 and thereafter shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more
than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect
to Securities of that series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as it may
be amended from time to time.

 

“Unregistered
Security” means any Security other than a Registered Security.

 

“U.S.
Government Obligations” means securities that are (i) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (ii) obligations of an agency or instrumentality of the United States of America
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, and
shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government
Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for
the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation
evidenced by such depository receipt.

 

“Yield
to Maturity” means, as the context may require, the yield to maturity (i) on a series of Securities or (ii) if the Securities
of a series are issuable from time to time, on a Security of such series, calculated at the time of issuance of such series in
the case of clause (i) or at the time of issuance of such Security of such series in the case of clause (ii), or, if applicable,
at the most recent redetermination of interest on such series or on such Security, and calculated in accordance with the constant
interest method or such other accepted financial practice as is specified in the terms of such Security.

 

    	 	7	 

    	 	 	 

    

 

Section
1.02. Other Definitions. Each of the following terms is defined in the section set forth opposite such term:

 

	Term	 	Section	 
	Authenticating
    Agent	 	 	2.02	 
	Cash
    Transaction	 	 	7.03	 
	Dollars	 	 	4.02	 
	Event
    of Default	 	 	6.01	 
	Judgment
    Currency	 	 	10.15	(a)
	mandatory
    sinking fund payment	 	 	3.05	 
	optional
    sinking fund payment	 	 	3.05	 
	Paying
    Agent	 	 	2.05	 
	record
    date	 	 	2.04	 
	Registrar	 	 	2.05	 
	Required
    Currency	 	 	10.15	(a)
	Security
    Register	 	 	2.05	 
	self-liquidating
    paper	 	 	7.03	 
	sinking
    fund payment date	 	 	3.05	 
	tranche	 	 	2.14	 

 

 

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

 

“indenture
securities” means the Securities;

 

“indenture
security holder” means a Holder or a Securityholder;

 

“indenture
to be qualified” means this Indenture;

 

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

 

“obligor”
on the indenture securities means the Company or any other obligor on the Securities.

 

All
other terms used in this Indenture that are defined by the Trust Indenture Act, defined by reference in the Trust Indenture Act
to another statute or defined by a rule of the Commission and not otherwise defined herein have the meanings assigned to them
therein.

 

Section
1.04. Rules of Construction. Unless the context otherwise requires:

 

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

 

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

 

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

 

(d)
all references to Sections or Articles refer to Sections or Articles of this Indenture unless otherwise indicated; and

 

(e)
use of masculine, feminine or neuter pronouns should not be deemed a limitation, and the use of any such pronouns should be construed
to include, where appropriate, the other pronouns.

 

    	 	8	 

    	 	 	 

    

  

ARTICLE
2

THE
SECURITIES

 

Section
2.01. Form and Dating. The Securities of each series shall be substantially in such form or forms (not inconsistent with
this Indenture) as shall be established by or pursuant to one or more Board Resolutions or in one or more indentures supplemental
hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent
with the provisions of this Indenture, as may be required to comply with any law, or with any rules of any securities exchange
or usage, all as may be determined by the officers executing such Securities as evidenced by their execution of the Securities.
Unless otherwise so established, Unregistered Securities shall have coupons attached.

 

Section
2.02. Execution And Authentication. Two Officers shall execute the Securities and one Officer shall execute the coupons
appertaining thereto for the Company by facsimile or manual signature in the name and on behalf of the Company. The seal of the
Company, if any, shall be reproduced on the Securities. If an Officer whose signature is on a Security or coupon appertaining
thereto no longer holds that office at the time the Security is authenticated, the Security and such coupon shall nevertheless
be valid.

 

The
Trustee, at the expense of the Company, may appoint an authenticating agent (the “Authenticating Agent”) to
authenticate Securities. The 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 Authenticating Agent.

 

A
Security and the coupons appertaining thereto shall not be valid until the Trustee or Authenticating Agent manually signs the
certificate of authentication on the Security or on the Security to which such coupon appertains by an authorized officer. The
signature shall be conclusive evidence that the Security or the Security to which the coupon appertains has been authenticated
under this Indenture.

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
having attached thereto appropriate coupons, if any, executed by the Company to the Trustee for authentication together with the
applicable documents referred to below in this Section, and the Trustee shall thereupon authenticate and deliver such Securities
to or upon the written order of the Company. In authenticating any Securities of a series, the Trustee shall be entitled to receive
prior to the authentication of any Securities of such series, and (subject to Article 7) shall be fully protected in relying upon,
unless and until such documents have been superseded or revoked:

 

(a)
any Board Resolution and/or executed supplemental indenture referred to in Sections 2.01 and 2.03 by or pursuant to which the
forms and terms of the Securities of that series were established;

 

(b)
an Officers’ Certificate setting forth the form or forms and terms of the Securities, stating that the form or forms and
terms of the Securities of such series have been, or, in the case of a Periodic Offering, will be when established in accordance
with such procedures as shall be referred to therein, established in compliance with this Indenture; and

 

(c)
an Opinion of Counsel substantially to the effect that the form or forms and terms of the Securities of such series have been,
or, in the case of a Periodic Offering, will be when established in accordance with such procedures as shall be referred to therein,
established in compliance with this Indenture and that the supplemental indenture, to the extent applicable, and Securities have
been duly authorized and, if executed and authenticated in accordance with the provisions of the Indenture and delivered to and
duly paid for by the purchasers thereof on the date of such opinion, would be entitled to the benefits of the Indenture and would
be valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject
to bankruptcy, insolvency, reorganization, receivership, moratorium and other similar laws affecting creditors’ rights generally,
general principles of equity, and covering such other matters as shall be specified therein and as shall be reasonably requested
by the Trustee.

 

    	 	9	 

    	 	 	 

    

 

The
Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee.

 

Notwithstanding
the provisions of Sections 2.01 and 2.02, if, in connection with a Periodic Offering, all Securities of a series are not to be
originally issued at one time, it shall not be necessary to deliver the Board Resolution otherwise required pursuant to Section
2.01 or the written order, Officers’ Certificate and Opinion of Counsel otherwise required pursuant to Section 2.02 at or
prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication
upon original issuance of the first Security of such series to be issued.

 

With
respect to Securities of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the Company
of any of such Securities, the forms and terms thereof and the legality, validity, binding effect and enforceability thereof,
upon the Opinion of Counsel and the other documents delivered pursuant to Sections 2.01 and 2.02, as applicable, in connection
with the first authentication of Securities of such series.

 

If
the Company shall establish pursuant to Section 2.03 that the Securities of a series or a portion thereof are to be issued in
the form of one or more Registered Global Securities, then the Company shall execute and the Trustee shall authenticate and deliver
one or more Registered Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate
principal amount of all of the Securities of such series issued in such form and not yet cancelled, (ii) shall be registered in
the name of the Depositary for such Registered Global Security or Securities or the nominee of such Depositary, (iii) shall be
delivered by the Trustee to such Depositary or its custodian or pursuant to such Depositary’s instructions and (iv) shall
bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities
in definitive registered form, this Security may not be transferred except as a whole by the Depositary to the nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary.”

 

Section
2.03. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited.

 

The
Securities may be issued in one or more series. There shall be established in or pursuant to Board Resolution or one or more indentures
supplemental hereto, prior to the initial issuance of Securities of any series, subject to the last sentence of this Section 2.03,

 

(a)
the designation of the Securities of the series, which shall distinguish the Securities of the series from the Securities of all
other series;

 

(b)
any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this
Indenture and any limitation on the ability of the Company to increase such aggregate principal amount after the initial issuance
of the Securities of that series (except for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, or upon redemption of, other Securities of the series pursuant hereto);

 

(c)
the date or dates on which the principal of the Securities of the series is payable (which date or dates may be fixed or extendible);

 

(d)
the rate or rates (which may be fixed or variable) per annum at which the Securities of the series shall bear interest, if any,
the date or dates from which such interest shall accrue, on which such interest shall be payable and (in the case of Registered
Securities) on which a record shall be taken for the determination of Holders to whom interest is payable and/or the method by
which such rate or rates or date or dates shall be determined;

 

(e)
if other than as provided in Section 4.02, the place or places where the principal of and any interest on Securities of the series
shall be payable, any Registered Securities of the series may be surrendered for exchange, notices, demands to or upon the Company
in respect of the Securities of the series and this Indenture may be served and notice to Holders may be published;

 

    	 	10	 

    	 	 	 

    

 

(f)
the right, if any, of the Company to redeem Securities of the series, in whole or in part, at its option and the period or periods
within which, the price or prices at which and any terms and conditions upon which Securities of the series may be so redeemed,
pursuant to any sinking fund or otherwise;

 

(g)
the obligation, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any mandatory redemption,
sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods
within which and any of the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in
whole or in part, pursuant to such obligation;

 

(h)
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which Securities of the series shall
be issuable;

 

(i)
if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof;

 

(j)
if other than the coin or currency in which the Securities of the series are denominated, the coin or currency in which payment
of the principal of or interest on the Securities of the series shall be payable or if the amount of payments of principal of
and/or interest on the Securities of the series may be determined with reference to an index based on a coin or currency other
than that in which the Securities of the series are denominated, the manner in which such amounts shall be determined;

 

(k)
if other than the currency of the United States of America, the currency or currencies, including composite currencies, in which
payment of the Principal of and interest on the Securities of the series shall be payable, and the manner in which any such currencies
shall be valued against other currencies in which any other Securities shall be payable;

 

(l)
whether the Securities of the series or any portion thereof will be issuable as Registered Securities (and if so, whether such
Securities will be issuable as Registered Global Securities) or Unregistered Securities (with or without coupons) (and if so,
whether such Securities will be issued in temporary or permanent global form), or any combination of the foregoing, any restrictions
applicable to the offer, sale or delivery of Unregistered Securities or the payment of interest thereon and, if other than as
provided herein, the terms upon which Unregistered Securities of any series may be exchanged for Registered Securities of such
series and vice versa;

 

(m)
whether and under what circumstances the Company will pay additional amounts on the Securities of the series held by a person
who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the
Company will have the option to redeem such Securities rather than pay such additional amounts;

 

(n)
if the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;

 

(o)
any trustees, depositaries, authenticating or paying agents, transfer agents or the registrar or any other agents with respect
to the Securities of the series;

 

(p)
provisions, if any, for the defeasance of the Securities of the series (including provisions permitting defeasance of less than
all Securities of the series), which provisions may be in addition to, in substitution for, or in modification of (or any combination
of the foregoing) the provisions of Article 8;

 

(q)
if the Securities of the series are issuable in whole or in part as one or more Registered Global Securities or Unregistered Securities
in global form, the identity of the Depositary or common Depositary for such Registered Global Security or Securities or Unregistered
Securities in global form;

 

(r)
any other Events of Default or covenants with respect to the Securities of the series; and

 

    	 	11	 

    	 	 	 

    

 

(s)
any other terms of the Securities of the series (which terms shall not be inconsistent with the provisions of this Indenture).

 

All
Securities of any one series and coupons, if any, appertaining thereto shall be substantially identical, except in the case of
Registered Securities as to date and denomination, except in the case of any Periodic Offering and except as may otherwise be
provided by or pursuant to the Board Resolution referred to above or as set forth in any such indenture supplemental hereto. 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 such Board Resolution or in any such indenture supplemental hereto and any
forms and terms of Securities to be issued from time to time may be completed and established from time to time prior to the issuance
thereof by procedures described in such Board Resolution or supplemental indenture.

 

Unless
otherwise expressly provided with respect to a series of Securities, the aggregate principal amount of a series of Securities
may be increased and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized
with respect to such series as increased.

 

Section
2.04. Denomination and Date of Securities; Payments of Interest. The Securities of each series shall be issuable as Registered
Securities or Unregistered Securities in denominations established as contemplated by Section 2.03 or, if not so established with
respect to Securities of any series, in denominations of $1,000 and any integral multiple thereof. The Securities of each series
shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the Officers of the Company
executing the same may determine, as evidenced by their execution thereof.

 

Unless
otherwise specified with respect to a series of Securities, each Security shall be dated the date of its authentication. The Securities
of each series shall bear interest, if any, from the date, and such interest and shall be payable on the dates, established as
contemplated by Section 2.03.

 

The
person in whose name any Registered Security of any series is registered at the close of business on any record date applicable
to a particular series with respect to any interest payment date for such series shall be entitled to receive the interest, if
any, payable on such interest payment date notwithstanding any transfer or exchange of such Registered Security subsequent to
the record date and prior to such interest payment date, except if and to the extent the Company shall default in the payment
of the interest due on such interest payment date for such series, in which case the provisions of Section 2.13 shall apply. The
term “record date” as used with respect to any interest payment date (except a date for payment of defaulted
interest) for the Securities of any series shall mean the date specified as such in the terms of the Registered Securities of
such series established as contemplated by Section 2.03, or, if no such date is so established, the fifteenth day next preceding
such interest payment date, whether or not such record date is a Business Day.

 

Section
2.05. Registrar and Paying Agent; Agents Generally. The Company shall maintain an office or agency where Securities may
be presented for registration, registration of transfer or for exchange (the “Registrar”) and an office or
agency where Securities may be presented for payment (the “Paying Agent”), which shall be in the Borough of
Manhattan, The City of New York. The Company shall cause the Registrar to keep a register of the Registered Securities and of
their registration, transfer and exchange (the “Security Register”). The Company may have one or more additional
Paying Agents or transfer agents with respect to any series.

 

The
Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement
the provisions of this Indenture and the Trust Indenture Act that relate to such Agent. The Company shall give prompt written
notice to the Trustee of the name and address of any Agent and any change in the name or address of an Agent. If the Company fails
to maintain a Registrar or Paying Agent, the Trustee shall act as such. The Company may remove any Agent upon written notice to
such Agent and the Trustee; provided that no such removal shall become effective until (i) the acceptance of an appointment
by a successor Agent to such Agent as evidenced by an appropriate agency agreement entered into by the Company and such successor
Agent and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as such Agent until the appointment
of a successor Agent in accordance with clause (i) of this proviso. The Company or any affiliate of the Company may act as Paying
Agent or Registrar; provided that neither the Company nor an affiliate of the Company shall act as Paying Agent in connection
with the defeasance of the Securities or the discharge of this Indenture under Article 8.

 

    	 	12	 

    	 	 	 

    

  

The
Company initially appoints the Trustee as Registrar, Paying Agent and Authenticating Agent. If, at any time, the Trustee is not
the Registrar, the Registrar shall make available to the Trustee ten days prior to each interest payment date and at such other
times as the Trustee may reasonably request the names and addresses of the Holders as they appear in the Security Register.

 

Section
2.06. Paying Agent to Hold Money in Trust. Not later than 10:00 a.m. New York City time on each due date or, in the case
of Unregistered Securities, 10:00 a.m. New York City time on the Business Day prior to the due date, of any Principal or interest
on any Securities, the Company shall deposit with the Paying Agent money in immediately available funds sufficient to pay such
Principal or interest. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying
Agent shall hold in trust for the benefit of the Holders of such Securities or the Trustee all money held by the Paying Agent
for the payment of Principal of and interest on such Securities and shall promptly notify the Trustee of any default by the Company
in making any such payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and
account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request
to a Paying Agent, require such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed.
Upon doing so, the Paying Agent shall have no further liability for the money so paid over to the Trustee. If the Company or any
affiliate of the Company acts as Paying Agent, it will, on or before each due date of any Principal of or interest on any Securities,
segregate and hold in a separate trust fund for the benefit of the Holders thereof a sum of money sufficient to pay such Principal
or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this
Indenture, and will promptly notify the Trustee in writing of its action or failure to act as required by this Section.

 

Section
2.07. Transfer and Exchange. Unregistered Securities (except for any temporary global Unregistered Securities) and coupons
(except for coupons attached to any temporary global Unregistered Securities) shall be transferable by delivery.

 

At
the option of the Holder thereof, Registered Securities of any series (other than a Registered Global Security, except as set
forth below) may be exchanged for a Registered Security or Registered Securities of such series and tenor having authorized denominations
and an equal aggregate principal amount, upon surrender of such Registered Securities to be exchanged at the agency of the Company
that shall be maintained for such purpose in accordance with Section 2.05 and upon payment, if the Company shall so require, of
the charges hereinafter provided. If the Securities of any series are issued in both registered and unregistered form, except
as otherwise established pursuant to Section 2.03, at the option of the Holder thereof, Unregistered Securities of any series
may be exchanged for Registered Securities of such series and tenor having authorized denominations and an equal aggregate principal
amount, upon surrender of such Unregistered Securities to be exchanged at the agency of the Company that shall be maintained for
such purpose in accordance with Section 4.02, with, in the case of Unregistered Securities that have coupons attached, all unmatured
coupons and all matured coupons in default thereto appertaining, and upon payment, if the Company shall so require, of the charges
hereinafter provided. At the option of the Holder thereof, if Unregistered Securities of any series, maturity date, interest rate
and original issue date are issued in more than one authorized denomination, except as otherwise established pursuant to Section
2.03, such Unregistered Securities may be exchanged for Unregistered Securities of such series and tenor having authorized denominations
and an equal aggregate principal amount, upon surrender of such Unregistered Securities to be exchanged at the agency of the Company
that shall be maintained for such purpose in accordance with Section 4.02, with, in the case of Unregistered Securities that have
coupons attached, all unmatured coupons and all matured coupons in default thereto appertaining, and upon payment, if the Company
shall so require, of the charges hereinafter provided. Registered Securities of any series may not be exchanged for Unregistered
Securities of such series. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

 

Upon
surrender for registration of transfer of any Registered Security of a series at the agency of the Company that shall be maintained
for that purpose in accordance with Section 2.05 and upon payment, if the Company shall so require, of the charges hereinafter
provided, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Registered Securities of the same series, of any authorized denominations and of like tenor and
aggregate principal amount.

 

    	 	13	 

    	 	 	 

    

 

All
Registered Securities presented for registration of transfer, exchange, redemption or payment shall be duly endorsed by, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee duly executed
by, the holder or his attorney duly authorized in writing.

 

The
Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction.

 

Notwithstanding
any other provision of this Section 2.07, unless and until it is exchanged in whole or in part for Securities in definitive registered
form, a Registered Global Security representing all or a portion of the Securities of a series may not be transferred except as
a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary
or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a
nominee of such successor Depositary.

 

If
at any time the Depositary for any Registered Global Securities of any series notifies the Company that it is unwilling or unable
to continue as Depositary for such Registered Global Securities or if at any time the Depositary for such Registered Global Securities
shall no longer be eligible under applicable law, the Company shall appoint a successor Depositary eligible under applicable law
with respect to such Registered Global Securities. If a successor Depositary eligible under applicable law for such Registered
Global Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company will execute, and the Trustee, upon receipt of the Company’s order for the authentication and
delivery of definitive Registered Securities of such series and tenor, will authenticate and deliver Registered Securities of
such series and tenor, in any authorized denominations, in an aggregate principal amount equal to the principal amount of such
Registered Global Securities, in exchange for such Registered Global Securities.

 

The
Company may at any time and in its sole discretion and subject to the procedures of the Depositary determine that any Registered
Global Securities of any series shall no longer be maintained in global form. In such event the Company will execute, and the
Trustee, upon receipt of the Company’s order for the authentication and delivery of definitive Registered Securities of
such series and tenor, will authenticate and deliver, Registered Securities of such series and tenor in any authorized denominations,
in an aggregate principal amount equal to the principal amount of such Registered Global Securities, in exchange for such Registered
Global Securities.

 

Any
time the Registered Securities of any series are not in the form of Registered Global Securities pursuant to the preceding two
paragraphs, the Company agrees to supply the Trustee with a reasonable supply of certificated Registered Securities without the
legend required by Section 2.02 and the Trustee agrees to hold such Registered Securities in safekeeping until authenticated and
delivered pursuant to the terms of this Indenture.

 

If
established by the Company pursuant to Section 2.03 with respect to any Registered Global Security, the Depositary for such Registered
Global Security may surrender such Registered Global Security in exchange in whole or in part for Registered Securities of the
same series and tenor in definitive registered form on such terms as are acceptable to the Company and such Depositary. Thereupon,
the Company shall execute, and the Trustee shall authenticate and deliver, without service charge,

 

(a)
to the Person specified by such Depositary new Registered Securities of the same series and tenor, of any authorized denominations
as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest
in the Registered Global Security; and

 

(b)
to such Depositary a new Registered Global Security in a denomination equal to the difference, if any, between the principal amount
of the surrendered Registered Global Security and the aggregate principal amount of Registered Securities authenticated and delivered
pursuant to clause (a) above.

 

    	 	14	 

    	 	 	 

    

 

Registered
Securities issued in exchange for a Registered Global Security pursuant to this Section 2.07 shall be registered in such names
and in such authorized denominations as the Depositary for such Registered Global Security, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee or an agent of the Company or the Trustee. The Trustee
or such agent shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered.

 

All
Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.

 

Notwithstanding
anything herein or in the forms or terms of any Securities to the contrary, none of the Company, the Trustee or any agent of the
Company or the Trustee shall be required to exchange any Unregistered Security for a Registered Security if such exchange would
result in adverse Federal income tax consequences to the Company (such as, for example, the inability of the Company to deduct
from its income, as computed for Federal income tax purposes, the interest payable on the Unregistered Securities) under then
applicable United States Federal income tax laws. The Trustee and any such agent shall be entitled to rely on an Officers’
Certificate or an Opinion of Counsel in determining such result.

 

The
Registrar shall not be required (i) to issue, authenticate, register the transfer of or exchange Securities of any series for
a period of 15 days before a selection of such Securities to be redeemed or (ii) to register the transfer of or exchange any Security
selected for redemption in whole or in part.

 

Section
2.08. Replacement Securities. If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver, in exchange for such mutilated Security
or in exchange for the Security to which a mutilated coupon appertains, a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining
to such mutilated Security or to the Security to which such mutilated coupon appertains.

 

If
there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of
any Security or coupon and (ii) such security or indemnity as may be required by them to save each of them and any agent of any
of them harmless, then, in the absence of notice to the Company or the Trustee that such Security or coupon has been acquired
by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant
coupons not destroyed, lost or stolen), a new Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost
or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.

 

In
case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, pay such Security or coupon (without surrender thereof except in the
case of a mutilated Security or coupon) if the applicant for such payment shall furnish to the Company and the Trustee such security
or indemnity as may be required by them to save each of them and any agent of any of them harmless, and in the case of destruction,
loss or theft, evidence satisfactory to the Company and the Trustee and any agent of them of the destruction, loss or theft of
such Security and the ownership thereof; provided, however, that the Principal of and any interest on Unregistered Securities
shall, except as otherwise provided in Section 4.02, be payable only at an office or agency located outside the United States.

 

Upon
the issuance of any new Security under this Section, the Company may require 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, with its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security or in exchange for any mutilated Security, or in exchange for a Security to which a mutilated, destroyed, lost or stolen
coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the mutilated,
destroyed, lost or stolen Security and its coupons, if any, or the mutilated, destroyed, lost or stolen coupon shall be at any
time enforceable by anyone, and any such new Security and coupons, if any, shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of that series and their coupons, if any, duly issued hereunder.

 

    	 	15	 

    	 	 	 

    

 

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

 

Section
2.09. Outstanding Securities. Securities outstanding at any time are all Securities that have been authenticated by the
Trustee except for those cancelled by it, those delivered to it for cancellation, those described in this Section as not outstanding
and those that have been defeased pursuant to Section 8.05.

 

If
a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless and until the Trustee and the Company receive
proof satisfactory to them that the replaced Security is held by a holder in due course.

 

If
the Paying Agent (other than the Company or an affiliate of the Company) holds on the maturity date or any redemption date or
date for repurchase of the Securities money sufficient to pay Securities payable or to be redeemed or repurchased on that date,
then on and after that date such Securities cease to be outstanding and interest on them shall cease to accrue.

 

A
Security does not cease to be outstanding because the Company or one of its affiliates holds such Security, provided, however,
that, in determining whether the Holders of the requisite principal amount of the outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any affiliate of the
Company shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities as to which a Responsible
Officer of the Trustee has received written notice to be so owned shall be so disregarded. Any Securities so owned which are pledged
by the Company, or by any affiliate of the Company, as security for loans or other obligations, otherwise than to another such
affiliate of the Company, shall be deemed to be outstanding, if the pledgee is entitled pursuant to the terms of its pledge agreement
and is free to exercise in its or his discretion the right to vote such securities, uncontrolled by the Company or by any such
affiliate.

 

Section
2.10. Temporary Securities. Until definitive Securities of any series are ready for delivery, the Company may prepare and
the Trustee shall authenticate temporary Securities of such series. Temporary Securities of any series shall be substantially
in the form of definitive Securities of such series but may have insertions, substitutions, omissions and other variations determined
to be appropriate by the Officers executing the temporary Securities, as evidenced by their execution of such temporary Securities.
If temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Securities of any series, the temporary Securities of such series shall
be exchangeable for definitive Securities of such series and tenor upon surrender of such temporary Securities at the office or
agency of the Company designated for such purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefor a like principal amount of definitive Securities of such series and tenor and authorized denominations. Until
so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series.

 

Section
2.11. Cancellation. The Company at any time may deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold. The Registrar, any transfer agent
and the Paying Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange or payment. The Trustee
shall cancel and dispose of in accordance with its customary procedures all Securities surrendered for transfer, exchange, payment
or cancellation and shall deliver a certificate of disposition to the Company. The Company may not issue new Securities to replace
Securities it has paid in full or delivered to the Trustee for cancellation.

 

    	 	16	 

    	 	 	 

    

 

Section
2.12. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” and “CINS” numbers (if
then generally in use), and the Trustee shall use CUSIP numbers or CINS numbers, as the case may be, in notices of redemption
or exchange as a convenience to Holders and no representation shall be made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of redemption or exchange.

 

Section
2.13. Defaulted Interest. If the Company defaults in a payment of interest on the Registered Securities, it shall pay,
or shall deposit with the Paying Agent money in immediately available funds sufficient to pay, the defaulted interest plus (to
the extent lawful) any interest payable on the defaulted interest (as may be specified in the terms thereof, established pursuant
to Section 2.03) to the Persons who are Holders on a subsequent special record date, which shall mean the 15th day next preceding
the date fixed by the Company for the payment of defaulted interest, whether or not such day is a Business Day. At least 15 days
before such special record date, the Company shall mail to each Holder of such Registered Securities and to the Trustee a notice
that states the special record date, the payment date and the amount of defaulted interest to be paid.

 

Section
2.14. Series May Include Tranches. A series of Securities may include one or more tranches (each a “tranche”)
of Securities, including Securities issued in a Periodic Offering. The Securities of different tranches may have one or more different
terms, including authentication dates and public offering prices, but all the Securities within each such tranche shall have identical
terms, including authentication date and public offering price. Notwithstanding any other provision of this Indenture, with respect
to Sections 2.02 (other than the fourth, sixth and seventh paragraphs thereof) through 2.04, 2.07, 2.08, 2.10, 3.01 through 3.05,
4.02, 6.01 through 6.14, 8.01 through 8.07, 9.02 and Section 10.07, if any series of Securities includes more than one tranche,
all provisions of such sections applicable to any series of Securities shall be deemed equally applicable to each tranche of any
series of Securities in the same manner as though originally designated a series unless otherwise provided with respect to such
series or tranche pursuant to Section 2.03. In particular, and without limiting the scope of the next preceding sentence, any
of the provisions of such sections which provide for or permit action to be taken with respect to a series of Securities shall
also be deemed to provide for and permit such action to be taken instead only with respect to Securities of one or more tranches
within that series (and such provisions shall be deemed satisfied thereby), even if no comparable action is taken with respect
to Securities in the remaining tranches of that series.

 

ARTICLE
3

REDEMPTION

 

Section
3.01. Applicability of Article. The provisions of this Article shall be applicable to the Securities of any series which
are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified
as contemplated by Section 2.03 for Securities of such series.

 

Section
3.02. Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Registered Securities of any series
to be redeemed as a whole or in part at the option of the Company shall be given by mailing notice of such redemption by first
class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders
of Registered Securities of such series at their last addresses as they shall appear upon the registry books. Notice of redemption
to the Holders of Unregistered Securities of any series to be redeemed as a whole or in part who have filed their names and addresses
with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act, shall be given by mailing notice of such redemption,
by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption, to such
Holders at such addresses as were so furnished to the Trustee (and, in the case of any such notice given by the Company, the Trustee
shall make such information available to the Company for such purpose). Notice of redemption to all other Holders of Unregistered
Securities of any series to be redeemed as a whole or in part shall be published in an Authorized Newspaper in The City of New
York or with respect to any Security the interest on which is based on the offered quotations in the interbank Eurodollar market
for dollar deposits in an Authorized Newspaper in London, in each case, once in each of three successive calendar weeks, the first
publication to be not less than 30 days nor more than 60 days prior to the date fixed for redemption. Any notice which is mailed
or published in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives
the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for
redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of
such series.

 

    	 	17	 

    	 	 	 

    

 

The
notice of redemption to each such Holder shall specify the principal amount of each Security of such series held by such Holder
to be redeemed, the CUSIP numbers of the Securities to be redeemed, the date fixed for redemption, the redemption price, or if
not then ascertainable, the manner of calculation thereof, the place or places of payment, that payment will be made upon presentation
and surrender of such Securities and, in the case of Securities with coupons attached thereto, of all coupons appertaining thereto
maturing after the date fixed for redemption, that such redemption is pursuant to the mandatory or optional sinking fund, or both,
if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that
on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of
a series is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities
of such series and tenor in principal amount equal to the unredeemed portion thereof will be issued.

 

The
notice of redemption of Securities of any series to be redeemed at the option of the Company shall be given by the Company or,
at the Company’s request, by the Trustee in the name and at the expense of the Company.

 

On
or before 10:00 a.m. New York City time on the redemption date or, in the case of Unregistered Securities, on or before 10:00
a.m. New York City time on the Business Day prior to the redemption date specified in the notice of redemption given as provided
in this Section, the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as
its own Paying Agent, set aside, segregate and hold in trust as provided in Section 2.06) an amount of money sufficient to redeem
on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together
with accrued interest to the date fixed for redemption. If all of the outstanding Securities of a series are to be redeemed, the
Company will deliver to the Trustee at least 10 days prior to the last date on which notice of redemption may be given to Holders
pursuant to the first paragraph of this Section 3.02 (or such shorter period as shall be acceptable to the Trustee) an Officers’
Certificate stating that all such Securities are to be redeemed. If less than all the outstanding Securities of a series are to
be redeemed, the Company will deliver to the Trustee at least 15 days prior to the last date on which notice of redemption may
be given to Holders pursuant to the first paragraph of this Section 3.02 (or such shorter period as shall be acceptable to the
Trustee) an Officers’ Certificate stating the aggregate principal amount of such Securities to be redeemed. In the case
of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company which is subject to a condition specified
in the terms of such Securities or elsewhere in this Indenture, the Company shall deliver to the Trustee, prior to the giving
of any notice of redemption to Holders pursuant to this Section, an Officers’ Certificate evidencing compliance with such
restriction or condition.

 

If
less than all the Securities of a series are to be redeemed, the Trustee shall select, pro rata, by lot or in such manner as it
shall deem appropriate and fair, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part
in principal amounts equal to authorized denominations for Securities of such series. The Trustee shall promptly notify the Company
in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected
for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.

 

Section
3.03. Payment Of Securities Called For Redemption. If notice of redemption has been given as above provided, the Securities
or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to the date fixed for redemption, and on and after such date
(unless the Company shall default in the payment of such Securities at the redemption price, together with interest accrued to
such date) interest on the Securities or portions of Securities so called for redemption shall cease to accrue, and the unmatured
coupons, if any, appertaining thereto shall be void and, except as provided in Sections 7.12 and 8.02, such Securities shall cease
from and after the date fixed for redemption to be entitled to any benefit under this Indenture, and the Holders thereof shall
have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the
date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice, together
with all coupons, if any, appertaining thereto maturing after the date fixed for redemption, said Securities or the specified
portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued
thereon to the date fixed for redemption; provided that payment of interest becoming due on or prior to the date fixed for redemption
shall be payable in the case of Securities with coupons attached thereto, to the Holders of the coupons for such interest upon
surrender thereof, and in the case of Registered Securities, to the Holders of such Registered Securities registered as such on
the relevant record date subject to the terms and provisions of Sections 2.04 and 2.13 hereof.

 

    	 	18	 

    	 	 	 

    

  

If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid
or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case
of an Original Issue Discount Security) borne by such Security.

 

If
any Security with coupons attached thereto is surrendered for redemption and is not accompanied by all appurtenant coupons maturing
after the date fixed for redemption, the surrender of such missing coupon or coupons may be waived by the Company and the Trustee,
if there be furnished to each of them such security or indemnity as they may require to save each of them harmless.

 

Upon
presentation of any Security of any series redeemed in part only, the Company shall execute and the Trustee shall authenticate
and deliver to or on the order of the Holder thereof, at the expense of the Company, a new Security or Securities of such series
and tenor (with any unmatured coupons attached), of authorized denominations, in principal amount equal to the unredeemed portion
of the Security so presented.

 

Section
3.04. Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from
eligibility for selection for redemption if they are identified by registration and certificate number in a written statement
signed by an authorized officer of the Company and delivered to the Trustee at least 40 days prior to the last date on which notice
of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Company
or (b) an entity specifically identified in such written statement as directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company.

 

Section
3.05. Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess
of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an “optional
sinking fund payment”. The date on which a sinking fund payment is to be made is herein referred to as the “sinking
fund payment date”.

 

In
lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Company
may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except through
a mandatory sinking fund payment) by the Company or receive credit for Securities of such series (not previously so credited)
theretofore purchased or otherwise acquired (except as aforesaid) by the Company and delivered to the Trustee for cancellation
pursuant to Section 2.11, (b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to
this Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed by the Company at the
option of the Company pursuant to the terms of such Securities or through any optional sinking fund payment. Securities so delivered
or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities.

 

On
or before the sixtieth day next preceding each sinking fund payment date for any series, or such shorter period as shall be acceptable
to the Trustee, the Company will deliver to the Trustee an Officers’ Certificate (a) specifying the portion of the mandatory
sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of specified Securities of such
series and the basis for such credit, (b) stating that none of the specified Securities of such series has theretofore been so
credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred
(which have not been waived or cured) and are continuing and (d) stating whether or not the Company intends to exercise its right
to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking
fund payment which the Company intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such
series to be credited and required to be delivered to the Trustee in order for the Company to be entitled to credit therefor as
aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.11
to the Trustee with such Officers’ Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officers’
Certificate shall be irrevocable and upon its receipt by the Trustee the Company shall become unconditionally obligated to make
all the cash payments or delivery of Securities therein referred to, if any, on or before the next succeeding sinking fund payment
date. Failure of the Company, on or before any such sixtieth day, to deliver such Officer’s Certificate and Securities specified
in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election
of the Company (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date
shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (ii) that
the Company will make no optional sinking fund payment with respect to such series as provided in this Section.

 

    	 	19	 

    	 	 	 

    

 

If
the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment
date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if the
Company shall so request with respect to the Securities of any series), such cash shall be applied on the next succeeding sinking
fund payment date to the redemption of Securities of such series at the sinking fund redemption price thereof together with accrued
interest thereon to the date fixed for redemption. If such amount shall be $50,000 (or such lesser sum) or less and the Company
makes no such request then it shall be carried over until a sum in excess of $50,000 (or such lesser sum) is available. The Trustee
shall select, in the manner provided in Section 3.02, for redemption on such sinking fund payment date a sufficient principal
amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by the Company)
inform the Company of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall
be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in
an Officers’ Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date as being owned
of record and beneficially by, and not pledged or hypothecated by either (a) the Company or (b) an entity specifically identified
in such Officers’ Certificate as directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company. The Trustee, in the name and at the expense of the Company (or the Company, if it shall so request the
Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner
provided in Section 3.02 (and with the effect provided in Section 3.03) for the redemption of Securities of such series in part
at the option of the Company. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities
of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be
applied in accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of
the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption
of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose,
to the payment of the Principal of, and interest on, the Securities of such series at maturity.

 

On
or before 10:00 a.m. New York City time on each sinking fund payment date or, in the case of Unregistered Securities, 10:00 a.m.
New York City time on the Business Day prior to the sinking fund payment date, the Company shall pay to the Trustee in cash or
shall otherwise provide for the payment of all interest accrued to the date fixed for redemption on Securities to be redeemed
on the next following sinking fund payment date.

 

The
Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or mail any notice of redemption
of Securities of such series by operation of the sinking fund during the continuance of a Default in payment of interest on such
Securities or of any Event of Default except that, where the mailing of notice of redemption of any Securities shall theretofore
have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the
Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time
when any such Default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the
continuance of such Default or Event of Default, be deemed to have been collected under Article 6 and held for the payment of
all such Securities. In case such Event of Default shall have been waived as provided in Section 6.04 or the Default cured on
or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the
next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities.

 

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ARTICLE
4

COVENANTS

 

Section
4.01. Payment of Securities. The Company shall pay the Principal of and interest on the Securities on the dates and in
the manner provided in the Securities and this Indenture. The interest on Securities with coupons attached (together with any
additional amounts payable pursuant to the terms of such Securities) shall be payable only upon presentation and surrender of
the several coupons for such interest installments as are evidenced thereby as they severally mature. The interest on any temporary
Unregistered Securities (together with any additional amounts payable pursuant to the terms of such Securities) shall be paid,
as to the installments of interest evidenced by coupons attached thereto, if any, only upon presentation and surrender thereof,
and, as to the other installments of interest, if any, only upon presentation of such Unregistered Securities for notation thereon
of the payment of such interest. The interest on Registered Securities (together with any additional amounts payable pursuant
to the terms of such Securities) shall be payable only to the Holders thereof (subject to Section 2.04) and at the option of the
Company may be paid by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses
as they appear on the Security Register of the Company.

 

Notwithstanding
any provisions of this Indenture and the Securities of any series to the contrary, if the Company and a Holder of any Registered
Security so agree, payments of interest on, and any portion of the Principal of, such Holder’s Registered Security (other
than interest payable at maturity or on any redemption or repayment date or the final payment of Principal on such Security) shall
be made by the Paying Agent, upon receipt from the Company of immediately available funds by 11:00 a.m., New York City time (or
such other time as may be agreed to between the Company and the Paying Agent), directly to the Holder of such Security (by Federal
funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment
date requesting that such payment will be so made and designating the bank account to which such payments shall be so made and
in the case of payments of Principal, surrenders the same to the Trustee in exchange for a Security or Securities aggregating
the same principal amount as the unredeemed principal amount of the Securities surrendered. The Trustee shall be entitled to rely
on the last instruction delivered by the Holder pursuant to this Section 4.01 unless a new instruction is delivered 15 days prior
to a payment date. The Company will indemnify and hold each of the Trustee and any Paying Agent harmless against any loss, liability
or expense (including attorneys’ fees) resulting from any act or omission to act on the part of the Company or any such
Holder in connection with any such agreement or from making any payment in accordance with any such agreement.

 

The
Company shall pay interest on overdue Principal, and interest on overdue installments of interest, to the extent lawful, at the
rate per annum specified in the Securities.

 

Section
4.02. Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, The City of New York an office
or agency where Securities may be surrendered for registration of transfer or exchange or for presentation for payment and where
notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company hereby initially
designates the Corporate Trust Office of the Trustee, located in the Borough of Manhattan, The City of New York, as such office
or agency of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
address of the Trustee set forth in Section 10.02.

 

The
Company will maintain one or more agencies in a city or cities located outside the United States (including any city in which
such an agency is required to be maintained under the rules of any stock exchange on which the Securities of any series are listed)
where the Unregistered Securities, if any, of each series and coupons, if any, appertaining thereto may be presented for payment.
No payment on any Unregistered Security or coupon will be made upon presentation of such Unregistered Security or coupon at an
agency of the Company within the United States nor will any payment be made by transfer to an account in, or by mail to an address
in, the United States unless, pursuant to applicable United States laws and regulations then in effect, such payment can be made
without adverse tax consequences to the Company. Notwithstanding the foregoing, if full payment in United States Dollars (“Dollars”)
at each agency maintained by the Company outside the United States for payment on such Unregistered Securities or coupons appertaining
thereto is illegal or effectively precluded by exchange controls or other similar restrictions, payments in Dollars of Unregistered
Securities of any series and coupons appertaining thereto which are payable in Dollars may be made at an agency of the Company
maintained in the Borough of Manhattan, The City of New York.

 

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

 

Section
4.03. Securityholders’ Lists. The Company will furnish or cause to be furnished to the Trustee a list in such form
as the Trustee may reasonably require of the names and addresses of the holders of the Securities pursuant to Section 312 of the
Trust Indenture Act (a) semi-annually not more than 15 days after each record date for the payment of semi-annual interest on
the Securities, as hereinabove specified, as of such record date, and (b) at such other times as the Trustee may request in writing,
within thirty days after receipt by the Company of any such request as of a date not more than 15 days prior to the time such
information is furnished.

 

Section
4.04. Certificate to Trustee. The Company will furnish to the Trustee annually, on or before a date not more than four
months after the end of its fiscal year (which, on the date hereof, is a calendar year), a brief certificate (which need not contain
the statements required by Section 10.04) from its principal executive, financial or accounting officer as to his or her knowledge
of the compliance of the Company with all conditions and covenants under this Indenture (such compliance to be determined without
regard to any period of grace or requirement of notice provided under this Indenture) which certificate shall comply with the
requirements of the Trust Indenture Act.

 

Section
4.05. Reports by the Company. The Company covenants to file with the Trustee, within 15 days after the Company is required
to file the same with the Commission, copies of the annual reports and of the information, documents, and other reports which
the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act.

 

Section
4.06. Additional Amounts. If the Securities of a series provide for the payment of additional amounts, at least 10 days
prior to the first interest payment date with respect to that series of Securities and at least 10 days prior to each date of
payment of Principal of or interest on the Securities of that series if there has been a change with respect to the matters set
forth in the below-mentioned Officers’ Certificate, the Company shall furnish to the Trustee and the principal paying agent,
if other than the Trustee, an Officers’ Certificate instructing the Trustee and such paying agent whether such payment of
Principal of or interest on the Securities of that series shall be made to Holders of the Securities of that series without withholding
or deduction for or on account of any tax, assessment or other governmental charge described in the Securities of that series.
If any such withholding or deduction shall be required, then such Officers’ Certificate shall specify by country the amount,
if any, required to be withheld or deducted on such payments to such Holders and shall certify the fact that additional amounts
will be payable and the amounts so payable to each Holder, and the Company shall pay to the Trustee or such paying agent the additional
amounts required to be paid by this Section. The Company covenants to indemnify the Trustee and any paying agent for, and to hold
them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising
out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished
pursuant to this Section.

 

Whenever
in this Indenture there is mentioned, in any context, the payment of the Principal of or interest or any other amounts on, or
in respect of, any Security of any series, such mention shall be deemed to include mention of the payment of additional amounts
provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, additional amounts
are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of additional amounts
(if applicable) in any provision hereof shall not be construed as excluding the payment of additional amounts in those provisions
hereof where such express mention is not made.

 

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ARTICLE
5

SUCCESSOR
CORPORATION

 

Section
5.01. When Company May Merge, Etc. The Company shall not consolidate with, merge with or into, or sell, convey, transfer,
lease or otherwise dispose of all or substantially all of its property and assets (in one transaction or a series of related transactions)
to, any Person unless either (x) the Company shall be the continuing Person or (y) the Person (if other than the Company) formed
by such consolidation or into which the Company is merged or to which properties and assets of the Company shall be sold, conveyed,
transferred or leased shall be a corporation organized and validly existing under the laws of the United States of America or
any jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of
the obligations of the Company on all of the Securities and under this Indenture and the Company in the case of clauses (x) and
(y) shall have delivered to the Trustee (A) an Opinion of Counsel stating that such consolidation, merger or sale, conveyance,
transfer or lease and such supplemental indenture (if any) complies with this provision and that all conditions precedent provided
for herein relating to such transaction have been complied with and that such supplemental indenture (if any) constitutes the
legal, valid and binding obligation of the Company and such successor enforceable against such entity in accordance with its terms,
subject to customary exceptions and (B) an Officers’ Certificate to the effect that immediately after giving effect to such
transaction, no Default shall have occurred and be continuing.

 

 

Section
5.02. Successor Substituted. Upon any consolidation or merger, or any sale, conveyance, transfer, lease or other disposition
of all or substantially all of the property and assets of the Company in accordance with Section 5.01 of this Indenture, the successor
Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer, lease or
other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor Person had been named as the Company herein and thereafter the predecessor
Person, except in the case of a lease, shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
6

DEFAULT
AND REMEDIES

 

Section
6.01. Events of Default. An “Event of Default” shall occur with respect to the Securities of any series
if:

 

(a)
the Company defaults in the payment of the Principal of any Security of such series when the same becomes due and payable at maturity,
upon acceleration, redemption or mandatory repurchase, including as a sinking fund installment, or otherwise;

 

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

 

(c)
the Company defaults in the performance of or breaches any other covenant or agreement of the Company in this Indenture with respect
to any Security of such series or in the Securities of such series and such default or breach continues for a period of 30 consecutive
days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate
principal amount of the Securities of all series affected thereby specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder;

 

(d)
a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of its property or
ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period
of 60 consecutive days;

 

(e)
the Company (i) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company
or for all or substantially all of the property and assets of the Company or (iii) effects any general assignment for the benefit
of creditors; or

 

    	 	23	 

    	 	 	 

    

  

(f)
any other Event of Default established pursuant to Section 2.03 with respect to the Securities of such series occurs.

 

Section
6.02. Acceleration. (a) If an Event of Default other than as described in clauses (d) or (e) of Section 6.01 with respect
to the Securities of any series then outstanding occurs and is continuing, then, and in each and every such case, except for any
series of Securities the principal of which shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Securities of any such series then outstanding hereunder (each such series
treated as a separate class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare
the entire principal (or, if the Securities of any such series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of such series established pursuant to Section 2.03) of all Securities of such series,
and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become
immediately due and payable.

 

(b)
If an Event of Default described in clause (d) or (e) of Section 6.01 occurs and is continuing, then the principal amount (or,
if any Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof
established pursuant to Section 2.03) of all the Securities then outstanding and interest accrued thereon, if any, shall be and
become immediately due and payable, without any notice or other action by any Holder or the Trustee, to the full extent permitted
by applicable law.

 

The
foregoing provisions, however, are subject to the condition that if, at any time after the principal (or, if the Securities are
Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof established pursuant
to Section 2.03) of the Securities of any series (or of all the Securities, as the case may be) shall have been so declared or
become due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments
of interest upon all the Securities of each such series (or of all the Securities, as the case may be) and the principal of any
and all Securities of each such series (or of all the Securities, as the case may be) which shall have become due otherwise than
by acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable under applicable
law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original
Issue Discount Securities) specified in the Securities of each such series to the date of such payment or deposit) and such amount
as shall be sufficient to cover all amounts owing the Trustee under Section 7.07, and if any and all Events of Default under the
Indenture, other than the non-payment of the principal of Securities which shall have become due by acceleration, shall have been
cured, waived or otherwise remedied as provided herein, then and in every such case the Holders of a majority in aggregate principal
amount of all the then outstanding Securities of all such series that have been accelerated (voting as a single class), by written
notice to the Company and to the Trustee, may waive all defaults with respect to all such series (or with respect to all the Securities,
as the case may be) and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment
shall extend to or shall affect any subsequent default or shall impair any right consequent thereon.

 

For
all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated
and declared or become due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration
has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes
hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment
of such portion of the principal thereof as shall be due and payable as a result of such acceleration, together with interest,
if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities.

 

Section
6.03. Other Remedies. If a payment default or an Event of Default with respect to the Securities of any series occurs and
is continuing, the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at
law or in equity to collect the payment of Principal of and interest on the Securities of such series or to enforce the performance
of any provision of the Securities of such series or this Indenture.

 

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The
Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding.

 

Section
6.04. Waiver of Past Defaults. Subject to Sections 6.02, 6.07 and 9.02, the Holders of at least a majority in principal
amount (or, if the Securities are Original Issue Discount Securities, such portion of the principal as is then accelerable under
Section 6.02) of the outstanding Securities of all series affected (voting as a single class), by notice to the Trustee, may waive
an existing Default or Event of Default with respect to the Securities of such series and its consequences, except a Default in
the payment of Principal of or interest on any Security as specified in clauses (a) or (b) of Section 6.01 or in respect of a
covenant or provision of this Indenture which cannot be modified or amended without the consent of the Holder of each outstanding
Security affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default with respect to the Securities
of such series arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

 

Section
6.05. Control by Majority. Subject to Sections 7.01 and 7.02(e), the Holders of at least a majority in aggregate principal
amount (or, if any Securities are Original Issue Discount Securities, such portion of the principal as is then accelerable under
Section 6.02) of the outstanding Securities of all series affected (voting as a single class) may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Securities of such series by this Indenture; provided, that the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, that may involve the Trustee in personal liability or that the Trustee determines in
good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction; and provided further,
that the Trustee may take any other action it deems proper that is not inconsistent with any directions received from Holders
of Securities pursuant to this Section 6.05.

 

Section
6.06. Limitation on Suits. No Holder of any Security of any series may institute any proceeding, judicial or otherwise,
with respect to this Indenture or the Securities of such series, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

 

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

 

(b)
the Holders of at least 25% in aggregate principal amount of outstanding Securities of all such series affected shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)
such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against any costs, liabilities
or expenses to be incurred in compliance with such request;

 

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

 

(e)
during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Securities of all such affected
series have not given the Trustee a direction that is inconsistent with such written request.

 

A
Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other
Holder.

 

Section
6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
of a Security to receive payment of Principal of or interest, if any, on such Holder’s Security on or after the respective
due dates expressed on such Security, or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder.

 

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Section
6.08. Collection Suit by Trustee. If an Event of Default with respect to the Securities of any series in payment of Principal
or interest specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own
name and as trustee of an express trust against the Company for the whole amount (or such portion thereof as specified in the
terms established pursuant to Section 2.03 of Original Issue Discount Securities) of Principal of, and accrued interest remaining
unpaid on, together with interest on overdue Principal of, and, to the extent that payment of such interest is lawful, interest
on overdue installments of interest on, the Securities of such series, in each case at the rate or Yield to Maturity (in the case
of Original Issue Discount Securities) specified in such Securities, and such further amount as shall be sufficient to cover all
amounts owing the Trustee under Section 7.07.

 

Section
6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including any claim for amounts due the Trustee under Section
7.07) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its
creditors or its property and shall be entitled and empowered to collect and receive any moneys, securities or other property
payable or deliverable upon conversion or exchange of the Securities or upon any such claims and to distribute the same, and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it under Section 7.07. Nothing herein
contained shall be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section
6.10. Application of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of the Securities
of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution
of such moneys on account of Principal or interest, upon presentation of the several Securities and coupons appertaining to such
Securities in respect of which moneys have been collected and noting thereon the payment, or issuing Securities of such series
and tenor in reduced principal amounts in exchange for the presented Securities of such series and tenor if only partially paid,
or upon surrender thereof if fully paid:

 

FIRST:
To the payment of all amounts due the Trustee under Section 7.07 applicable to the Securities of such series in respect of which
moneys have been collected;

 

SECOND:
In case the principal of the Securities of such series in respect of which moneys have been collected shall not have become and
be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of
the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the
overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) specified in such Securities, such payments to be made ratably to the persons entitled thereto, without discrimination
or preference;

 

THIRD:
In case the principal of the Securities of such series in respect of which moneys have been collected shall have become and shall
be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for Principal
and interest, with interest upon the overdue Principal, and (to the extent that such interest has been collected by the Trustee)
upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) specified in the Securities of such series; and in case such moneys shall be insufficient to pay in full
the whole amount so due and unpaid upon the Securities of such series, then to the payment of such Principal and interest or Yield
to Maturity, without preference or priority of Principal over interest or Yield to Maturity, or of interest or Yield to Maturity
over Principal, or of any installment of interest over any other installment of interest, or of any Security of such series over
any other Security of such series, ratably to the aggregate of such Principal and accrued and unpaid interest or Yield to Maturity;
and

 

FOURTH:
To the payment of the remainder, if any, to the Company or any other person lawfully entitled thereto.

 

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

 

Section
6.12. 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, in either case in respect to the Securities of any series,
a court may require any party litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit,
and the court may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant (other than
the Trustee) in the suit having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.12 does not apply to a suit by a Holder pursuant to Section 6.07, a suit instituted by the Trustee or a suit by
Holders of more than 10% in principal amount of the outstanding Securities of such series.

 

Section
6.13. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or wrongfully taken Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

Section
6.14. Delay or Omission not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

ARTICLE
7

TRUSTEE

 

Section
7.01. General. The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act and as set
forth herein. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any
of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. Whether or not
therein expressly so provided, 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 Article 7.

 

Section
7.02. Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d):

 

(a)
the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, Officers’
Certificate, Opinion of Counsel (or both), statement, instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been
signed or presented by the proper person or persons. The Trustee need not investigate any fact or matter stated in the document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit;

 

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(b)
before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel, which
shall conform to Section 10.04 and shall cover such other matters as the Trustee may reasonably request. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. Subject to Sections
7.01 and 7.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable
that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other
evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee, and such
certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any
action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof;

 

(c)
the Trustee may act through its attorneys and agents not regularly in its employ and shall not be responsible for the misconduct
or negligence of any agent or attorney appointed with due care;

 

(d)
any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’
Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced
to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

(e)
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Holders, unless such Holders shall have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction;

 

(f)
the Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance
with Section 6.05 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this Indenture;

 

(g)
the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon; and

 

(h)
prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, Officers’
Certificate, Opinion of Counsel, Board Resolution, statement, instrument, opinion, report, notice, request, consent, order, approval,
appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders
of not less than a majority in aggregate principal amount of the Securities of all series affected then outstanding; provided
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it
in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded
to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition
to proceeding.

 

Section
7.03. Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may become the owner or pledgee
of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the
Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and
311. For purposes of Trust Indenture Act Section 311(b)(4) and (6), the following terms shall mean:

 

(a)
“cash transaction” means any transaction in which full payment for goods or securities sold is made within
seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and
payable upon demand; and

 

    	 	28	 

    	 	 	 

    

 

(b)
“self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn,
negotiated or incurred by the Company for the purpose of financing the purchase, processing, manufacturing, shipment, storage
or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the
goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously
constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship
with the Company arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

Section
7.04. Trustee’s Disclaimer. The recitals contained herein and in the Securities (except the Trustee’s certificate
of authentication) shall be taken as statements of the Company and not of the Trustee and the Trustee assumes no responsibility
for the correctness of the same. Neither the Trustee nor any of its agents (a) makes any representation as to the validity or
adequacy of this Indenture or the Securities and (b) shall be accountable for the Company’s use or application of the proceeds
from the Securities.

 

Section
7.05. Notice of Default. If any Default with respect to the Securities of any series occurs and is continuing and if such
Default is known to the actual knowledge of a Responsible Officer with the Corporate Trust Department of the Trustee, the Trustee
shall give to each Holder of Securities of such series notice of such Default within 90 days after it occurs (a) if any Unregistered
Securities of such series are then outstanding, to the Holders thereof, by publication at least once in an Authorized Newspaper
in the Borough of Manhattan, The City of New York and at least once in an Authorized Newspaper in London and (b) to all Holders
of Securities of such series in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, unless such
Default shall have been cured or waived before the mailing or publication of such notice; provided, however, that, except in the
case of a Default in the payment of the Principal of or interest on any Security, the Trustee shall be protected in withholding
such notice if the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

 

Section
7.06. Reports by Trustee to Holders. The Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant
thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following
the date of this Indenture, deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of
such Section 313(a).

 

A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee when
any Securities are listed on any stock exchange.

 

Section
7.07. Compensation and Indemnity. The Company shall pay to the Trustee such compensation as shall be agreed upon in writing
from time to time for its services. The compensation of the Trustee shall not be limited by any law on compensation of a Trustee
of an express trust. The Company shall reimburse the Trustee and any predecessor Trustee upon request for all reasonable out-of-pocket
expenses, disbursements and advances incurred or made by the Trustee or such predecessor Trustee. Such expenses shall include
the reasonable compensation and expenses of the Trustee’s or such predecessor Trustee’s agents, counsel and other
persons not regularly in their employ.

 

The
Company shall indemnify the Trustee and any predecessor Trustee for, and hold them harmless against, any loss or liability or
expense incurred by them without negligence or bad faith on their part arising out of or in connection with the acceptance or
administration of this Indenture and the Securities or the issuance of the Securities or of series thereof or the trusts hereunder
and the performance of duties under this Indenture and the Securities, including the costs and expenses of defending themselves
against or investigating any claim or liability and of complying with any process served upon them or any of their officers in
connection with the exercise or performance of any of their powers or duties under this Indenture and the Securities.

 

To
secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Securities on
all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to
pay Principal of, and interest on particular Securities.

 

The
obligations of the Company under this Section to compensate and indemnify the Trustee and each predecessor Trustee and to pay
or reimburse the Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute additional indebtedness
hereunder and shall survive the satisfaction and discharge of this Indenture or the rejection or termination of this Indenture
under bankruptcy law. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities or
coupons, and the Securities are hereby subordinated to such senior claim. Without prejudice to any other rights available to the
Trustee under applicable law, if the Trustee renders services and incurs expenses following an Event of Default under Section
6.01(d) or Section 6.01(e) hereof, the parties hereto and the holders by their acceptance of the Securities hereby agree that
such expenses are intended to constitute expenses of administration under any bankruptcy law.

 

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Section
7.08. Replacement of Trustee. A resignation or removal of the Trustee as Trustee with respect to the Securities of any
series and appointment of a successor Trustee as Trustee with respect to the Securities of any series shall become effective only
upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08.

 

The
Trustee may resign as Trustee with respect to the Securities of any series at any time by so notifying the Company in writing.
The Holders of a majority in principal amount of the outstanding Securities of any series may remove the Trustee as Trustee with
respect to the Securities of such series by so notifying the Trustee in writing and may appoint a successor Trustee with respect
thereto with the consent of the Company. The Company may remove the Trustee as Trustee with respect to the Securities of any series
if: (i) the Trustee is no longer eligible under Section 7.11 of this Indenture; (ii) the Trustee is adjudged a bankrupt or insolvent;
(iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of
acting.

 

If
the Trustee resigns or is removed as Trustee with respect to the Securities of any series, or if a vacancy exists in the office
of Trustee with respect to the Securities of any series for any reason, the Company shall promptly appoint a successor Trustee
with respect thereto. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount
of the outstanding Securities of such series may appoint a successor Trustee in respect of such Securities to replace the successor
Trustee appointed by the Company. If the successor Trustee with respect to the Securities of any series does not deliver its written
acceptance required by Section 7.09 within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company or the Holders of a majority in principal amount of the outstanding Securities of such series may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect thereto.

 

The
Company shall give notice of any resignation and any removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee in respect of the Securities of such series to all Holders of Securities of such series. Each
notice shall include the name of the successor Trustee and the address of its Corporate Trust Office.

 

Notwithstanding
replacement of the Trustee with respect to the Securities of any series pursuant to this Section 7.08 and Section 7.09, the Company’s
obligations under Section 7.07 shall continue for the benefit of the retiring Trustee.

 

Section
7.09. Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect
to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges and subject to the lien provided for in Section 7.07, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

 

    	 	30	 

    	 	 	 

    

  

In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of
the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each
such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company
or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates.

 

Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph,
as the case may be.

 

No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be eligible
under this Article and qualified under Section 310(b) of the Trust Indenture Act.

 

Section
7.10. Successor Trustee By Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving
or transferee corporation or national banking association without any further act shall be the successor Trustee with the same
effect as if the successor Trustee had been named as the Trustee herein.

 

Section
7.11. Eligibility. This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Section
310(a). The Trustee shall have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published
annual report of condition.

 

Section
7.12. Money Held in Trust. The Trustee shall not be liable for interest on any money received by it except as the Trustee
may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law and except for money held in trust under Article 8 of this Indenture.

 

    	 	31	 

    	 	 	 

    

 

ARTICLE
8

SATISFACTION
AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

 

Section
8.01. Satisfaction and Discharge of Indenture. If at any time (a) the Company shall have paid or caused to be paid the
Principal of and interest on all the Securities of any series outstanding hereunder (other than Securities of such series which
have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.08) as and when the same shall
have become due and payable, or (b) the Company shall have delivered to the Trustee for cancellation all Securities of any series
theretofore authenticated (other than any Securities of such series which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.08) or (c) (i) all the securities of such 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 under arrangements satisfactory to the Trustee for the giving of notice
of redemption, and (ii) the Company shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds
the entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the Company in accordance with Section
8.04) or U.S. Government Obligations, maturing as to principal and interest in such amounts and at such times as will insure (without
consideration of the reinvestment of such interest) the availability of cash, or a combination thereof, sufficient to pay at maturity
or upon redemption all Securities of such series (other than any Securities of such series which shall have been destroyed, lost
or stolen and which shall have been replaced or paid as provided in Section 2.08) not theretofore delivered to the Trustee for
cancellation, including principal and interest due or to become due on or prior to such date of maturity or redemption as the
case may be, and if, in any such case, the Company shall also pay or cause to be paid all other sums payable hereunder by the
Company with respect to Securities of such series, then this Indenture shall cease to be of further effect with respect to Securities
of such series (except as to (i) rights of registration of transfer and exchange of securities of such series, and the Company’s
right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights
of holders to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not
upon acceleration) and remaining rights of the holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations
and immunities of the Trustee hereunder and (v) the rights of the Securityholders of such series as beneficiaries hereof with
respect to the property so deposited with the Trustee payable to all or any of them), and the Trustee, on demand of the Company
accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute
proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series; provided, that
the rights of Holders of the Securities to receive amounts in respect of Principal of and interest on the Securities held by them
shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which
the Securities are listed. The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly
incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection
with this Indenture or the Securities of such series.

 

Section
8.02. Application by Trustee of Funds Deposited for Payment of Securities. Subject to Section 8.04, all moneys (including
U.S. Government Obligations and the proceeds thereof) deposited with the Trustee pursuant to Section 8.01, Section 8.05 or Section
8.06 shall be held in trust and applied by it to the payment, either directly or through any paying agent to the Holders of the
particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee,
of all sums due and to become due thereon for Principal and interest; but such money need not be segregated from other funds except
to the extent required by law.

 

Section
8.03. Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with
respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect
to such series of Securities shall, upon demand of the Company, be repaid to it or paid to the Trustee and thereupon such paying
agent shall be released from all further liability with respect to such moneys.

 

Section
8.04. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the
Trustee or any paying agent for the payment of the Principal of or interest on any Security of any series and not applied but
remaining unclaimed for two years after the date upon which such Principal or interest shall have become due and payable, shall,
upon the written request of the Company and unless otherwise required by mandatory provisions of applicable escheat or abandoned
or unclaimed property law, be repaid to the Company by the Trustee for such series or such paying agent, and the Holder of the
Security of such series shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property laws, thereafter look only to the Company for any payment which such Holder may be entitled to collect, and all liability
of the Trustee or any paying agent with respect to such moneys shall thereupon cease.

 

Section
8.05. Defeasance and Discharge of Indenture. The Company shall be deemed to have paid and shall be discharged from any
and all obligations in respect of the Securities of any series, on the 123rd day after the deposit referred to in clause (i) hereof
has been made, and the provisions of this Indenture shall no longer be in effect with respect to the Securities of such series
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except as to: (a) rights
of registration of transfer and exchange, and the Company’s right of optional redemption, (b) substitution of apparently
mutilated, defaced, destroyed, lost or stolen Securities, (c) rights of holders to receive payments of principal thereof and interest
thereon, upon the original stated due dates therefor (but not upon acceleration), (d) the rights, obligations and immunities of
the Trustee hereunder and (e) the rights of the Securityholders of such series as beneficiaries hereof with respect to the property
so deposited with the Trustee payable to all or any of them; provided that the following conditions shall have been satisfied:

 

    	 	32	 

    	 	 	 

    

 

(i)
with reference to this provision the Company has deposited or caused to be irrevocably deposited with the Trustee (or another
qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of the Securities of such series, (A) money in an amount, or (B) U.S. Government
Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide
not later than one day before the due date of any payment referred to in subclause (x) or (y) of this clause (i) money in an amount,
or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge without consideration of the reinvestment of
such interest and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable
by the Trustee (x) the principal of, premium, if any, and each installment of interest on the outstanding Securities of such series
on the due dates thereof and (y) any mandatory sinking fund payments or analogous payments applicable to the Securities of such
series on the day on which such payments are due and payable in accordance with the terms of Securities of such series and the
Indenture with respect to the Securities of such series;

 

(ii)
the Company has delivered to the Trustee (A) either (x) an Opinion of Counsel to the effect that Holders of Securities of such
series will not recognize income, gain or loss for federal income tax purposes as a result of the Company’s exercise of
its option under this Section 8.05 and will be subject to federal income tax on the same amount and in the same manner and at
the same times as would have been the case if such deposit, defeasance and discharge had not occurred, which Opinion of Counsel
must be based upon a ruling of the Internal Revenue Service to the same effect or a change in applicable federal income tax law
or related treasury regulations after the date of this Indenture or (y) a ruling directed to the Trustee received from the Internal
Revenue Service to the same effect as the aforementioned Opinion of Counsel and (B) an Opinion of Counsel to the effect that the
creation of the defeasance trust does not violate the Investment Company Act of 1940, as amended, and after the passage of 123
days following the deposit, the trust fund will not be subject to the effect of Section 547 of the U.S. Bankruptcy Code or Section
15 of the New York Debtor and Creditor Law;

 

(iii)
immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the giving of notice
or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such deposit or
during the period ending on the 123rd day after the date of such deposit, and such deposit shall not result in a breach or violation
of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which the Company is
bound;

 

(iv)
if at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee
an Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance
and discharge;

 

(v)
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge under this Section have been complied with; and

 

(vi)
if the Securities of such series are to be redeemed prior to the final maturity thereof (other than from mandatory sinking fund
payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee shall have been made.

 

Section
8.06. Defeasance of Certain Obligations. The Company may omit to comply with any term, provision or condition set forth
in, and this Indenture will no longer be in effect with respect to, any covenant established pursuant to Section 2.03(r) and clause
(c) (with respect to any covenants established pursuant to Section 2.03(r)) and clause (f) of Section 6.01 shall be deemed not
to be an Event of Default, if

 

    	 	33	 

    	 	 	 

    

 

(a)
with reference to this Section 8.06, the Company has deposited or caused to be irrevocably deposited with the Trustee (or another
qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of the Securities of such series and the Indenture with respect to the Securities
of such series, (i) money in an amount or (ii) U.S. Government Obligations which through the payment of interest and principal
in respect thereof in accordance with their terms will provide not later than one day before the due dates thereof or earlier
redemption (irrevocably provided for under agreements satisfactory to the Trustee), as the case may be, of any payment referred
to in subclause (x) or (y) of this clause (a) money in an amount, or (iii) a combination thereof, sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge without consideration of the reinvestment of such interest and after payment of all federal, state and local
taxes or other charges and assessments in respect thereof payable by the Trustee (x) the principal of, premium, if any, and each
installment of interest on the outstanding Securities on the due date thereof or earlier redemption (irrevocably provided for
under arrangements satisfactory to the Trustee), as the case may be, and (y) any mandatory sinking fund payments or analogous
payments applicable to the Securities of such series and the Indenture with respect to the Securities of such series on the day
on which such payments are due and payable in accordance with the terms of the Indenture and of Securities of such series and
the Indenture with respect to the Securities of such series;

 

(b)
the Company has delivered to the Trustee (i) an Opinion of Counsel to the effect that Holders of Securities of such series will
not recognize income, gain or loss for federal income tax purposes as a result of the Company’s exercise of its option under
this Section 8.06 and will be subject to federal income tax on the same amount and in the same manner and at the same times as
would have been the case if such deposit and defeasance had not occurred and (ii) an Opinion of Counsel to the effect that the
creation of the defeasance trust does not violate the Investment Company Act of 1940, as amended, and after the passage of 123
days following the deposit, the trust fund will not be subject to the effect of Section 547 of the U.S. Bankruptcy Code or Section
15 of the New York Debtor and Creditor Law;

 

(c)
immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the giving of notice
or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such deposit or
during the period ending on the 123rd day after the date of such deposit, and such deposit shall not result in a breach or violation
of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which the Company is
bound;

 

(d)
if at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee
an Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance
and discharge; and

 

(e)
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance under this Section have been complied with.

 

Section
8.07. Reinstatement. If the Trustee or paying agent is unable to apply any monies or U.S. Government Obligations in accordance
with Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article until such time as the Trustee
or paying agent is permitted to apply all such monies or U.S. Government Obligations in accordance with Article 8; provided,
however, that if the Company has made any payment of Principal of or interest on any Securities because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from
the monies or U.S. Government Obligations held by the Trustee or paying agent.

 

Section
8.08. Indemnity. The Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes
of this Section 8.08 and Section 8.02, the “Trustee”) against any tax, fee or other charge, imposed on or assessed
against the U.S. Government Obligations deposited pursuant to Section 8.01, 8.05 or 8.06 or the principal or 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 Securities
and any coupons appertaining thereto.

 

Section
8.09. Excess Funds. Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon request of the Company, any money or U.S. Government Obligations (or other property and any proceeds
therefrom) held by it as provided in Section 8.01, 8.05 or 8.06 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof
which would then be required to be deposited to effect a discharge or defeasance, as applicable, in accordance with this Article
8.

 

Section
8.10. Qualifying Trustee. Any trustee appointed pursuant to Section 8.05 or 8.06 for the purpose of holding money or U.S.
Government Obligations deposited pursuant to such Sections shall be appointed under an agreement in form acceptable to the Trustee
and shall provide to the Trustee a certificate, upon which certificate the Trustee shall be entitled to conclusively rely, that
all conditions precedent provided for herein to the related defeasance have been complied with. In no event shall the Trustee
be liable for any acts or omissions of said trustee.

 

    	 	34	 

    	 	 	 

    

 

ARTICLE
9

AMENDMENTS,
SUPPLEMENTS AND WAIVERS

 

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

 

(a)
to cure any ambiguity, defect or inconsistency in this Indenture; provided that such amendments or supplements shall not materially
and adversely affect the interests of the Holders;

 

(b)
to comply with Article 5;

 

(c)
to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture
Act;

 

(d)
to evidence and provide for the acceptance of appointment hereunder with respect to the Securities of any or all series by a successor
Trustee and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 7.09;

 

(e)
to establish the form or forms or terms of Securities of any series or of the coupons appertaining to such Securities as permitted
by Section 2.03;

 

(f)
to provide for uncertificated or Unregistered Securities and to make all appropriate changes for such purpose; and

 

(g)
to make any change that does not materially and adversely affect the rights of any Holder.

 

Section
9.02. With Consent of Holders. Subject to Sections 6.04 and 6.07, without prior notice to any Holders, the Company and
the Trustee may amend this Indenture and the Securities of any series with the written consent of the Holders of a majority in
principal amount of the outstanding Securities of all series affected by such amendment (all such series voting as a separate
class), and the Holders of a majority in principal amount of the outstanding Securities of all series affected thereby (all such
series voting as a separate class) by written notice to the Trustee may waive future compliance by the Company with any provision
of this Indenture or the Securities of such series.

 

Notwithstanding
the provisions of this Section 9.02, without the consent of each Holder affected thereby, an amendment or waiver, including a
waiver pursuant to Section 6.04, may not:

 

(a)
change the stated maturity of the Principal of, or any sinking fund obligation or any installment of interest on, such Holder’s
Security;

 

(b)
reduce the Principal amount thereof or the rate of interest thereon (including any amount in respect of original issue discount);

 

(c)
reduce the above stated percentage of outstanding Securities the consent of whose holders is necessary to modify or amend the
Indenture with respect to the Securities of the relevant series; and

 

(d)
reduce the percentage in principal amount of outstanding Securities of the relevant series the consent of whose Holders is required
for any supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults and
their consequences provided for in this Indenture.

 

    	 	35	 

    	 	 	 

    

 

A
supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or more particular series of Securities, or which modifies the rights of Holders of Securities
of such series with respect to such covenant or provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Securities of any other series or of the coupons appertaining to such Securities.

 

It
shall not be necessary for the consent of any Holder under this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall give to the Holders affected thereby
a notice briefly describing the amendment, supplement or waiver. The Company will mail supplemental indentures to Holders upon
request. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture or waiver.

 

Section
9.03. Revocation and Effect of Consent. Until an amendment or waiver becomes effective, a consent to it by a Holder is
a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the Security of the consenting Holder, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to its Security or portion of its Security. Such revocation shall be effective
only if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. An
amendment, supplement or waiver shall become effective with respect to any Securities affected thereby on receipt by the Trustee
of written consents from the requisite Holders of outstanding Securities affected thereby.

 

The
Company may, but shall not be obligated to, fix a record date (which may be not less than five nor more than 60 days prior to
the solicitation of consents) for the purpose of determining the Holders of the Securities of any series affected entitled to
consent to any amendment, supplement or waiver. If a record date is fixed, then, notwithstanding the immediately preceding paragraph,
those Persons who were such Holders at such record date (or their duly designated proxies) and only those Persons shall be entitled
to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such Persons continue
to be such Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record
date.

 

After
an amendment, supplement or waiver becomes effective with respect to the Securities of any series affected thereby, it shall bind
every Holder of such Securities unless it is of the type described in any of clauses (a) through (d) of Section 9.02. In case
of an amendment or waiver of the type described in clauses (a) through (d) of Section 9.02, the amendment or waiver shall bind
each such Holder who has consented to it and every subsequent Holder of a Security that evidences the same indebtedness as the
Security of the consenting Holder.

 

Section
9.04. Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of any Security, the
Trustee may require the Holder thereof to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security
about the changed terms and return it to the Holder and the Trustee may place an appropriate notation on any Security of such
series thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security
shall issue and the Trustee shall authenticate a new Security of the same series and tenor that reflects the changed terms.

 

Section
9.05. Trustee to Sign Amendments, Etc. The Trustee shall be entitled to receive, and shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article
9 is authorized or permitted by this Indenture, stating that all requisite consents have been obtained or that no consents are
required and stating that such supplemental indenture constitutes the legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, subject to customary exceptions. The Trustee may, but shall not be obligated
to, execute any such amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

 

Section
9.06. Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article 9 shall conform
to the requirements of the Trust Indenture Act as then in effect.

 

    	 	36	 

    	 	 	 

    

 

ARTICLE
10

MISCELLANEOUS

 

Section
10.01. Trust Indenture Act of 1939. This Indenture shall incorporate and be governed by the provisions of the Trust Indenture
Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act.

 

Section
10.02. Notices. Any notice or communication shall be sufficiently given if written and (a) if delivered in person when
received or (b) if mailed by first class mail 5 days after mailing, or (c) as between the Company and the Trustee if sent by facsimile
transmission, when transmission is confirmed, in each case addressed as follows:

 

if
to the Company:

 

	 	VirTra,
    Inc. 
	 	7970
    S. Kyrene Rd. 
	 	Tempe,
    AZ 85284 
	 	Telecopy:
    (480) 968-1488 
	 	Attention:
    Chief Executive Officer

 

if
to the Trustee:

 

	 	[Name
    of Trustee] 
	 	[Address]
    
	 	Telecopy:
    
	 	Attention:
    

 

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

 

Any
notice or communication shall be sufficiently given to Holders of any Unregistered Securities, by publication at least once in
an Authorized Newspaper in The City of New York, or with respect to any Security the interest on which is based on the offered
quotations in the interbank Eurodollar market for dollar deposits at least once in an Authorized Newspaper in London, and by mailing
to the Holders thereof who have filed their names and addresses with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture
Act at such addresses as were so furnished to the Trustee and to Holders of Registered Securities by mailing to such Holders at
their addresses as they shall appear on the Security Register. Notice mailed shall be sufficiently given if so mailed within the
time prescribed. Copies of any such communication or notice to a Holder shall also be mailed to the Trustee and each Agent at
the same time.

 

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.
Except as otherwise provided in this Indenture, if a notice or communication is mailed in the manner provided in this Section
10.02, it is duly given, whether or not the addressee receives it.

 

Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

In
case it shall be impracticable to give notice as herein contemplated, then such notification as shall be made with the approval
of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

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

 

    	 	37	 

    	 	 	 

    

 

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

 

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

 

Section
10.04. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than the certificate required by Section 4.04) shall include:

 

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

 

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

 

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

 

(d)
a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with; provided,
however, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates
of public officials.

 

Section
10.05. Evidence of Ownership. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the
Holder of any Unregistered Security and the Holder of any coupon as the absolute owner of such Unregistered Security or coupon
(whether or not such Unregistered Security or coupon shall be overdue) for the purpose of receiving payment thereof or on account
thereof and for all other purposes, and neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be
affected by any notice to the contrary. The fact of the holding by any Holder of an Unregistered Security, and the identifying
number of such Security and the date of his holding the same, may be proved by the production of such Security or by a certificate
executed by any trust company, bank, banker or recognized securities dealer wherever situated satisfactory to the Trustee, if
such certificate shall be deemed by the Trustee to be satisfactory. Each such certificate shall be dated and shall state that
on the date thereof a Security bearing a specified identifying number was deposited with or exhibited to such trust company, bank,
banker or recognized securities dealer by the person named in such certificate. Any such certificate may be issued in respect
of one or more Unregistered Securities specified therein. The holding by the person named in any such certificate of any Unregistered
Securities specified therein shall be presumed to continue for a period of one year from the date of such certificate unless at
the time of any determination of such holding (1) another certificate bearing a later date issued in respect of the same Securities
shall be produced or (2) the Security specified in such certificate shall be produced by some other Person, or (3) the Security
specified in such certificate shall have ceased to be outstanding. Subject to Article 7, the fact and date of the execution of
any such instrument and the amount and numbers of Securities held by the Person so executing such instrument may also be proven
in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in any other manner which the
Trustee may deem sufficient.

 

The
Company, the Trustee and any agent of the Company or the Trustee may deem and treat the person in whose name any Registered Security
shall be registered upon the Security Register for such series as the absolute owner of such Registered Security (whether or not
such Registered Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose
of receiving payment of or on account of the Principal of and, subject to the provisions of this Indenture, interest on such Registered
Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall
be affected by any notice to the contrary.

 

Section
10.06. Rules by Trustee, Paying Agent or Registrar. The Trustee may make reasonable rules for action by or at a meeting
of Holders. The Paying Agent or Registrar may make reasonable rules for its functions.

 

    	 	38	 

    	 	 	 

    

  

Section
10.07. Payment Date Other Than a Business Day. Except as otherwise provided with respect to a series of Securities, if
any date for payment of Principal or interest on any Security shall not be a Business Day at any place of payment, then payment
of Principal of or interest on such Security, as the case may be, need not be made on such date, but may be made on the next succeeding
Business Day at any place of payment with the same force and effect as if made on such date and no interest shall accrue in respect
of such payment for the period from and after such date.

 

Section
10.08. Governing Law. The laws of the State of New York shall govern this Indenture and the Securities.

 

Section
10.09. No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture or
loan or debt agreement of the Company or any Subsidiary of the Company. Any such indenture or agreement may not be used to interpret
this Indenture.

 

Section
10.10. Successors. All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements
of the Trustee in this Indenture shall bind its successors.

 

Section
10.11. Duplicate 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.

 

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

 

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

 

Section
10.14. Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability. No recourse under
or upon any obligation, covenant or agreement contained in this Indenture or any indenture supplemental hereto, or in any Security
or any coupons appertaining thereto, or because of any indebtedness evidenced thereby, shall be had against any incorporator,
as such or against any past, present or future stockholder, officer, director or employee, as such, of the Company or of any successor,
either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance of the Securities and the coupons appertaining thereto by the holders thereof and as part of the
consideration for the issue of the Securities and the coupons appertaining thereto.

 

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

 

    	 	39	 

    	 	 	 

    

SIGNATURES

 

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

 

	 	VIRTRA,
    INC., as the Company  
	 	 	 
	 	By:
    	               
	 	Name:	 
	 	Title:	 

 

	 	                                  ,
    as the Trustee

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	40

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